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  • CFTC Finds Mizuho Bank, Ltd. Engaged In Spoofing Of Treasury Futures And Eurodollar Futures

    Date 21/09/2018

    The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Mizuho Bank, Ltd. (Mizuho) for engaging in multiple acts of spoofing in a variety of futures contracts on the Chicago Mercantile Exchange and the Chicago Board of Trade, including futures contracts based on United States Treasury notes and Eurodollars.  The Order finds that Mizuho engaged in this activity through one of its employees (Trader A) who accessed these markets through a trading platform from Mizuho’s Singapore office.  The Order requires Mizuho to pay a $250,000 civil monetary penalty, and cease and desist from violating the Commodity Exchange Act’s prohibition against spoofing. 

  • US Federal Agencies Approve Amendments To Swap Margin Rule

    Date 21/09/2018

    Five federal agencies approved final amendments to swap margin requirements to conform with recent rule changes that impose new restrictions on certain qualified financial contracts of systemically important banking organizations (QFC Rules). Under the amendments, legacy swaps entered into before the applicable compliance date will not become subject to the margin requirements if they are amended solely to comply with the requirements of the QFC Rules.

  • CFTC To Hold An Open Commission Meeting On September 27, 2018

    Date 21/09/2018

    Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo announced today that the CFTC will hold an open meeting on Thursday, September 27, 2018, at 10:00 a.m. to consider the following:

    • Proposed Rule Amending Registration and Compliance Obligations for Commodity Pool Operators (CPOs) and Commodity Trading Advisors (CTAs)
    • Fintech Cooperation Arrangement(s)
    • Paperwork Reduction Act delegation to the Secretary of the Commission

  • Opening Corporate Accounts For Blockchain Companies - Swiss Bankers Association Publishes Guidelines For Its Members

    Date 21/09/2018

    The number of blockchain companies in Switzerland has risen sharply. The SBA welcomes this trend and takes a positive view of the high market momentum, as it boosts Switzerland’s attractiveness as a financial centre. Banks see blockchain technology as an opportunity opening up an array of possibilities for the country as a financial and technology location. Within the context of its priorities, the SBA promotes and supports an innovation-friendly environment in the digitalisation arena. This also includes promoting conditions that support the sustainable growth of companies involved in blockchain technology.

  • Council Of The European Union: Statement By President Donald Tusk On The Brexit Negotiations

    Date 21/09/2018

    The European Union and its leaders fully respect the UK’s decision expressed in the referendum on leaving the EU. From the very beginning of the negotiations we have been focused on finding a deal that will minimise the damage resulting from Brexit. Also important to us is to create the best possible relations between the EU and the UK in the future. We studied the Chequers proposals in all seriousness. The results of our analysis have been known to the British side in every detail for many weeks. After intensive consultations with Member States, we decided that for the good of the negotiations, and out of respect for the efforts of PM May, we will treat the Chequers plan as a step in the right direction. In Salzburg, right before our meeting I said in a public statement: “I would like to stress that some of Prime Minister May's proposals from Chequers indicate a positive evolution in the UK's approach as well as a will to minimise the negative effects of Brexit. By this I mean, among other things, the readiness to cooperate closely in the area of security and foreign policy. On other issues, such as the Irish question, or the rules of economic cooperation, the UK's proposals will need to be reworked and further negotiated.” The UK stance presented just before and during the Salzburg meeting was surprisingly tough and in fact uncompromising. The response of the EU27 leaders was to reiterate our trust in chief negotiator Michel Barnier and to reiterate our position on the integrity of the Single Market and the Irish backstop. While understanding the logic of the negotiations, I remain convinced that a compromise, good for all, is still possible. I say these words as a close friend of the UK and a true admirer of PM May.