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  • Statement Of CFTC Commissioner Rostin Behnam Regarding Amendments To Registration And Compliance Requirements For Cpos And Ctas: Prohibiting Exemptions Under Regulation 4.13 On Behalf Of Persons Subject To Certain Statutory Disqualifications

    Date 04/06/2020

    I support today’s adoption of a final rule (the “Final Rule”) requiring any person that files with the CFTC a notice claiming an exemption from registration as a commodity pool operator (“CPO”) under Regulation 4.13 of the Commodity Exchange Act (“CEA” or the “Act”) to affirmatively represent that neither the claimant nor any of the CPO’s principals has in its background any statutory disqualifications listed in section 8a(2) of the CEA, which are required to be disclosed as a part of a CPO registration application with the Commission.  Beyond closing a regulatory gap that allows certain persons that would generally fail to meet the CEA’s basic conduct requirements to nevertheless claim an exemption from CPO registration, the Final Rule invigorates the Commission’s stance as an active regulator with respect to the most diverse registration category within our jurisdiction.  As I have said before, CPOs (and commodity trading advisors or “CTAs”) are often identifiable by variable organizational structures, investment focus, participation, and solicitation, as well as complexity in how they are regulated within our authority.[1]  These factors demand that when we act, we do so with a laser focus on customer protections.  I am pleased that this Final Rule aggressively advances customer protection in a tangible way.   

  • EBA Launches Consultation On Technical Standards On Capital Requirements Of Non-Modellable Risks Under The FRTB

    Date 04/06/2020

    The European Banking Authority (EBA) launched a consultation on draft Regulatory Technical Standards (RTS) on the capitalisation of non-modellable risk factors (NMRFs) for institutions using the new Internal Model Approach (IMA) under the FRTB (Fundamental Review of the Trading Book). These draft RTS are one of the key deliverables included in the roadmap for the new market and counterparty credit risk approaches published on 27 June 2019. The consultation runs until 4 September 2020.

  • Statement Of CFTC Chairman Heath P. Tarbert In Support Of Final Rule Preventing Bad Actors From Relying On CPO Exemptions

    Date 04/06/2020

    As Robert Louis Stevenson aptly put it, “Everybody, sooner or later, sits down to a banquet of consequences.”

    Today we are focused on the consequences of bad acts that result in “statutory disqualification” under the Commodity Exchange Act (“CEA”).  These acts include the most serious types of financial crimes, such as embezzlement, theft, extortion, fraud, misappropriation, and bribery.  Once an individual is statutorily disqualified, the CFTC may deny or revoke his or her registration. The same is true for corporate entities.

  • NICE Actimize To Acquire Guardian Analytics, Expanding AI Cloud Solutions For Financial Crime Risk Management Across All Market Segments - Acquisition Revolutionizes Financial Crime Risk Management, Introducing The Market’s Most Comprehensive Cloud Platform With Best-In-Class Machine Learning And Analytics For Financial Services Organizations Of All Sizes

    Date 04/06/2020

    Financial services organizations of all sizes must remain one step ahead of financial crime. To enable this NICE Actimize (Nasdaq: NICE)  a leader in Autonomous Financial Crime Management, announces that it has entered a definitive agreement to acquire Guardian Analytics, a leading AI cloud-based financial crime risk management solution provider. Financial services organizations of all sizes rely on Guardian Analytics’ sophisticated real-time behavioral analytics and machine learning solutions. Powered by the cloud, Guardian Analytics simplifies deployments and ongoing operations, optimizing operational resource efficiency. The unique combination of NICE Actimize and Guardian Analytics’ fraud and anti-money laundering capabilities will empower firms of all sizes to accelerate the adoption of the industry’s most innovative solutions, to best protect their assets and customers.

  • EEX Group - Monthly Report May 2020

    Date 04/06/2020

    Key achievements in May

    Power

    • The growth of the Power Spot market was mostly driven by the Intraday market, which grew by 12% year-on-year to 8.4 TWh. Also, the Belgian intraday market hit a new record with 256,563 MWh traded over the last month (previous record: 224,127 MWh in March 2020). May was also marked by the successful launch of Intraday markets in the Nordic region by EPEX Spot and ECC. Launched on 26th May, these markets already reported 18,772 MWh at the end of the month.

  • CryptoCompare Analysis: Institutional Options Volumes Hit Record Levels In May

    Date 04/06/2020

    As investors around the globe look for exposure to safe-haven assets, Bitcoin seems to be proving an attractive choice for institutional investors. May saw volumes on regulated platform CME soar, recovering substantially from a lull in April. 

  • The FCA's Response To COVID-19 And Expectations For 2020 - Speech By Megan Butler, Executive Director Of Supervision – Investment, Wholesale And Specialists At The FCA, Delivered at PIMFA’s Virtual Festival

    Date 04/06/2020

    Highlights:

    • In operational terms, advisors and wealth managers responded well to the onset of the coronavirus (Covid-19) crisis.
    • Whilst acting with speed has been the absolute priority, as the industry adapts to the long-term impact of coronavirus, there is a need to transition from the immediate ‘incident response’ towards focusing on longer-term impacts. In her speech to PIMFA’s members, Megan Butler explores the FCA’s priorities and longer-term expectations for the wealth management and advice industry.
    • Key areas of focus for the FCA include operational resilience in light of coronavirus, financial resilience (and within that the preservation of client assets and money) and acting with integrity.
    • On the latter, the FCA has identified some firms which have tried to avoid their liabilities to customers by closing down companies and setting up new ones. These practices are unacceptable, and the FCA will continue to take action against firms conducting such activities.

  • Finansinspektionen: Decision Regarding The Countercyclical Buffer Rate

    Date 04/06/2020

    Finansinspektionen (FI) decided on 3 June not to change the countercyclical buffer rate. The buffer rate of 0 per cent, which was applied starting on 16 March 2020, shall thus continue to apply. The countercyclical buffer guide is set at 0.48 per cent.

  • ESMA Updates Reporting Instructions For MMF Reporting

    Date 04/06/2020

    The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published updated reporting instructions to be used for reporting under the Money Market Fund Regulation (MMFR).

  • Finansinspektionen: Measures Stabilised The Financial Situation

    Date 04/06/2020

    Governments, central banks, and authorities around the world have taken powerful measures to mitigate the economic impact of the coronavirus pandemic. These measures also helped dampen uncertainty on the financial markets. By utilising available buffers and continuing to lend to firms and households, the financial sector can dampen the impact of the crisis. It is also important to remember that the economic crisis is not over, and uncertainty is therefore high, notes Finansinspektionen (FI) in its first stability report of the year.