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Dissenting Statement Of CFTC Commissioner Rostin Behnam On De Minimis Exception To The Swap Dealer Definition - Swaps Entered Into By Insured Depository Institutions In Connection With Loans To Customers

Date 26/03/2019

Introduction

I respectfully dissent from the Commodity Futures Trading Commission’s (the “Commission” or “CFTC”) decision today regarding the application of the swap dealer definition to insured depository institutions (“IDIs”).  The Commission’s eagerness to bypass clear Congressional intent in order to address longstanding concerns with the original implementation of the statutory exclusion from the swap dealer definition for IDIs, only to the extent they offer to enter swaps transactions in connection with originating customer loans (the “IDI Swap Dealing Exclusion”), creates risks and uncertainties that may harm the very financial institutions that the new rule purports to help.  By exercising its De Minimis Exception Authority to create as a “factor” whether a given swap has specified characteristics of swaps entered into by IDIs in connection with customer loans, the Commission is creating a new regulatory exemption that intentionally and entirely subsumes the IDI Swap Dealing Exclusion in defiance of conferred regulatory authority.  Moreover, not only does this novel exercise in agency discretion undermine the swap dealer definition, but it exemplifies the current Commission’s rush to implement sweeping changes to the regulation of swap dealers without regard for the long term consequences of its capricious interpretation of the law and arbitrary analysis of risk.

Europex Welcomes Strengthened Role For Long- And Short- Term Markets Under New EU Electricity Market Design Rules

Date 26/03/2019

Europex, the Association of European Energy Exchanges, welcomes today’s adoption of the four remaining files of the Clean Energy for All Europeans package by the plenary of the European Parliament. These concern the recast Electricity Regulation and Directive, the Regulation on risk-preparedness in the electricity sector and the recast ACER Regulation. This new framework represents significant progress towards the further integration of the EU Internal Energy Market.

The World Federation Of Exchanges Responds To FSB’s Consultation On SME Financing

Date 26/03/2019

The World Federation of Exchanges (“WFE”), the global industry group for exchanges and CCPs, has responded to the Financial Stability Board’s (FSB) consultation on the effects of financial regulatory reforms on the provision of financing to small and medium-sized enterprises (SMEs).

UK Parliament: Lords Debates Article 50 Statement

Date 26/03/2019

Members of the House of Lords debated the prime minister's written statement of 15 March on the EU (Withdrawal) Act, on Monday 25 March. 

STA Partners With Knopman Marks On Financial Training

Date 26/03/2019

The Security Traders Association (STA) today announced an agreement with Knopman Marks Financial Training, a leading provider of licensing examinations training and course material for professionals within the financial services industry. The agreement extends to STA members, and members’ friends and families, on Knopman Marks’s training program for the Securities Industry Essentials (SIE or Essentials) Exam, FINRA’s newest exam for securities industry professionals.

ESMA Responds To EC Consultation On Update Of Reporting Guidelines To Reflect Climate-Related Disclosures

Date 26/03/2019

The European Securities and Markets Authority (ESMA) welcomes the European Commission’s proposal to update the non-binding Guidelines on non-financial reporting with the introduction of a specific supplement addressing climate-related disclosures. ESMA takes the opportunity to make some recommendations on how the Guidelines can be further developed to promote higher quality disclosures.

Oslo Børs VPS Holding ASA: Mandatory Notification Of Trade

Date 26/03/2019

Øyvind Skar (EVP Information Services, Oslo Børs) has 26 March 2019 sold 6,821 shares in Oslo Børs VPS Holding ASA at a price of NOK 158 per share. After this transaction, he holds 38 shares in the company.

Euronext Fastmatch Expands In Asia With The Establishment Of A Matching Engine And New Office In Singapore - Euronext’s FastMatch is The First Electronic Communication Network To Build A Matching Engine Following The Financial Services Industry Transformation Map Launched By The Monetary Authority Of Singapore (MAS)

Date 26/03/2019

FastMatch, Euronext’s Electronic Communication Network (ECN) for Foreign Exchange (FX) trading, announced it is setting up a new matching engine in Singapore, which is expected to be fully operational in the fourth quarter of 2019. In addition, FastMatch has opened a new commercial office in Singapore to better serve customers in Asia.

Deutsche Börse Shows Commitment With Its Sustainable Financing

Date 26/03/2019

Deutsche Börse and its subsidiary for post-trading services, Clearstream Banking S.A., enhanced their credit line with a “positive incentive loan”. The financing takes the form of a €750 million consortium credit with a special feature: The development of the credit terms depends on the achievement of specific sustainability targets of the company. The extension by ESG criteria (environmental, social and governance) is a clear commitment of Deutsche Börse Group to establish sustainable finance in all business sectors as well as in its own financing. The transaction was concluded with a bank consortium led by BNP Paribas and Commerzbank.

UAE’s Securities And Commodities Authority Holds Forum Titled “Al Sharqiya Youth And Investment In Securities” At Sharjah University-Kalba Campus In Collaboration With Financial Markets

Date 26/03/2019

Under the patronage of H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy and Chairman of the Board of the Securities and Commodities Authority (SCA), and through the relentless follow-up efforts of Dr. Obaid Al Zaabi, CEO of SCA, a forum was held under the title “Al Sharqiya Youth and Investment in Securities".