News Centre

CFTC Chairman Giancarlo To Testify Before The U.S. Senate Committee On Appropriations, Subcommittee On Financial Services And General Government

Date 04/06/2018

Intercontinental Exchange Chairman And CEO Jeffrey C. Sprecher And NYSE President Stacey Cunningham To Present At The Sandler O’Neill Global Exchange And Brokerage Conference

Date 04/06/2018

Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced today that ICE Chairman and CEO Jeffrey C. Sprecher will present at the Sandler O’Neill Global Exchange and Brokerage Conference on Thursday, June 7 at 10:00 a.m. ET. Additionally, NYSE President Stacey Cunningham will participate in the Equity Market Structure: Shifting Focus to Action panel on Wednesday June 6 at 3:00 p.m. ET. The events will be available live and in replay via webcast and can be accessed in the investor relations section of ICE’s website at http://ir.theice.com/. 

CFTC Commissioner Quintenz Announces TAC Subcommittees

Date 04/06/2018

Commodity Futures Trading Commission (CFTC) Commissioner Brian Quintenz issued the following statement regarding the establishment of subcommittees for the Technology Advisory Committee:

“I am pleased to announce that the Commission has approved the establishment of the Technology Advisory Committee’s four subcommittees this morning. I have been anxious to form these subcommittees and look forward to letting their experts develop thoughtful, robust analysis on automated and modern trading markets, cybersecurity, distributed ledger technology and market infrastructure, and virtual currencies. I would like to thank Dan Gorfine and Jorge Herrada of LabCFTC for their work supporting the TAC and the development of these subcommittees. I would also like to acknowledge the work of Dan Davis and Michelle Ghim of the Office of General Counsel for their efforts bringing this seriatim forward for the Commission’s approval.”

SEC Names Valerie A. Szczepanik Senior Advisor For Digital Assets And Innovation - Szczepanik Also Named Associate Director In Division Of Corporation Finance

Date 04/06/2018

The Securities and Exchange Commission today announced that Valerie A. Szczepanik has been named Associate Director of the Division of Corporation Finance and Senior Advisor for Digital Assets and Innovation for Division Director Bill Hinman.  In this newly created advisory position, Ms. Szczepanik will coordinate efforts across all SEC Divisions and Offices regarding the application of U.S. securities laws to emerging digital asset technologies and innovations, including Initial Coin Offerings and cryptocurrencies.  

Statement Of Dissent Of CFTC Commissioner Rostin Behnam Before The Open Commission Meeting On June 4, 2018 - De Minimis Exception To The Swap Dealer Definition

Date 04/06/2018

Introduction

I respectfully dissent from the Commodity Futures Trading Commission’s (the “Commission” or “CFTC”) notice of proposed rulemaking addressing the de minimis exception to the swap dealer definition (the “Proposal”).  I have a number of concerns with specific criteria of the various exceptions proposed and contemplated in the Proposal.  However, my gravest concern is that the Commission is moving far beyond the task before it— setting the aggregate gross notional amount threshold for the de minimis exception— to redefine swap dealing activity absent meaningful collaboration with the Securities and Exchange Commission (“SEC”), as required by the Dodd-Frank Act,[1] and to the detriment of market participants eager for regulatory certainty.  Equally concerning, the Proposal’s various ancillary components not only detract from its core purpose, but may signify the Commission’s willingness to exploit the de minimis exception to undermine the swap dealer definition and circumvent Congressional intent.

US Department Of Justice: Société Générale S.A. Agrees To Pay $860 Million In Criminal Penalties For Bribing Gaddafi-Era Libyan Officials And Manipulating LIBOR Rate - Bank Admits To Making Over $90 Million In Corrupt Payments; Acknowledges Manipulation Of Global Benchmark Interest Rate, Impacting Financial Products Traded Worldwide

Date 04/06/2018

Société Générale S.A. (Société Générale), a global financial services institution based in Paris, France, and its wholly owned subsidiary, SGA Société Générale Acceptance N.V., have agreed to pay a combined total penalty of more than $860 million to resolve charges with criminal authorities in the United States and France, including $585 million relating to a multi-year scheme to pay bribes to officials in Libya and $275 million for violations arising from its manipulation of the London InterBank Offered Rate (LIBOR), one of the world’s leading benchmark interest rates.  SGA Société Générale Acceptance N.V. will plead guilty in the Eastern District of New York in connection with the resolution of the foreign bribery case.  Together with approximately $475 million in regulatory penalties and disgorgement that Société Générale has agreed to pay to the Commodity Futures Trading Commission (CFTC) in connection with the LIBOR scheme, the total penalties to be paid by the bank exceed $1 billion. 

DTCC Adds Two New Members To Board Of Directors

Date 04/06/2018

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade infrastructure for the global financial services industry, today announced the election of two new members to its Board of Directors during the firm’s Annual Shareholders Meeting.

Opening Statement Of CFTC Commissioner Rostin Behnam Before The Open Commission Meeting On June 4, 2018

Date 04/06/2018

Thank you Mr. Chairman.  I would like to start with a very big thank you to all of the Commission staff who worked to make today’s meeting possible – both those who will be presenting at the table today and those who worked tirelessly behind the scenes.

I am very pleased to be here this morning for the Commission’s first open meeting since 2016.  I am optimistic that this will be the first of many public meetings, as the Commission begins to move to propose and implement important rules such as the ones we are discussing today.  I came to the Commission in September of 2017 with great excitement and anticipation about the chance to roll up my sleeves and participate in this endeavor.  Last October, when we moved the phase in date for the de minimis threshold back another year, I said that we should have dealt with this issue then.  I am glad that the day is finally here to discuss the de minimis threshold in a public forum, and begin the process of engaging with the public and market participants to hopefully formulate a final rule on this important issue, and finally provide long needed regulatory certainty.

The Saudi Arabia Capital Market Authority Publishes The Draft Amendments To The Investment Accounts Instructions For Public Consultation

Date 04/06/2018

The Capital Market Authority (CMA) invited investors, interested parties and the public to provide their comments on the draft amendments to the Investment Accounts Instructions, which is available on the CMA’s official website for a period of 30 days from its publication. The CMA assured that all comments will be taken into consideration for the purpose of finalizing the amendments to the Instructions.

SEC Charges Investment Adviser And Two Former Managers For Misleading Retail Clients

Date 04/06/2018

The Securities and Exchange Commission today announced that New York-based investment adviser deVere USA, Inc. has agreed to pay an $8 million civil penalty related to its failure to disclose conflicts of interest to its retail clients. The settlement will result in the establishment of a Fair Fund for distribution of the penalty to affected clients. The SEC also announced the filing of a litigated action against two deVere USA investment adviser representatives, one of whom was the CEO of the firm.