News Centre

Statement On Proposed Daily Computation Of Customer And Broker-Dealer Reserve Requirements Under The Broker-Dealer Customer Protection Rule, SEC Commissioner Mark T. Uyeda, July 12, 2023

Date 12/07/2023

Thank you, Chair Gensler.  Today, the Commission proposes to amend the broker-dealer customer protection rule to require certain broker-dealers to compute their customer and broker-dealer reserve deposit requirements on a daily basis, rather than weekly.  As the Proposing Release describes, carrying broker-dealers—that is, those that maintain custody of customer securities and cash—currently must have a special reserve account at a bank that holds qualified securities and/or cash in an amount determined by a weekly computation.  The proposed amendments would require some carrying broker-dealers—specifically, those beyond a threshold of average total credits of $250 million—to make such computations and required deposits on a daily basis. 

SEC Charges RSE Markets Inc. For Operating An Unregistered Securities Exchange

Date 12/07/2023

The Securities and Exchange Commission today announced settled charges against RSE Markets Inc. for operating as an unregistered exchange by maintaining and providing a marketplace and facilities that brought together purchasers and sellers of securities, specifically equity interests in “collectible assets” such as valuable cars and watches.

Air Dancers And Flies: Statement On Adoption Of The Latest Round Of Money Market Fund Reforms, SEC Commissioner Hester M. Peirce, July 12, 2023

Date 12/07/2023

Thank you, Chair Gensler.  I am pleased that we are removing the tie between liquid asset thresholds and fees and gates and that we are not moving forward with swing pricing.  I could have supported the final money market fund rule if we had been equally prudent with respect to other elements of the rule.  But today’s adoption contains the same flaw that tanked the 2014 money market fund rulemaking—an insistence that our own judgment is superior to that of money market funds, their sponsors, their boards, and their shareholders.  Accordingly, I will be voting no today.

CFTC Commissioner Pham To Speak At Christie’s Art + Tech Summit

Date 12/07/2023

CFTC Announces Second Voluntary Carbon Markets Convening On July 19

Date 12/07/2023

Commodity Futures Trading Commission Chairman Rostin Behnam announced the second voluntary carbon markets convening will be held on Wednesday, July 19 at 11:30 a.m. (EDT) at the CFTC's Washington, D.C. headquarters.

ISDA: A Conceptual Framework For Climate Scenario Analysis In The Trading Book

Date 12/07/2023

Understanding the potential impact of climate risk on the financial system is of increasing importance, but the uncertainty associated with climate change makes it very difficult to build this understanding. Climate risk scenario analysis is a core tool that is being developed and used by financial institutions and regulators to navigate the uncertainty associated with future climate outcomes and ensure the wider financial system can withstand possible climate events in the future.

ISDA Publishes Conceptual Framework For Climate Scenario Analysis In The Trading Book

Date 12/07/2023

ISDA has published a conceptual framework for climate scenario analysis in the trading book, marking a major step forward in efforts to understand and manage the impact of climate-related events on traded assets.

SEC Awards Whistleblower More Than $9 Million

Date 12/07/2023

The Securities and Exchange Commission today announced an award of more than $9 million to a whistleblower whose significant and detailed information and assistance led to a successful SEC enforcement action.

Statement On Money Market Funds, SEC Chair Gary Gensler, July 12, 2023

Date 12/07/2023

Today, the Commission is considering adopting final rules to enhance money market funds’ liquidity and investor protection. I support this adoption because it will enhance these funds’ resiliency and ability to protect against dilution.

Statement On Customer Protection Rule, SEC Chair Gary Gensler, July 12, 2023

Date 12/07/2023

Today, the Commission is considering proposing amendments that would require broker-dealers carrying large customer balances to calculate and deposit on a daily basis the net cash they owe their customers and other broker-dealers. I am pleased to support this proposal because, if adopted, it would help protect customers in the event that a broker-dealer fails.