News Centre

CFTC Staff Issues An Extension Of Time-Limited No-Action Relief To LCH And Nodal

Date 25/06/2014

The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) and Division of Market Oversight (DMO) today issued a further extension of time-limited no-action relief to LCH.Clearnet Limited (LCH), a derivatives clearing organization (DCO) registered under Section 5b of the Commodity Exchange Act (CEA), and Nodal Exchange LLC (Nodal), a designated contract market (DCM) under Section 5 of the CEA.

EBA Analyses Impact Of Pension Plans In Capital

Date 25/06/2014

The European Banking Authority (EBA) published today a report analysing the impact that the revised IAS 19 Employee Benefits in conjunction with the deduction of net pension assets under the Capital Requirements Regulation (CRR) and changes in net pension liabilities may have on the volatility of institutions' own funds. The report concluded that in most cases there may be limited volatility of own funds due to changes in the accounting and prudential requirements that derive from the revised IAS 19 Employee Benefits and the CRR.

Beginning To Shine A Light On The Opaque Derivatives Market: Defining Dealers And Major Participants In The Cross-Border Context, SEC Commissioner Luis A. Aguilar, Washington, D.C., June 25, 2014

Date 25/06/2014

Dealers and major participants play a crucial role in the derivatives market, a market that has been estimated to exceed $710 trillion worldwide, of which more than $14 trillion represents transactions in security-based swaps.[  In the United States, the Commodity Futures Trading Commission (“CFTC”) and the SEC share responsibility for regulating the derivatives market.  Out of the total derivatives market, the SEC is responsible for regulating security-based swaps.  As evidenced in the most recent financial crisis, the unregulated derivatives market had devastating effects on our economy and U.S. investors.  In response to this crisis, Congress enacted the Dodd-Frank Act and directed both the CFTC and SEC to promulgate an effective regulatory framework to oversee the derivatives market.

EBA Publishes Report On Risks And Vulnerabilities Of The EU Banking Sector

Date 25/06/2014

The European Banking Authority (EBA) published today its fifth semi-annual report on risks and vulnerabilities of the EU banking sector. The report shows improvements in market sentiment and confidence which has allowed banks to increase their capital levels ahead of the 2014 EU-wide stress test and to continue the repair of their balance sheets. However, the report cautions about ongoing uncertainties on asset valuations and future profitability in an environment where the signs of recovery remain modest and fragile. The report also draws attention to looming redress costs related to conduct issues as well as to geo-political concerns in emerging markets, which could lead to risk aversion and to an impact on capital flows.

SEC Obtains Court Order To Halt Fraudulent Bond Offering By City Of Harvey, Ill.

Date 25/06/2014

The Securities and Exchange Commission today obtained an emergency court order against a Chicago suburb and its comptroller to stop a fraudulent bond offering that the city has been marketing to potential investors.

CFTC Staff Issues An Extension Of Time-Limited No-Action Relief To LCH

Date 25/06/2014

The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) today issued a further extension of time-limited no-action relief to LCH.Clearnet Limited (LCH), a derivatives clearing organization (DCO) registered under Section 5b of the Commodity Exchange Act.

OCC Report Examines Risks Facing National Banks And Federal Savings Associations

Date 25/06/2014

Competitive pressures, and strategic and operational risks top the semiannual list of supervisory concerns in a report released today by the Office of the Comptroller of Currency (OCC).

Statement By SEC Commissioner Michael S. Piwowar At Open Meeting Regarding Application Of “Security-Based Swap Dealer” And “Major Security-Based Swap Participant” Definitions To Cross-Border Security-Based Swap Activities

Date 25/06/2014

I am pleased to support the rulemaking before us today, which would specify how the “Security-Based Swap Dealer” and “Major Security-Based Swap Participant” definitions from Title VII of the Dodd-Frank Act are applied to cross-border security-based swap activities. These two definitions are foundational elements of the Commission’s new regulatory regime governing security-based swaps, specifying which entities will be required to register with the Commission as a result of their security-based swap activities, and thus be subjected to the full set of associated substantive requirements.

Britain Becomes The First Country Outside The Islamic World To Issue Sovereign Sukuk

Date 25/06/2014

Britain becomes the first country outside the Islamic world to issue sovereign Sukuk. 

SEC Chair’s Opening Statement On The Adoption Of Cross-Border Securities-Based Swap Rules Under Title VII Of The Dodd-Frank Act

Date 25/06/2014

Good morning. This is an open meeting of the U.S. Securities and Exchange Commission on June 25, 2014.

Today, the Commission will consider a recommendation of the staff to adopt core rules and critical guidance on cross-border security-based swap activities under the Dodd-Frank Wall Street Reform and Consumer Protection Act.