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ISDA Comments On The European Commission’s BMR Review Proposal

Date 06/10/2020

On 6 October 2020, ISDA responded to the consultation on the European Commission’s (EC) proposal amending the European Benchmarks Regulation (BMR) with respect to the critical benchmarks regime and FX spot benchmarks.
First AMERIBOR®-Linked Debt Offering Priced; $375 Million Subordinated Debt Deal By Signature Bank (Nasdaq: SBNY)

Date 06/10/2020

In the first use of AMERIBOR® in a debt deal, New York-based Signature Bank (Nasdaq: SBNY) announced the closing of $375 million aggregate principal amount of fixed-to-floating rate subordinated notes due in 2030. The notes will bear interest at 4% per annum, payable semi-annually. For the floating component, interest on the notes will accrue at three-month AMERIBOR® plus 389 basis points. The offering was handled by Stifel’s Keefe, Bruyette & Woods, and Piper Sandler.
CFTC Unanimously Approves A Final Rule Amending Form CPO-PQR

Date 06/10/2020

The Commodity Futures Trading Commission at its open meeting today unanimously approved a final rule adopting amendments to Form CPO-PQR for commodity pool operators (CPOs).
U.S. House Judiciary Antitrust Subcommittee Investigation Reveals Digital Economy Highly Concentrated, Impacted By Monopoly Power - Clear And Compelling Need To Strengthen Antitrust Enforcement And Consider A Range Of Forceful Options, Including Structural Separations And Prohibitions On Anticompetitive Conduct

Date 06/10/2020

The House Judiciary Committee’s Antitrust Subcommittee today released the findings of its more than 16-month long investigation into the state of competition in the digital economy, especially the challenges presented by the dominance of Apple, Amazon, Google, and Facebook and their business practices.
CFTC and the Office of Financial Research Sign Memorandum of Understanding to Allow Information Sharing

Date 06/10/2020

Commodity Futures Trading Commission Chairman Heath P. Tarbert and the Office of Financial Research (OFR) Director Dino Falaschetti today signed a Memorandum of Understanding that establishes a framework for the CFTC to share with OFR information and data reported on Form CPO-PQR, which is filed with the CFTC by CFTC-registered commodity pool operators (CPOs). The MOU also confirms both agencies’ commitment to working together to fulfill their statutory and regulatory mandates.

U.S. Department Of Justice: Jersey/Swiss Financial Services Firm Admits To Conspiring With U.S. Taxpayers To Hide Assets And Income In Offshore Accounts - Strachans SA In Liquidation Pleads Guilty

Date 06/10/2020

Strachans SA in Liquidation pleaded guilty yesterday to conspiring with U.S. taxpayers and others to hide income and assets in offshore entities and bank accounts from the IRS, and was sentenced in accordance with the guilty plea, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division, U.S. Attorney Nicola T. Hanna, and Chief James Lee of the Internal Revenue Service, Criminal Investigation (IRS-CI).
ISDA derivatiViews: An Opportunity For Standardization

Date 06/10/2020

Financial institutions across the world are searching for ways to overcome squeezed margins by improving efficiency and reducing costs. As a trade association, ISDA’s driving motivation has been to help our members achieve that goal, and we’ve developed various mutualized solutions that do just that. But we think there is an opportunity to go further – by creating greater alignment and standardization between derivatives and securities financing transaction (SFT) markets.
Nigerian Stock Exchange Soars Past Global Exchanges, Records Highest Daily Gain In Five Years

Date 06/10/2020

The Nigerian Stock Exchange (NSE or The Exchange) All Share Index (ASI) recorded its largest daily gain in more than five years, surging by 4.9% on Tuesday, 6 October 2020. The 12-day rally saw equities market capitalization cross the N15 Trillion mark, bringing the Year-to-Date gain of the ASI to 7.7%.
MIAX: Proposed Rule Change To Amend The Code Of Arbitration Procedure For Customer Disputes And The Code Of Arbitration Procedure For Industry Disputes To Modify The Current Process Relating To The Expungement Of Customer Dispute Information

Date 06/10/2020

Please refer to the following for details regarding the proposed rule change to the FINRA Code of Arbitration Procedure for Customer Disputes and the Code of Arbitration Procedure for Industry Disputes to modify the current process relating to the expungement of customer dispute information.
Statement Of CFTC Commissioner Dawn D. Stump Regarding Final Rule: Amendments To Compliance Requirements For Commodity Pool Operators On Form CPO-PQR

Date 06/10/2020

Data is essential to our work here at the Commodity Futures Trading Commission, and as such I am pleased that we are devoting attention to improving and refining the information the agency requires. At our most recent meeting, the Commission finalized significant improvements to our swap data reporting rules. Today we continue to make progress regarding our data collection efforts and are moving in the right direction when it comes to CFTC Form CPO-PQR. I wish to thank the Division of Swap Dealer and Intermediary Oversight, Office of the Chief Economist, and Office of the General Counsel for their efforts in advancing this final rule before us.