News Centre

CFTC Chairman Behnam Announces Technology And Customer Outreach Reorganization - Reorganization Move Acknowledges The Agency’s Evolution Alongside The Growth Of FinTech, Digital Assets, And Retail Participation

Date 26/07/2022

Commodity Futures Trading Commission Chairman Rostin Behnam today announced a reorganization of FinTech and customer protection efforts and changes to key roles as the agency evolves to address changing markets and market demographics. Chairman Behnam is bolstering the agency’s FinTech efforts by creating the Office of Technology Innovation (OTI), formerly LabCFTC, and naming Jorge Herrada as its director. In addition, the chairman announced today that FinTech specialist Jason Somensatto, in addition to continuing his role in OTI, will be joining the Chairman’s Office along with legal advisor David Felsenthal. Further, and responding to an unprecedented rise in retail futures, options and digital asset trading, Chairman Behnam today announced the realignment of the Office of Customer Education and Outreach (OCEO) within the Office of Public Affairs. Steve Adamske is the director of the Office of Public Affairs and will also serve as interim director of OCEO with additional personnel changes to be announced at a later date.

ISDA - Transition To RFRs Review: First Half Of 2022 And The Second Quarter Of 2022

Date 26/07/2022

The Transition to Risk-free Rates (RFRs) Review analyzes the trading volumes of over-the-counter (OTC) and exchange-traded interest rate derivatives (IRD) that reference selected alternative RFRs, including the Secured Overnight Financing Rate (SOFR), the Sterling Overnight Index Average, the Swiss Average Rate Overnight, the Tokyo Overnight Average Rate, the Euro Short-Term Rate and the Australian Overnight Index Average.

Statement Of CFTC Commissioner Summer K. Mersinger On Extension Of No-Action Relief To Shanghai Clearing House

Date 26/07/2022

I am disappointed that Shanghai Clearing House (SHCH) is again receiving an extension of relief permitting it to clear swaps for the proprietary accounts of SHCH clearing members that are U.S. persons or affiliates of U.S. persons.  SHCH has for too long been permitted to do so without registering with the Commodity Futures Trading Commission (CFTC or Commission) as a derivatives clearing organization (DCO) or obtaining from the Commission an exemption from registration as a DCO.  I am troubled by SHCH’s lack of engagement with Commission staff regarding its application for an exemption from DCO registration, its sudden re-engagement as the expiration date for its prior no-action letter looms, and issues surrounding the feasibility of securing a memorandum of understanding with the People’s Bank of China (PBOC) that satisfies the requirements for such an exemption.

The Price Impact Of The Strategic Petroleum Reserve Release, By: US Assistant Secretary For Economic Policy Benjamin Harris And Deputy Assistant Secretary For Climate Energy Economics Catherine Wolfram

Date 26/07/2022

To help address rising energy prices and mitigate a shortfall in the production of oil owing to Russia’s war in Ukraine, President Biden in March of this year announced a historic release of oil from the Strategic Petroleum Reserve (SPR). Following this action, the Department of Energy is in the process of releasing 180 million barrels from the SPR over six months while International Energy Administration (IEA) partners are releasing an additional 60 million barrels. This blog presents analysis estimating the impact of this release on the price of retail gas in the United States.

CFTC’s Division Of Clearing And Risk Issues No-Action Letter For Shanghai Clearing House

Date 26/07/2022

The Commodity Futures Trading Commission’s Division of Clearing and Risk (DCR) today issued a no-action letter providing that DCR will not recommend the CFTC take enforcement action against SHCH for failing to register as a derivatives clearing organization (DCO) as required by Section 5b(a) of the Commodity Exchange Act in light of SHCH’s recently submitted updated application for an exemption from registration as a DCO. Today’s no-action letter extends CFTC Letter 16-56, which expires July 31, 2022. The extension will last until the earlier of July 31, 2023 or the date on which the CFTC exempts SHCH from registration as a DCO. The letter states that DCR does not plan to issue further extensions.

OCC Names ABN AMRO Clearing Executive Mike Nowak As Chief Financial Officer - Nowak Brings More Than 20 Years Of Leadership, Finance And Operations Experience

Date 26/07/2022

OCC, the world's largest equity derivatives clearing organization, today announced its Board of Directors elected Mike Nowak as Chief Financial Officer and a member of OCC’s Management Committee, effective August 8. As CFO, Nowak will oversee all of OCC’s Corporate Finance functions, including treasury, finance, accounting, strategic sourcing, as well as facilities and vendor management. To help ensure a smooth transition, Nowak will work closely with outgoing CFO Amy Shelly, who is leaving OCC to pursue a new opportunity.

Remarks At PLI: Investment Management 2022, William Birdthistle, SEC Director, Division Of Investment Management

Date 26/07/2022

Good afternoon. Thank you, Paulita and Rajib, for your gracious invitation and kind welcome to this year’s program on current issues and trends in Investment Management. As I suspect many of you know – and as the spring regulatory agenda demonstrates – there is a significant list of current issues and trends in Investment Management under consideration at the Securities and Exchange Commission right now.

Axon Partners Group To Start Trading On BME Growth On Thursday, 28 July

Date 26/07/2022

Readout: US Deputy Secretary Of The Treasury Wally Adeyemo’s Visit To France

Date 26/07/2022

On July 25, Deputy Secretary of the Treasury Wally Adeyemo met with government counterparts in Paris, France, including Secretary-General of the Élysée Palace Alexis Kohler and Director General of the Treasury Emmanuel Moulin. They discussed their commitment to the people of Ukraine as they defend their country against Russia’s unprovoked and unjustifiable war, the need to continue to speed budgetary support and suspend debt service for Ukraine, and opportunities to build on the historic sanctions imposed on Russia. In these meetings and in a meeting with Executive Director of the International Energy Agency (IEA) Dr. Fatih Birol, the Deputy Secretary also discussed the merits of a price cap on Russian oil to ensure that Russian oil keeps flowing at lower prices—restricting revenue to fund Russia’s military while putting downward pressure on global energy prices.

Fiserv Reports Second Quarter 2022 Results

Date 26/07/2022

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today reported financial results for the second quarter of 2022.