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Fiserv Looks To Support New Payment Flows With Major Payment Institution License From Monetary Authority Of Singapore - Company’s Local Operating Entity Granted License To Provide Merchant Acquisition And Domestic And Cross-Border Money Transfer Services Under The Payment Services Act

Date 31/01/2023

A Fiserv, Inc. (NASDAQ: FISV) operating entity that provides payment solutions for merchants in Singapore, First Data Merchant Solutions Private Limited, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS), effective January 1, 2023.

SEC Proposes Updates To Ethics Rules Governing Securities Trading By Personnel

Date 30/01/2023

The Securities and Exchange Commission today proposed amendments to its ethics rules to strengthen and modernize its ethics compliance program. The amendments would add new requirements and prohibitions to the program, which already includes some of the most stringent ethics requirements in the executive branch for all agency employees, their spouses, and minor children.

Big “Issues” In The Small Business Safe Harbor: Remarks At The 50th Annual Securities Regulation Institute, SEC Commissioner Caroline A. Crenshaw Washington D.C., Jan. 30, 2023

Date 30/01/2023

Thank you Thomas [Kim] for that lovely introduction and I’m very pleased to be here at the Securities Regulation Institute giving the Alan B. Levenson Keynote Address. Director Levenson was the consummate public servant who left an enduring mark on the Division of Corporation Finance, and the Commission more generally. I’m happy to say that his legacy of combating corporate corruption and promoting integrity in our markets lives on today.

US Treasury Announces Marketable Borrowing Estimates

Date 30/01/2023

The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing for the January – March 2023 and April – June 2023 quarters.

Economy Statement By Benjamin Harris, US Assistant Secretary For Economy Policy, For The Treasury Borrowing Advisory Committee

Date 30/01/2023

INTRODUCTION

Despite global and pandemic-related economic headwinds, the U.S. economy proved its resilience in the fourth quarter of 2022 with real gross domestic product (GDP) growing at a healthy 2.9 percent annualized rate.  Labor markets remained tight: employers added an average of 247,000 payroll jobs each month—a pace well-above that needed to maintain a stable unemployment rate—and the unemployment rate returned to the half-century low of 3.5 percent.  Moreover, inflation continued to slow: since peaking in June 2022, 12-month headline inflation (as measured by the consumer price index) has fallen by 2.6 percentage points, owing to sharp drops in energy prices and moderating non-energy goods inflation over the second half of the year.  Core inflation (excluding food and energy) slowed by less than headline, largely due to elevated shelter inflation—though timely measures of house prices and rents suggest a reprieve in the coming year.  Housing markets showed considerable weakening, correcting from pandemic-related imbalances and responding to tighter monetary policy.

MIAX Options Exchange - Trading Of Complex Orders With Non-Conforming Ratios

Date 30/01/2023

The MIAX Options Exchange will begin accepting non-conforming ratio option-only complex orders beginning Friday, February 3, 2023.

ISDA derivatiViews: Bringing Legal Certainty To Digital Asset Derivatives

Date 30/01/2023

The shocking collapse of crypto exchange FTX with the apparent loss of billions of dollars of customer assets, and the subsequent failures of several other high-profile crypto firms, have raised some fundamental legal questions. Questions like what rights investors have following a bankruptcy and who legally ‘owns’ customer assets held by a crypto exchange or other intermediary. These questions should have clear answers, and our work to develop legal definitions for the trading of digital asset derivatives, alongside the publication of new whitepapers that explore the legal issues exposed by the collapse of FTX and others, are important steps towards achieving that for the digital asset derivatives market.

Refinitiv Plans To Supplement Existing Fallback Rates With New Federal Reserve Board Selected Benchmark Replacements

Date 30/01/2023

In Q1 2023, Refinitiv intends to publish new USD IBOR Cash Fallbacks that are consistent with the Federal Reserve Board’s benchmark replacements for FHFA-regulated-entity contracts (except Federal Home Loan Bank advances) and Federal Family Education Loan Program Asset-Backed Securitizations.

BIS: Financial Access And Labor Market Outcomes: Evidence From Credit Lotteries

Date 30/01/2023

Summary

Focus 

Much hope has been placed in improved financial access to overcome the economic hurdles facing low-income households. Yet randomised-control trials across a diverse set of settings and countries have documented that lending to low-income households has only a modest or negligible effect. These findings raise the question of whether the return on capital is generally lower than expected for households with insufficient access to loans, or whether interventions might be better targeted on investments that generate higher returns.

SIFMA Announces Appointments In Office Of General Counsel

Date 30/01/2023

SIFMA today announced the following appointments in its Office of General Counsel, effective immediately: