News Centre

Readout: US Secretary Of The Treasury Janet L. Yellen's Meeting With Bank Policy Institute

Date 18/05/2023

Today, U.S. Secretary of the Treasury Janet L. Yellen met with more than two dozen CEOs and executives convened by the Bank Policy Institute (BPI) to discuss the current state of the economy and President Biden's economic agenda. Secretary Yellen reaffirmed the strength and soundness of the U.S. banking system, noting that it remains well-capitalized with strong liquidity. She noted that decisive federal action taken by regulators and the Administration in March to protect depositors helped to strengthen public confidence in the banking system and mitigate financial contagion. Secretary Yellen thanked many of the participants for their leadership and support in responding to these market developments. And she made clear that the Treasury Department continues to closely monitor conditions across the banking sector.

US Acting Comptroller Of The Currency Testifies On Bank Supervision

Date 18/05/2023

Acting Comptroller of the Currency Michael J. Hsu today testified on bank supervision before the Committee on Banking, Housing, and Urban Affairs of the U.S. Senate.

ISDA AGM Studio: Kevin Khokhar And Sophie Marnhier-Foy

Date 18/05/2023

Kevin Khokhar, head of investment funding solutions at T. Rowe Price Associates, and Sophie Marnhier-Foy, senior director, product strategy at Adenza, talk to ISDA’s head of collateral initiatives, Amy Caruso, about how greater standardization and automation of collateral management processes could help to address some of the challenges that arose during recent market shocks.

New York Attorney General James Secures $4.3 Million From Cryptocurrency Company For Defrauding Investors - Under Agreement With AG James, Coin Cafe Will Pay Full Restitution To New Yorkers And All U.S. Investors Who Were Deceived By Misleading Fees - Agreement Continues AG James’ Efforts To Bolster Oversight And Regulations Of Cryptocurrency Industry

Date 18/05/2023

New York Attorney General Letitia James today secured $4.3 million from a Brooklyn-based cryptocurrency company, Coin Cafe, for defrauding investors. Coin Cafe is a cryptocurrency trading platform that allowed investors to store their Bitcoin in a Coin Cafe account, known as wallet storage. An investigation by the Office of the Attorney General (OAG) found that the company was charging investors exorbitant and undisclosed fees to use its wallet storage, despite marketing its wallet storage as “free” on its website. These fees to store Bitcoin were so high that they wiped out investors’ accounts entirely. Coin Cafe charged one New Yorker over $10,000 in one month and another investor more than $51,000 in fees over the course of 13 months. Coin Cafe has agreed to OAG’s findings that it routinely charged and increased fees without properly informing investors. As a result of today’s settlement, Coin Cafe will pay restitution to all investors who were misled, including more than $508,000 to more than 340 New York investors who were charged fees without their knowledge.

SIFMA & SIFMA Foundation Congratulate Participants Of The 20th Annual Capitol Hill Challenge And Announce Winners - Top 10 Schools To Be Recognized At US Capitol In Washington, DC

Date 18/05/2023

SIFMA and the SIFMA Foundation today announced the winning teams and congratulated the 6,500 students competing in the 2023 Capitol Hill Challenge, a national financial education program underwritten by the Charles Schwab Foundation. SIFMA and the SIFMA Foundation will host the ten-top performing CHC teams at a reception in the U.S. Capitol on June 14. The students will also have the opportunity to meet with their members of Congress.

CFTC Commissioner Johnson To Deliver A Keynote Address On Financial Markets Regulation At The London School Of Economics

Date 18/05/2023

NGX To Collaborate With FG On Listings, Market Participation

Date 18/05/2023

Nigerian Exchange Limited (NGX) has said it intends to partner with the incoming administration to develop the right policies that will promote and attract listings in the capital market. This was even as it revealed that despite a total of N360 trillion moved within the Nigerian economy in 2022, only N1 trillion made its way into the capital market.

Long Live SOFR For Swaps, By Daniel Flaim, Managing Director, North America Interest Rate Derivatives, Tradeweb

Date 18/05/2023

It is officially the end of the line for LIBOR. After some 30+ years as “the world’s most important number,” and the last six years on an extended farewell tour, the London Interbank Offered Rate will officially be retired as a benchmark for U.S. dollar swaps transactions. CME Group completed its conversion to the Secured Overnight Financing Rate (SOFR) as the standard benchmark reference for over-the-counter (OTC) derivatives trades in April and LCH will complete its conversion containing U.S. dollar LIBOR vs. fixed interest rate swaps on May 20. By June, roughly $60 trillion in U.S. dollar contracts will be secured to SOFR.

Ontario Securities Commission Seeks Applications For Investor Advisory Panel

Date 18/05/2023

The Ontario Securities Commission (OSC) is inviting applications for membership on its independent Investor Advisory Panel (IAP), which provides an investor perspective on policy, rule-making and other regulatory initiatives.

Stablecoins: Does Trust Really Matter? - Kaiko Research: Deep Dive

Date 18/05/2023

The stablecoin market has been upended in 2023. The start of the year saw BUSD given an expiry date of 2024, a banking crisis in March hit USDC and DAI hard, while Binance anointed TUSD as its stablecoin of choice by choosing it for one of the few zero-fee BTC pairs in crypto. All of these events had huge ramifications for stablecoin market structure. BUSD was killed off, USDC and DAI depegged after the banking crisis, and TUSD rose to relevance. Amidst all of this, USDT became the industry’s most trusted stablecoin. This article will explore the evolution of stablecoin market structure over the years, and dig deeper into how one of the industry’s most opaque companies has been crowned the king of stablecoins.