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Federal Reserve Board Announces Its Approval For UBS Group AG To Acquire The U.S. Subsidiaries Of Credit Suisse Group AG

Date 14/04/2023

The Federal Reserve Board on Friday announced its approval for UBS Group AG, of Zürich, Switzerland, to acquire the U.S. subsidiaries of Credit Suisse Group AG, of Zürich, Switzerland.
CFTC Commissioner Christy Goldsmith Romero Announces Yevgeny Shrago As Senior Counsel And Policy Advisor

Date 14/04/2023

Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero announced that Yevgeny Shrago will serve as her Senior Counsel and Policy Advisor.
CFTC Commitments Of Traders Reports Update

Date 14/04/2023

The current reports for the week of April 11, 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 On Supplemental Information And Reopening Of Comment Period For Amendments To Exchange Act Rule 3b-16 Regarding The Definition Of “Exchange”, SEC Commissioner Mark T. Uyeda, April 14, 2023

Date 14/04/2023

Thank you, Chair Gensler. Today’s recommendation from the staff of the Division of Trading and Markets is to reopen the comment period for proposed amendments to Rule 3b-16 under the Securities Exchange Act of 1934 (Exchange Act) regarding the definition of “exchange” and provide supplemental information relating to trading systems for crypto assets. As I was not a member of the Commission when the proposal was issued, this is my first opportunity to vote on the topic. The Supplement, along with the original proposal, unfortunately raise more questions than they address in terms of highly important definitional terms as to what is, and what is not, an exchange for purposes of the Exchange Act.
Readout: US Secretary Of The Treasury Janet L. Yellen’s Meeting With Minister Of Economy And Finance Of Italy Giancarlo Giorgetti

Date 14/04/2023

Today, Secretary of the Treasury Janet L. Yellen met with Italy’s Minister of Economy and Finance Giancarlo Giorgetti on the sidelines of the Spring Meetings of the IMF and World Bank. During their meeting, Secretary Yellen stressed the importance of continued financial support for Ukraine. She also discussed the importance of Italy’s continued progress toward unlocking EU recovery funding and Italy’s economy. Throughout, Secretary Yellen emphasized her appreciation for Italy’s partnership with the United States on multiple policy priorities, including Italy’s G7 priorities for next year.

Readout: US Secretary Of The Treasury Janet L. Yellen’s Meeting With European Commissioner For Economy Paolo Gentiloni And European Commissioner For Financial Stability, Financial Services, And The Capital Markets Union Mairead McGuinness

Date 14/04/2023

Today, U.S. Secretary of the Treasury Janet L. Yellen met with European Commissioner for Economy Paolo Gentiloni and European Commissioner for Financial Stability, Financial Services, and the Capital Markets Union Mairead McGuinness. Secretary Yellen raised several priority topics in this joint meeting, including recent developments in the U.S. and European financial sectors, the United States’ implementation of the Inflation Reduction Act, and international tax. Secretary Yellen also stressed the importance of continued financial support for Ukraine.
Rendering Innovation Kaput: Statement On Amending The Definition Of Exchange, SEC Commissioner Hester M. Peirce, April 14, 2023

Date 14/04/2023

Thank you, Mr. Chair. Stagnation, centralization, expatriation, and extinction are the watchwords of this release. Rather than embracing the promise of new technology as we have done in the past, here we propose to embrace stagnation, force centralization, urge expatriation, and welcome extinction of new technology. Accordingly, I dissent.
BOX Exchange Update: Bid-Ask Differentials for Various Symbols through June 17, 2023 - NEU

Date 14/04/2023

BOX Exchange LLC (“BOX”), recently distributed Notice 2023-31 detailing modified bid-ask differentials for certain option classes effective through June 17, 2023.
The Consequences Of Fewer Banks In The U.S. Banking System, Federal Reserve Governor Michelle W. Bowman, At The Wharton Financial Regulation Conference, Philadelphia, Pennsylvania

Date 14/04/2023

It is a pleasure to join you here today to discuss financial regulation. I thought this conference would be a good opportunity to share how I think about the evolution of the financial services landscape, in particular my views on de novo bank formation, or really the lack thereof. As a part of this discussion, I'll identify reasons why policymakers should take a careful look at the lack of de novo activity over the past decade, and the potential impacts on local and regional economies and the broader financial sector should this trend continue, before discussing the potential policy response.
Statement On Alternative Trading Systems And The Definition Of An Exchange, SEC Chair Gary Gensler, April 14, 2023

Date 14/04/2023

Today, the Commission is considering whether to issue a supplemental release to our January 2022 proposal requiring significant trading platforms—including in the Treasury markets—to come under important rules for the markets. I believe this supplemental release would help address comments on the proposal from various market participants, particularly those in the crypto markets.