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  • Comment On The Financial Accounting Foundation Draft Strategic Plan: SEC Commissioner Hester M. Peirce, SEC Commissioner Mark T. Uyeda, July 22, 2022

    Date 25/07/2022

    Dear Ms. Casey and Mr. Auchincloss:

          Thank you for the opportunity to comment on the Strategic Plan Draft for Public Comment (“Draft Plan”) of the Financial Accounting Foundation (“FAF”).  We share the FAF’s commitment to independent, objective standard-setting for financial accounting and reporting.  High quality financial accounting and reporting standards are central to the success of the United States’ capital markets.  Accordingly, we write to urge the FAF to approach with care Goal #6: “Engage with stakeholders, regulators, and Congress to determine the appropriate way, if any, for the organization to contribute to future sustainability reporting.”  Introducing sustainability standard-setting to the FAF runs the risk of degrading the independence and effectiveness that are the hallmarks of the FAF’s two standard-setting boards, the Financial Accounting Standards Board (“FASB”) and the Governmental Accounting Standards Board (“GASB”).

  • American Financial Exchange® Posts Second Highest Weekly Volume Record Of Over $14 Billion, Nearing Levels Set In March 2020 During Height Of Pandemic

    Date 25/07/2022

    The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, announced the second highest weekly volume of $14.119 billion for the week of July 18-22, 2022.  This total is only surpassed by the all-time weekly record set during the height of the pandemic on March 16-20, 2020, when $14.948 billion was transacted when AFX was the primary source of liquidity for the interbank market.  

  • ESMA: Third-Country Markets Considered As Equivalent To A Regulated Market Under EMIR

    Date 25/07/2022

    The markets established in a third country and listed below have been considered as equivalent to a regulated market in the Union in accordance with Article 2a of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR) and for the purposes of Article 2(7) of this Regulation.

  • SEC Files Multiple Insider Trading Actions Originating from the Market Abuse Unit's Analysis and Detection Center

    Date 25/07/2022

    The Securities and Exchange Commission today filed insider trading charges against nine individuals in connection with three separate alleged schemes that together yielded more than $6.8 million in ill-gotten gains. Those charged include a former chief information security officer (CISO), an investment banker, and a former FBI trainee, all of whom allegedly shared confidential information with their friends, who then traded on that confidential information. Each of the three actions announced today originated from the SEC Enforcement Division’s Market Abuse Unit’s (MAU) Analysis and Detection Center, which uses data analysis tools to detect suspicious trading patterns.

  • BIS: Cross-Border Financial Centres

    Date 25/07/2022

    Summary

    Focus

    When monitoring capital flows and analysing international interconnectedness, it is useful to distinguish financial centres that specialise in cross-border financial activity from other countries. Such centres are a channel for international investment, as opposed to an ultimate source or final destination for funds. Also, their external assets and liabilities are exceptionally large compared with their domestic economy. As a result, they account for a small share of the global economy but a large share of international financial activity. We propose a quantitative, transparent and replicable method for identifying cross-border financial centres.