News Centre

Coronavirus Fears Shake Commodities - Commodity Markets, Already Slow Over Lunar New Year, Are Being Hit By Worry Over The Impact Of The Coronavirus On Chinese Demand - William May, Senior Economist, IHS Markit, Commodity Prices, As Measured By The IHS Markit Materials Price Index (MPI), Fell 1.0% Last

Date 30/01/2020

Commodity prices, as measured by the IHS Markit Materials Price Index (MPI), fell 1.0% last week in a broad-based move that saw eight of the index’s ten sub-components decline. Weak buying caused by the Lunar New Year holiday is now being matched against active selling tied to growing fears around the impact of the coronavirus on Chinese demand.

Statement Of Concurrence Of CFTC Commissioner Rostin Behnam Regarding Proposed Rule On Swap Execution Facilities

Date 30/01/2020

I respectfully concur in the Commission’s proposal to amend certain swap execution facility (SEF) requirements and real-time reporting requirements.  A little more than a year ago, the Commission issued a proposal that would have constituted a complete overhaul of the existing regulatory framework for SEFs.  As I stated in my concurrence to the 2018 SEF proposal, I do not believe that such an overhaul is necessary.  However, despite my opposition to the overhaul, I supported issuing the SEF proposal for public comment because it contained several policy changes which separately warranted further consideration.  Market participants have spent a great deal of resources to build systems and businesses that comply with our existing SEF rules.  Fundamental changes amounting to an overhaul of the entire system should only be done in circumstances where there is a regulatory concern that necessitates action. Accordingly, in the past I have suggested we should focus on targeted reforms, such as codifying existing no-action relief for SEFs.  I warned that we should not allow issues with the broader vision of the 2018 SEF proposal to distract us from making targeted changes.

Michelle W. Bowman Sworn In For Second Term As Member Of The Board Of Governors Of The Federal Reserve System

Date 30/01/2020

Michelle W. Bowman was sworn in for her second term as a member of the Board of Governors of the Federal Reserve System on Thursday. The oath was administered by Chair Jerome H. Powell in the Board Room.

Statement Of SEC Commissioner Allison Herren Lee On The Continued Repeal Of The Volcker Rule

Date 30/01/2020

Today we continue the march toward effective repeal of the Volcker Rule. The rule is premised on the common sense proposition that banks should not be allowed to gamble with taxpayer money and that taxpayers should never again be forced to rescue banks and their highly compensated executives from the consequences of their bad decisions.

Statement Of CFTC Chairman Heath P. Tarbert In Support Of Proposed Rule On Swap Execution Facilities

Date 30/01/2020

Before the 2008 financial crisis, swaps were executed bilaterally “over the counter,” rather than on a centralized exchange.  When crafting the Dodd-Frank Act in 2010, Congress faced a key decision:  Should it require swaps to trade like futures, via a centralized exchange order book visible to the entire market of potential buyers and sellers?  Or should it retain the old bilateral, off-exchange trading practices?

Statement On Proposed Amendments To The Volcker Rule “Covered Fund” Provisions - SEC Commissioners Elad L. Roisman and Hester M. Peirce

Date 30/01/2020

1. Introduction

Thank you to the SEC staff who worked on this proposal, particularly those in the Divisions of Investment Management, Trading and Markets, and Economic and Risk Analysis, and the Office of General Counsel.  Further thanks go to our banking agency colleagues for their collaboration.  As with other projects to implement or amend rules under the Volcker Rule’s Dodd-Frank Act mandate, developing today’s recommendation involved extensive coordination not only within the SEC, but also with many colleagues across the five banking agencies, who share responsibility for administering the Volcker Rule. 

Cboe Announces Launch Date For Cboe Market Close

Date 30/01/2020

• Planned for launch on March 6, 2020
• New, cost-effective alternative to primary market closing auctions and off-exchange venues for execution of Market-on-Close orders

Artemis.bm: ESG Qualities Of ILS Driving Greater Investor Interest: Wojciechowski, BSX

Date 30/01/2020

Artemis, a news, analysis and data media service, released an on-line article authored by Luke Gallin on 28 January 2020, titled “ESG qualities of ILS driving greater investor interest: Wojciechowski, BSX”.

Statement On Proposed Amendments To The Volcker Rule, SEC Chairman Jay Clayton, Jan. 30, 2020

Date 30/01/2020

Today, the Commission joined the Federal Reserve, OCC, FDIC and CFTC in proposing additional amendments to the implementing regulations under section 13 of the Bank Holding Company Act, commonly known as the “Volcker Rule.”  The proposed amendments, which principally relate to the “covered funds” provisions of the Volcker Rule, represent the next step in the Agencies’ efforts to better tailor and clarify the implementing regulations while furthering the Volcker Rule’s important statutory objectives.  

Statement Of Dissent Of CFTC Commissioner Rostin Behnam Regarding Position Limits For Derivatives; Proposed Rule

Date 30/01/2020

The ceremony for the 92nd Academy Awards will air in a little over a week.  I haven’t seen too many movies this year given my two young girls and hectic work schedule, but I did see “Ford v Ferrari.”[1]  “Ford v Ferrari” earned four award nominations, including best motion picture of the year.  The film tells the true story of American car designer Carroll Shelby and British-born driver Ken Miles who built a race car for Ford Motor Company and competed with Enzo Ferrari’s dominating and iconic red racing cars at the 1966 24 Hours of Le Mans.[2]  This high drama action film focuses foremost on the relationship between Shelby and Miles—the co-designers and driver of Ford’s own iconic GT40—and their triumph over the competition, the course, the rulebook, and the bureaucracy.  Even if you aren’t a car enthusiast, the action, acting, and accuracy of the story are well worth your time. However, there is a lot more to this movie than racing.