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CFTC’s Division Of Clearing And Risk Extends No-Action Relief For Shanghai Clearing House
Date 20/11/2017
The Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) today issued a no-action letter extending the relief provided to Shanghai Clearing House (SHCH) in CFTC Letter 16-56, which, as extended by CFTC Letter No. 17-26, expires November 30, 2017. The extension will last until the earlier of February 28, 2018 or the date on which the CFTC exempts SHCH from registration as a derivatives clearing organization (DCO).
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SEC Names Paul G. Cellupica As Deputy Director Of The Division Of Investment Management
Date 20/11/2017
The Securities and Exchange Commission announced today that Paul G. Cellupica has been named Deputy Director of the agency's Division of Investment Management.
Mr. Cellupica will oversee a number of the division's strategic, rulemaking, and industry engagement initiatives. He will also serve as a senior advisor to the Director, Dalia Blass.
"Paul's extensive experience and knowledge of investor needs, and understanding of how the Commission and its staff operate, will be tremendous assets to the agency during a critical period of change and evolution in the investment management industry," said Ms. Blass. "He is committed to advancing the SEC's regulatory priorities in a thoughtful and strategic way, in order to promote the long-term interests of investors."
"It's a privilege to return to the Commission at a time of great importance for the country's millions of investors who look to mutual funds and other investment products to help them prepare for retirement and other financial needs," said Mr. Cellupica. "I am honored and excited to have the opportunity to work with Dalia and all of the other dedicated and talented professionals in the Division of Investment Management and across the agency."
Mr. Cellupica most recently was Managing Director and General Counsel for Securities Law at Teachers Insurance and Annuity Association of America (TIAA), where his responsibilities included legal support for the TIAA-CREF mutual fund complex. Prior to that he was Chief Counsel for the Americas at MetLife, Inc., where he had responsibility for legal support of MetLife's financial services businesses in the U.S. and Latin America.
Mr. Cellupica served with the SEC between 1996 and 2004 in a number of capacities in the Division of Investment Management and the Division of Enforcement, including as Assistant Director in the Division of Investment Management from 2001 to 2004. He received the SEC's Martha Platt Award in 2002 in recognition of his exceptional dedication, excellence and integrity, and the Law and Policy Award in 2003.
Mr. Cellupica received a B.A. magna cum laude from Harvard College and a J.D. cum laude from Harvard Law School. He served as a law clerk for Judge David Nelson of the U.S. Court of Appeals for the Sixth Circuit.
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TABB Group’s October 2017 Equities LiquidityMatrix - Off-Exchange Trading Surges As Volatility Hits All-Time Low
Date 20/11/2017
The VIX average close fell to an all-time low in October 2017, decreasing month-over-month from 10.4 to 10.1, while off-exchange market share increased to 38.8%, the highest off-exchange market share in seven years. Industry average daily volume decreased 2% month-over-month, to 6.1 billion shares, in October, but TABB-reported ATS/SDP volume increased 2%. Every month, TABB Group’s Equities LiquidityMatrix™ provides the industry with metrics from 25 ATS/SDPs, including stock capitalization distribution, block and demi-block % (shares & notional), midpoint %, and inside NBBO %, as well as a breakdown of exchange market share.
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ISDA - Brexit: An Update And Implications For Derivatives
Date 20/11/2017
ISDA has published a webinar update on the implications of Brexit for the derivatives market. The webinar covers the current state of UK/European Union negotiations, the UK’s European Union Withdrawal Bill, and central counterparty supervision and location policy.
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Janet L. Yellen Will Step Down As A Member Of The Board Of Governors Of The Federal Reserve System, Effective Upon The Swearing In Of Her Successor As Chair
Date 20/11/2017
Janet L. Yellen submitted her resignation Monday as a Member of the Board of Governors of the Federal Reserve System, effective upon the swearing in of her successor as Chair.
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CFTC Division Of Market Oversight Issues No-Action Relief From Certain Timing Requirements Regarding SEF Chief Compliance Officer Annual Compliance Reports And Fourth Quarter Financial Reports
Date 20/11/2017
The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) today issued no-action relief to swap execution facilities (SEF) from the timing requirement within CFTC regulation 37.1501(f)(2), which requires a chief compliance officer (CCO) of a SEF to submit an annual compliance report (ACR) to the CFTC not later than 60 days after the SEF’s fiscal year end.
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SIX Receives An AA- Credit Rating From Standard & Poor's For The Eighth Time In A Row
Date 20/11/2017
The rating agency Standard & Poor’s (S&P) has once again affirmed an AA- credit rating for SIX Group Ltd. S&P recognises the broad diversification, solid balance sheet structure and high liquidity of SIX. The securities services providers SIX SIS Ltd and SIX x-clear Ltd each retained an AA- rating. The rating of SIX Payment Services (Austria) GmbH declined slightly from AA- to A+. Because of increasing margin pressure and growing competition, S&P has changed the outlook for SIX Group Ltd from stable to negative.
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EBA Publishes Final Guidelines On The Estimation Of Risk Parameters Under The IRB Approach
Date 20/11/2017
The European Banking Authority (EBA) published today its final Guidelines on the estimation of risk parameters for non-defaulted exposures - namely of the probability of default (PD) and the loss given default (LGD), and on the treatment of defaulted exposures under the advanced IRB Approach, including estimation of parameters such as ELBE and LGD in-default. These Guidelines, which are part of the EBA's regulatory review of the IRB approach, aim to restore market participants' trust in internal models by reducing the unjustified variability in their outcomes, ensuring comparability of risk estimates while at the same time preserving risk sensitivity of capital requirements. -
Qatar Stock Exchange And The Middle East Investor Relations Association (MEIRA) Held 8th Annual IR Conference In Doha
Date 20/11/2017
Qatar Stock Exchange (QSE) today held the 8th Annual Investor Relations Conference in cooperation with the Middle East Investor Relations Association (MEIRA). The conference was held at the Rotana City Center in Doha with the participation of a wide range of representatives from leading listed companies, market participants, regulatory bodies and investors.
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Amman Stock Exchange: Prophet Mohammed’s Birth Holiday
Date 20/11/2017
According to the announcement issued by Prime Minister on the occasion of Prophet Mohammed's Birth, the Amman Stock Exchange (ASE) will be off on Thursday the 30th of November, 2017. The ASE will resume its work on Sunday the 3rd of December, 2017.
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