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The FDIC and the European Commission earlier this month held the first of what is expected to be two "working group" meetings this year on international coordination.
February 25 -
With debates about dealing with large firms still persisting in the U.S., the Federal Deposit Insurance Corp. is expanding its international presence to prepare for cross-border bank cleanups.
March 25 -
The Federal Deposit Insurance Corp. has agreed to cooperate with China's central bank to address potential cross-border issues in resolving failing institutions.
October 24
The Federal Deposit Insurance Corp. is pushing for changes to derivatives contracts that would make it easier to wind down a major bank.
The agency joined with British, German and Swiss authorities to urge the International Swaps and Derivatives Association, a trade group, to include language in derivatives contracts that would delay the closing of those contracts in case of the failure of a global systematically important financial institution.
This change would allow derivatives contracts to stay open while regulators resolve a failing institution, which would make it easier to unwind a bank in an orderly and transparent way, the FDIC said. The ISDA, which is based in London, is the author of a master agreement that is the most widely used template for derivatives contracts worldwide.
Uniform contractual language that limits termination rights with respect to derivatives transactions will greatly enhance the success of a resolution of a global systemically important financial institution, which by its nature will have significant cross-border operations," said FDIC Chairman Martin Gruenberg in a news release.
The FDICs request, announced Tuesday, represents the agencys latest effort to coordinate with foreign governments on cross-border resolution issues. In February and March, FDIC staff had a
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