News Centre

Statement Of CFTC Commissioner Dan M. Berkovitz, CFTC Oversight Of Family Offices Must Be Strengthened

Date 01/04/2021

The collapse of Archegos Capital Management and the billions of dollars in losses to investors and other market participants is a vivid demonstration of the havoc that errant large investment vehicles called “family offices” can wreak on our financial markets. Family offices can be active in both securities and commodities markets.  Unfortunately, in the last two years the CFTC has loosened its oversight of family offices.  In 2019, and again in 2020, the Commodity Futures Trading Commission (CFTC) approved rules that exempted family offices from some of our most basic requirements.  I objected to these exemptions at the time, warning in 2019 that “[t]he approval of [these rules] without any checks and balances on exempt family office CPOs [commodity pool operators] will increase risks to our markets and market participants.” The Archegos failure highlights the importance of strengthening the CFTC’s oversight of these large funds and preventing bad actors from trading in our markets. 

Hundred Trillion Dollar Non-Fungible Fish Token (NFFT) Saves The Global Economy

Date 01/04/2021

Z/Yen, the City of London’s leading commercial think tank, has just issued a non-fungible token in order to save the global economy. A non-fungible token (NFT) is a unit of data on a distributed ledger that represents some unique item or portion of an item. In the case of many NFTs, they represent part of a digital item, e.g. 1/1,000,000th of a photo or work of art. ‘Fungible’ means each unit is interchangeable. For example, a unit of a currency or cryptocurrency is fungible. 'Non-fungible' means the token represents a specific item or portion of an item.

Nadex Refrains From Listing Certain Contracts

Date 01/04/2021

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: 

ISDA: Response To HM Treasury Consultation On The Implementation Of Basel III Standards

Date 01/04/2021

On April 1, 2021, ISDA and the Association for Financial Markets in Europe submitted a joint response to HM Treasury (HMT) on its consultation on implementing the Basel III standards.

BOX Options Penny Program Additions

Date 01/04/2021

Pursuant to BOX Rule 7260 the following issues and will be added to the Penny Interval Program effective April 5, 2021:

• GS Acquisition Holdings Corp II (Ticker: GSAH)
• Sundial Growers Inc. (Ticker: SNDL)

Effective April 5, 2021 through April 9, 2021, MIAX Options And MIAX Emerald 2X Opening And Intraday Valid And Priority Quote Spread Relief In All Symbols

Date 01/04/2021

Issue Symbol: All Symbols
Multiplier: 2X
Reason: In maintenance of a fair and orderly market.
Time: Opening and Intraday
Subject Summary: Please be advised, effective April 5, 2021 through April 9, 2021, the MIAX Regulation Department has granted 2 times opening and intraday quote parameter relief for all symbols on MIAX Options and MIAX Emerald. 

Nadex Temporarily Amends Binary Contracts Strike Width

Date 01/04/2021

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and Section 40.6(d) of the regulations promulgated by the Commodity Futures Trading Commission (the “Commission”) under the Act (the “Regulations”), North American Derivatives Exchange, Inc. (“Nadex”, the “Exchange”) hereby provides notice that due to increased volatility in the underlying markets upon which the Nadex contracts are based, Nadex made changes to the strike widths of various contracts during the week of March 29, 2021 as indicated in the Weekly Notice. 

Ontario Securities Commission Charges Stephan Katmarian With Securities Act Offences

Date 01/04/2021

The Ontario Securities Commission (OSC) announced that Stephan Katmarian, Chief Executive Officer and Chief Operating Officer of Peblik Inc. (Peblik), and resident of Mississauga, Ontario, has been charged with offences under the Securities Act (Ontario).

The Canadian Securities Administrators Renew Terms Of Chair And Vice-Chair To 2022

Date 01/04/2021

The Canadian Securities Administrators (CSA) today announced the renewal of the terms of both the CSA Chair Louis Morisset, President and CEO of the Autorité des marchés financiers, and the CSA Vice-Chair Kevin Hoyt, CEO of New Brunswick’s Financial and Consumer Services Commission.

The Canadian Securities Administrators Renew Terms Of Chair And Vice-Chair To 2022

Date 01/04/2021

The Canadian Securities Administrators (CSA) today announced the renewal of the terms of both the CSA Chair Louis Morisset, President and CEO of the Autorité des marchés financiers, and the CSA Vice-Chair Kevin Hoyt, CEO of New Brunswick’s Financial and Consumer Services Commission.