News Centre

BME: The Medcap Forum Concludes With Over 3,000 Connections And 1,300 Meetings Between Companies And Investors

Date 28/05/2020

• Gonzalo Gómez Retuerto, General Manager of BME Renta Fija, highlighted that MARF’s growth reflects a structural change in the Spanish economy
• Berta Ares, General Manager of BME Inntech, stated that there is no turning back in the digitisation of the economy in a fast-changing world
• Lola Solana, from Santander AM, stated that the current crisis has generated great opportunities for investing in SMEs

Statement Of CFTC Commissioner Dawn D. Stump Regarding Extending The Compliance Schedule For Initial Margin Requirements For Uncleared Swaps In Response To The COVID-19 Pandemic

Date 28/05/2020

In 2018 and 2019, I had the opportunity to participate in a number of discussions with the International Organization of Securities Commissions (IOSCO) Board related to the final phase of margin requirements for non-centrally cleared derivatives.  Unique considerations for this phase were evident, and the global talks ultimately resulted in recommendation by the Basel Committee on Banking Supervision (BCBS) and IOSCO to extend and stagger the final implementation periods.

Euronext Ceases London Regulatory Activities

Date 28/05/2020

Euronext today announces that it intends to cease its Recognised Investment Exchange (RIE) activities in the UK by 30 June, 2020. Today’s announcement follows an application to the FCA to revoke its licence for regulatory operations in the UK market. Euronext London’s RIE will remain regulated by the FCA until, subject to FCA approval, revocation becomes effective.

Statement Of CFTC Commissioner Rostin Behnam Regarding Interim Final Rule With Request For Comment On Margin Requirements For Uncleared Swaps For Swap Dealers And Major Swap Participants

Date 28/05/2020

A little over two months ago, the Commission cancelled a scheduled open public meeting due to the COVID-19 pandemic.  One of the three matters on the agenda for deliberation that day was the most recent amendment to the CFTC Margin Rule, which sought to align the compliance schedule for initial margin or “IM” requirements with recent changes to the BCBS/IOSCO framework extending implementation dates through September 1, 2021.  

BME: GAVARI PROPERTIES SOCIMI To Start Trading On MAB On 1st June

Date 28/05/2020

• It is the 3rd company to list on MAB in 2020
• The company will have a value of 8.77 million euros on its market debut

EEX Response To BMWi’s Consultation On The Draft For Offshore Wind Energy Act

Date 28/05/2020

EEX responded to BMWi’s consultation on the draft for Offshore Wind Energy Act. EEX outlines that achieving ambitious targets needs to build on market-based instruments ensuring effective competition and thus lowest cost to consumers. Contracts for Difference are not an alternative.

Statement Of Support By CFTC Commissioner Brian Quintenz Regarding Amendments To Regulation 23.161 - Extending The Compliance Schedule For Initial Margin Requirements For Uncleared Swaps In Response To The COVID-19 Pandemic

Date 28/05/2020

I am pleased to support the interim final rule to defer the phase 5 compliance date of September 1, 2020 to September 1, 2021 in light of the unprecedented economic and social impacts of COVID-19.  Under these difficult circumstances, I think it is appropriate to provide phase 5 firms with additional time to comply, ensuring that their already strained resources are not diverted from ongoing business continuity efforts.  I would also support a one year deferral for the phase 6 compliance date, in line with the BCBS-IOSCO recent amendments to the recommended margin framework to push out, respectively, the phase 5 and phase 6 compliance dates by one year.[1]  As I have noted previously, given the large number of firms brought into scope during phases 5 and 6, the estimated 7,000 initial margin relationships that need to be negotiated, and the small overall percentage of swap activity these firms represent, a one year deferral for these final phases is appropriate in order to facilitate an efficient, orderly transition for the market into the uncleared margin regime. 

Statement Of CFTC Chairman Heath P. Tarbert In Support Of Extending The Phase 5 Initial Margin Compliance Deadline

Date 28/05/2020

If there were no uncertainty, there would be no derivatives markets. Indeed, the CFTC is in the business of regulating markets that enable market participants to hedge their risks. But there are some exogenous events that come but once a century—a so-called Black Swan—which even prudent risk management can neither foresee nor adequately prepare for. The United States and much of the world is now facing such an event in the form of the COVID-19 (coronavirus) pandemic.

Statement Of CFTC Commissioner Dan M. Berkovitz On Proposed Amendments To Registration Requirements For Certain Foreign Persons Acting As Commodity Pool Operators Of Offshore Commodity Pools

Date 28/05/2020

Introduction

I support the proposal to amend regulation 3.10(c)(3) addressing the exemption from registration for foreign persons who operate commodity pools for customers located outside of the United States (“Proposal”).  The Commission should focus its limited resources on commodity pools in which U.S. persons participate, rather than commodity pools located outside the U.S. in which only non-U.S. persons participate.  The Proposal addresses several specific scenarios in which the registration exemption would apply, and which previously created potential uncertainty for market participants.

Statement Of CFTC Commissioner Dawn D. Stump Regarding Amending Rule 3.10(C)(3) –Exemption From Registration For Foreign Persons Acting As Commodity Pool Operators On Behalf Of Offshore Commodity Pools

Date 28/05/2020

Overview

I am pleased to support the proposal before us today to amend Rule 3.10(c)(3) in order to clarify that a non-US person does not have to register as a commodity pool operator (“CPO”) with respect to its operation of offshore commodity pools for non-US participants that trade in US derivatives markets, even if that CPO also operates other commodity pools with US participants for which it is registered (or claims another exclusion or exemption from registration).  The proposal addresses an important issue, and arises from comments on a different proposed rulemaking that we issued back in October 2018.