News Centre

ASIC: ANZ To Pay $10 Million Penalty For Unconscionable Conduct Over Periodic Payment Fees

Date 02/10/2020

On 1 October 2020, the Federal Court of Australia ordered that Australia and New Zealand Banking Group Limited (ANZ) pay $10 million in penalties after finding that ANZ engaged in unconscionable conduct and breached its obligations as a financial services licensee.

Joint Statement Of The 6th ASEAN Finance Ministers And Central Bank Governors’ Meeting (AFMGM)

Date 02/10/2020

Video Conference Meeting, 2 October 2020

1.      We, the Finance Ministers and Central Bank Governors of ASEAN, convened the 6th Joint Meeting of the ASEAN Finance Ministers and Central Bank Governors (AFMGM) under the co-chairmanship of H.E. Dinh Tien Dung, Minister of Finance of Viet Nam, and H.E. Le Minh Hung, Governor of the State Bank of Viet Nam. The Meeting was held via video conference due to the COVID-19 pandemic that also caused the meeting originally scheduled in March 2020 to be deferred. 

Tokyo Stock Exchange Treatment Of Trades For Today (Friday, October 2)

Date 01/10/2020

Today's trading on the Tokyo Stock Exchange on-exchange trading and ToSTNeT will be conducted as usual. Various trading procedures will remain as announced yesterday (October 1).

SEC Issues Agenda For Oct. 5 Meeting Of The Fixed Income Market Structure Advisory Committee

Date 01/10/2020

The Securities and Exchange Commission today released the agenda for the Oct. 5 meeting of the Fixed Income Market Structure Advisory Committee (FIMSAC). The meeting will focus on discussions regarding recent market volatility and the impact of COVID-19 on the corporate bond market, the bond fund and ETF market, the technology and e-trading market, and the municipal securities market. The committee will also consider a recommendation concerning the definition of electronic trading for regulatory purposes, and the meeting will include member observations of the fixed income markets and the Committee’s work. The Commission established the FIMSAC to provide advice and recommendations on fixed income market structure issues.

MGEX Announces The Board Of Directors Election Results

Date 01/10/2020

MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), announced the results of its annual Board of Directors (Board) election, held on October 1, 2020. Re-elected to the Board were Christopher T. Matzdorf and Kerry L. Melius. Both were elected to serve two-year terms.

US Justice Department Issues Favorable Business Review Letter To ISDA For Proposed Amendments To Address Interest Rate Benchmarks

Date 01/10/2020

The Department of Justice’s Antitrust Division announced today that it has completed its review of the proposal by the International Swaps and Derivatives Association Inc. (ISDA) to amend its standardized model documentation for derivatives to account for the potential discontinuation of certain interbank offered rates (collectively referred to as “IBORs”).  The department has concluded, based on the representations in ISDA’s letter request, including its description of certain safeguards, that ISDA’s proposed amendments to its standardized documentation are unlikely to harm competition.  Therefore, the department does not presently intend to challenge ISDA’s proposed amendments to its standardized documentation for derivatives.

Amendment To NZX Listing Rules - Direct Listings: Notification Of Amendment To NZX Listing Rules: Profile Disclosure Requirements

Date 01/10/2020

NZX gives notice of amendments to the NZX Listing Rules (pursuant to Rule 9.2), that amend the disclosure requirements for Profile documents. The amendments to the Rules were approved by the FMA on 30 September 2020, following consultation with the market in July 2020.

CFTC Chairman Tarbert Announces New Agricultural Advisory Subcommittee And Seeks Nominations For Membership

Date 01/10/2020

Commodity Futures Trading Commission Chairman Heath P. Tarbert announced today that the Commission is accepting nominations for a Subcommittee to evaluate Commission policy with respect to the implementation of amendments to enumerated agricultural futures contracts with open interest (Ag-OI Subcommittee) under the CFTC’s Agricultural Advisory Committee (AAC). Chairman Tarbert, sponsor of the AAC, is seeking nominations for membership on the Ag-OI Subcommittee through a formal request in the Federal Register. The deadline for submissions is October 29, 2020.

FIA And ISDA Respond To BoE’s Consultation On Operational Resilience For CCPs

Date 01/10/2020

FIA and ISDA (together the “Associations”) welcome the Bank of England’s consultation paper (CP) on operational resilience of Central Counterparties (CCPs). We applaud the UK authorities for focusing on the operational resilience of the entire financial sector – including Financial Market Infrastructures (FMIs) such as CCPs. We agree with the Bank of England’s assessment that disruption to clearing markets is a financial stability issue and support the policy objective for CCPs to be operationally resilient to disruption events.  We also support the concepts of important business services and impact tolerances.

Department Of Justice, U.S. Attorney’s Office, Southern District Of New York: Founders And Executives Of Off-Shore Cryptocurrency Derivatives Exchange Charged With Violation Of The Bank Secrecy Act - Arthur Hayes, Benjamin Delo, Samuel Reed, And Gregory Dwyer Flouted U.S. Anti-Money Laundering Rules

Date 01/10/2020

Audrey Strauss, the Acting United States Attorney for the Southern District of New York, and William F. Sweeney Jr., Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced the indictment of Arthur Hayes, Benjamin Delo, Samuel Reed, and Gregory Dwyer, charging the four with violating the Bank Secrecy Act and conspiring to violate the Bank Secrecy Act, by willfully failing to establish, implement, and maintain an adequate anti-money laundering (“AML”) program at the Bitcoin Mercantile Exchange or “BitMEX.”  The case is assigned to United States District Judge John G. Koeltl.  REED was arrested in Massachusetts this morning, and will be presented in federal court there.  HAYES, DELO, and DWYER remain at large.