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  • Statement Of CFTC Commissioner Dan M. Berkovitz Regarding The ICE Futures U.S., Inc.[1] Passive Order Protection Functionality Rule

    Date 15/05/2019

    I disagree with the self-certification of ICE’s new Rule 4.26(c), and its associated passive order protection (“POP”) functionality for the Exchange’s Gold Daily and Silver Daily futures markets. POP is an issue of first impression in Commission-regulated markets: an asymmetric speed bump specifically designed to alter the competitive balance between market participants and trading strategies.  Asymmetric speed bumps, such as POP, that purposely disadvantage particular trading entities, strategies, or technologies, are discriminatory, anti-competitive, and facially inconsistent with the fundamental objectives of the Commodity Exchange Act (“Act”) to promote “responsible innovation and fair competition . . . among market participants.”  In these circumstances a compelling “explanation and analysis” of the proposed rule’s compliance with applicable provisions of the Act and the Commission’s regulations must be provided for the Commission not to find the rule inconsistent with the Act.  As discussed below, no such compelling explanation and analysis has been provided with respect to the POP rule.

  • North American Corporate And Municipal CUSIP Request Volume Climbs In April - Fourth Straight Month Of Muni CUSIP Volume Growth

    Date 15/05/2019

    CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for April 2019. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a noteworthy increase in requests for new North American corporate and municipal debt identifiers in April.

  • Statement Of CFTC Commissioner Dawn D. Stump On The Certification Of ICE Futures U.S., Inc. Submission No. 19-119

    Date 15/05/2019

    ICE Futures U.S., Inc. (“IFUS”) seeks to implement new Passive Order Protection (“POP”) Functionality in its Gold Daily and Silver Daily futures markets.  It has submitted the POP Functionality, or “speed bump,” to the Commission pursuant to the self-certification provisions of Sections 5c(c)(1)-(3) of the Commodity Exchange Act (“CEA”) and Commission Regulation 40.6.

  • Nodal Exchange Named “Commodity Exchange Of The Year” By Energy Risk

    Date 15/05/2019

    Nodal Exchange has been named “Commodity Exchange of the Year” by Energy Risk magazine at the Energy Risk Awards 2019. Energy Risk Awards recognize excellence across global energy and commodities markets.

  • Statement Of CFTC Commissioner Brian Quintenz On The Certification Of ICE Futures U.S., Inc. Submission No. 19-119

    Date 15/05/2019

    “The year was 2081, and everybody was finally equal. They weren’t only equal before God and the law.  They were equal every which way. Nobody was smarter than anybody else. Nobody was better looking than anybody else. Nobody was stronger or quicker than anybody else. All the equality was due to the 211th, 212th, and 213th Amendments to the Constitution, and to the unceasing vigilance of agents of the United States Handicapper General.”