News Centre

Blackstone-Led Consortium Completes Partnership Transaction With Thomson Reuters For Financial & Risk Business

Date 01/10/2018

A consortium led by Blackstone (NYSE:BX) today announced that private equity funds managed by Blackstone (“Blackstone”) – together with Canada Pension Plan Investment Board (“CPPIB”) and GIC – have completed the previously announced partnership transaction with Thomson Reuters (TSX / NYSE: TRI) for Thomson Reuters’ Financial & Risk (F&R) business. The Blackstone-led consortium now owns 55 percent of the equity in a new corporation created to hold the F&R business, and Thomson Reuters retains a 45 percent equity stake, at an overall valuation of US$20 billion. The Financial & Risk business is now known as Refinitiv.

Wolves And Wolverines: Remarks At The University Of Michigan Law School, SEC Commissioner Hester M. Peirce , Ann Arbor, MI, Sept. 24, 2018

Date 01/10/2018

Thank you, Professor [Gabriel] Rauterberg, for that kind introduction. I appreciate the opportunity to be here today to talk to you about two issues that have gotten a lot of attention lately—namely arbitration between public companies and their shareholders and digital assets. Before I begin, I must issue my standard disclaimer, which is that the views I express today are my own and do not reflect the views of the Securities and Exchange Commission or my fellow commissioners.

CFTC Orders The Bank Of Nova Scotia To Pay $800,000 Penalty For Spoofing In The Precious Metals Futures Markets - Bank’s Penalty Was Substantially Reduced In Recognition Of Its Self-Reporting, Cooperation, And Remediation

Date 01/10/2018

The Commodity Futures Trading Commission (CFTC) issued an Order filing and settling charges against the Bank of Nova Scotia (BNS) for engaging in multiple acts of spoofing in gold and silver futures contracts traded on the Chicago Mercantile Exchange (CME).  The Order finds that BNS engaged in this activity by and through traders on its precious metals trading desk (Traders) from at least June 2013 through June 2016.  The Order requires BNS to pay an $800,000 civil monetary penalty and to cease and desist from violating the Commodity Exchange Act’s prohibition against spoofing.  BNS was notified of the misconduct by its Futures Commission Merchant, and when BNS became aware of the misconduct, BNS reported it to the CFTC.

Implementation Of The Economic Growth, Regulatory Relief, And Consumer Protection Act, Federal Reserve Vice Chairman For Supervision Randal K. Quarles, Before The Committee On Banking, Housing, And Urban Affairs, U.S. Senate, Washington, D.C.

Date 01/10/2018

Chairman Crapo, Ranking Member Brown, and members of the Committee, I appreciate this opportunity to testify on the Federal Reserve's implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA or the Act). The Act calls on the federal banking agencies to aid in promoting economic growth by further tailoring regulation to better reflect the character of the different banking firms that we supervise. While recognizing that the core objectives of the post-crisis regime--higher and better quality capital, stronger liquidity, and increased resolvability--have contributed to reducing the likelihood of another severe financial crisis, the Act also acknowledges that we should be seeking to improve the efficiency with which we achieve these objectives, and gives the federal banking agencies the task of executing the thoughtful detail work necessary to enhance that efficiency.

Statement Of FIA President And CEO Walt Lukken On The CFTC's Cross-Border White Paper

Date 01/10/2018

FIA President and CEO Walt Lukken today made the following statement on the Cross-Border White Paper released today by CFTC Chairman Giancarlo:

“I applaud CFTC Chairman Chris Giancarlo’s effort to rethink the manner in which cross-border regulations are applied to the derivatives markets.  The derivatives industry is global in nature, so it is imperative that international regulators come together to design a coherent regulatory framework that recognizes this fact.  The deference model utilized by the futures markets has worked extraordinarily well over the thirty years of its existence, even during times of crisis.  FIA agrees that a similar recognition model would benefit the broader swaps industry without jeopardizing the safety and soundness of our marketplace.  FIA looks forward to providing input on the upcoming rulemakings that will implement these proposed approaches.

Remarks Of Daniel Gorfine Regarding DLT And The Next Generation Of Computing Infrastructure, Finovate, NYC

Date 01/10/2018

Good morning and thank you for the opportunity to kick off Day 4 at Finovate.  I am Chief Innovation Officer and Director of LabCFTC at the U.S. Commodity Futures Trading Commission (CFTC).  My remarks presented here reflect my own views and do not necessarily reflect the opinions or views of the Chairman, Commissioners, or the Commission.

SIFMA Statement On FINRA Announcement Of Exam And Monitoring Program Consolidation

Date 01/10/2018

SIFMA today released a statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, in response to an announcement by FINRA that it plans to consolidate its Examination and Risk Monitoring Programs:

“We commend FINRA’s decision to consolidate its Examination and Monitoring programs as part of the ongoing self-evaluation initiative, FINRA360. We are optimistic that, once fully implemented, this change will reduce inefficiencies and allow FINRA to more effectively deploy its resources and enhance the quality of its examinations.”

New York State Department Of Financial Services Superintendent Vullo Announces Next Phase Of Expanded Participation In State-Based NMLS Platform, Enhancing State Regulation Of The Financial Services Industry

Date 01/10/2018

Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has taken another step to modernize its operations for non-depository institutions and will transition check casher and virtual currency business activity companies to the Nationwide Multistate Licensing System and Registry (NMLS) today, October 1, 2018.  The action marks the last phase of the DFS plan to manage the license application and ongoing regulation of all non-depository financial institutions doing business in New York through NMLS.  Licensed budget planners, sales finance agencies, money transmitter licensees and mortgage providers were previously transitioned to the NMLS platform.

SIFMA Statement On CFTC Cross Border Application White Paper

Date 01/10/2018

SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO on the release of a CFTC white paper examining the cross-border application of swaps regulations:

“SIFMA welcomes CFTC Chairman Giancarlo’s review of the cross-border application of swaps regulations, which is a critical component of the Title VII framework.  As we have previously expressed, SIFMA supports measured approaches to adjusting the existing cross-border framework in a manner which allows for domestically and globally consistent regulatory regimes, takes into account other jurisdictions’ enhanced regulation of their swaps markets relative to when the CFTC initially adopted its existing framework, and reverses market fragmentation by creating a level playing field for U.S. and non-U.S. firms.  We look forward to working with the Commission to identify appropriate opportunities for such measured adjustments consistent with G20 commitments.”

FINRA Announces Plan To Consolidate Examination And Risk Monitoring Programs

Date 01/10/2018

FINRA announced today that it plans to consolidate its Examination and Risk Monitoring Programs, integrating three separate programs into a single, unified program to drive more effective oversight and greater consistency, eliminate duplication and create a single point of accountability for the examination of firms. The effort is a result of FINRA360, the organization’s ongoing comprehensive self-evaluation and improvement initiative.