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Statement By The Acting Comptroller Of The Currency At The Financial Stability Oversight Council

Date 11/06/2021

Acting Comptroller of the Currency Michael J. Hsu made the following statement today at the meeting of the Financial Stability Oversight Council (FSOC) with respect to the LIBOR transition:

Thank you, Madam Secretary, and thank you for your leadership of this body as I join colleagues in the Council for the first time today. The Council’s financial stability mission is one I regard as critical for our nation’s financial system and I look forward to contributing meaningfully to our discussions as Acting Comptroller.

Federal Court Sanctions Australian Trader For Spoofing And Engaging In A Manipulative And Deceptive Scheme

Date 11/06/2021

The Commodity Futures Trading Commission today announced that the U.S. District Court for the Northern District of Illinois entered a consent order on June 4, resolving CFTC charges that Jiongsheng Zhao, a trader based in Australia, engaged in spoofing and manipulation in the Chicago Mercantile Exchange E-mini S&P 500 futures market in violation of the Commodity Exchange Act (CEA) and CFTC regulations.

Prepared Remarks Before The Financial Stability Oversight Council, SEC Chair Gary Gensler, June 11, 2021: LIBOR Statement

Date 11/06/2021

Thank you. I’d like to discuss the transition from the London Interbank Offered Rate (LIBOR).

I’d also like to talk about Hans Christian Andersen and Warren Buffet. Now you might be wondering why I’m thinking about these two men — born 125 years and an ocean apart — in the context of LIBOR. I’ll get to that in a minute.

CFTC Commitments Of Traders Update

Date 11/06/2021

The current reports for the week of June 08, 2021 are now available.

Remarks By US Secretary Of The Treasury Janet L. Yellen To The Financial Stability Oversight Council On LIBOR Transition

Date 11/06/2021

The Council first discussed the importance of reference rate reform in 2012, and a great deal of progress has been made since then.  The Alternative Reference Rates Committee, or ARRC, has worked to identify and address transition issues, including analysis of potential alternative rates and the recommendation to use the Secured Overnight Financing Rate, or SOFR.  SOFR provides a robust rate, suitable for use in most products and with underlying transaction volumes that are unmatched by other LIBOR alternatives. 

Prepared Remarks Before The Financial Stability Oversight Council, SEC Chair Gary Gensler, June 11, 2021 - Money Market Funds Statement

Date 11/06/2021

Thank you. I am honored to be here rejoining the Financial Stability Oversight Council meeting, today for the first time as Chair of the Securities and Exchange Commission. I believe in this Council’s mission to identify and respond to financial stability risks and to better promote market discipline. Financial stability is also a part of my remit as Chair of the SEC. 

Please Be Advised, Effective June 14, 2021, The MIAX Regulation Department Will Return To Regular Opening And Intraday Quote Parameters For All Symbols On MIAX Options And MIAX Emerald Options

Date 11/06/2021

Issue Symbol: All Symbols
Time: Opening and Intraday
Subject Summary: Please be advised, effective June 14, 2021, the MIAX Regulation Department will return to regular opening and intraday quote parameters for all symbols on MIAX Options and MIAX Emerald Options. 

ISDA Launches Consultation On Fallbacks For GBP LIBOR® ICE Swap Rate® And USD LIBOR® ICE Swap Rate®

Date 11/06/2021

ISDA has today launched a new consultation on how to implement fallbacks for certain swap rates published by ICE Benchmark Administration (IBA).

Nadex Amends Holiday Schedule Product Guidelines

Date 11/06/2021

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and section §40.6(a) 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”) submitted to the Commission on June 11, 2021 its intent to amend its Holiday Schedule Product Guidelines to identify products that will be available for trading on a US public holiday.

CAT: Outside Delegate Authorities; By Kelvin To, Founder And President At Data Boiler Technologies

Date 11/06/2021

The proposed limitation of liability provisions for the Consolidated Audit Trail (CAT) discourages CAT Participants (i.e. FINRA and the Exchange Groups) from advancing the security protection and design of CAT and CAT data. Although the immunity status of FINRA and Stock Exchanges as Self-Regulatory Organizations (SROs) may be broad, including affirmative acts and omissions and failures to act. SROs, however, do not enjoy complete immunity from suits. According to Weissman and Sparta Surgical Corp.’s court cases against National Association of Securities Dealers, FINRA and presumably all SROs remain subject to liability should claim(s) arises as a result of private business or commercial conduct.