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  • Canadian Securities Administrators Release Year In Review

    Date 07/09/2023

    The Canadian Securities Administrators (CSA) today published its consolidated Year in Review. This report highlights the progress the CSA has made between July 1, 2022, and June 30, 2023, towards fulfilling its mandate to improve, coordinate and harmonize regulation of the Canadian capital markets and achieving the strategic goals outlined in its 2022-2025 Business Plan. 

  • BIS: The Oracle Problem And The Future Of DeFi

    Date 07/09/2023

    Key takeaways

    • Crypto-based decentralised finance (DeFi) uses "oracles" to import real-world data into blockchain environments for use in smart contracts.
    • Whether oracles can truly adhere to the complete decentralisation ethos of crypto is debatable. Even if feasible in practice, striving for the ideal of full decentralisation leads to complex consensus protocols that further erode blockchain efficiency.
    • While introducing some degree of centralisation in oracles might boost efficiency, it also means adding trusted parties to a system designed to be trustless. As a result, crypto-based DeFi is likely to remain the preserve of cryptoassets only, rather than being used for real-world assets.

  • CFTC: Federal Court Orders South African Company To Pay Over $1.7 Billion In Restitution For Forex Fraud - This Action Resolves The CFTC’s Largest Fraud Scheme Case Involving Bitcoin

    Date 07/09/2023

    The Commodity Futures Trading Commission today announced Judge David A. Ezra of the U.S. District Court for the Western District of Texas entered a consent order against Mirror Trading International Proprietary Limited (MTI) on September 6, finding it liable for fraud in connection with retail foreign currency (forex) transactions, fraud by a commodity pool operator (CPO), registration violations, and failure to comply with CPO regulations. MTI is a company currently in liquidation in the Republic of South Africa. 

  • BIS: MREL For Sale-Of-Business Resolution Strategies

    Date 07/09/2023

    Highlights

    • Making the European bank failure management framework suitable for mid-sized banks requires facilitating sale-of-business transactions by ensuring both adequate financial support from the deposit insurance fund and the availability of sufficient assets that could be transferred to an acquirer.
    • Under the current financial cap, support by deposit insurers is limited by the costs (net of recoveries) they would incur if paying out covered deposits in a bank liquidation. That crucially depends on the ranking of deposit insurance fund claims in the creditor hierarchy. The ability to transfer sufficient assets is directly linked to the minimum requirement for eligible liabilities (MREL).
    • As a minimum, MREL should aim to help close the expected gap between transferred liabilities and assets, after considering the available support from the deposit insurer. 
    • Consequently, calibrations should be based on the prevailing status for deposit insurance fund claims in insolvency and on a structured assessment of three key factors: (i) the estimated (franchise) value of banks' assets; (ii) the proportion of transferred liabilities which are not covered by the deposit insurance fund; and (iii) the liquidation procedure's ability to preserve banks' asset values.

  • BME Receives Regulatory Approval For Its New Digital Assets Derivatives Segment

    Date 07/09/2023

    • CNMV’s approval marks a milestone in the Digital Asset Ecosystem, Reinforcing SIX's commitment to innovation and security
    • BME Clearing introduces a new segment called Digital Assets Derivatives, that will upgrade the trading, clearing and cash settlement of digital asset futures

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