News Centre

ASIC Letter To Insurers, Lloyd’s Coverholders And Brokers

Date 16/10/2020

ASIC has written to insurers, Lloyd’s coverholders and brokers about handling business interruption insurance claims arising from the COVID-19 pandemic.

Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding Position Limits For Derivatives

Date 16/10/2020

I am pleased to support the agency’s revitalized approach to position limits.  The rulemaking finalized today follows four proposals since the passage of the Dodd-Frank Act and is, by far, the strongest of them all.  I commend Chairman Tarbert for his leadership in completing this rulemaking.  I am very pleased that today’s final rule echoes the key policy points I outlined in my remarks before the 2018 Commodity Markets Council State of the Industry Conference.  The new position limits regime will provide commercial market participants with sufficient flexibility to hedge their risks efficiently and will promote liquidity and price discovery.

Nadex Temporarily Amends Binary Contracts Strike Width

Date 16/10/2020

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and Section 40.6(d) of the regulations promulgated by the Commodity Futures Trading Commission (the “Commission”) under the Act (the “Regulations”), North American Derivatives Exchange, Inc. (“Nadex”, the “Exchange”) hereby provides notice that due to increased volatility in the underlying markets upon which the Nadex contracts are based, Nadex made changes to the strike widths of various contracts during the week of October 12, 2020 as indicated in the Weekly Notice. 

CFTC Finalizes Position Limits Rule At October 15 Open Meeting - Commission Also Approves Final Rules On Margin Requirements For Uncleared Swaps And Registration Exemptions For Foreign Commodity Pools

Date 16/10/2020

At its open meeting today, the Commodity Futures Trading Commission approved three final rules, including one regarding position limits for derivatives, completing the Commission’s major rulemakings related to implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

Nadex Refrains From Listing Certain Contracts

Date 16/10/2020

Due to activity in the underlying markets upon which the Nadex contracts are based and pursuant to the authority granted in Nadex Rule 12.1(i), Nadex took the following actions: 

• No EUR/JPY or USD/CAD 5-Minute contracts were listed for the 6:05pm or 6:10pm ET expiration times on trade date October 12, 2020.

• No GBP/JPY 5-Minute contracts were listed for the 6:05pm through 6:20pm ET expiration time on trade date October 14, 2020.

SEC And CFTC To Hold A Joint Open Meeting On October 22

Date 15/10/2020

The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission today announced their agencies will hold a joint open meeting on Thursday, Oct. 22, 2020, at 10:00 a.m. (EDT). The meeting will be held virtually.

Statement Of Dissent Of CFTC Commissioner Rostin Behnam Regarding Position Limits For Derivatives

Date 15/10/2020

Introduction

The last time we gathered as a Commission to discuss position limits I used some of my time to speak a bit about the award winning movie, Ford v Ferrari.  At that point, we were nearing the airing of the 92nd Academy Awards and this action-packed drama had earned four nominations—not to mention the distinction of being one of the few films I actually saw in a theater.  For those of you who have not found it in one of your quarantine movie queues, Ford v Ferrari tells the true story of American car designer Carroll Shelby and British-born driver Ken Miles who built a race car for Ford Motor Company—the GT40—and competed with Enzo Ferrari’s dominating, iconic red racing cars at the 1966 24 Hours of Le Mans.  I used the film and racing metaphors throughout my speaking and written statements to highlight serious concerns that the proposed amendments to the CFTC rules addressing position limits (the Proposal) signified yet one more instance where the Commission seemed to be comfortable with deferring core, congressionally mandated duties to others and calling it a victory.

SEC Charges Andeavor For Inadequate Controls Around Authorization Of Stock Buyback Plan - Company To Pay $20 Million Penalty

Date 15/10/2020

The Securities and Exchange Commission today announced settled charges against Andeavor LLC for controls violations relating to a stock buyback plan it implemented while it was in discussions to be acquired by Marathon Petroleum Corp. in 2018. Andeavor agreed to pay a $20 million penalty to settle the charges.

Statement Of CFTC Commissioner Dawn D. Stump Regarding Final Rule: Position Limits For Derivatives

Date 15/10/2020

Overview

With all that has transpired in our country and in our lives this year, it feels like ages ago that we gathered together in person to consider proposing amendments to update the Commission’s rules regarding position limits back at the end of January.  At the time, I said that there were three guideposts by which I would evaluate that proposal: First, is it reasonable in design?  Second, is it balanced in approach?  And third, is it workable in practice for both market participants and for the Commission?

Modernizing And Strengthening CRA Regulations: A Conversation With Minority Depository Institutions, Federal Reserve Governor Lael Brainard To The National Bankers Association (Via Webcast)

Date 15/10/2020

I want to thank Kim Saunders and Kenneth Kelly for inviting me to join members of the National Bankers Association (NBA) for a conversation today.