News Centre

CFTC Approves Supplement To Proposed Rulemaking To Modify The Aggregation Provisions Of Its Position Limit Rules

Date 22/09/2015

The U.S. Commodity Futures Trading Commission (Commission) today approved for public comment a supplement to its November 2013 proposal to modify the policy for aggregation under the Commission’s position limits regime for futures and option contracts in Part 150 of its regulations. As noted then, if the Commission’s proposed position limits regime for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts are finalized, the proposed modifications would also apply to aggregation under the position limits regime for those contracts and swaps.

European Banking Authority (EBA) Consults On Harmonised Definition Of Default

Date 22/09/2015

The European Banking Authority (EBA) launched today a consultation on its draft Guidelines specifying the application of the definition of default. The work is in line with an EBA Discussion Paper on the topic published earlier in the year which described the EBA's upcoming work on improving consistency and comparability in capital requirements. The consultation runs until 22 January 2016 and the EBA is also asking the public for feedback on a Quantitative Impact Assessment (QIS) of the Guidelines.

Statement Of CFTC Commissioner J. Christopher Giancarlo On The Proposed Changes To Aggregation Rules As Part Of The CFTC Position Limits Regime

Date 22/09/2015

I support these proposed changes to the aggregation rules because I believe they make the position limits regime more workable. However, this is just the first of many steps needed to make the CFTC’s approach to position limits less harmful to the risk management activities of American farmers, energy producers, manufacturers, risk-hedgers and trading institutions that do business around the globe. We must avoid at all costs adopting flawed government regulations that prevent our markets from operating effectively at a time of plunging commodity prices.[1] That means not displacing the everyday commercial judgement of farmers and businesses with a small set of allowable hedging options pre-selected by a Washington Commission with limited experience in commercial risk management.

New York State Department of Financial Services Announces Approval Of First BitLicense Application From A Virtual Currency Firm - NYDFS BitLicense Is First Comprehensive Regulatory Framework For Firms Dealing In Virtual Currency Such As Bitcoin - BitLicense Includes Key Consumer Protection, Anti-Money Laundering, Cyber Security Rules To Help Safeguard Customer Funds And Root Out Illicit Activity

Date 22/09/2015

Anthony J. Albanese, Acting Superintendent of Financial Services, announced today that the New York State Department of Financial Services (NYDFS) has approved Circle Internet Financial’s BitLicense application – making it the first company to receive a BitLicense from NYDFS. The BitLicense – which NYDFS finalized in June 2015 – is the first comprehensive regulatory framework for firms dealing in virtual currency such as Bitcoin, and includes key consumer protection, anti-money laundering compliance, and cyber security guidelines.

Statement Of CFTC Chairman Timothy Massad On The Proposed Rulemaking To Modify the Aggregation Provisions Of Position Limit Rules

Date 22/09/2015

As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress mandated that the CFTC adopt limits to address the risk of excessive speculation in physical commodity derivative contracts. In 2013, the Commission proposed these rules on “position limits.” These proposed rules included guidelines to determine which accounts and positions a person with an ownership interest must aggregate to determine compliance. In addition, the Commission separately proposed an exemption process from this “aggregation” requirement.

Xetra/Börse Frankfurt: UBS Launches Eight New Factor ETFs On Xetra - ETFs Give Investors Access To The MSCI Factor Index Family

Date 22/09/2015

Eight new factor ETFs from UBS Global Asset Management have been tradable on Xetra and Börse Frankfurt since Tuesday.

Ipreo Appoints New Head Of Global Human Resources

Date 22/09/2015

Ipreo, a leading global provider of market intelligence and productivity solutions to corporate and financial services professionals, announced that it has hired Ronnie West as EVP and Managing Director of Global Human Resources.

Opening Statement By CFTC Chairman Timothy Massad Before The Agricultural Advisory Committee Meeting

Date 22/09/2015

Thank you all very much for taking the time to be here today. And welcome to this meeting of the CFTC’s Agricultural Advisory Committee.

Statement On Open-End Fund Liquidity Risk Management Programs And Swing Pricing, SEC Chair Mary Jo White

Date 22/09/2015

Good morning, everyone.  This is an open meeting of the Securities and Exchange Commission on September 22, 2015 under the Government in the Sunshine Act.

Statement Of CFTC Commissioner Sharon Y. Bowen, Meeting Of The Agricultural Advisory Committee

Date 22/09/2015

Thank you, Mr. Chairman, for holding this meeting today.

I commend the Committee for examining the FCM marketplace and look forward to today’s discussion about market trends and FCMs. And, of course, position limits.