Isda extends deadline for derivatives benchmark consultation
The International Swaps and Derivatives Association has extended the fast-approaching deadline for its consultation on derivatives benchmark fallbacks, to allow more time for responses

Hard Brexit threatens systemic cliff edge for derivatives, warns joint paper
A no-deal Brexit could have a systemic effect on derivatives markets as it would immediately restrict EU 27 firms from transacting with UK entities and acting as clearing members to UK central counterparties, a group of major trade bodies has warned in a paper published today

Isda and Linklaters roll out test version of initial margin docs service
Five and a half months of partnership between the International Swaps and Derivatives Association and Linklaters has borne fruit, with the launch of a test version of an online tool that will allow firms to electronically negotiate and execute initial margin (IM) documentation

Alarm sounds on margin rules as small funds look to make early inroads
A fast-approaching 1 September regulatory deadline for phase three market participants to apply initial margin (IM) to derivatives trades looks set to pass without serious mishap, according to lawyers and the International Swaps and Derivatives Association

IHS Markit obtains FCA approval as benchmark administrator under BMR
IHS Markit has been approved by the Financial Conduct Authority as an authorised benchmark administrator under the European Benchmark Regulation (BMR)

BDCs turn to CLO financing as effective alternative to bilateral leverage agreements
Business development companies now have the ability to take on an extra turn of leverage, but rating constraints mean they could end up using CLOs instead

SEC aims to lower barriers to entry with new ETF proposals
The new proposals by the US regulator aim to facilitate greater competition and innovation in the $3.4 trillion ETF industry  by lowering barriers to entry

Unitranche deals set to grow with creation of uniformity
European direct lenders have been given a boost with the Loan Market Association establishing a new precedent unitranche intercreditor agreement to govern the relationship between credit funds and banks

Federal Reserve seeks comment on proposed Volcker rule changes
Amendments to the Volcker rule took another step forward yesterday after the Federal Reserve Board released a note requesting feedback on proposed changes to the rule

Direct lender endorses PE fund guidelines after bringing in ex-ILPA CEO
Star Mountain Capital has endorsed ILPA’s (Institutional Limited Partners Association) private equity principles in a bid to promote transparency in the private equity fund industry

UK funds brace themselves against value-for-money ruling
The UK’s Financial Conduct Authority (FCA) has published its final set of fund governance rules that aim to strengthen the duty of authorised fund managers to their investors.

Not all BDCs will be winners after the borrowing cap is raised
BDCs will soon be able to take on twice as much debt as they were previously permitted, but some BDCs may struggle to take advantage

Libor has a new contender as New York Fed launches SOFR
The New York Federal Reserve has launched a benchmark US that may eventually replace Libor: the Secured Overnight Financing Rate (SOFR)

Good news for BDCs as congress doubles leverage limits
US lawmakers have granted business development companies (BDCs) the ability to borrow more – a move for which the BDC industry has been pushing for years

SEC's Grim and Crovitz resurface at Washington DC law firm
Two former US Securities and Exchange Commission directors have joined law firm Stradley Ronon

Bonds climb as the Dow tumbles amid Trump sanctions on Chinese imports
Investors are seeking safety in government bonds

Fund industry braces for further impact after court's DOL fiduciary rule decision
The US Department of Labor (DOL) had said it will not enforce its embattled ‘fiduciary rule’ following a legal ruling last week – but one regulatory lawyer says fund industry players should nevertheless brace for several impacts of that ruling

Ares leads the way as US tax reform prompts corporate structure rethink
Ares Management has announced its conversion from a partnership tax structure to a corporation or C-Corp – and it’s likely other managers will follow suit now that US taxation law changes – the most comprehensive tax reform in more than three decades – have taken effect

Ireland follows Luxembourg and relaxes loan fund rules
The Central Bank of Ireland is now permitting LQIAIFs to engage in broader credit-focused strategies - which opens the door for direct lenders 

London manager shutters emerging market fund amid "regulatory headwinds"
London-based Insparo Asset Management is shutting down its emerging market debt funds, the company confirms

Pimco interval fund seeks SEC order allowing it to issue further share classes
The Pimco Flexible Credit Income Fund has sought permission from the SEC to issue further classes of shares

Debt managers spot opportunity as Australia’s banks face inquiry
Australia’s government announced a long-anticipated royal commission into the nation’s financial services sector on 30 November – and a credit market expert says the move could be good news for debt market participants

Rule delay frees managers to continue selling
The US Department of Labor’s fiduciary rule were officially pushed back until 1 July 2019. That means selling funds into IRAs should be easier - for now

SEC names deputy director for its investment management unit
The SEC has appointed Paul Cellupica as deputy director for its division of investment management

Loan managers pile into BDCs amid possible change to leverage ratios
Golub Capital Partners and TCW are among those to have launched new BDCs as regulators look to revamp leverage limits