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Statement Of CFTC Commissioner Dan M. Berkovitz On Proposed Amendments To CFTC Bankruptcy Regulations

Date 14/04/2020

Introduction

I support the proposed comprehensive amendments to the Commission’s bankruptcy regulations.  These regulations specifically address the disposition of assets, particularly customer property, of a bankrupt futures commission merchant (FCM) or derivatives clearing organization (DCO).  The amendments provide a needed update to regulations that the Commission originally adopted in 1983 to account for significant changes in the size, complexity, and structure of our derivatives markets and market participants over the past 37 years.  They also incorporate “lessons learned” from FCM bankruptcies during that period.  FCM bankruptcies are rare, and a registered DCO has never gone bankrupt in the history of the CFTC.  It is nonetheless important to make the bankruptcy process as effective and efficient as possible to protect, preserve, and return customer assets quickly.

BME Acquires Protective Material To Help The Spanish Armed Forces In Their Fight Against COVID19

Date 14/04/2020

• It has purchased face masks, protective overalls and nitrile gloves worth 1 million euros for the members of the Armed Forces involved in the 'Operation Balmis'

Statement Of CFTC Commissioner Dawn D. Stump Regarding CFTC Open Meeting On April 14, 2020

Date 14/04/2020

The Commodity Futures Trading Commission (“CFTC” or “Commission”) CFTC may have only recently established core values in an official manner, but they have long-existed within the agency.  Over the past month, the CFTC has done a remarkable job of demonstrating those core values of commitment, forward-thinking, teamwork, and clarity.

Sweden’s Finansinspektionen: Banks May Now Grant Amortisation Exemption

Date 14/04/2020

FI’s Board of Directors has decided that the proposal communicated on 2 April will go into effect as of today. This means that banks will now be able to grant both new and existing mortgagors exemption from the requirement on amortisation. The exemption gives mortgagors greater financial manoeuvrability in these uncertain times during the spread of COVID-19.

Statement Of CFTC Chairman Heath P. Tarbert In Support Of Long-Awaited Updates To The CFTC’s Bankruptcy Regime

Date 14/04/2020

In his 1926 novel The Sun Also Rises, Ernest Hemingway offers what is perhaps the best chronicle of the anatomy of a typical bankruptcy. In the novel, the character Mike Campbell is asked how he went bankrupt.  He answers:  “two ways . . . gradually and then suddenly.”

Moscow Exchange: Risk Parameters For New Bonds

Date 14/04/2020

New bonds will be accepted to margin trading starting from 15.04.2020. From this date on, the following risk parameters will be applied:

Statement Of Support By CFTC Commissioner Quintenz Regarding Part 190 Bankruptcy Regulations – Notice Of Proposed Rulemaking

Date 14/04/2020

I am pleased to support today’s proposal to amend the Commission’s regulations governing the bankruptcy proceedings of commodity brokers.  This proposal makes the first comprehensive change to these regulations since they were first issued in 1983.  It marks another important step in Chairman Tarbert’s agenda to update and make more efficient several critical areas of the Commission’s regulations.  I note that today’s proposal was not hastily prepared in response to the market events surrounding the COVID-19 pandemic.  Commission staff has been considering these amendments since 2017, when a subcommittee of the American Bar Association (ABA) requested that the Commission update the part 190 bankruptcy regulations.[2]  The ABA provided its proposal in response to the CFTC’s Project KISS initiative, which generally requested input from the public on how the Commission’s regulations could be simplified to reduce compliance burdens.[3]  I commend former Chairman Giancarlo for launching Project KISS because it is important for agencies periodically to review their regulations, some of which may not have been amended for many years, to ensure they are as targeted, rational, and transparent as possible, in light of new developments in the markets they affect.  I am pleased that the Commission’s rulemaking work continues despite the new challenges the agency is facing in light of the pandemic.

FIA March 2020 SEF Tracker

Date 14/04/2020

EU Banks Sail Through The Corona Crisis With Sound Capital Ratios

Date 14/04/2020

The European Banking Authority (EBA) published today its quarterly Risk Dashboard covering Q4 2019 data and summarising the main risks and vulnerabilities in the EU banking sector. Ahead of the Corona crisis, EU banks’ capital ratios and asset quality have improved. However, return on equity (RoE) has further worsened.

Statement Of CFTC Commissioner Rostin Behnam Regarding Part 190 Bankruptcy Regulations

Date 14/04/2020

I respectfully support the Commodity Futures Trading Commission’s (the “Commission” or “CFTC”) issuance of a proposed rule (the “Proposal”) to amend Part 190 of its regulations, which govern bankruptcy proceedings of commodity brokers.  First and foremost, I want to thank Commission staff for all of their hard work on this Proposal.  If finalized, it will be the first major update of the CFTC’s existing Part 190 since 1983, when it was originally implemented by the Commission.