News Centre

SIFMA Statement On SEC Proposal To Accelerate The Settlement Cycle

Date 09/02/2022

SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the SEC’s proposal to accelerate the settlement cycle:

“SIFMA, along with our industry partners the Investment Company Institute (ICI) and The Depository Trust & Clearing Corporation (DTCC), are leading the effort to accelerate the U.S. securities settlement cycle from trade date plus 2 days (T+2) to trade date plus one day (T+1), which will improve market resiliency by further reducing risk that exists while a trade is being finalized, benefit investors by shortening the execution time frame between buying or selling their securities, and reduce the level of margin market participants must post to offset the settlement risk. We welcome the proposal today from the SEC supporting this acceleration of the settlement cycle and look forward to reviewing and commenting as the industry continues its work to follow our roadmap to T+1.  Our roadmap strives for mid-year 2024 and as we follow the road map the date will become more clear.  Importantly, the industry and its regulators need to take the time to get it right and avoid unnecessary disruptions.”

Private Fund Advisers Proposal – Statement In Support Of Accountability Enhancing Updates, SEC Commissioner Caroline A. Crenshaw, Feb. 9, 2022

Date 09/02/2022

Investment advisers are their clients’ fiduciaries. This means that investment advisers are legally obligated to serve their client’s best interest. This standard of conduct is not an aspirational goal. It must be meaningful and offer the real protections investors reasonably expect and deserve. And this standard of conduct is not limited to the context of an adviser’s relationship with retail clients or registered funds. Private fund investors, including entities such as pension funds, charitable organizations, and college endowments, rely on the protections afforded by the Advisers Act and benefit from advisers’ obligations to place their clients’ interest first. In order to ensure that the fiduciary standard of conduct delivers these protections, we must carefully consider whether the current rules are the right ones. 

Statement On The Proposed Shortening Of The Settlement Cycle, Commissioner Caroline A. Crenshaw, Feb. 9, 2022

Date 09/02/2022

Thank you Chair Gensler, and thank you to my fellow Commissioners. 

Moscow Exchange: Risk Parameters Change For The Security CMG-RM

Date 09/02/2022

As per the Securities market risk parameters methodology, on 09.02.2022, 20-15 (MSK) the upper bound of the price band (up to 129058) and initial margins (up to 31.25 %) for the security CMG-RM were changed.

Statement On Proposed Private Fund Advisers; Documentation Of Investment Adviser Compliance Reviews Rulemaking, SEC Commissioner Hester M. Peirce, Feb. 9, 2022

Date 09/02/2022

Today’s proposal represents a sea change. It embodies a belief that many sophisticated institutions and high net worth individuals are not competent or assertive enough to obtain and analyze the information they need to make good investment decisions or to structure appropriately their relationships with private funds. Therefore, the Commission judges it wise to divert resources from the protection of retail investors to safeguard these wealthy investors who are represented by sophisticated, experienced investment professionals. I disagree with both assessments; these well-heeled, well-represented investors are able to fend for themselves, and our resources are better spent on retail investor protection. Accordingly, I am voting no on today’s proposal.

Statement On Cybersecurity Risk Management Proposal For Investment Advisers, Registered Investment Companies, And Business Development Companies, SEC Commissioner Caroline A. Crenshaw, Feb. 9, 2022

Date 09/02/2022

The threat of cyberattacks on U.S. financial services firms is one of those issues that keeps me up at night. Financial services firms are leading targets of cyberattacks because “that’s where the money is.”  Cyberattacks don’t just have the potential to disrupt individual firms and their immediate clients - they have the potential to cause market-wide instability. The G20 recently warned that cyberattacks could “disrupt financial services crucial to both national and international financial systems, undermine security and confidence and endanger financial stability.”

Deutsche Börse Achieves All Its Targets In 2021 Despite Headwinds

Date 09/02/2022

• Net revenue increased by 9 per cent to €3,510 million in spite of strong cyclical headwinds. 
• EBITDA also rose by 9 per cent to €2,043 million. 
• The guidance for 2021 was thus met in every respect. 
• The Group is well on track to achieve its mid-term targets defined in the Compass 2023 strategy. 
• Earnings per share went up by 12 per cent to €6.59. 
• The Executive Board is proposing to raise the dividend by 7 per cent to €3.20 per share. 
• For 2022 the Group is expecting net revenue to increase to around €3.8 billion, with EBITDA of around €2.2 billion. 
• The Group continues to focus on implementing its growth strategy Compass 2023, with an increasing importance of ESG activities in particular.

Statement On Private Fund Advisers Proposal, SEC Chair Gary Gensler, Feb. 9, 2022

Date 09/02/2022

Today, the Commission is considering rules and amendments under the Investment Advisers Act to improve the efficiency, competition, and transparency of the activities of private funds’ advisers. I support this proposal because, if adopted, it would help investors in private funds on the one hand, and companies raising capital from these funds on the other.

SEC Issues Proposal To Reduce Risks In Clearance And Settlement

Date 09/02/2022

The Securities and Exchange Commission today voted to propose rule changes to reduce risks in the clearance and settlement of securities, including by shortening the standard settlement cycle for most broker-dealer transactions in securities from two business days after the trade date (T+2) to one business day after the trade date (T+1). The proposed changes are designed to reduce the credit, market, and liquidity risks in securities transactions faced by market participants and U.S. investors.

ISDA: Seeking Views On US Treasury Clearing

Date 09/02/2022

US authorities are determined to strengthen the resiliency of the US Treasury market after a series of stress events, most recently at the start of coronavirus pandemic, which resulted in severe market dysfunction and disruption. Regulators are looking at this problem from a variety of perspectives, but a key part of the conversation is whether increased central clearing of Treasury securities and repos would help. Given the pivotal role of the US Treasury market in all parts of the financial system, including derivatives, we think it’s important to consider this carefully and forensically before any specific policy proposals are thrashed out. That’s why we’ve published a new market survey to gather views on the operational, legal and regulatory implications of increased clearing, as well as to determine the impact on derivatives.