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EBA Publishes Final Draft Technical Standards On Own Funds (Part IV)

Date 27/03/2014

The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) on own funds (Part IV) aimed at setting harmonised criteria for instruments with multiple distributions that would create a disproportionate drag on capital, as well as clarifying the meaning of preferential distributions. These RTS will be part of the Single Rulebook in banking aimed at enhancing regulatory harmonisation in the European Union (EU) and at strengthening the quality of capital.
CFTC Orders Morgan Stanley Smith Barney LLC To Pay $490,000 To Settle Charges Relating To Rules And Regulations Pertaining To Segregated And Secured Amount Funds

Date 27/03/2014

The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing and simultaneous settlement of charges against Morgan Stanley Smith Barney LLC (MSSB), a registered Futures Commission Merchant (FCM), for violating CFTC rules governing secured funds of foreign futures and option customers, commingling customer and firm funds, failing to prepare accurate daily computations of its segregated and secured funds, failing to properly title account statements for four customer segregated accounts, and failing to diligently supervise its employees handling of matters related to its business as a CFTC registrant. None of the violations resulted in any customer losses, according to the CFTC’s Order. The Order requires MSSB to pay a $490,000 civil monetary penalty and to cease and desist from violating the Commodity Exchange Act and CFTC Regulations, as charged.
Office Of The Comptroller Of The Currency: Deputy Comptroller Discusses Operational Risk

Date 27/03/2014

During her remarks before OpRisk North America, Deputy Comptroller for Operational Risk Carolyn DuChene today discussed the importance of effective operational risk management and oversight to mitigating the risks of today’s operational environment facing national banks and federal savings associations.
TheCityUK Comments On European Commission Report On Long Term Financing

Date 27/03/2014

TheCityUK welcomes today’s Communication from the European Commission on the long term financing of the European economy.
LME: Announcement On Outcome Of Judicial Review

Date 27/03/2014

This notice summarises the position of the London Metal Exchange (“LME”) regarding the judgment handed down on 27 March 2014 by the High Court of Justice (the “Court”) in respect of the LME’s proposal (the “Proposal”) to implement the Linked Load-In Load-Out Rule (the “Rule”).

LME: Announcement On Outcome Of Judicial Review

Date 27/03/2014

This notice summarises the position of the London Metal Exchange (“LME”) regarding the judgment handed down on 27 March 2014 by the High Court of Justice (the “Court”) in respect of the LME’s proposal (the “Proposal”) to implement the Linked Load-In Load-Out Rule (the “Rule”).
U.S. Commodity Futures Trading Commission And Canadian Authorities Sign Memorandum Of Understanding To Enhance Supervision Of Cross-Border Regulated Entities

Date 27/03/2014

The U.S. Commodity Futures Trading Commission (CFTC) announced today that CFTC Acting Chairman Mark Wetjen and leaders of the Alberta Securities Commission (ASC), the British Columbia Securities Commission (BCSC), the Ontario Securities Commission (OSC), and the Autorité des marchés financiers (AMF) (collectively Canadian Authorities) have entered into a Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and oversight of regulated entities that operate on a cross-border basis in the United States and in Alberta, British Columbia, Ontario, or Québec.
MGEX Reaches Number Two On The Daily Open Interest Records

Date 27/03/2014

MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached the second highest daily Exchange open interest record after Wednesday’s trade date.
British Chancellor Welcomes Landmark Agreement On London Renminbi Clearing And Settlement Arrangements - New Agreement Paves The Way For The Appointment Of A Clearing Bank

Date 27/03/2014

The Bank of England and the People’s Bank of China (PBoC) have agreed to sign a Memorandum of Understanding (MoU) on renminbi (RMB) clearing and settlement in London. The MoU will be signed in London on 31 March 2014 and will set out the cooperation between the Bank and PBoC relating to the operations of the RMB clearing and settlement service in London.
HKEx: Legal Proceedings Involving A Subsidiary

Date 27/03/2014

As disclosed on 24 December 2013, The London Metal Exchange (“LME”), an indirectwholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (“HKEx” or the “Company”), was named as a defendant in a judicial review claim commenced by United Company RUSAL Plc (“Rusal”) and filed in the English High Court on 23 December 2013. The judicial review sought to challenge the LME’s decision to introduce changes in its warehousing policy as announced in its notice dated 7 November 2013. The decision on changes to the warehousing policy was made following a three-month market consultation commenced by LME in July 2013 on changes to its policy regarding the delivery out rates of LME approved warehouses. The hearing of the judicial review claim took place on26 and 27 February 2014, and judgment was handed down on 27 March 2014. Although the court found in the LME’s favour on nearly all substantive and procedural points raised by Rusal, and made no adverse comments on the substantive merits of the proposed changes to its warehousing policy, the court found in favour of Rusal on one specific procedural issue, that the consultation should have encompassed or made reference to the option of banning or capping rent in queues. The court recognised the LME’s interest in taking action to manage the queues in accordance with its obligation to maintain an orderlymarket and ensure the integrity of its price discovery function.