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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.

Statement Of CFTC Commissioner Brian D. Quintenz Regarding The Commission’s Enforcement Action Against BitMEX

Date 01/10/2020

I commend the Division of Enforcement for their tireless efforts to ensure that market participants, especially exchanges and intermediaries, comply with the Commodity Exchange Act and CFTC Regulations and don’t skirt those rules to the disadvantage of U.S. customers and law-abiding market participants. As a derivatives market regulator that supports innovation and ingenuity, it is imperative that we actively police trading platform activity and remove the bad apples so that legitimate, law-abiding marketplaces can flourish. We will not stand for any participant brazenly flouting our rules. I look forward to the successful resolution of this matter and the beneficial impact it will have in this market by holding those who deliberately ignore the law accountable.
Mortgage Market Regulation And Access To Mortgage Credit, Federal Reserve Governor Michelle W. Bowman, At "Opportunities And Challenges For Homeownership," A Virtual Roundtable Discussion, Jake Jabs College Of Business And Entrepreneurship, Montana State University, Bozeman, Montana (Via Webcast)

Date 01/10/2020

Good afternoon, everyone. Thank you to Montana State University (MSU) for hosting today's event and for that very kind introduction. It is wonderful to see the success of your Community Banking Program here at MSU and your commitment to investing in the education of future generations of community bankers.
Testimony Of CFTC Commissioner Rostin Behnam Before The House Select Committee On The Climate Crisis - “Creating A Climate Resilient America: Strengthening The U.S. Financial System And Expanding Economic Opportunity"

Date 01/10/2020

Chair Castor, Ranking Member Graves, and members of the committee, it is an honor to appear before you today to discuss creating a climate resilient America through strengthening the U.S. financial system and expanding economic opportunity. Before I begin, please recognize that the views I express today are my own and do not represent the views of the CFTC, its staff, or my fellow Commissioners.
Ontario Securities Commission And IIROC Appeal For Tips On Abusive Trading

Date 01/10/2020

The Ontario Securities Commission (OSC) and the Investment Industry Regulatory Organization of Canada (IIROC) encourage the public to submit tips on potential abusive trading in securities of Ontario reporting issuers, including illegal insider trading, market manipulation or abusive short selling.
New Canadian Securities Administrators Report Highlights Investor Education In Turbulent Times

Date 01/10/2020

Educating investors on weathering volatile markets and avoiding scams are recurring themes in the Canadian Securities Administrators (CSA) new report, Investor Education in Canada 2020, published today to kick off October’s Investor Education Month.