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Statement Of CFTC Commissioner Christy Goldsmith Romero Regarding Enforcement Action Against JP Morgan Chase Bank, N.A., et al. For Swap Data Reporting Failures

Date 05/07/2022

I strongly support this enforcement action against JP Morgan for violating CFTC swap data reporting requirements for years, and failing to report accurately more than 2.1 million swap transactions.  I am quite concerned by the duration and substantial nature of violations by JP Morgan.  I also note that JP Morgan has been the subject of several CFTC enforcement actions over the years, and the subject of many other federal agency enforcement actions.

Refinitiv | Slowest M&A Opening In Two Years

Date 05/07/2022

• Global Investment Banking Review (view report here) 
  • Global Investment Banking Fees Fall 31% to Three-Year Low
  • ECM Fees Register 72 Decline; DCM Falls 26%; Completed M&A Fees Down 6%
  • Top Five Banks See Collective Wallet Share Fall by 4.9% Points

CFTC Swaps Report Update

Date 05/07/2022

CFTC's Weekly Swaps Report has been updated, and is now available.

ISDA Responds To Swiss FINMA’s Consultation On Clearing Obligations For RFR Swaps

Date 05/07/2022

ISDA has responded to the Swiss FINMA’s consultation on updated clearing requirements resulting from the transition away from IBORs. In the response, ISDA highlighted the following key points:

Statement Of CFTC Commissioner Christy Goldsmith Romero Regarding $6 Million Enforcement Action Against BNP Paribas For Swap Data Reporting And Disclosure Failures And Failure To Supervise

Date 05/07/2022

I strongly support this enforcement action against BNP Paribas for violating swap data reporting requirements for more than five years, violating swap disclosure requirements, and for failure to supervise.  BNP failed to report accurately millions of swap transactions.  Certain swap dealer compliance issues were not timely identified, with the result that these violations persisted for years.  Despite BNP compliance personnel flagging a swap reporting issue, BNP did not adequately and timely address the issue apparently due to concerns that a comprehensive fix would take significant time and resources.  I also note that BNP or affiliated entities have been the subject of CFTC or other federal enforcement actions.

CFTC Orders J.P. Morgan To Pay $850,000 For Swap Reporting Failures

Date 05/07/2022

The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, and J.P. Morgan Securities, plc (collectively, J.P. Morgan), provisionally registered swap dealers, for failing to comply with their reporting obligations as swap dealers. The order requires J.P. Morgan to pay an $850,000 civil monetary penalty and to cease and desist from any further violations of the Commodity Exchange Act (CEA) or CFTC regulations, as charged.

NGX, GSE Chart Ways For Capital Market Collaborations

Date 05/07/2022

Nigerian Exchange Limited (“NGX” or “The Exchange”) hosted the leadership of Ghana’s Securities and Exchange Commission, Ghana Stock Exchange and Central Securities Depository (GH) LTD to a Closing Gong Ceremony on Tuesday, 5^th July 2022 to deepen regional collaborations.

CFTC Orders Swap Dealer To Pay $6 Million For Swap Reporting And Daily Mark Disclosure Violations

Date 05/07/2022

The Commodity Futures Trading Commission today issued an order filing and simultaneously settling charges against BNP Paribas (BNPP), a global financial services corporation and swap dealer, for violations of the Commodity Exchange Act (CEA) and Commission regulations relating to swap reporting and daily mark disclosures.

Forty-Nine Researchers From All Over The World Participate In The WAIFC Young Academic Award 2022

Date 05/07/2022

A mixed jury of WAIFC leaders and professors from WAIFC member countries will select the three winners over the summer and invite them to WAIFC's Annual General Meeting in Casablanca in October. 

Deezer Lists On Euronext And Joins The Euronext Tech Leaders Segment

Date 05/07/2022

• Deezer lists after having reached a definitive agreement for a business combination with the I2PO SPAC

• Deezer joins the Euronext Tech Leaders segment, dedicated to European leading and high-growth Tech companies

• Deezer is the 2nd listing on Euronext Tech Leaders since the launch of the initiative in June 2022

• The listing of Deezer is the 5th business combination with a SPAC on Euronext markets in 2022, and the 1st business combination with a SPAC on Euronext Paris in 2022