News Centre

CFTC Charges Nigerian And American Citizens Operating As PrimeFX with Forex And Bitcoin Fraud And Misappropriation

Date 30/09/2021

The Commodity Futures Trading Commission today announced that it filed a civil enforcement action in the U.S. District Court for the District of Massachusetts against Uduakobong Udo Inyangudo a/k/a Alexander Uti Bassey of Lagos, Nigeria; Vanessa B. Okocha of Houston, Texas; Amen M. Okundaye of Houston, Texas Charles A. Ochi of Grant Prarie, Texas; Diego I. Okeh of Brooklyn, Maryland; Daniell N. Liggins of Dallas/Ft. Worth, Texas; Victor O. Edeh of Waltham, Massachusetts; and Tochukwu Edeh of Jacksonville, Florida. The complaint alleges that during the relevant period, from approximately June 2016 to February 2019, the defendants used Primefx.org to fraudulently solicit and subsequently misappropriate over $1.2 million from U.S. and international customers, as part of a coordinated scheme, for purported trading in foreign currency (forex) and Bitcoin. 

Statement Of Commissioner Dawn D. Stump Regarding Time-Limited No-Action Position For Non-Bank Swap Dealers Domiciled In Japan, Mexico, The United Kingdom And The European Union

Date 30/09/2021

Issuing substituted compliance determinations regarding the Commodity Futures Trading Commission’s (CFTC or Commission) capital and financial reporting requirements is a critical step in achieving the outcomes that the CFTC and global regulators have been working toward since the 2008 financial crisis.  In 2009, authorities from the G-20 nations met in Pittsburgh to consider appropriate regulatory oversight of the over-the-counter swaps market.  There, they recognized the need to effectuate a global solution, rather than a piecemeal approach.  The swaps market is global, and, therefore, the regulatory response to the crisis was then, and is now, expected to be global.  When the Commission adopted the final rule regarding capital requirements for swap dealers and major swap participants in July 2020, I emphasized the importance of considering substituted compliance determinations, as achieving substituted compliance for capital adequacy and financial reporting by operating in a jurisdiction deemed comparable would have a material impact on regulated swap dealers.  Substituted compliance among comparable jurisdictions best achieves robust oversight of the many swap dealers located beyond the borders of the United States.

ISDA; Role Of Derivatives In Carbon Markets

Date 30/09/2021

Derivatives play an essential role in carbon markets. Companies subject to carbon compliance programs use carbon derivatives to meet their obligations and manage risk in the most cost-effective way. Derivatives can also be used by a variety of businesses that have financial positions indirectly tied to carbon prices. Investors can use the price signals from carbon derivatives to assess climate transition risk in their portfolios and can then access liquidity pools to manage risk and allocate capital to benefit from energy transition opportunities.

CFTC Staff Issues Temporary No-Action Letter To Non-Bank Swap Dealers Domiciled In Japan, Mexico, United Kingdom And The European Union

Date 30/09/2021

The Commodity Futures Trading Commission’s Market Participants Division today issued a temporary no-action letter to non-bank swap dealers (SDs) domiciled in jurisdictions that are the subject of pending Commission review for comparability determinations with respect to capital and financial reporting requirements.

Federal Reserve: Senior Credit Officer Opinion Survey On Dealer Financing Terms

Date 30/09/2021

S&P Dow Jones Indices Europe Dashboard

Date 30/09/2021

• The S&P Europe 350^® managed to eke out a gain for the third quarter after declining in September.
• U.K. equities bucked the trend: the small island nation was one of two countries doing the heavy lifting for the S&P Europe 350 this quarter – the other being the Netherlands.
• The European energy sector followed the global trend, ending the quarter with double-digit outperformance versus its benchmark driven by skyrocketing natural gas and oil prices

Statement By IMF Managing Director Kristalina Georgieva At The Conclusion Of A Meeting With UNECA And African Ministers Of Finance On COVID-19

Date 30/09/2021

Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) met today with African Ministers of Finance and representatives from the United Nations Economic Commission for Africa (UNECA) to discuss Africa’s response to the COVID-19 pandemic and the efforts for a sustainable, green, and inclusive recovery.

Nigerian Exchange Weekly Market Report For September 30th, 2021

Date 30/09/2021

The market opened for four trading days this week as the Federal Government of Nigeria declared Friday 1st October 2021 a Public Holiday to mark the Nations 61st Independence Anniversary

ISDA derivatiViews: First Steps To Crypto Derivatives Standards

Date 30/09/2021

Crypto assets have grown at a ferocious pace in recent years, but banks and institutional investors have only played a bit part in that growth. That’s now starting to change, with financial institutions showing more interest in crypto and derivatives linked to these assets. Further growth is all but certain, but the challenge will be to guarantee the nascent market for digital asset derivatives is built on firm foundations. This should be based on standards that respect the unique aspects of this asset class and can be applied in a fully digital format – an issue that ISDA is uniquely placed to tackle.

Report from FINRA Board Of Governors Meeting – September 2021 - Board Approves New Maintaining Qualifications Fee - Reaffirms FINRA’s Financial Guiding Principles

Date 30/09/2021

FINRA’s Board of Governors met on Sept. 23-24 and approved a proposal to establish a modest fee for individuals who choose to complete continuing education (CE) to remain qualified for up to five years following the termination of the individual’s registration.