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ICYMI: Fintech Regulation Needs More Principles, Not More Rules - Op-Ed By CFTC Chairman Tarbert Featured In Fortune

Date 19/11/2019

These are exciting times for our derivatives markets. From blockchain to digital assets, innovative financial technologies are changing the way derivatives markets work.

OCC Comments On Decision By Federal Bank Regulatory Agencies To Finalize Rule To Update Calculation Of Counterparty Credit Risk For Derivatives Contracts

Date 19/11/2019

OCC, the world’s largest equity derivatives clearing organization, today issued the following statement from Executive Chairman Craig Donohue regarding the decision by the federal bank regulatory agencies to finalize the rule to update the calculation of counterparty credit risk for derivatives contracts. 

US Federal Bank Regulatory Agencies Finalize Rule To Update Calculation Of Counterparty Credit Risk For Derivative Contracts

Date 19/11/2019

Three federal bank regulatory agencies on Tuesday jointly announced a final rule updating how certain banking organizations are required to measure counterparty credit risk for derivative contracts under their regulatory capital rules.

FIA Recommends Changes To CFTC Foreign Swaps Proposals

Date 19/11/2019

FIA today recommended changes to separate, but similar, CFTC rule proposals that would govern U.S. customer access to foreign clearinghouses.  FIA’s principal concern with the proposals is that, taken together, they do not create a comprehensive framework to facilitate access to foreign cleared markets by U.S. customers. FIA’s comments were in response to the CFTC’s Notice of Proposed Rulemakings on Exemption from Derivatives Clearing Organization Registration and Registration with Alternative Compliance for Non-U.S. Derivatives Clearing Organizations. While noting the shortcomings of the proposals, FIA suggests a comprehensive solution for the Commission to consider.

US Federal Agencies Finalize Changes To Supplementary Leverage Ratio As Required By Economic Growth, Regulatory Relief, And Consumer Protection Act

Date 19/11/2019

The federal bank regulatory agencies have finalized changes to a capital requirement for banking organizations predominantly engaged in custodial activities, as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule is unchanged from the proposalissued for public comment in April 2019.

New York Financial Services Superintendent Linda A. Lacewell Announces Grant Of DFS Trust Charter To Enable Fidelity To Engage In New York’s Growing Virtual Currency Marketplace

Date 19/11/2019

Superintendent of Financial Services Linda A. Lacewell announced today that the New York State Department of Financial Services (DFS) has granted a charter under New York Banking Law to Fidelity Digital Asset Services, LLC (FDAS), to operate as a limited liability trust company as part of the state’s rapidly growing virtual currency marketplace.

Ontario Securities Commission Makes Doing Business Easier For Ontario Market Participants

Date 19/11/2019

The Ontario Securities Commission (OSC) is moving forward with more than 100 specific actions to reduce burden for market participants doing business in Ontario’s capital markets. As these changes are made, individuals and businesses regulated by the OSC can expect to see enhanced service levels, less duplication and a more tailored regulatory approach.

SIFMA Statement On Changes To Supplemental Leverage Ratio

Date 19/11/2019

 SIFMA today issued the following statement from President and CEO Kenneth E. Bentsen, Jr. on changes to the supplemental leverage ratio:

“Regulatory changes to the supplementary leverage ratio for certain banks reflect ongoing recognition of the need to review and revise regulations to ensure banking and capital markets activities are not unnecessarily restricted. Carrying these changes over to a wider universe of financial institutions is a logical next step. Policymakers and regulators should continue to take steps to ensure prudential regulations promote the stability of the financial system but do not negatively impact capital formation and economic growth.”

FIA And FIA Tech Announce Successful Implementation Of Execution Source Codes At CME Group

Date 19/11/2019

FIA and FIA Tech today announced the successful implementation of execution source codes at CME Group. Over the last several months, FIA, FIA Tech and CME Group have worked with market participants to make the necessary adjustments to trading systems to support this new industry standard, which will allow for greater automation and efficiencies in post-trade processing. On Nov. 17, FIA’s Execution Source Code Schema was adopted on the CME Globex platform. Although other exchanges are supporting the addition of execution source codes, CME Group is the first to require all order messages have this code in order to be processed for trading and clearing.

Crypto Assets Recognised As Property Under English Law

Date 19/11/2019

In response to the LawTech Delivery Panel’s report, Todd McDonald, co-founder at blockchain firm R3, said:  “The report vindicates what we have long said, that blockchain and tokenisation of assets represent the future and can fit comfortably with existing regulatory frameworks, provided the architecture and designs are properly thought through. The private and permissioned nature of R3’s Corda fits well with the principles as outlined in the report.