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Speech By Federal Reserve Governor Lael Brainard At The Stanford Institute For Economic Policy Research, Stanford, California, December 1, 2015, Normalizing Monetary Policy When The Neutral Interest Rate Is Low

Date 02/12/2015

Let me begin by noting that my comments today will not address the timing of liftoff for the federal funds rate.

Recent months have seen increased anticipation of the normalization of monetary policy in the United States. Many observers interpret normalization to mean a tightening cycle similar in pace to previous cycles, such as those from 1994 to 1995 and from 2004 to 2007, with the effect of returning interest rates to the level viewed as normal in the decades before the crisis. The Federal Reserve describes normalization as "steps to raise the federal funds rate and other short-term interest rates to more normal levels." But what do we mean by "more normal levels"? A broad deterioration in foreign growth prospects, together with greater risk sensitivity in the wake of the crisis and changes in the rate of potential output growth, may be contributing to a "new normal." The new normal is likely to be characterized by a lower level of interest rates than in the decades preceding the crisis, which counsels a cautious and gradual approach to adjusting monetary policy.

OneChicago: Execution Fee Cap For OCX.NoDivRisk® Products – Pilot Program Extension

Date 01/12/2015

On July 1, 2015, OneChicago, LLC (“OneChicago”) modified its fee schedule on a pilot basis (through December 31, 2015) to cap the execution fee for all OCX.NoDivRisk products. The pilot program capped the OCX.NoDivRisk execution fee at $700 per side per trade. Before this pilot program, these fees were 5/100^ths of a basis point (0.0005%) of notional value, which is $5.00 per million with a $0.01 minimum, with no cap. The pilot program maintains these execution fees but imposes the aforementioned cap. All OCX.Weekly products and all “1D” futures are part of the OCX.NoDivRisk product suite. Pending regulatory approval, the pilot program will be extended until December 31, 2016.

CBOE Futures Exchange Reports November 2015 Trading Volume

Date 01/12/2015

• VIX Futures ADV Up 24% from November 2014
• Total of 3.48 Million VIX Futures Contracts Traded
• VIX Futures Up 3% Year to Date

ISE Holdings Reports Business Activity For November 2015

Date 01/12/2015

• ISE and ISE Gemini combined to represent 15.5% of equity options market share, excluding dividend trades.
• ISE and ISE Gemini reported a combined ADV of 2.3 million contracts.
• Dividend trades made up 1.4% of industry volume in November 2015.

Latest Thomson Reuters, IRTI And CIBAFI Report Suggests Kazakhstan Well Under Way To Building Islamic Finance Economy

Date 01/12/2015

• Islamic finance assets to reach 5% market share by 2020;
• Kazakhstan economic growth rate to reach 2.4% in 2016;
• New law to permit conversion of conventional banks to Islamic-based;
• Kazakhstan set for debut sovereign sukuk in early 2016;
• Large retail consumer demand for Islamic banking – exclusive survey

CBOE Holdings Reports November 2015 Trading Volume

Date 01/12/2015

• Total Volume of 82.8 Million Contracts
• Down 16% From October 2015, 3% From November 2014
• ADV of 4.1 Million Contracts
• Down 8% From October 2015 and November 2014

Guest Lecture Of CFTC Commissioner J. Christopher Giancarlo, Harvard Law School, Fidelity Guest Lecture Series On International Finance

Date 01/12/2015

Given in Dedication to the late Dr. H.R. Giancarlo, M.D. – 1932 – 2015, who dared to go so much farther than his birth or circumstances warranted so that his sons and grandchildren could journey even further.

Introduction

Good morning, ladies and gentlemen. Thank you for your warm welcome.

Before I begin, let me say that my remarks reflect my own views and do not necessarily constitute the views of the Commodity Futures Trading Commission (CFTC or Commission), my fellow CFTC commissioners or the CFTC staff.

OCC Cleared Contract Volume Increased 10% In November - Securities Lending Activity Up 27% In November And 16% Year-To-Date

Date 01/12/2015

OCC, the world’s largest equity derivatives clearing organization, announced today that cleared contract volume in November was 328,272,930 contracts, a 10 percent increase from the November 2014 monthly volume of 298,563,036 contracts. Average daily volume at OCC is down three percent in 2015 with 16,803,068 contracts. OCC’s stock loan program reported strong volume numbers in November with year-to-date activity up 16 percent.

New York Governor Cuomo Announces Anti-Terrorism Regulation Requiring Senior Financial Executives To Certify Effectiveness Of Anti-Money Laundering Systems

Date 01/12/2015

Governor Andrew M. Cuomo today announced that his Administration is proposing a new anti-terrorism and anti-money laundering regulation that includes -- among other important provisions -- a requirement modeled on Sarbanes-Oxley that senior financial executive certify that their institutions has sufficient systems in place to detect, weed out, and prevent illicit transactions.

Over 60% Of Risk Managers At Financial Services Firms Believe Probability Of A High-Impact Event Has Increased, According To New DTCC Survey - Ongoing Concerns Over Potential Cyber Attacks Driving Industry-Wide Concerns

Date 01/12/2015

A new survey on risk trends impacting the financial services industry revealed that 61% of risk managers believe the probability of a high-impact event in the global financial system has increased during the past six months, according to The Depository Trust & Clearing Corporation’s (DTCC) latestSystemic Risk Barometer Survey. The survey found that the threat of a cyber attack is the key driver behind the increased concern among risk managers.