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  • CFTC Staff Extends Temporary No-Action Letter Regarding Certain Financial Reporting Requirements For Bank Swap Dealers

    Date 11/07/2023

    The Commodity Futures Trading Commission’s Market Participants Division (MPD) today announced it issued a temporary no-action letter extending CFTC Staff Letter No. 21-18 concerning financial reporting obligations for swap dealers (SDs) subject to capital requirements of a prudential regulator (bank SDs) under the CFTC’s SD financial reporting rules. 

  • SIX: Index Adjustments On The Occasion Of The Ordinary Index Review

    Date 11/07/2023

    SIX has decided to make changes to the index baskets on the basis of a recommendation from the Index Commission and in compliance with the SMI®, SLI®, SPI® and SXI® index rules. The indices will be adjusted on 15 September 2023 after closing. The adjustment takes effect on 18 September 2023.

  • ISDA-Clarus RFR Adoption Indicator: June 2023

    Date 11/07/2023

    The ISDA-Clarus RFR Adoption Indicator decreased slightly to 58.1% in June 2023 from 58.7% in May 2023. The drop was driven by higher federal funds trading activity. The indicator tracks how much global trading activity (as measured by DV01) is conducted in cleared over-the-counter and exchange-traded interest rate derivatives (IRD) that reference risk-free rates (RFRs) in eight major currencies. On a traded notional basis, the percentage of RFR-linked IRD increased to 55.6% of total IRD transacted in June 2023 compared to 55.3% the prior month.

  • BIS - The Crypto Ecosystem: Key Elements And Risks - Report Submitted To The G20 Finance Ministers And Central Bank Governor

    Date 11/07/2023

    This report reviews the key elements of the crypto ecosystem and assesses their structural flaws. There are three main takeaways. First, due to underlying economic incentives, the crypto ecosystem is characterised by congestion and high fees, which lead to fragmentation. Second, despite an original ethos of decentralisation, crypto and decentralised finance (DeFi) often feature substantial de-facto centralisation, which introduces various risks. Third, while DeFi mostly replicates services offered by the traditional financial system, it amplifies known risks.

  • FINRA Fines Merrill Lynch $6 Million For Longstanding AML Program Failures - Firm Failed To File Nearly 1,500 Suspicious Activity Reports

    Date 11/07/2023

    FINRA announced today that it has fined Merrill Lynch, Pierce, Fenner & Smith Inc. $6 million for failing to establish and implement policies, procedures, and internal controls reasonably designed to cause the reporting of suspicious transactions as required by the Bank Secrecy Act. In particular, Merrill Lynch failed to apply the correct threshold to report suspicious activities for more than 10 years and, as a result, failed to file nearly 1,500 Suspicious Activity Reports (SARs).

  • BIS: Lessons Learnt On CBDCs - Report Submitted To The G20 Finance Ministers And Central Bank Governors

    Date 11/07/2023

    The world's central banks are stepping up efforts to prepare the ground for central bank digital currencies (CBDCs) either as digital cash (retail) or tokenised reserves (wholesale). This report shows how the BIS Innovation Hub is helping central banks on their CBDC journeys and discusses the lessons learnt so far.

  • ESMA Issues Opinion On CNMV Product Intervention Measures

    Date 11/07/2023

    The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today issued an Opinion on product intervention measures taken by the Spanish Comisión Nacional del Mercado de Valores (CNMV). 

  • US Treasury Calls For Large Position Reports

    Date 11/07/2023

    The U.S. Department of the Treasury is calling for Large Position Reports from those entities whose positions in the Treasury Bill of June 8, 2023 equaled or exceeded $10.2 billion as of Friday, April 28, 2023, or Friday, May 5, 2023. This Bill has CUSIP 912796ZP7 and was originally auctioned as a 182-Day (i.e., 26-Week) Bill on December 5, 2022, and issued on December 8, 2022, with a maturity date of June 8, 2023.  This Bill was subsequently reopened as a 91-Day (i.e., 13-Week) Bill on March 6, 2023, and issued on March 9, 2023. 

  • Statement Of CFTC Commissioner Caroline D. Pham Regarding The TW SEF MAT Determinations Of USD SOFR And GBP SONIA Overnight Index Swaps

    Date 11/07/2023

    Last Friday’s announcement marks an important step in the transition away from LIBOR as the Commission deems approval of made-available-to-trade (MAT) determinations for certain U.S. Dollar (USD) Secured Overnight Financing Rate (SOFR) overnight index swaps and Pound Sterling (GBP) Sterling Overnight Index Average (SONIA) overnight index swaps.  These SOFR and SONIA overnight index swaps will become subject to the mandatory trade execution requirement under the Commodity Exchange Act on August 5, and market participants must be prepared to comply.

  • ESMA Publishes Final Report On Revised Technical Standards For Passporting

    Date 11/07/2023

    The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published its Final Report on the review of the technical standards for passporting under Article 34 of MiFID II.

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