Date: July 14, 2016
To: The Honorable Jack Lew (Treasury), The Honorable Mary Jo White (SEC), The Honorable Janet Yellen (Board of Governors of the Federal Reserve), The Honorable Martin Gruenberg (FDIC), The Honorable Thomas Curry (Comptroller), The Honorable Timothy Massad (CFTC), Olivier Guersent (Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission), Secretariat of Basel Committee on Banking Supervision, Bank of International Settlements)
Filing Type: International
Description: The U.S. Chamber of Commerce sent letters to the U.S. financial regulators (the Treasury Department, the Federal Reserve, the FDIC, the OCC, the SEC, and the CFTC), the European Commission, the Basel Committee on Banking Supervision, and the International Organization of Securities Commissions urging them to work together on a consistent and harmonized implementation of global rules for the collection of margin on uncleared swaps. This action is necessary given the EU’s decision to delay the collection of initial margin in September 2016, resulting in a fragmented derivatives market that may ultimately result in higher costs for end-users that rely on derivatives for risk mitigation.