FTSE Mondo Visione Exchanges Index:

News Centre

News

Dissenting Statement Of CFTC Commissioner Rostin Behnam Regarding Electronic Trading Risk Principles

Date 25/06/2020

I strongly support thoughtful and meaningful policy that addresses the use of automated systems in our markets.[1] As Chris Clearfield of System Logic, a research and consulting firm focusing on issues of risk and complexity remarked, “In every situation, a trader or a piece of technology might fail, or a shock might trigger a liquidity event. What’s important is that structures are in place to limit—not amplify—the impact on the overall system.”[2] Any rule that we put forward should both minimize the potential for market disruptions and other operational problems that may arise from the automation of order origination, transmission or execution, and create structures to absorb and buffer breakdowns when they occur. Unfortunately, today’s proposal regarding Electronic Trading Risk Principles does not meaningfully achieve this, and thus I respectfully dissent.
Statement On Amendments To The Volcker Rule “Covered Fund” Provisions, SEC Commissioner Hester M. Peirce, SEC Commissioner Elad L. Roisman, June 25, 2020

Date 25/06/2020

We must begin by thanking staff from across the SEC. This rulemaking was a momentous undertaking, with teams in the Divisions of Investment Management, Economic and Risk Analysis, and Trading and Markets, as well as the Office of General Counsel working under often challenging circumstances to bring it to fruition. Further thanks go to our colleagues in the three federal banking regulatory agencies and the Commodity Futures Trading Commission, with whom our staff collaborated to formulate these final amendments. We would be remiss if we did not also thank Chairman Jay Clayton for his invaluable leadership throughout this process. It is a better rule for his efforts.
Canadian Securities Regulators Seek Comment On Self-Regulatory Organization Framework

Date 25/06/2020

The Canadian Securities Administrators (CSA) today announced that it is seeking input from investors, industry and the public on the framework for self-regulatory organizations (SROs) in Canada.
Statement Of CFTC Commissioner Dan M. Berkovitz On Proposed Rules For Electronic Trading Risk Principles And Withdrawal Of Regulation AT

Date 25/06/2020

I support issuing for public comment the proposed rule on Electronic Trading Risk Principles (“Proposed Rule”). The Proposed Rule is a limited step to address potential market disruptions arising from system errors or malfunctions in electronic trading. Although it leaves important issues unaddressed, the Proposed Rule recognizes the need to update the Commission’s regulations to keep pace with the speed, interconnection, and automation of modern markets. I support the Commission’s long-overdue re-engagement in this area.
Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding The Prohibition Of Post-Trade Name Give-Up On Swap Execution Facilities

Date 25/06/2020

I will vote in favor of today’s final rule to prohibit post-trade name give-up practices for swaps executed, pre-arranged, or pre-negotiated anonymously on or pursuant to the rules of a swap execution facility (SEF) and intended-to-be-cleared (Final Rule).

Statement On Amendments To The Volcker Rule “Covered Fund” Provisions, SEC Commissioner Hester M. Peirce, SEC Commissioner Elad L. Roisman, June 25, 2020

Date 25/06/2020

We must begin by thanking staff from across the SEC. This rulemaking was a momentous undertaking, with teams in the Divisions of Investment Management, Economic and Risk Analysis, and Trading and Markets, as well as the Office of General Counsel working under often challenging circumstances to bring it to fruition. Further thanks go to our colleagues in the three federal banking regulatory agencies and the Commodity Futures Trading Commission, with whom our staff collaborated to formulate these final amendments. We would be remiss if we did not also thank Chairman Jay Clayton for his invaluable leadership throughout this process. It is a better rule for his efforts.
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange And Montréal Exchange Closed For Canada Day

Date 25/06/2020

Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange will be closed on Wednesday, July 1, 2020, for the Canada Day holiday.
Statement Of SEC Commissioner Allison Herren Lee On The Final Rules Continuing The Repeal Of Volcker

Date 25/06/2020

A lot has happened since these final rules were proposed in late January of this year. America is in the midst of an economic crisis the scope and severity of which are “without modern precedent.” Large financial institutions have seen profits plummet from 40% to 89% compared to the same period last year as they brace for enormous losses in their loan portfolios. The impact on private funds—such as the venture capital and credit funds that today’s rule opens to the nation’s banks—is as yet unclear.
US Federal Agencies Finalize Amendments To Swap Margin Rule

Date 25/06/2020

Five federal agencies have finalized changes to their swap margin rule to facilitate the implementation of prudent risk management strategies at banks and other entities with significant swap activities.
Statement Of Support By CFTC Commissioner Brian Quintenz Regarding The Exemption From The Swap Clearing Requirement For Certain Affiliated Entities

Date 25/06/2020

I support today’s final rule providing legal certainty to swap counterparties electing the inter-affiliate exemption from the Commission’s requirement that certain interest rate swaps and credit default swaps be cleared. At issue is an important condition of the exemption that reduces the likelihood that uncollateralized exposures can build up at a U.S. swap participant. I support the policy, made permanent by today’s rule, that permits variation margin to be exchanged by affiliated counterparties in lieu of clearing swaps with foreign counterparties. This provision appropriately balances an anti-evasionary measure with providing flexibility to market participants. The provision has functioned well since 2013, and it is appropriate to make the provision permanent after several extensions of the no-action relief.