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Concurring Statement Of CFTC Commissioner Rostin Behnam Regarding The Proposed Rule On Public Rulemaking Procedures

Date 16/09/2019

I respectfully concur with the Commodity Futures Trading Commission’s (the “Commission” or “CFTC”) proposal to amend part 13 of the Commission’s Regulations (the “Proposal”). The Proposal aims to succinctly and unambiguously confirm that the Commission’s rulemaking process is governed by the Administrative Procedure Act (“APA”).
BIS: Triennial Central Bank Survey Of Foreign Exchange And Over-The-counter (OTC) Derivatives Markets In 2019

Date 16/09/2019

The results of the 2019 Triennial Survey are summarised in commentaries about foreign exchange turnover and interest rate turnover. Detailed analyses will be published in the December 2019 issue of the BIS Quarterly Review.
Dissenting Statement Of CFTC Commissioner Rostin Behnam Regarding Amendments To The Volcker Rule

Date 16/09/2019

I respectfully dissent as to the Commission’s decision to approve revisions to the Volcker Rule. In June 2018, when I voted against the proposed rule, I expressed that my biggest concern was that our action would encourage a return to the risky activities that led to the financial crisis, and perhaps further consolidate trading activity into a few institutions.[1] My concern last June was that we were weakening the Volcker Rule around the edges, and I raised specific issues regarding unnecessary complexity, lack of clarity, and a flawed process that chilled dissent. Unfortunately, today’s final rule does not do anything to assuage these concerns. To make matters worse, while the proposal merely threatened to kill Volcker through a thousand little cuts, the final rule goes for the throat. It significantly weakens the prohibition on proprietary trading by narrowing the scope of financial instruments subject to the Volcker Rule. What remains is so watered down that it leaves one questioning whether it should be called the Volcker rule at all. To that point, Paul Volcker himself recently sent a letter to the Chairman of the Federal Reserve criticizing the rule and stating that the rule “amplifies risk in the financial system, increases moral hazard and erodes protections against conflicts of interest that were so glaringly on display during the last crisis.”[2]
US Department Of Justice: Current And Former Precious Metals Traders Charged With Multi-Year Market Manipulation Racketeering Conspiracy

Date 16/09/2019

Two current precious metals traders and one former trader in the New York offices of a U.S. bank (Bank A) were charged in an indictment unsealed today for their alleged participation in a racketeering conspiracy and other federal crimes in connection with the manipulation of the markets for precious metals futures contracts, which spanned over eight years and involved thousands of unlawful trading sequences.
Opening Statement Of CFTC Commissioner Brian Quintenz Before The Open Commission Meeting On September 16, 2019 - Open Meeting On Final Rule On Position Limits And Position Accountability For Security Futures Products And Proposed Rule On Public Rulemaking Procedures (Part 13 Amendments)

Date 16/09/2019

Mr. Chairman, thank you for calling this meeting. I am pleased to support today’s proposals, which are both examples of good government.

FINRA Fines J.P. Morgan Securities LLC, $1.1 Million For Failing To Timely Disclose 89 Allegations Of Misconduct Over A Six-Year Period - Prevented Numerous Regulatory Investigations; Prevented Other Member Firms And Public From Learning About Allegations Including Misappropriation Of Funds

Date 16/09/2019

FINRA today announced it has censured and fined J.P. Morgan Securities LLC (JPMS) $1.1 million for failing to timely disclose 89 internal reviews or allegations of misconduct by its registered representatives and associated persons spanning a six-year period. FINRA also required an undertaking by the firm to certify within 60 days that it has taken appropriate corrective measures.
Statement Of CFTC Commissioner Quintenz In Support Of Amendments To The Volcker Rule

Date 16/09/2019

I support today’s targeted amendments to the Volcker Rule, which I believe will simplify firms’ compliance with the statutory ban on proprietary trading and improve the agencies’ supervision of banking entities. Based upon the agencies’ implementation experience since 2013, it has become apparent that the rule as originally adopted has resulted in ambiguity over permissible activities, an overbroad application, and unnecessarily complex compliance processes. The revised rule before us today tailors and simplifies the rule to enable banking entities to effectively provide traditional banking services to their clients in a manner that is consistent with the statute.
Bank For International Settlements: Senior Officials From Public Authorities Meet On Stablecoins

Date 16/09/2019

Senior officials from public authorities worldwide met in Basel on Monday to discuss policy and regulatory issues posed by the emergence of "stablecoin" initiatives backed by financial institutions and large technology companies.
Dubai Islamic Economy Development Centre Collaborates With DIFC, DFM, And The Climate Bonds Initiative To Grow Green Sukuk Market

Date 16/09/2019

Dubai Islamic Economy Development Centre (DIEDC) today signed a memorandum of understanding (MoU) with the Dubai International Financial Centre (DIFCA), the Dubai Financial Market (DFM), and Climate Bonds Initiative (CBI) to collaborate on growing the green sukuk sector and stepping up the exchange of knowledge and expertise in the field.
Statement Of CFTC Chairman Heath Tarbert In Support Of Revisions To The Volcker Rule

Date 16/09/2019

I have voted to approve revisions to the Volcker Rule, among the most well-intentioned but poorly designed regulations in the history of American finance. My involvement with the Volcker Rule started nearly a decade ago when I served as special counsel to the Senate Banking Committee before the passage of the Dodd-Frank Act. In fact, I was the staff member responsible for arranging for former Federal Reserve Chairman Paul Volcker to testify before the committee on the original version of the rule that now bears his name. Having had the opportunity to interact with Chairman Volcker at various points throughout my career, I have always had immense respect for him. He had a clear-cut vision: banks should be barred from speculating in the markets (a practice known as proprietary trading) and from running hedge funds and private-equity firms. “If you are doing this stuff,” he would say, “you should not be a commercial bank.”