News Centre

Covered Clearing Agency Resilience And Recovery And Wind-Down Plans, Jessica Wachter, SEC Chief Economist And Director Of The Division Of Economic And Risk Analysis, May 17, 2023

Date 17/05/2023

Good morning, Chair Gensler and Commissioners.  Today, the Commission is proposing to strengthen resiliency standards of covered clearing agencies through a new rule and new amendments. 

SEC Proposes Rule Amendments And New Rule To Improve Risk Management And Resilience Of Covered Clearing Agencies

Date 17/05/2023

The Securities and Exchange Commission today proposed rule changes that would improve the resilience and recovery and wind-down planning of covered clearing agencies. The proposal would amend the existing rules regarding intraday margin and the use of substantive inputs to a covered clearing agency’s risk-based margin system and add a new rule to establish requirements for the contents of a covered clearing agency’s recovery and wind-down plan.

SIFMA: Banks Call For Regulators To Take A More Innovative Approach To DLT

Date 17/05/2023

The Global Financial Markets Association (GFMA) together with Boston Consulting Group (BCG), Clifford Chance and Cravath, Swaine & Moore LLP, have today published a new report highlighting the potential transformative benefits of Distributed Ledger Technology (DLT) for capital markets and calling for market participants to proactively shape its future use, as well as for greater regulatory clarity from policy makers.

Living Wills For Clearing Agencies, SEC Commissioner Jaime Lizárraga, May 17, 2023

Date 17/05/2023

In 2010, Congress passed, and President Obama signed into law, the Dodd-Frank Wall Street Reform and Consumer Protection Act. This law was enacted to overhaul and strengthen oversight of our financial system and to reduce the likelihood of a future 2008-like financial crisis, the worst of its kind since the Great Depression.

ISDA: Liquidity And Risk Management In Single-Name CDS And Implications For MIFIR

Date 17/05/2023

On April 27, ISDA finalized a paper addressing recent concerns about clearing, illiquidity and opacity of single-name credit default swaps (CDS). The paper includes analysis of US rules and data underpinning an outline for a workable transparency regime for single-name CDS, balancing both liquidity and transparency.

Covered Clearing Agency Resilience And Recovery And Wind-Down Plans, Haoxiang Zhu, SEC Director, Division Of Trading And Markets, May 17, 2023

Date 17/05/2023

Good morning Chair Gensler and Commissioners Peirce, Crenshaw, Uyeda, and Lizarraga.

Statement On Clearinghouse Resiliency, Recovery, And Wind-Down, SEC Chair Gary Gensler, May 17, 2023

Date 17/05/2023

Today, the Commission considers a proposal to help ensure the continuity of clearing services during times of significant stress. I am pleased to support the proposal because, if adopted, it would help enhance the resiliency of this part of our market plumbing, which is fundamental for the capital markets to operate.

SEC: Covered Clearing Agency Resilience And Recovery And Wind-Down Plans - Elizabeth Fitzgerald, Assistant Director, Division Of Trading And Markets, Office Of Clearance And Settlement

Date 17/05/2023

Thank you, Haoxiang.

Good morning Chair Gensler and Commissioners.

BIS - Crypto, Tokens And DeFi: Navigating The Regulatory Landscape

Date 17/05/2023

Policymakers face challenges in addressing the risks posed by cryptoassets and related activities due to their potential to affect consumer protection, financial stability and market integrity. This paper provides an overview of policy measures taken in 19 jurisdictions to address the risks associated with activities that incorporate cryptoassets and distributed ledger technology (DLT) programmability capabilities in financial services. The paper classifies policy measures into three categories and identifies different types of initiatives across jurisdictions, including bans, restrictions, clarifications, bespoke requirements, and initiatives to facilitate innovation.

Getting Inflation Back To The 2% Target − Speech By Andrew Bailey, Governor, Bank Of England, Given At British Chamber Of Commerce Annual Conference

Date 17/05/2023

I am very pleased to be here today at the BCC’s ‘Building British Business’ Global Annual Conference.