Topic
Derivatives
747 published works
The Law and Other Anomalies
Prediction Markets– Headed to the Supreme Court?
Betting on an athletic event against a sports book is gambling and, absent general Federal regulation, can be regulated (or banned) on a State-by-State basis. Today, States have the direct…
Credit Slips Blog
Not So Safe Harbors
The Digital Market Clarity Act is pending in the U.S. Congress. The bill’s primary goal is to integrate digital assets more fully into the financial system. The Senate is scheduled…
The CLS Blue Sky Blog
Prediction Markets and Regulation by Non-Enforcement
By Publisher
Kalshi and other prediction markets have been inundating the CFTC with self-certifications of binary options (i.e., prediction products or event contracts). The figure below shows total self-certifications to the CFTC…
The CLS Blue Sky Blog
Should the Rules Be Different When Prediction Markets Play Sportsbook?
By Renholding
In August 2025, the two leading U.S. prediction market platforms processed a combined $1 billion in monthly transaction volume. By July 2026, that figure had climbed to nearly $46 billion,…
China Law Insight
期货与衍生品业务的刑事风险图谱：从业机构合规边界识别指南
By King & Wood
作者：杨海燕 于幸 席索迪 张芳源 近年来，中国期货与衍生品市场步入高速发展的“快车道”，成交规模持续攀升，新品种、新工具不断推出，国际化进程加速，场外衍生品市场快速扩容。与此同时，在“零容忍”监管基调下，行政监管与刑事司法的衔接日益顺畅，以往可能止步于行政处罚或自律监管的行为，如今正更多地被纳入刑事追诉的视野。刑事风险一旦触发，其后果远非罚款、暂停业务可比，它意味着从业人员个人自由的剥夺、机构声誉的毁灭性打击，乃至对金融稳定的冲击。 阅读更多
China Law Insight
债券作为IM与VM的操作路径：CCDC非集中清算衍生品交易保证金业务规则快评
By King & Wood
作者：刘志刚 周杰 苏萌 于幸 席索迪 张芳源 2024年，中国人民银行、国家金融监督管理总局、中国证券监督管理委员会、国家外汇管理局联合发布《金融机构非集中清算衍生品交易保证金管理办法》，建立了我国金融机构非集中清算衍生品交易保证金管理的统一制度框架。2026年5月，中央国债登记结算有限责任公司发布《非集中清算衍生品交易保证金业务指引（征求意见稿）》及《非集中清算衍生品交易保证金业务参数（征求意见稿）》并面向社会公开征求意见。本文结合China UMR及CCDC既有担保品管理安排，对两份征求意见稿的主要内容及其操作意义作简要梳理。 阅读更多
China Law Insight
证监会《衍生品交易监督管理办法（试行）》正式落地要点评述
By King & Wood
作者：刘志刚 周杰 苏萌 于幸 席索迪 张芳源 2026年5月13日，中国证券监督管理委员会2026年第1次委务会议审议通过《衍生品交易监督管理办法（试行）》，并明确自2026年11月16日起施行。自2023年3月首次公开征求意见至本次正式发布，《办法》先后经历了一次征求意见稿（2023年3月）、二次征求意见稿（2023年11月）、试行征求意见稿（2026年1月）三轮意见征集，作为证监会贯彻落实《期货和衍生品法》、统一证券期货经营机构衍生品业务监管尺度的专门规章，《办法》的正式出台对境内衍生品市场具有重要意义，亦标志着我国场外衍生品监管框架进入规则明晰、预期稳定的新阶段。 阅读更多
The CLS Blue Sky Blog
Has Dodd-Frank Improved or Impeded Swap Markets?
By Publisher
The G-20 nations committed to reform swap markets following the great financial crisis of 2007-08. In the U.S., these reforms were enacted under the Dodd-Frank Act. The interventions began to…
Global Regulation Tomorrow
EBA consults on reporting framework for validation and monitoring of ISDA Standard Initial Margin Model
On 5 August 2026, the European Banking Authority (EBA) issued a consultation paper on a new reporting framework to support the validation and ongoing monitoring of initial margin models based…
Client Alerts & Publications: Chapman and Cutler LLP
CFTC Adopts Final Rule Easing Uncleared Swaps Margin Requirements for Seeded Funds and Expanding Eligible Collateral
On July 15, 2026, the CFTC amended its margin rules for uncleared swaps applicable to swap dealers and major swap participants not subject to the margin rules of a prudential…