News Centre

Discussion Paper On Application Of Early Intervention Measures In The European Union According To Articles 27‐29 Of The BRRD (EBA/DP/2020/02)

Date 27/06/2020

The European Banking Authority (EBA) published today a discussion paper exploring ways on how to enhance the Bank Recovery and Resolution Directive (BRRD) framework on early intervention measures. The objective is to further enhance crisis management tools available for competent authorities in addition to well-established and widely used supervisory powers laid down in the Capital Requirements Directive (CRD) and in the Single Supervisory Mechanism Regulation (SSMR).   

DGCX Partners With Albilad Capital To Provide Pricing Data For Recently Launched Shari’ah Compliant Gold-Backed ETF - Albilad’s Exchange Traded Fund Has Successfully Listed On Tadawul Using DGCX’s Shari’ah Compliant Spot Gold Contract As Benchmark Index

Date 27/06/2020

The Dubai Gold and Commodities Exchange (DGCX) today announced that it has partnered with Albilad Capital to provide pricing data for the company’s recently launched Shari’ah compliant, gold-backed Exchange Traded Fund (ETF). The ETF, listed on Tadawul, uses data from the DGCX’s Shari’ah Compliant Spot Gold Contract (DGSG) for its benchmark pricing, and is the region’s first physically-backed gold ETF that complies with Shari’ah requirements in line with Islamic rules and principles. Since its launch at the beginning of the month, Albilad Capital has invested in 780 kilograms of gold valued at $42.67 million.

IMF Executive Board Approves A US$356.5 Million Disbursement To Myanmar To Address The COVID-19 Pandemic

Date 27/06/2020

• The IMF Executive Board approves the 72nd request for emergency financial assistance to help its member countries address the challenges posed by COVID-19.
• Myanmar’s economy has been severely impacted by the COVID-19 pandemic. The global shock has led to a sharp decline in exports, remittances and tourist arrivals. Domestic activity has been constrained by the required lockdown measures.
• To address the urgent balance-of-payments and fiscal needs, the IMF has approved US$ 356.5 million emergency assistance for Myanmar under the Rapid Credit Facility and the Rapid Financing Instrument.
• This will support the government’s COVID-19 Economic Relief Plan that aims at minimizing the pandemic’s impact by stimulating the economy and boosting expenditures especially on health and social safety nets.

17th Consecutive Nasdaq Closing Cross Sets Record For Number Of Shares Traded During 2020 Russell US Indexes Reconstitution

Date 26/06/2020

Nasdaq (Symbol: NDAQ) today announced the Nasdaq Closing Cross had a record day as it was used for the 17th consecutive year to rebalance Nasdaq-listed securities in the entire family of  Russell U.S. Indexes, part of leading global index provider FTSE Russell, during their annual reconstitution.

ISDA derivatiViews: Tackling Tough Legacy

Date 26/06/2020

How to handle ‘tough legacy’ LIBOR contracts that are all but impossible to amend or renegotiate has been an issue that has worried regulators and market participants ever since it was revealed the benchmark may cease to exist after the end of 2021. The UK has now announced its solution to this problem – one that will see the UK Financial Conduct Authority (FCA) given powers via legislation to force a change in LIBOR’s methodology in the event it is no longer representative in order to allow a ‘synthetic LIBOR’ based on the new methodology to continue to be used for tough legacy exposures.

Telegram To Return $1.2 Billion To Investors And Pay $18.5 Million Penalty To Settle SEC Charges

Date 26/06/2020

The Securities and Exchange Commission announced today that it obtained court approval of settlements with Telegram Group Inc. and its wholly owned subsidiary TON Issuer Inc. to resolve charges that Telegram's unregistered offering of digital tokens called "Grams" violated the federal securities laws. The defendants agreed to return more than $1.2 billion to investors and to pay an $18.5 million civil penalty.

CFTC Commitments Of Traders Update

Date 26/06/2020

The current reports for the week of June 23, 2020 are now available.

SEC: An Update On The Commission’s Targeted Regulatory Relief To Assist Market Participants Affected By COVID-19 And Ensure The Orderly Function Of Our Markets - Chairman Jay Clayton, William Hinman, Director, Division Of Corporation Finance, Dalia Blass, Director, Division Of Investment Management, Brett Redfearn, Director, Division Of Trading And Markets, June 26, 2020

Date 26/06/2020

Introduction

The U.S. Securities and Exchange Commission’s efforts in response to the COVID-19 pandemic are centered, first and foremost, on the health and safety of our employees and all Americans.  The Commission’s recognition of the corresponding need of market participants to also prioritize health and safety while ensuring the continuity of operations essential to the orderly function of our capital markets, drove the prompt actions of the Commission and its staff in the early stages of the pandemic’s effects in the United States.  We have assessed these actions in light of developments over the past several months, current conditions and our expectations in order to adjust our efforts as necessary or appropriate.  This statement provides a collective, cross-Divisional update based on that assessment.  

CalPERS Names Three Managing Investment Directors

Date 26/06/2020

The California Public Employees’ Retirement System (CalPERS) yesterday announced the appointment of three Managing Investment Directors (MID) in the CalPERS Investment Office.

BIS: Annual Economic Report 2020

Date 26/06/2020

A chapter on Central banks and payments in the digital era was pre-released on 24 June; the full Annual Economic Report and the Annual Report will be released on 30 June.