Topic
Derivatives
747 published works
Regulatory Oversight
CFTC Issues New Guidance for Prediction Markets
By Stephen C. Piepgrass, Zoe Schloss, Cole White
On March 12, 2026, the Commodity Futures Trading Commission's (CFTC) Division of Market Oversight issued Staff Advisory Letter No. 26-08 to all designated contract markets (DCMs), signaling a supportive stance…
The CLS Blue Sky Blog
John C. Coffee, Jr.: Event Contracts and Prediction Markets
Can I bet on a prediction market on whether the U.S. will bomb Iran before a specified date? Or, can I similarly bet there on whether the Ayatollah will be…
Regulatory Oversight
SEC–CFTC ‘Historic’ MOU Signals New Phase of Harmonized Oversight and Innovation-Focused Regulation
On March 11, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) signed a memorandum of understanding (MOU) that both agencies describe as "historic." The MOU is…
Free Writings + Perspectives
No-Action Letter on “Group” Reporting under Section 13(d) and 13(g) for Parties to OTC Derivatives Contracts
By Liz Walsh
On January 23, 2026, the staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission issued a letter in which it stated it would not object…
China Law Insight
从“净额结算”到“保证金规则”：现行监管格局下衍生品履约保障机制的重构与应对
By King & Wood
作者：刘志刚 周杰 苏萌 于幸 席索迪 张芳源 2022年8月，《中华人民共和国期货和衍生品法》的施行，以立法形式确立了单一协议与终止净额结算制度，标志着中国衍生品市场完成了“核心操作系统”的升级。然而，一个成熟的衍生品市场，不仅需要高效的结算机制作为“刹车系统”，更需要稳健的保证金制度作为“安全气囊”。《期货和衍生品法》第三十四条规定，进行衍生品交易，可以依法通过质押等方式提供履约保障。 阅读更多
China Law Insight
China UMR——境内变动保证金要求的文本实现之路
By King & Wood
作者：萧乃莹 牟牧 廖振璋 费思 周颖 張晞 如我们一年前发布的文章《金监总局发布衍生品交易保证金管理办法》（China UMR: U Must (get) Ready）所介绍，《金融机构非集中清算衍生品交易保证金管理办法》（“《监管保证金办法》”）涉及变动保证金（Variation Margin或VM）的要求将于2026年9月1日生效，符合适用条件的金融机构应当对其达成的特定非集中清算型场外衍生品关系开始实施变动保证金要求，以抵御衍生品交易组合的盯市风险。为实现这一监管要求，最重要的环节之一即是市场交易主体要谈判并签署恰当的变动保证金文件，以合同形式体现各方适用的合规要求。 阅读更多
Global Regulation Tomorrow
FCA explanatory statement on the Direction on the DTO
By Simon Lovegrove (UK), Charlotte Carnegie
On 2 January 2026, the Financial Conduct Authority (FCA) published an explanatory statement under Article 28a(9) of the UK Markets in Financial Instruments Regulation (600/2014) (UK MiFIR) relating to the…
Regulatory Oversight
12 Days of Regulatory Insights: Day 6 – Sports Wagering, Player Proposition Bets, and Prediction Market Battles
By Stephen C. Piepgrass, Cole White
In this episode of our special 12 Days of Regulatory Insights podcast series, Stephen Piepgrass is joined by Cole White from our RISE Practice Group's gaming team for a timely,…
Regulatory Oversight
CFTC Approval Allows Polymarket to Reenter the U.S. Market
By Stephen C. Piepgrass, Zoe Schloss
The Commodity Futures Trading Commission (CFTC) approved a plan submitted by commodities futures trading platform Polymarket to resume limited U.S. operations through a registered intermediary. The approval permits the platform…
Banking, Finance and Securities
PRA FCA PS23/25 – Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251
On 27 November 2025, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) jointly published Policy Statement 23/25 – Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251…