News Centre

SEC: Office Of The Investor Advocate Releases Research Study On Fund Performance Benchmarks

Date 19/09/2022

Researchers from the SEC’s Office of the Investor Advocate (OIAD) released an independent research study examining the impact of mutual fund performance benchmarks on investor decision-making, and potential strategic behavior by firms in displaying benchmarks. This study examines market data and the results of a large behavioral experiment to understand how funds employ benchmarks and how investors respond to benchmark presentation.

US Treasury Seeks Public Input On Illicit Finance, National Security Risks Posed By Digital Assets

Date 19/09/2022

The U.S. Department of the Treasury today filed a Request for Comment (RFC) to seek feedback from the American people on the illicit finance and national security risks posed by digital assets. The filing is pursuant to President Joe Biden’s Executive Order, “Ensuring Responsible Development of Digital Assets” and the subsequent Illicit Finance Action Plan released by the  Treasury Department last week.

Cboe To Further Expand S&P 500 Index Options Suite With New And Additional Daily Expirations

Date 19/09/2022

• Reflects strong customer demand for short-dated, cash-settled, European-exercised S&P 500 Index® (SPX) options
• Additional expirations for SPX Tuesday and Thursday options build on success of recent launch
• Mini-S&P 500® Index options to be offered with expirations each weekday, similar to SPX options

Statement Of CFTC Commissioner Christy Goldsmith Romero: Proposal For A Heightened Enforcement Accountability And Transparency (HEAT) Test To Require More Defendants To Admit To Wrongdoing In Settlements

Date 19/09/2022

I have deep concerns about continuing the Commodity Futures Trading Commission’s (CFTC) longstanding and routine practice of not seeking admissions of wrongdoing when settling the overwhelming majority of enforcement cases, which has resulted in routine civil settlements in which the defendant “neither admits nor denies” wrongdoing.  For this reason, I recently voted to concur in (and not simply to support) settlements with undisputed facts of egregious fraud that victimized retail investors and had other aggravating factors.  My concurrences reflect that I support resolution of these cases to the extent that they obtained the same or nearly the same relief the CFTC would expect to obtain in a successful trial (including restitution for victims).  Yet, I do not support allowing these defendants to settle without admitting their illegal conduct.

ACER Will Decide On The Rules On The Maximum And Minimum Prices In The Day-Ahead And Intraday Electricity Markets

Date 19/09/2022

Europe’s single day-ahead and intraday electricity markets have an automatic maximum price adjustment mechanism in case of extraordinary high prices. With high prices on electricity markets, ACER urged a review of the methodology governing the automatic increase of the price limit.

Opening Remarks To The Institute For Inclusion In The Legal Profession, SEC Chair Gary Gensler, Washington D.C., Sept. 15, 2022

Date 19/09/2022

Good afternoon. It is my pleasure to welcome you to today’s event with the Institute for Inclusion in the Legal Profession (IILP). My thanks to Sandra Yamate and the entire IILP team for the invitation to participate in this important event.

MIAX Exchange Group - Options & Equities Markets - Reminder: Reg SCI / SIFMA BCP Testing on Saturday, October 15, 2022

Date 19/09/2022

As previously announced in the April 19, 2022 Alert, the MIAX Exchange Group will be participating in the 2022 SIFMA BCP Testing on Saturday, October 15, 2022.  All Members that are required to test with MIAX Options, MIAX Pearl Options, MIAX Emerald Options and/or MIAX Pearl Equities Exchanges in accordance with Regulation Systems Compliance and Integrity (Regulation SCI) were notified on April 5, 2022.  However, all Members are encouraged to test. 

BIS Quarterly Review, September 2022

Date 19/09/2022

Worsening growth prospects and evolving perceptions of the monetary stance shaped financial markets during the review period.1 Economic indicators deteriorated due to the fallout from the Ukraine war and weakness in China. Marketbased expectations of inflation and policy rates fluctuated as monetary tightening quickened globally and energy disruptions intensified in Europe. All these factors swayed financial conditions and contributed to market volatility.

EBA Responds To The EU Parliament’s 2020 Discharge Report

Date 19/09/2022

The Opinion follows up on the observations made by European Parliament in its 2020 discharge report and elaborates on measures taken by the European Banking Authority (EBA) in response to it. Out of the 30 observations, which cover the areas of budget and financial management, performance, staff policy, procurement, prevention and management of conflicts of interest and transparency, internal control, and COVID response and business continuity, the EBA is of the view that 26 have already been implemented or are no longer applicable. For 3 observations the implementation of follow-up actions is ongoing and for one observation the status has to be further considered.

Markets Swing On Changing Perceptions Of The Policy Outlook: BIS Quarterly Review

Date 19/09/2022

• Markets fluctuated as investors adjusted their views of central banks' response to persistent inflation amid a deteriorating growth outlook; the US dollar reached record highs.
• An easing of financial conditions reversed in August as the policy focus on inflation sharpened and fears of an energy crisis increased, notably in Europe.
• A special feature argues that effective restrictions on Russian energy output would come with spillover effects for industrial production and the crops used in biofuels.