News Centre

Readout: G7 Enforcement Coordination Mechanism Deputies Meeting

Date 27/04/2023

Treasury Deputy Secretary Wally Adeyemo, Commerce Deputy Secretary Don Graves, and Vice Minister Masato Kanda of the Japanese Finance Ministry convened Deputies of the G7 Enforcement Coordination Mechanism to bolster the enforcement of multilateral sanctions and export controls aimed at denying Russia the inputs it needs to equip its military and the revenue necessary to fund its illegal war.

Federal Court Orders South African CEO To Pay Over $3.4 Billion For Forex Fraud - CFTC’s Largest Fraud Scheme Case Involving Bitcoin - Highest Civil Monetary Penalty Ordered In A CFTC Case

Date 27/04/2023

The Commodity Futures Trading Commission today announced Judge Lee Yeakel of the U.S. District Court for the Western District of Texas entered an order of default judgment and permanent injunction against Cornelius Johannes Steynberg of Stellenbosch, Western Cape, Republic of South Africa. The order requires Steynberg to pay $1,733,838,372 in restitution to defrauded victims and a $1,733,838,372 civil monetary penalty, which is the highest civil monetary penalty ordered in any CFTC case. This action is also the largest fraudulent scheme involving Bitcoin charged in any CFTC case.

B.C. Securities Commission Launches A New Streamlined Enforcement Tool

Date 27/04/2023

The B.C. Securities Commission (BCSC) will begin imposing administrative penalties for less serious violations of investment market rules without holding a hearing before a panel of commissioners.

Readout: Senior US Treasury And Commerce Department Officials Travel To Kazakhstan

Date 27/04/2023

Assistant Secretary for Terrorist Financing and Financial Crimes at the U.S. Department of the Treasury Elizabeth Rosenberg and Assistant Secretary for Export Enforcement at the U.S. Department of Commerce Matthew Axelrod joined an interagency, multilateral visit to Astana and Almaty, Kazakhstan to continue close partnership on many issues, including countering the evasion of sanctions and export controls imposed on Russia for its war against Ukraine. 

Remarks By US Assistant Secretary For Terrorist Financing And Financial Crimes Elizabeth Rosenberg At Media Engagement In Astana, Kazakhstan

Date 27/04/2023

Let me begin by sharing a little about why our group from the US, EU, and UK are all in Central Asia this week.

Nigerian Exchange World IP Day: Experts Call For Improved Female Representation, Capacity Building

Date 27/04/2023

At the Nigerian Exchange Limited’s (NGX) World Intellectual Property (IP) Day 2023 held on Wednesday, 26 April 2023, experts cited the need for increasing the representation of women in IP protection and the creative/innovative industries.

EBA Publishes Draft Version Of Its Revised Taxonomy Architecture

Date 27/04/2023

The European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have been working jointly with Eurofiling to produce a revised version of the taxonomy architecture in order to implement the improvements introduced by data point model (DPM) Refit to data point modelling, such as the historisation of certain concepts. The revisions also simplify the structure by removing unnecessary artefacts, such as normative codes for taxonomy frameworks.

ISDA derivatiViews: Updating Term SOFR

Date 27/04/2023

It’s just 65 days until the final five US dollar LIBOR settings cease to exist or become non-representative. At that point, trillions of dollars of LIBOR-linked loans and other cash instruments will switch to fallbacks referencing term SOFR, potentially adding to demand for term SOFR hedges. This could push dealers closer to internal limits on the amount of term SOFR risk they can take on, eventually restricting their ability to offer term SOFR derivatives to end users. In response, the Alternative Reference Rates Committee (ARRC) has refined its term SOFR scope of use recommendations, introducing another avenue for dealers to lay off their risk, while continuing to recommend that overall use of term SOFR remains limited.

BIS: Corporate Governance Principles For Banks - Executive Summary

Date 27/04/2023

In July 2015, the Basel Committee on Banking Supervision published its updated corporate governance principles for banks. The 13 revised principles provide a framework within which banks and supervisors should operate to achieve robust and transparent risk management and decision-making. Sound corporate governance of banks can promote public confidence and uphold the safety and soundness of the banking system.

BIS: The Foreign Exchange Market

Date 27/04/2023

Summary

Focus

The global foreign exchange (FX) market, the largest financial market in the world by trading volume, has remained opaque as trading takes place over-the-counter (OTC). With the FX market under light regulatory oversight in most countries, the structure and operation of the market have been driven by commercial interests and the market participants' needs. We provide an overview of the evolution of the FX spot market's size and of its trading environment from the time of the inception of the first electronic brokers in the 1990s through 2022. Algorithmic trading and non-bank intermediation have now become prominent features of the FX market.