News Centre

ISDA Survey On OTC Derivatives In Emerging And Developing Markets

Date 13/07/2023

ISDA published a whitepaper in May 2022 outlining key legal, regulatory and risk management issues for emerging market and developing economies (EMDEs). To complement that initiative, ISDA has conducted a survey of EMDE jurisdictions that looks at the steps that have been taken with regards to these issues. The survey involved legal counsel from 44 EMDE countries.

Response To The Ripple SEC Ruling By CoinShares’ Head Of Product, Townsend Lansing:

Date 13/07/2023

In a landmark ruling, the court has unequivocally determined that Ripple (XRP) is a security. This is significant, as the court has disregarded Ripple's "essential elements" test, labeling it as unfounded.

ISDA Publishes Survey On Derivatives Use In Emerging Market And Developing Economies

Date 13/07/2023

The International Swaps and Derivatives Association, Inc. (ISDA) has published a new survey that explores the development of capital and derivatives markets in emerging market and developing economies (EMDEs) and recommends possible policy approaches for authorities in those jurisdictions.

CFTC Charges Alexander Mashinsky And Celsius Network, LLC With Fraud And Material Misrepresentations In Massive Commodity Pool Scheme Involving Digital Asset Commodities - Celsius Agrees To A Consent Order To Resolve The Lawsuit

Date 13/07/2023

The Commodity Futures Trading Commission today announced it filed a complaint in the U.S. District Court for the Southern District of New York against Alexander Mashinsky and Celsius Network, LLC. The complaint charges the defendants with fraud and material misrepresentations in connection with the operation of its digital asset-based finance platform, which falsely touted high profits and security to induce customers to deposit their digital asset commodities on the platform.

Nadex Amends Product Specifications And Adds Additional Currency Denominations For Deposits And Withdrawals

Date 13/07/2023

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (the “Act”), and §40.6(a) of the regulations promulgated by the Commodity Futures Trading Commission (the “Commission”) under the Act, North American Derivatives Exchange, Inc. d/b/a crypto.com | Derivatives North America (“Nadex”) submitted to the Commission its intent to amend Rule 12.25 by adjusting the ETH UpDown Options contract range on a permanent basis due to changes in the volatility of underlying market upon which the ETH UpDown Contract is based. Nadex will also be adjusting the dollar multiplier of the ETH UpDown Contract. Additionally, Nadex is also amending a footnote to Rule 3.1 in order to allow GBP and EUR as additional acceptable denominations for the purposes of depositing into and withdrawing from a Member’s Nadex account. These changes will take place on July 19, 2023.

EBA Publishes Fourth Opinion On Money Laundering And Terrorist Financing Risks Across The EU

Date 13/07/2023

The European Banking Authority (EBA) today published its fourth biennial Opinion on the risks of money laundering and terrorist financing (ML/TF) affecting the European Union’s financial sector.  It also sets out what competent authorities and EU co-legislators can do to mitigate those risks.

SEC Charges Celsius Network Limited And Founder Alex Mashinsky With Fraud And Unregistered Offer And Sale Of Securities - Charges Include The Unregistered Offer And Sale Of Crypto Asset Securities Through Celsius’s Lending Program, Making False And Misleading Statements, And Engaging In Market Manipulation

Date 13/07/2023

The Securities and Exchange Commission today charged Celsius Network Limited (Celsius) and its founder and former CEO, Alex Mashinsky, for violating registration and anti-fraud provisions of the federal securities laws, including by failing to register the offers and sales of Celsius’s crypto lending product, the Earn Interest Program; making false and misleading statements to investors of the Earn Interest Program and Celsius’s own crypto asset security, CEL; and engaging in market manipulation as it relates to CEL.

EU/EEA Banking Sector Shows Rising Profitability, But Asset Quality And Profitability Related Risks Are Looming

Date 13/07/2023

The European Banking Authority (EBA) today published its Q1 2023 quarterly Risk Dashboard (RDB). The publication presents the results of the EBA’s latest risk assessment questionnaire (RAQ), which was conducted among 85 banks in spring this year. It also includes information on minimum requirement for own funds and eligible liabilities (MREL). Banks’ profitability continued to increase, and their capital, funding and liquidity ratios remain strong. Bank debt issuance has resumed after a temporary halt due to the Silicon Valley Bank (SVB) and Credit Suisse (CS) induced turmoil. A downward trend in liquidity and funding ratios is expected due to repayments of the ECB’s targeted longer-term refinancing operations (TLTRO).

Statement By US Secretary Of The Treasury Janet L. Yellen On The Appointment Of Andrea Gacki As FinCEN Director

Date 13/07/2023

Secretary of the Treasury Janet L. Yellen issued the following statement on the appointment of Andrea Gacki as Financial Crimes Enforcement Network (FinCEN) Director.

“For over two decades and across five presidential administrations, Andrea Gacki has been the consummate public servant. She has demonstrated the very best that Treasury has to offer throughout her various roles with the Department, including serving as acting Under Secretary for Terrorism and Financial Intelligence for nearly a year. During her time as Director of OFAC, Andrea guided the office through major world events, including most recently, its role countering Russia’s illegal and unprovoked war against Ukraine, where she helped design our unprecedented sanctions strategy. She expertly deploys Treasury’s financial tools, from financial sanctions to industry guidance and enforcement actions, to hold accountable those who threaten our national security and the international financial system. Andrea is simply an unparalleled fighter against the scourge of illicit finance. As FinCEN embarks on its most ambitious project in recent years – bringing transparency to corporate ownership and protecting the U.S. financial system – there’s no one I trust more to lead the office than Andrea. Andrea’s encyclopedic knowledge of policy, her deep global relationships, and her steady leadership will ensure the Bureau continues to set the international standard for combatting financial crimes."

BIS - Fiscal Sources Of Inflation Risk In EMDEs: The Role Of The External Channel

Date 13/07/2023

Many emerging market and developing economies (EMDEs) have seen inflation spike after the Covid-19 pandemic following large fiscal stimulus. This has rekindled interest in the fiscal determinants of inflation. Not only could larger fiscal deficits boost inflation by adding to aggregate demand. By eroding investors' confidence in the creditworthiness of the sovereign, they could also lead to a currency depreciation, magnifying the initial inflation response.