News Centre

ISDA Letter To BCBS/IOSCO On Timing Issues For Margin Rules For Uncleared Derivatives

Date 21/08/2014

ISDA member firms participating in the industry-led WGMR implementation initiative are concerned about the market’s ability to meet an implementation date of December 2015. This concern is based not only on the significant infrastructural changes required of market participants but also due to the significant coordination effort required of global regulators. In summary, ISDA proposed that rules become effective two years after rules are clarified and finalized in Europe, Japan, and USA. ISDA also proposed a phase-in schedule for upcoming Variation Margin (VM) requirements and urged regulators to avoid imposition of implementation dates during the year end code freeze periods. Based on the above, the practical start date of the WGMR requirements would be April 2017.

CFTC Orders S.J. Woods, Inc., Peter Blanco, And Paul Proscia To Pay Over $2.9 Million In Restitution And Permanently Bars Them From The Commodities Industry

Date 21/08/2014

The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against S.J. Woods, Inc. (SJW) and its owners, Peter Blanco and Paul Proscia (together Respondents), involving their participation in illegal, off-exchange financed transactions in precious metals with retail customers. The Order requires Respondents jointly to pay restitution totaling $2,971,992.23 to their customers, imposes permanent trading bans against them, and prohibits them from violating the Commodity Exchange Act, as charged. SJW’s principal place of business is Holbrook, New York. Blanco is a resident of Brightwaters, New York, and Proscia is a resident of Sayville, New York.

ESMA Announces The New CWG For Commodity Derivatives TF

Date 21/08/2014

Following the call for interest for the renewal of the Consulative Working Group for the Commodity Derivatives Task Force, ESMA today announces the composition of the new group. 

ISDA Publishes ISDA 2014 Credit Derivatives Definitions Protocol

Date 21/08/2014

The International Swaps and Derivatives Association, Inc. (ISDA) today announced the launch of the ISDA 2014 Credit Derivatives Definitions Protocol.  

CalPERS To Recover Millions In Bank Of America Settlement

Date 21/08/2014

The California Public Employees’ Retirement System (CalPERS) is poised to get back up to $250 million in damages from Bank of America in a federal investigation settlement announced today by California Attorney General Kamala Harris.

July 2014 FIF Market Dynamics Report – Executive Summary

Date 21/08/2014

OTC Market Share of NMS Securities

• In July 2014, off-exchange trading accounted for 37.2% of the shares traded in NMS Equity Securities, a decrease of 1.2% compared to last month.

Average Trade/Contract Size

• For NYSE Listed, average trade size was 199 shares, a 3.9% decrease over last month. On a year over year basis, average trade size decreased 18.5%.
• For NASDAQ Listed, average trade size was 206 shares, 6.1% lower than last month. Average trade size decreased 18.0% on an annual basis.
• Average contract size for US Equity Options was 10 this month.

New York Attorney General Eric T. Schneiderman-Led State & Federal Working Group Announces Record-Breaking $16.65 Billion Settlement With -Bank Of America - RMBS Task Force, Co-Chaired By Schneiderman, Secures Settlement That Includes $800 Million For New Yorkers, Including, For The First Time, Relief For Borrowers With FHA-Insured Loans - Settlement Addresses Misconduct That Contributed To The 2008 Financial Crisis - Schneiderman: “Today’s Settlement Is A Major Victory In The Fight To Hold Those Who Caused The Financial Crisis Accountable”

Date 21/08/2014

Attorney General Eric T. Schneiderman today joined members of a state and federal working group he co-chairs to announce a $16.65 billion settlement with Bank of America. The settlement is the largest in U.S. history with a single institution, surpassing the $13 billion settlement with JPMorgan Chase that was secured by the same state and federal working group last November. The settlement includes $800 million – $300 million in cash, and a minimum of $500 million worth of consumer relief – that will be allocated to New York State. As part of today’s settlement, Bank of America acknowledged it made serious misrepresentations to the public – including the investing public – arising out of the packaging, marketing, sale and issuance of residential mortgage-backed securities (RMBS) by Bank of America, as well as by Countrywide Financial and Merrill Lynch, institutions that Bank of America acquired in 2008. The resolution also requires Bank of America to provide relief to underwater homeowners, distressed borrowers, and affected communities through a variety of means, including relief that for the first time will assist certain homeowners with mortgages insured by the Federal Housing Administration (FHA) who were ineligible for relief under previous settlements.

ECB Identifies Systemically Important Payments Systems

Date 21/08/2014

• Four systems were identified: TARGET2, EURO1, STEP2-T and CORE(FR)
• Goal is to ensure efficient management of risks and sound governance arrangements

Egyptian Exchange Indices Performance

Date 21/08/2014

The Egyptian Exchange (EGX) witnessed a significant boost from the beginning of the year till the 20th of August session. EGX30 rose by 39.1% while EGX70 and EGX100 rose by 21.6% and 27.6% consecutively. EGX20 capped recorded a 43.6% rise while S&P/EGX ESG that concerns the corporate governance recorded a 63.6% rise during the mentioned period.  

July 2014 FIF Market Share Report - Executive Summary

Date 21/08/2014

U.S. Equities Market Share

• Share volumes traded across Tape A, B, and C totaled125.6 billion shares, an increase of 3.3% monthly, anddecrease of 0.5% annually.
• NYSE-listed securities share volume was 66.7 billion shares, an increase of 5.1% monthly and decrease of 2.2% annually.
• Share volume in NASDAQ-listed securities was 39.6 billion shares, a 1.6% monthly decrease and 10.3% annual increase.