News Centre

CFTC Approves Two Proposals And A DCO Application

Date 19/12/2023

The Commodity Futures Trading Commission at its open meeting on December 13 approved the following proposed rules and a DCO application. Additional information on these rulemakings, including statements of the Chairman and the Commissioners, is available here.

Federal Court Enters Order Against Binance And Former CEO, Zhao, Concluding CFTC Enforcement Action - Zhao To Pay $150 Million And Binance To Pay $2.7 Billion To CFTC

Date 18/12/2023

The Commodity Futures Trading Commission today announced the U.S. District Court for the Northern District of Illinois has approved the previously announced settlement and entered a consent order of permanent injunction, civil monetary penalty, and equitable relief against Changpeng Zhao and his companies Binance Holdings Limited, Binance Holdings (IE) Limited, and Binance (Services) Holdings Limited (together, Binance). In formalizing the settlement initially announced on November 21 [See CFTC Press Release No. 8825-23], the court finds Zhao and Binance violated the Commodity Exchange Act (CEA) and CFTC regulations, imposes a $150 million civil monetary penalty personally against Zhao, and requires Binance to disgorge $1.35 billion of ill-gotten transaction fees and pay a $1.35 billion penalty to the CFTC. The order also obligates Zhao and Binance to make certifications as to the existence, application, and efficacy of Binance’s improved compliance controls, and permanently enjoins them from further violations as charged. [See CFTC Press Release No. 8680-23]

CFTC Swaps Report Update

Date 18/12/2023

CFTC's Weekly Swaps Report has been updated, and is now available: http://www.cftc.gov/MarketReports/SwapsReports/index.htm.

Cboe Canada Announces Planned Unification Of Its Canadian Operations

Date 18/12/2023

• NEO Exchange, MATCHNow, and other related Canadian regulated entities to be formally integrated into one corporate entity
• Effective January 1, 2024, the amalgamation is expected to bring greater efficiencies and enhanced quality of service to customers
• Cboe Canada plans to migrate the existing NEO trading platform to Cboe technology in the first quarter of 2025

An Increase In The Current Deposit Coverage Level Of EUR 100,000 Would Have Limited Impact On Financial Stability And Depositor Protection, An EBA Simulation Shows

Date 18/12/2023

The European Banking Authority (EBA) today published a Report on the deposit coverage level and coverage of public authorities’ deposits, in response to a call for advice by the European Commission. The quantitative analysis and simulation show that a potential change to the current coverage level of EUR 100,000 would have positive but limited impact on financial stability and depositor protection. On the other hand, it would be costly and have a somewhat negative impact on moral hazard. The analysis also shows that the extension of coverage to public authorities’ deposits would have limited impact on the industry, mainly because there are relatively few public authorities in comparison to the overall number of depositors across the EU.

ISDA - Digital Transformation – IQ December 2023

Date 18/12/2023

One of the hallmarks of the digital age is the replacement of clunky manual processes with innovative new technologies. Smartphones, streaming services and online communication have enabled advances and efficiencies that could barely have been imagined when there was no alternative to fixed landlines, DVDs and the postal service.

Statement Of CFTC Commissioner Caroline D. Pham On Operational Resilience Proposal For Swap Dealers And Futures Commission Merchants

Date 18/12/2023

I support the Notice of Proposed Rulemaking on Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants (Operational Resilience Proposal) because I believe this approach is largely consistent with international standards for operational resilience, as well as U.S. prudential regulations and non-U.S. regulations, which have been implemented for several years now. I thank the staff of the Market Participants Division (MPD), especially Pamela Geraghty, Elise Bruntel, and Amanda Olear, as well as Chairman Behnam and Commissioner Goldsmith Romero, for working with me over the past year to address my concerns.

SIFMA Issues 2024 And 2025 Fixed Income Recommendations For Full & Early Holiday Closes In The U.S., U.K., And Japan

Date 18/12/2023

SIFMA today issued its 2024 and 2025 holiday recommendations for the trading of U.S. dollar-denominated fixed income securities in the U.S. and the U.K. All 2025 recommendations for Japan are subject to confirmation by the Bank of Japan. SIFMA will confirm its 2025 recommendations for Japan in 2024.

MIAX Exchange Group - Christmas And New Years Holiday Schedule

Date 18/12/2023

Please be advised the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange and MIAX Pearl Equities Exchange will be closed on Monday, December 25, 2023 for Christmas Day and Monday, January 1, 2024 for New Year’s Day.

The EBA Provides Guidance On The Benchmarking Of Diversity Practices Under The Capital Requirements And Investment Firms Directives

Date 18/12/2023

The European Banking Authority (EBA) today published today the final Guidelines on the benchmarking of diversity practices, including diversity policies and gender pay gap, under the Capital Requirements Directive (CRD) and the Investment Firms Directive (IFD). These Guidelines will ensure a higher level of transparency on the EBA’s work on the topic of diversity and gender equality and will help improve the quality of the collected data as well as the awareness of all stakeholders in this area.