Smoothing the Road to Reconciliation August 25, 2015, DerivSource By Christina Norland Christina Norland – Director of Global Regulatory Solutions at Chatham Financial discusses the thornier issues of portfolio reconciliation and how both parties can share the burden. Download Complete Article

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Accountancy Live: Accounting for floating rate loans under IFRS, FRS 102 June 22, 2015, Accountancy Live By Zwi Sacho, Chatham Financial “Preparers and auditors should should carefully consider the accounting consequences when encountering floors in floating rate loans under IFRS and FRS 102, says Zwi Sacho ACA, director of the corporate accounting advisory practice at Chatham Financial Europe” Read Complete Article

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In 1973, the Arab Oil Embargo and ensuing oil crisis in the US prompted Congress to react with new regulation. The Corporate Average Fuel Economy (CAFE) Standards introduced fuel efficiency benchmarks that were intended to “reduce energy consumption by increasing fuel economy.” Now more than 40 years later, the unpredictable outcomes of fuel economy regulations are instructive, especially as we embark on a similarly ambitious regulatory scheme for OTC derivatives. They teach that regulations are likely to have unexpected and undesirable effects, even while achieving their broad objectives. The current fleet-wide fuel efficiency standard in the U.S. of 27.5 miles per gallon will increase to 54.5 mpg by 2025. These ever-growing standards have forced automakers to rethink their entire line-ups, generally emphasizing economy over other factors like performance, safety, size and comfort. But performance is not something auto enthusiasts are…

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Market volatility shows lenders and borrowers need to cooperate November 10, 2014, Real Estate Capital By Jamie Macdonald and Jenane Gazal In loan negotiations, many zero-sum games remind the parties that they are on opposite sides. Defining the reference interest rate over which the margin applies isn’t one of them, but, as recent market turbulence shows, this term carries a lot of value to both parties. For fixed-rate or floating-rate loans, this rate can change rapidly. Download Complete Article More information at:

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Fans of superpower action movies often divide into clear ideological camps. Some swear by the shield-tossing Captain America, others by the acrobatic Catwoman, and still others by the techno-gadget-using Ironman. Those with superpowers tend to be solitary creatures, and while there is no shortage of team-based comic books to adapt into blockbuster films, many movies portray the superpower-wielding hero working alone. That’s no big surprise, of course – it has to be tough to explain violent fits of rage (not to mention turning green), secret web-spinning tendencies, or the ability to lift cars with only a pinky after never having joined a gym. Even when the mighty protagonists need a little assist, it’s very clear who runs the show and who is the sidekick. But now, thanks to aggressive director Zach Snyder, we are about to witness typical action film-making…

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Geographic expansion to Europe begins with an office in London. FAS 133 hedge accounting standards go into effect in the U.S. and Chatham begins serving clients with its new hedge accounting practice.

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Regulatory Compliance Derivatives regulatory reforms, under Dodd-Frank for the U.S. and EMIR for Europe, have transformed the landscape of the OTC derivatives market. Chatham Financial has brought its 20-plus years of experience advising end users in the over-the-counter derivatives market to the global policy debate on financial regulatory reform. Experienced leadership: Our consultants have testified before the U.S. Congress and conducted educational briefings for Members of Congress and their staff. We’ve met with and written over 500 pages of comment letters to regulators in both the US and the EU, and been featured on panels of public roundtables hosted by the CFTC and SEC. We are also frequently quoted by news organizations in articles and opinion pieces which have appeared in numerous major publications. No other advisor to end users offers this powerful combination of market know-how and deep understanding…

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Swaps – Function and Dysfunction September 2012, Project Finance International European Report By Rob Dornton-Duff Rob Dornton-Duff, Head of the Global Infrastructure and Project Finance Derivatives Advisory Team at Chatham Financial, looks at how the project sector’s use of derivatives has fared through the cycle so far, and asks whether LIBOR is likely to be the optimal model for bank debt and derivatives going forward. Download Complete Article

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EU Property Sector Commissioned Study Estimates EUR 64.9 Billion Of Impact From Proposed EU Derivatives Regulation November 23, 2010 Proposed EU rules on derivatives could take an estimated EUR 64.9 billion of working capital away from Europe’s real economy as property businesses risk being required to collateralize their interest rate hedges with cash. This is the main conclusion of a Chatham Financial study commissioned by the European property sector to assess the impact of the European Commission’s proposed European Market Infrastructure Regulation (EMIR) released on September 15, 2010. One of EMIR’s core requirements is that businesses deemed to be ‘financial’ entities must centrally clear their hedges and post cash collateral to a central clearing party. ‘Non-financial’ businesses, which use derivatives for hedging commercial risks are rightly excluded from these requirements. Absent legislative clarification, property businesses (which use interest rate hedges…

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AIFMD’s Passage and Its Implications On Derivatives Regulation November 15, 2010 After more than a year of political and legislative wrangling over the Alternative Investment Fund Managers Directive (“AIFMD”), the EU Parliament finally adopted the Directive in its plenary session last week by a vote of 513 to 92 with 3 abstentions. This brings the regulation of a broad range of funds (hedge funds, private equity, real estate, microfinance) one step closer to implementation. There remains a degree of uncertainty as ESMA – the new EU financial super-regulator, the EU Commission, and EU member states will need to work through important implementation guidelines from now until the effective date of 2013. Download Complete Article

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