News Centre

ISDA Video: Introduction To Benchmark Fallbacks

Date 23/10/2020

LIBOR is used as a reference rate for financial contracts worth trillions of dollars. But what happens if, after 2021, LIBOR or another interbank offered rate ceases to exist while contracts are still referenced to that rate? That’s where benchmark fallbacks come in.

Joint Statement On No-Action Relief For Non-Compliance With The Customer Protection Rule, SEC Commissioner Allison Herren Lee, SEC Commissioner Caroline A. Crenshaw, Oct. 23, 2020

Date 23/10/2020

Last night, a no-action letter was issued relating to apparent non-compliance by certain broker-dealers with Rule 15c3-3, which is aptly named the “Customer Protection Rule.” In short, certain broker-dealers’ failure to comply with the Customer Protection Rule puts retail customer funds and securities at risk, and the no-action letter purports to allow this misconduct to continue for up to six additional months. The letter clearly states that these practices are not consistent with the requirements of the Customer Protection Rule.  On that point we agree, and it is critical that registrants heed that message.

Nadex Temporarily Amends Binary Contracts Strike Width

Date 23/10/2020

CFTC And SEC Chairmen Sign Joint Letter Establishing Pilot Program Relating To “Bad Actor Disqualification” Provisions Of Regulations A And D

Date 23/10/2020

The Commodity Futures Trading Commission today announced that, by a joint letter, Chairman Jay Clayton of the Securities and Exchange Commission and Chairman Heath P. Tarbert of the CFTC have established a one-year pilot program to set out and formalize the practice and agreement between the Chairmen relating to CFTC orders that implicate the “bad actor disqualification” provisions of Regulations A and D under the Securities Act of 1933 (SEC’s Disqualification Rules). The letter responds to a request by the CFTC Chairman to create such a pilot program.

Autorité Des Marchés Financiers Welcomes A New Member To Its Investment Products Advisory Committee

Date 23/10/2020

Further to a call for applications issued on August 6, 2020 to fill a vacant position on the Investment Products Advisory Committee (the “Committee”), the Autorité des marchés financiers (”AMF”) announces that it has selected Caroline Montminy, of Gestion d’actifs Burgundy, for a three-year renewable term.

CFTC Commitments Of Traders Update

Date 23/10/2020

The current reports for the week of October 20, 2020 are now available.

See previous weeks in Historical Commitments of Traders Reports.

Nigerian Stock Exchange Weekly Market Report For October 23rd 2020

Date 23/10/2020

A total turnover of 1.505 billion shares worth N19.668 billion in 20,552 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 1.955 billion shares valued at N22.978 billion that exchanged hands last week in 22,844 deals.

Statement Regarding Tradenet Capital Markets Ltd., SEC Commissioner Hester M. Peirce, Oct. 23, 2020

Date 23/10/2020

I supported today’s Commission action against Tradenet Capital Markets Ltd., though not without reservations. Tradenet provided its customers “Day Trader Education Packages” that included a simulated “funded account” in which they could “trade” securities. The participants received a portion of the upside, and their downside was capped as their accounts were closed if they fell below predetermined thresholds. Some purchasers of these packages appear to have voluntarily purchased successive packages, and participants appear to have transacted with Tradenet voluntarily and with clear information about the terms of the deal. While Tradenet’s product offering had an educational component, it was primarily about the simulated “funded account,” which could not have been offered to U.S. retail investors under our existing rules

Nadex Refrains From Listing Certain Contracts

Date 23/10/2020

Due to activity in the underlying markets upon which the Nadex contracts are based and pursuant to the authority granted in Nadex Rule 12.1(i), Nadex took the following actions: 

• No EUR/JPY, GBP/JPY, GBP/USD or USD/CAD 5-Minute contracts were listed for the 6:05pm or 6:10pm ET expiration times on trade date October 19, 2020.

CFTC-SEC Joint Meeting, SEC Commissioner Hester M. Peirce, Oct. 22, 2020

Date 23/10/2020

Introduction

It is such a pleasure to be participating in a joint meeting with our colleagues at the CFTC this morning.  Thank you, Commissioner Quintenz, for your kind comments.  One of the highlights of my time at the SEC has been working with you and the staffs of both Commissions on issues related to Title VII.  It is not the scintillating subject matter that has made that experience so fulfilling, but the shared commitment to preserving and strengthening our capital markets.  The cooperative efforts are an important milestone in a relationship that has not been without tensions over the years.  From our first interaction, Commissioner Quintenz has exhibited a practical, collaborative approach and a cheerful persistence in tackling difficult questions.  I credit Chairmen Clayton, Giancarlo, and Tarbert for giving us the room to work together and setting a cooperative tone from the top.  Continued commitment will be important as our agencies work through differences and toward our common objectives in the many areas in which we have shared interests.  We always will be stronger working together than going our separate ways.  That is exactly what we are doing today with this joint meeting.