News Centre

CFTC Swaps Report Update

Date 04/11/2020

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

Tradeweb Reports October Total Trading Volume Of $19.4 Trillion - Average Daily Volume Of $910.8 Billion In October Marks Tradeweb's Second-Highest Month Ever

Date 04/11/2020

• Average daily volume (ADV) across rates, credit, equities and money markets for Tradeweb Markets was $910.8 billion (bn) in October 2020, up 28.8 percent (%) year over year (YoY) and Tradeweb’s second-highest month ever. Average daily trades for the month totaled 51,077.
• Tradeweb captured record TRACE share in U.S. High Grade of 19.2% (including 9.4% fully electronic) and record TRACE share in U.S. High Yield of 5.9% (including 3.6% fully electronic). Monthly ADV records were set in U.S. High Yield and Repurchase Agreements, as well as portfolio trading.

CFTC: Frequently Asked Questions Regarding The Post-Trade Name Give-Up Rule In Commission Regulation 37.9(D)

Date 04/11/2020

On June 25, 2020, the CFTC approved a new rule under § 37.9(d) of its regulations (PTNGU rule). The new rule prohibits a SEF from directly or indirectly disclosing the identity of a counterparty to a swap that is (i) intended to be cleared, and (ii) executed, pre-arranged, or pre-negotiated anonymously on, or pursuant to the rules of, a SEF (PTNGU prohibition).[1] The PTNGU prohibition does not apply to swaps that are not intended to be executed anonymously, such as trades done via a name-disclosed request for quote.[2] The PTNGU rule also requires a SEF to establish and enforce rules that prohibit any person from effectuating such a disclosure.[3] The PTNGU rule provides an exception to the prohibition on post-trade name give-up for package transactions that include a component transaction that is not a swap intended to be cleared.[4] The Commission adopted the PTNGU rule with a phased compliance schedule. For swaps that are “made available to trade” and therefore subject to the trade execution requirement under Commodity Exchange Act (“CEA”) section 2(h)(8)[5] (MAT swaps), SEFs must comply with § 37.9(d) no later than November 1, 2020. For swaps not subject to the trade execution requirement under CEA section 2(h)(8), SEFs must comply with § 37.9(d) no later than July 5, 2021.

EBA Encourages Financial Institutions To Put The Required Focus On Consumers’ Interests When Applying Product Oversight And Governance Arrangements

Date 04/11/2020

• The Report identifies a range of good practices and encourages financial institutions to  use them;
• Many financial institutions do not sufficiently put the required focus on ensuring that consumers’ needs are met in line with the Guidelines;
• The EBA and relevant competent authorities will continue monitoring how financial institutions apply the EBA POG Guidelines and whether they make use of the good practices identified in this Report.

TMX Group Consolidated Trading Statistics – October 2020

Date 04/11/2020

TMX Group Limited today announced October 2020 trading statistics for its marketplaces – Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange.

ESAs’ Board Of Appeal Dismisses Case Against EIOPA On Alleged Non-Application Of Union Law As Manifestly Inadmissible

Date 04/11/2020

The Joint Board of Appeal of the European Supervisory Authorities (ESAs – European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority) published today its decision in relation to an alleged non-application of Union law by six national competent authorities brought by Mr. Howerton against the European Insurance and Occupational Pensions Authority (EIOPA). In its decision, the Board of Appeal dismisses the Appellant’s claim as inadmissible as the facts described do not seem to involve insurances and occupational pension funds or any other subject-matter within the remit of EIOPA nor of the Board of Appeal.

CFTC Designates KalshiEX LLC As A Contract Market

Date 04/11/2020

The Commodity Futures Trading Commission today announced that it has issued an Order of Designation to KalshiEX LLC, granting it status as a designated contract market (DCM). KalshiEX is a limited liability company located in San Francisco, CA and is formed under Delaware state law. 

Euronext Announces Volumes For October 2020

Date 04/11/2020

Euronext, the leading pan-European market infrastructure, today announced trading volumes for October 2020.

The Two Sides Of The (Stable)Coin - Speech By Fabio Panetta, Member Of The Executive Board Of The ECB, At Il Salone Dei Pagamenti 2020

Date 04/11/2020

The payments industry is undergoing a digital transformation, and this transformation is accelerating. We can now pay with cards that are stored in our mobile wallets, ready for a transaction to be initiated at the touch of a button. Mobile payment apps allow us to easily pay or send money to friends. New services based on application programming interfaces, such as payment initiation services, are expanding consumers’ choice of e-commerce payments.

Acting Flexibly And Treating Customers Fairly In The Face Of A Pandemic - Speech On The FCA’s Priorities For The Credit Market, By Jonathan Davidson, Executive Director Of Supervision – Retail And Authorisations

Date 04/11/2020

Highlights

• The pandemic is a challenging new scenario, and consumer credit firms and their staff have taken decisive and effective action.
• With this new phase of the crisis, there is no time for credit firms to rest on our laurels.
• We want to make clear our expectations around forbearance, the operational challenge for firms to overcome, the importance of vulnerability, and the future direction of the industry.