Derivatives Regulatory Advisory Services

Coupling our deep derivatives market expertise with our intimate knowledge of derivatives regulatory requirements, Chatham is ideally situated to help companies navigate a complex new derivatives marketplace.

Chatham has expanded its consulting service for companies seeking to understand and adapt to new derivatives regulatory requirements.

“Since 1995, Chatham has been our group of go-to guys for all things related to interest rate and currency risk management.”

— Alan Miyasaki, Managing Director, The Blackstone Group

Chatham’s regulatory assessment framework:

Understand:

• Regulatory requirements: Identify applicable regulatory requirements
• Rule-makings: Monitor and understand regulatory rule-makings
• Risks: Understand key regulatory risks
• Emerging practices: Understand emerging best practices and opportunities in evolving market environment

Evaluate:

• Existing portfolio: Assess existing derivatives portfolio relative to regulatory classifications
• Entity classification: Assess business entities for regulatory classification
• Emerging platforms: Evaluate alternative platforms for trading, clearing and reporting
• Economic trade-offs: Evaluate economic trade-offs between available hedging products, including exchange traded futures and OTC derivatives

Implement:

• Communicate: Engage treasury, management and board in regulatory preparedness
• Develop policies & procedures: Develop and implement policies, procedures and disclosures to meet trading, clearing, bookkeeping and reporting requirements
• Maintain compliance: Evaluate ongoing compliance with regulations

Chatham has played a leading role in the policy debate over effective regulation of the derivatives market. We have testified before Congress, provided policy and technical advice to businesses and trade associations, and helped educate members of Congress, key congressional committees and staff. Additionally, Chatham has authored numerous papers and has been featured in the major financial news outlets regarding key aspects of the legislative and regulatory proposals.

Derivatives Regulatory Advisory Resources

Chatham has played a leading role in the policy debate over effective regulation of the derivatives market. We have testified before Congress, provided policy and technical advice to businesses and trade associations, and helped educate members of Congress, key congressional committees and staff. Additionally, Chatham has authored numerous papers and has been featured in the major financial news outlets regarding key aspects of the legislative and regulatory proposals.

Presentations, News Articles and White Papers
2011-06-20 | US: Will the ‘Cure’ for Systemic Risk Kill the Economy?
2011-05-24 | EU: Chatham’s EU jobs analysis cited in this article and Oxford Economics report
2011-05-19 | US: Luke Zubrod Talks About the Impact of the Overhaul of U.S. Regulation on Derivatives on Bloomberg’s Fast Forward with Lisa Murphy
2011-05-17 | US: “The Real Rulers of Margin Rules” by Chatham’s Joe Sui
2011-03-24 | US: Fed Tips Hand on Margin for Derivatives End Users
2011-02-08 | US: Frequently Asked Questions About Derivatives and End Users
2010-12-31 | US: Over-the-Counter Derivatives Reform: A Postmortem
2010-12-29 | US: Top 10 Regulatory Risks for End Users in 2011
2010-12-28 | US: Ebenezer Scrooge and Derivatives Regulation
2010-11-23 | EU: Evaluating EMIRs Impact on the EU Property Sector
2010-11-15 | EU: AIFMD’s Passage and Its Implications On Derivatives Regulation
2010-09-21 | EU: Summary of Key Issues from EU Derivatives Published Proposal
2010-07-27 | US: Overview of OTC Derivatives Legislation
2010-04-29 | US: Nine Improvements Needed in the Senate Agriculture/Banking OTC Derivatives Bill
2009-10-01 | US: Rebuttal of Hedge Fund Attack on End User Concerns of OTC Reforms
2009-09-01 | US: Evaluating Margin Lending Facilities in the OTC Derivatives Market
2009-07-01 | US: 17 Reasons Why Clearing Should NOT Be Required for All OTC Derivatives

Comment Letters and Policy Analyses
Chatham has co-authored rulemaking comment letters and policy analyses as part of the Coalition for Derivatives End-Users. Formed in August 2009, the Coalition is a broad-based group representing American businesses that use over-the-counter (OTC) derivatives to manage business risks including fluctuating currency exchange and interest rates and commodity prices. The Coalition’s primary goal is to ensure continued access to OTC Derivatives for business end-users, while protecting U.S. competitiveness and promoting economic growth.

2011-06-20 | US: Letter from Chairmen Stabenow and Lucas to Regulators on Margin, Extraterritoriality and Captive Finance
2011-06-14 | EU: Letter from European Parliament’s Werner Langen to US Treasury Secretary Tim Geithner on Scope of Derivatives Legislation
2011-06-14 | US: Letter from Fed Chairman Bernanke to Senate Agriculture Chairwoman Stabenow Responding to Questions About the Applicability of Margin to End Users
2011-06-09 | US: Coalition for Derivatives End-Users Comment Letter on Proposed Rule “Swap Data Recordkeeping and Reporting Requirements: Pre-enactment and Transition Swaps”
2011-06-06 | US: Coalition for Derivatives End-Users Comment Letter in Support of Treasury Proposed Determination to Exempt FX Forwards & Swaps
2011-05-19 | US: Luke Zubrod Talks About the Impact of the Overhaul of U.S. Regulation on Derivatives on Bloomberg’s Fast Forward with Lisa Murphy
2011-05-17 | US: Coalition Comment Letter to Antidisruptive Practices Proposed Interpretive Order
2011-05-11 | US: Letter from Secretary Geithner on End User Margin
2011-05-11 | US: Chatham Letter In Support of HR 1573
2011-05-11 | US: Chatham Letter In Support of HR 1610
2011-05-04 | US: Letter from Senate Republicans Requesting Inspectors General to Evaluate Cost Benefit Analysis
2011-04-15 | US: CFTC’s Inspector General Report on Cost Benefit Analysis
2011-04-15 | US: Letter from New Dem Coalition to Regulators on Derivatives
2011-04-12 | US: Summary of Margin Rules for Uncleared Swaps
2011-04-11 | US: Coalition for Derivatives End-Users Comment Letter on Swap Trading Relationship Documentation Requirements
2011-04-07 | US: Letter from Chairmen Bachus, Johnson, Lucas and Stabenow on End-User Margin
2011-03-30 | US: U.S. Chamber of Commerce’s Annual Capital Markets Summit — Chatham’s Dave Hall participates on a panel entitled “Liquidity, Capital Formation and Risk Management in Today’s Economy” (Approx. 1:22 into Afternoon Sessions video)
2011-03-16 | US: Video of Luke Zubrod’s Testimony Before the U.S. House of Representatives’ Capital Markets Subcommittee (Approx. 36 minute mark)
2011-03-16 | US: Chatham’s Testimony before Congress at Hearing for Capital Markets and Government Sponsored Enterprises
2011-03-08 | US: Coalition for Derivatives End-Users Comment Letter on Core Principles and Other Requirements for Swap Execution Facilities
2011-02-28 | US: Chatham’s Comment Letter on Proposed CFTC Rule Related to Confirmation, Reconciliation and Compression Pocedures
2011-02-25 | US: Coalition for Derivatives End-Users Letter in Support of Chatham’s Comment Letter on Reporting and Recordkeeping
2011-02-22 | US: Letter from Senate Agriculture Committee Chairwoman Debbie Stabenow and Ranking Member Pat Roberts to CFTC Chairman Gary Gensler
2011-02-22 | US: Comment Letter Submitted to CFTC by 19 Community and Regional Banks Regarding Definitions, Exception for Small Financial Institutions and Other Key Implementation Issues
2011-02-22| US: Coalition for Derivatives End-Users Comment Letter Responding to the CFTC Proposed Rules That Further Defines Key Terms
2011-02-22 | US: Coalition for Derivatives End-Users Comment Letter Responding to the CFTC’s Proposed Rule That Further Defines How the End User Exemption Would Be Implemented
2011-02-14 | US: Analysis of the Coalition for Derivatives End-Users’ Survey on Over-the-Counter Derivatives
2011-02-14 | US: Letter from Fed Chairman Ben Bernanke to Rep. Frank Lucas Concerning the Applicability of Margin to End Users
2011-02-07 | US: Coalition for Derivatives End-Users Comment Letter on Real-Time Public Reporting of Swap Transaction Data
2011-02-08 | US: Letter To Regulators From a Bipartisan Group of 12 Senators
2011-02-07 | US: Chatham Comment Letter on Swap Data Recordkeeping and Reporting Requirements
2011-01-31 | US: Coalition for Derivatives End-Users Letter to Senate Members Urging Support for Sen. Johanns’ Letter on Protecting End-Users from Onerous Derivatives Regulation
2011-01-26 | US: Chairmen Lucas and Conaway’s Letter to CFTC Chairman Gary Gensler Regarding Executive Order 12866 and the Rulemaking Process for Title VII
2011-01-18 | US: Coalition for Derivatives End-Users Comment Letter on the ANPR on Protection of Cleared Swaps Customers
2011-01-03 | US: Coalition for Derivatives End-Users Comment Letter on the Process for Review of Swaps for Mandatory Clearing
2010-11-29 | US: Coalition Comment Letter to The Treasury Secretary Timothy F. Geithner (Exemption of FX Swaps and Forwards)
2010-11-20 | US: Gibson Dunn Legal Memorandum on the Retroactive Application of Margin Requirements in Dodd-Frank
2010-11-20 | US: Gibson Dunn Legal Memorandum on the Application of Margin to End-Users
2010-09-20 | US: Coalition Comment Letter on Advanced Notice of Proposed Rulemaking, Definitions in Title VII of Dodd-Frank
2010-07-10 | EU: Response to EU Commission the 2nd Public Consultation on derivatives regulation
2010-06-17 | US: Letter from 21 Community and Regional Banks to Senate Agriculture Committee Chairman Blanche Lincoln
2010-05-11 | US: Letter Supporting an Amendment by Sen. Chambliss, SA 3816 S. 3217, the “Restoring American Financial Stability Act of 2010″
2010-04-29 | US: Coalition Comment Letter on Title VII of the Lincoln/Dodd Substitute to S. 3217, The Wall Street Transparency and Accountability Act of 2010
2009-08-31 | EU: Response to EU Commission the 1st Public Consultation on derivatives regulation

Blog Posts
2011-01-25 | US: The Executive Order
2010-12-28 | US: Ebenezer Scrooge and OTC Derivatives Regulation
2010-11-23 | EU: EU Property Sector Commissioned Study Estimates EUR 64.9 Billion Of Impact From Proposed EU Derivatives Regulation
2010-11-15 | EU: AIFMD’s Passage and Its Implications On Derivatives Regulation
2010-09-27 | US: Over the Counter Derivatives Reform Preparing for a Changing Marketplace
2010-09-10 | EU: Global Focus: Update on the European Derivatives Debate
2010-07-22 | US: President Signs Landmark Legislation that Transforms the Derivatives Markets
2010-07-06 | US: Congress Ready to Pass Historic Legislation – Highlights from the Derivatives Title
2010-06-25 | US: Preliminary Analysis of House-Senate Conference on OTC Derivatives Title
2010-06-17 | US: Moderate Democrats, NYC Mayor Bloomberg Weigh In On Derivatives Legislation
2010-05-14 | US: The Case for End User Amendments
2010-05-10 | US: Amendment Voting Underway – Still Time to Influence Senators
2010-05-10 | US: The Business Community Virtually United — Plus Others Joining In Agreement
2010-04-23 | US: Three Derivatives Bills Still Standing
2010-04-20 | US: OTC Regulatory Reform: Senate Action Imminent

Events & Webinars
Chatham frequently speaks at events, conferences, and webinars on topics relevant to CFOs, Treasurers, and Accounting professionals. Below is a representative sample of events and webinars on the topics of financial regulation. If you’re interested in any of the content, or to be notified of future events and webinars, please contact us.

2011-07-13 | US: Event: SIFMA’s Dodd-Frank Conference — Chatham’s Luke Zubrod will be participating in a panel discussion
2011-05-24 | US: Event: FEI’s Committee on Corporate Treasury — Chatham’s Luke Zubrod will be participating in a panel discussion
2011-05-05 | US: Event: The Bank Treasurers’ Peer Group — Chatham’s Sam Peterson will be participating in a panel discussion on current US regulations
2011-05-04 | US: Event: TMANE Annual Conference — Chatham’s Luke Zubrod is speaking
2011-04-14 | US: Event: Farm Credit System’s Annual ALM Conference, Jersey City, NJ — Chatham’s Sam Peterson spoke at the Farm Credit System’s Annual ALM Conference in Jersey City, NJ regarding the regulatory rulemaking, efforts to advocate for legislative changes to Dodd-Frank and the specific areas of focus for the Farm Credit System as they prepare for compliance.
2011-04-14 | US: Event: US Regional Banks FX Forum — Chatham’s Luke Zubrod is speaking
2011-03-30 | US: Event: U.S. Chamber of Commerce’s Annual Capital Markets Summit — Chatham’s Dave Hall participates on a panel entitled “Liquidity, Capital Formation and Risk Management in Today’s Economy” (Approx. 1:22 into Afternoon Sessions video)
2011-03-16 | US: Event: Video of Luke Zubrod’s Testimony Before the U.S. House of Representatives’ Capital Markets Subcommittee (Approx. 36 minute mark)
2011-03-16 | US: Event: Chatham’s Testimony before Congress at Hearing for Capital Markets and Government Sponsored Enterprises
2010-11-16 | US: Event: CPE Inc., Accounting for Derivatives Conference (Dodd-Frank update)
2010-10-08 | US: Event: Sourthern California AFP Luncheon
2010-10-04 | US: Event: SEFCON Panel Discussion
2010-09-21 | US: Event: End User Panel Discussion on OTC Derivatives Reform with IBM, Disney, Boeing, Trustmark and other US Corporates
2010-09-16 | US: Webinar: Corporate treasurers in the food industry with the US Chamber of Commerce and the American Baker’s Association
2010-09-15 | US: Event: The NeuGroup Foreign Exchange Managers’ Peer Group
2010-08-05 | US: Webinar: National Association of Corporate Treasurers and the US Chamber of Commerce
2010-07-22 | US: Webinar: OTC Derivatives Regulatory Reform
2010-07-20 | US: Webinar: Derivatives Regulation – Impact on Regional and Community Banks
2010-04-10 | US: Webinar: OTC Derivatives Reform Bill
2009-12-02 | US: Webinar: OTC Derivatives Regulation
2009-10-16 | US: Webinar: Derivatives Legislation for Financial Institutions