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Concurring Statement Of CFTC Commissioner Caroline D. Pham Regarding Proposed Rulemaking For DCO Recovery And Orderly Wind-Down Plans; Information For Resolution Planning

Date 07/07/2023

I respectfully concur regarding the Notice of Proposed Rulemaking for Derivatives Clearing Organizations Recovery and Orderly Wind-down Plans; Information for Resolution Planning. While I generally support and appreciate the diligent efforts on this proposal, I do have several significant concerns regarding the proposal’s breadth and prescriptiveness, as well as foundational questions on accountability and the role of the government in resolution planning.
CFTC Commitments Of Traders Reports Update

Date 07/07/2023

The current reports for the week of July 03, 2023 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data.
Statement Of CFTC Commissioner Caroline D. Pham in Support Of Final Rule On Governance Requirements For Derivatives Clearing Organizations

Date 07/07/2023

As I’ve said before, one of the many proud traditions at the Commodity Futures Trading Commission (Commission or CFTC) is that Commissioners get to sponsor advisory committees comprised of members of the public to provide expert advice and input.
Canadian Investment Regulatory Organization Publishes Consultation Paper On The Proposed Proficiency Model For Approved Persons

Date 07/07/2023

The Canadian Investment Regulatory Organization (CIRO) released a consultation paper on the proposed proficiency model, for Approved Persons under the Investment Dealer and Partially Consolidated Rules.
Nodal Exchange Achieves Record Performance In Power And Environmental Futures In The First Half Of 2023

Date 07/07/2023

Nodal Exchange today announced strong performance in both power and environmental futures as of the end of June 2023. Nodal achieved its best half year power volume for the first half of 2023 with 1.54 billion MWh traded, up 3.5% from first half 2022 which was the previous record. The majority of U.S. power futures open interest is on Nodal Exchange with 1.275 billion MWh representing $112 billion of notional value based on both sides as of the end of June 2023. U.S. power futures open interest on Nodal Exchange grew 7.8% year over year as of the end of June.

U.S. Department Of Justice: U.S. Army Financial Counselor Charged With Defrauding Gold Star Families

Date 07/07/2023

A Monmouth County, New Jersey, financial counselor with the U.S. Army and major in the U.S. Army Reserves who allegedly defrauded two dozen Gold Star families has been indicted.
FINRA Expels Monmouth Capital Management - Firm Violated Reg BI, Excessively Traded, And Churned Numerous Customer Accounts, Including Those Of Gold Star Families

Date 07/07/2023

FINRA announced today that it has expelled Monmouth Capital Management for churning and excessively trading customer accounts in violation of Regulation Best Interest (Reg BI), failing to supervise its representatives, and providing false and misleading disclosures to retail customers on its client relationship summary (Form CRS). This is the second firm expulsion that has included violations of Reg BI, to date.
SEC Charges Former Army Financial Counselor Who Defrauded Gold Star Family Members

Date 07/07/2023

The Securities and Exchange Commission today charged former U.S. Army financial counselor Caz L. Craffy for defrauding Gold Star family members and others by engaging in unauthorized trading—including of life insurance and family survivor benefits they received following the death of an active duty service member—and for recommending excessive trades and higher risk strategies that did not match customers’ investment profiles.
BIS - Original Sin Redux: Role Of duration Risk

Date 07/07/2023

Emerging market economies (EMEs) have been able to tap global capital markets by issuing government bonds in domestic currency. The "low-for-long" period of monetary policy globally has encouraged the issuance of longer-maturity bonds. The paper shows the mutually reinforcing nature of currency risk and duration risk. The disruptive impact of tightening global financial conditions is much larger when the EME government bonds have long maturities.
ESMA Upgrades Rating Data Repository And Publishes Latest Data On CRA Performance

Date 07/07/2023

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, recently revamped its Central Repository of Ratings (CEREP) and made available the latest set of semi-annual statistical data on the performance of credit ratings, including transition matrices and default rates.