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  • Statement Of Commissioner Dan M. Berkovitz Related To Review Of ErisX Certification Of NFL Futures Contracts - Sports Event Contracts: No Dice Unless There Is An Economic Purpose And The Exchange Is Open To The Public

    Date 07/04/2021

    Executive Summary:  The Commission should permit a designated contract market (DCM) to list contracts on sporting events that are designed to hedge the risks of commercial activity related to those events, including legalized sports bookmaking.  However, the proposal (withdrawn) by Eris Exchange (ErisX) to list contracts based on the outcome of football games was deficient because: (1) ErisX did not provide sufficient evidence of hedging utility; and (2) ErisX’s proposed exclusion of the general public from trading the contract on the DCM would violate DCM Core Principles and CFTC regulations regarding impartial access (Core Principle 2) and antitrust considerations (Core Principle 19).  A DCM cannot exclude retail participants.  Core Principle 2 prohibits a DCM from imposing discriminatory access criteria on the basis of net worth, as ErisX has proposed.  Core Principle 19 requires a DCM to not impose any material anticompetitive burden on trading.  ErisX’s proposed sporting event contracts are functionally identical to the sports bets offered by bookmakers to the general public, and are designed so that sports bookmakers may use the exchange to hedge the risks arising from selling those contracts to the public.  It would be anticompetitive to allow bookmakers to trade these contracts on the exchange so they can sell them to the public at casinos, racetracks, and other betting establishments, while at the same time prohibiting the public from obtaining those contracts through open, transparent, competitive trading on the exchange.  Although contracts involving gaming should be permitted to be traded on a DCM if they have an economic purpose, which may include hedging by sports bookmakers, gaming contracts without any such economic purpose should not be permitted on a DCM.

  • U.S. Department Of The Treasury Releases Made In America Tax Plan Report

    Date 07/04/2021

    Today, the U.S. Department of the Treasury released the Made in America Tax Plan Report to provide additional depth on the plan first announced last week as part of President Biden’s American Jobs Plan, a comprehensive proposal aimed at increasing investment in infrastructure, the production of clean energy, the care economy, and other priorities.

  • IMF Launches Climate Change Indicators Dashboard

    Date 07/04/2021

    The International Monetary Fund (IMF) today launched a new Climate Change Indicators Dashboard—an international statistical initiative to address the growing need for data in macroeconomic and financial policy analysis to facilitate climate change mitigation and adaptation.


  • The Saudi Stock Exchange (Tadawul) Announces Its Transformation Into A Holding Company (Saudi Tadawul Group) In Preparation For IPO

    Date 07/04/2021

    The Saudi Stock Exchange (Tadawul) today announced its transformation into a group structure, and reinforcing its capabilities in technology innovation.  This transformation marks a new chapter in the Group's history and signals its readiness for the IPO in 2021.

  • ESMA Publishes Final Report On SME Growth Markets

    Date 07/04/2021

    The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published its Final Report on the functioning of the regime for SME Growth Markets (GM) under MiFID/MiFIR. It contains recommendations and possible amendments to the MiFID II framework to the SME GM regime which are needed to improve the attractiveness of the regime.

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