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FTSE Mondo Visione Exchanges Index Up 0.4 % In June, Up 6.3 % In Q2 2021, Up 21.9% Over 12 Months - CME Group Regains Top Stop As Largest Exchange

Date 13/07/2021

Global exchanges are step by step, fitting all the pieces together across asset classes, geographies, trading, data, information, access and analytics, with the big beasts mining a rich seam of transaction and subscription-based revenue.
New Zealand Financial Markets Authority Issues Infringement Notice To Equitise

Date 13/07/2021

The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – has issued an infringement notice to equity crowdfunding service provider Equitise Pty Ltd for failing to file financial statements by their due date.
CFTC Market Risk Advisory Committee Adopts SOFR First Recommendation At Public Meeting

Date 13/07/2021

The Commodity Futures Trading Commission’s Market Risk Advisory Committee (MRAC) today adopted a market best practice known as SOFR First for consideration by the full Commission. SOFR First is a phased initiative for switching trading conventions from LIBOR to the Secured Overnight Financing Rate (SOFR) for U.S. Dollar (USD) linear interest rate swaps, cross currency swaps, non-linear derivatives and exchange traded derivatives. Acting Chairman Rostin Behnam is the sponsor of the MRAC.
ISDA Response To The DSB Consultation Papers 1 And 2 On The UPI Fee Model

Date 13/07/2021

ISDA’s response to the Derivatives Service Bureau (DSB) Consultation Papers on the UPI Fee Model: ‘Industry Views Sought on the Principles Underlying the Fee Model for the Unique Product Identifier Service, submitted 5 March 2021; and Consultation Paper 2 ‘Follow up Proposals on the Principles Underlying the Fee Model for the Unique Product Identifier (UPI) Service – based on Industry Feedback to First Consultation Paper’, submitted 9 July 2021.
SEC Charges SPAC, Sponsor, Merger Target, And CEOs For Misleading Disclosures Ahead Of Proposed Business Combination Charges Relate To Planned Merger Of Stable Road Acquisition Company And Space Transportation Company Momentus Inc.

Date 13/07/2021

The Securities and Exchange Commission today announced charges against special purpose acquisition corporation Stable Road Acquisition Company, its sponsor SRC-NI, its CEO Brian Kabot, the SPAC’s proposed merger target Momentus Inc., and Momentus’s founder and former CEO Mikhail Kokorich for misleading claims about Momentus’s technology and about national security risks associated with Kokorich. The SEC’s litigation is proceeding against Kokorich, against whom the SEC filed a complaint in the U.S. District Court for the District of Columbia. All other parties are settling with the SEC, with terms including total penalties of more than $8 million, tailored investor protection undertakings, and the SPAC sponsor’s forfeiture of founder’s shares it stands to receive if the merger, currently scheduled for August 2021, is approved.

DTCC Partners With Ebix To Deliver New Solution To Address Increasing Challenges Of Annuity Compliance - Service To Link Ebix Annuitynet Platform With DTCC’s Producer Management Portal

Date 13/07/2021

The Depository Trust & Clearing Corporation (DTCC), the premier market infrastructure for the global financial services industry, today announced that it is partnering with Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of on-demand software and e-commerce services, to deliver an automated annuity compliance solution to significantly increase efficiency, reduce costs, and lower the risks associated with certifying agent compliance for annuity sales. Under this partnership, the firms will link Ebix’s platform, AnnuityNet, with DTCC’s Producer Management Portal (PMP).
New York Attorney General James Announces $97 Million In Restitution For TIAA Customers Misled Into Investing In Higher-Fee Accounts - TIAA Relied On Reputation As A “Trusted Partner” And “Objective” Financial Advisor To Pressure Clients Into Paying Hundreds Of Millions In Fees - Victims Of Fraud Included Teachers, Public Sector Employees, Medical Professionals, And Others - AG James And SEC Secure Significant Relief For Investors And Reforms At TIAA

Date 13/07/2021

New York Attorney General Letitia James today announced that TIAA-CREF Individual & Institutional Services, Inc. — a subsidiary of the Teachers Insurance and Annuity Association of America (TIAA) — has agreed to pay $97 million in restitution to tens of thousands of customers who were fraudulently misled into moving their retirement investments into higher-fee accounts offered by the company. Over the course of six years, tens of thousands of customers were pressured by TIAA advisors to move their investments from low-cost, employer-sponsored retirement plans to higher-cost, individually-managed accounts. The program was significantly more expensive for clients and generated hundreds of millions of dollars in fees for TIAA. As part of today’s agreements — which resolve parallel investigations by the Office of the Attorney General (OAG) and the Securities and Exchange Commission (SEC) — TIAA is not only providing significant relief to customers, but has also agreed to undertake significant internal reforms.
Statement Of CFTC Commissioner Dawn D. Stump Before The Market Risk Advisory Committee - LIBOR Transition Presents Opportunity To Improve U.S. Clients’ Access To Global Clearing Infrastructure

Date 13/07/2021

As derivatives market participants transition from using the London Interbank Offered Rate (LIBOR) to using other benchmarks, namely the Secured Overnight Financing Rate (SOFR), I am pleased that Commodity Futures Trading Commission (CFTC) Acting Chairman Behnam today noted the important work we will soon undertake to ensure that existing clearing mandates for interest rate swaps can transition to preserve their effectiveness. Mandatory clearing is an important element of the post-financial crisis reforms that I wholeheartedly support. And as the use of LIBOR ceases, all of the CFTC’s clearing mandates for interest rate swaps need to be revisited.
Nodal Exchange Named Exchange Of The Year By Energy Risk For Third Year In A Row

Date 13/07/2021

Nodal Exchange has been named 2021 Exchange of the Year by Energy Risk magazine. The global Energy Risk Awards recognize excellence in energy risk management across the entire supply chain, from producers to traders and consumers, and all firms in between that facilitate risk management.
US Federal Agencies Request Comment On Proposed Risk Management Guidance For Third-Party Relationships

Date 13/07/2021

The federal bank regulatory agencies today requested public comment on proposed guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology-focused entities. The proposed guidance is intended to assist banking organizations in identifying and addressing the risks associated with third-party relationships and responds to industry feedback requesting alignment among the agencies with respect to third-party risk management guidance.