News Centre

CFTC Chairman Behnam To Participate In A Fireside Chat At The API/ClearPath Carbon Innovation Forum In NY

Date 18/09/2024

Treasury International Capital Data For July

Date 18/09/2024

The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for July 2024.  The next release, which will report on data for August 2024, is scheduled for October 17, 2024. 

Statement On Amendments To Tick Sizes, Access Fees, And Transparency Of Better Priced Orders, SEC Commissioner Caroline A. Crenshaw, Sept. 18, 2024

Date 18/09/2024

I think it is fair to say that equity market structure contains multitudes, and in that poetic spirit today the Commission will vote on amendments that can be broken into several components: (1) reducing the tick size for certain stocks, (2) reducing the maximum fees that exchanges may charge investors for execution against protected quotations (or “access fee caps” for short); and (3) requiring exchange fees and rebates to be determinable at the time of the execution. In addition, today’s amendments will accelerate the implementation of the “round lot” and “odd-lot information” definitions from the Market Data Infrastructure Rule and add a new “best odd-lot order” data element (or “BOLO”) as part of the odd-lot information definition.

SEC Charges DeFi Platform Rari Capital And Its Founders With Misleading Investors And Acting As Unregistered Brokers - Rari Capital Also Charged For Engaging In Unregistered Crypto Offerings

Date 18/09/2024

The Securities and Exchange Commission today announced settled charges against Rari Capital, Inc., a supposed decentralized finance (DeFi) protocol, and its co-founders, Jai Bhavnani, Jack Lipstone, and David Lucid, for misleading investors and engaging in unregistered broker activity in connection with their operation of two blockchain-based investment platforms that, at their peak, collectively held crypto assets worth more than $1 billion. Rari Capital also settled SEC charges that it conducted unregistered offerings of three securities tied to those platforms. In a separate order, Rari Capital Infrastructure LLC, which took over operations from Rari Capital in 2022, settled charges that it engaged in unregistered securities offerings and unregistered broker activity.

My Take On Tick: Statement On Adoption Of Regulation NMS: Minimum Pricing Increments, Access Fees, And Transparency Of Better Priced Orders, SEC Commissioner Hester M. Peirce, Sept. 18, 2024

Date 18/09/2024

The final rule before the Commission today is a significant improvement over the proposal. It replaces an overly granular set of minimum pricing increments with a more reasonable single additional increment at a half-penny; it replaces a one-month review period for determining each security’s appropriate tick size with a more generous three-month review period and makes adjustments to the minimum tick size for each stock only twice a year, rather than once each quarter. It abandons an ill-advised proposal to mandate minimum trading increments across exchange and off-exchange transactions. It provides a longer implementation period and commits the Commission to conducting a study of the rule’s effects and outlines how the Commission will determine whether the rule has achieved the Commission’s objectives.

Reducing Trading Costs For All Investors, SEC Commissioner Jaime Lizárraga, Sept. 18, 2024

Date 18/09/2024

The Commission is reforming how exchanges quote individual stock prices, the fees investors pay to access orders on exchanges, and the price transparency of smaller orders. In a change from the status quo, the amendments will also provide real-time disclosure of exchanges’ access fees and rebates. The rules governing current market practices have not been updated in almost two decades, but the Commission’s reforms will result in lower transactions costs that benefit all investors.

Federal Reserve Board And Federal Open Market Committee Release Economic Projections From The September 17-18 FOMC Meeting

Date 18/09/2024

The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the September 17-18 meeting.

Federal Reserve Issues FOMC Statement

Date 18/09/2024

Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have slowed, and the unemployment rate has moved up but remains low. Inflation has made further progress toward the Committee's 2 percent objective but remains somewhat elevated.

Statement On Adoption Of Rule Regarding Regulation NMS: Minimum Pricing Increments, Access Fees, And Transparency Of Better Priced Orders, SEC Commissioner Mark T. Uyeda, Sept. 18, 2024

Date 18/09/2024

Thank you, Chair Gensler. Today, the Commission is adopting a change in the required minimum pricing increments—also known as the “tick size”—for expressions of trading interests in national market system (NMS) stocks. In addition, the Commission is reducing access fee caps and requiring more transparency of certain better priced orders. As the Commission observed when it originally adopted Regulation NMS, a minimum tick size can encourage the provision of liquidity by constraining the ability of market participants to gain an execution priority over pre-existing orders by providing an economically insignificant improvement in the bid or ask. However, if a tick size is too large, it can discourage price competition on national securities exchanges and cause market participants to seek out other venues that might lower transaction costs. Given that optimal tick size can depend on the characteristics of the market and the security being traded and may be affected by changes in technology and communications, the question of the required minimum pricing increment is one that should be revisited on a regular basis. It has been nearly 20 years since the Commission last did so. I am pleased that the Commission has now undertaken this effort.

Statement On Minimum Price Increments, Access Fee Caps, Round Lots, And Odd-Lots, SEC Chair Gary Gensler, Sept. 18, 2024

Date 18/09/2024

Today, the Commission will consider updating rules for the $55 trillion equity markets. I am pleased to support these rules because they would enhance competition, efficiency, and fairness, benefitting investors and capital formation alike.