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Basel Committee On Banking Supervision: Range Of Practices In Implementing The Countercyclical Capital Buffer Policy

Date 22/06/2017

The Basel Committee on Banking Supervision introduced the countercyclical capital buffer (CCyB) policy as part of the Basel III reforms. The countercyclical capital buffer aims to ensure that banking sector capital requirements take account of the macro-financial environment in which banks operate. Its primary objective is to use a buffer of capital to achieve the broader macroprudential goal of protecting the banking sector from periods of excess aggregate credit growth that have often been associated with the build-up of system-wide risk.

European Council, Council Of The European Union: Decision On The Procedure For Relocation Of EU Agencies Currently Located In The UK, 22/06/2017

Date 22/06/2017

• Procedure leading up to a decision on the relocation of the European Medicines Agency and the European Banking Authority in the context of the UK's withdrawal from the Union, 22/06/2017

Failure To Launch, Speech Given By Kristin Forbes, External MPC Member, Bank Of England, London Business School, 22 June 2017

Date 22/06/2017

Central banks around the world have experienced a “failure to launch”. And by “failure to launch”, I do not mean the decision by some thirty-somethings to remain living with their parents – as parodied in a 2006 movie of the same name. Instead, I mean the inability of central banks in almost all developed countries to launch interest rates off the emergency levels adopted in response to the Global Financial Crisis.

Blockchain Announces Series B With Lakestar And GV

Date 22/06/2017

Blockchain announce today that it has raised a Series B of $40 million with Lakestar and GV (formerly Google Ventures) with additional participation from Nokota Management and Digital Currency Group. Blockchain's existing investors – Lightspeed Venture Partners, Mosaic Ventures, Prudence Holdings, Virgin, and Sir Richard Branson (Virgin Group) – also participated in the round. 

The Alternative Reference Rates Committee Selects A Broad Repo Rate As Its Preferred Alternative Reference Rate

Date 22/06/2017

At its meeting today, the Alternative Reference Rates Committee (ARRC) identified a broad Treasuries repo financing rate, which the Federal Reserve Bank of New York has proposed publishing in cooperation with the Office of Financial Research, as the rate that, in its consensus view, represents best practice for use in certain new U.S. dollar derivatives and other financial contracts.¹

Federal Reserve Board Releases Results Of Supervisory Bank Stress Tests

Date 22/06/2017

The nation's largest bank holding companies have strong capital levels and retain their ability to lend to households and businesses during a severe recession, according to the results of supervisory stress tests released Thursday by the Federal Reserve Board.

Treasury Got A “D” - By Kelvin To, Founder And President Of Data Boiler Technologies

Date 22/06/2017

The U.S. Treasury published a report on June 12, 2017 in respond to the President’s Executive Order (EO) 13772 on core principles for regulating the U.S. financial system. It has an interesting remark about the design and implementation of the Volcker Rule: “far overshot the mark” – a vague compliment or false-modesty. However, the report itself scored low marks and I am giving it a “D” grade because:

• Off topic, incomplete, failed to provide a macro view to help facilitate actions.
• Totally missed the mark on discovering ways to cope with 21st century challenges.
• Omitted a roadmap of how supervisory changes will translate into economic benefits.

SIFMA Fixed-Income Market Close Recommendations For The U.S. Independence Day Holiday In The U.S., UK And Japan

Date 22/06/2017

SIFMA has confirmed its previous holiday recommendations for the trading of U.S. dollar-denominated fixed-income securities in the U.S., UK and Japan in observance of the U.S. Independence Day Holiday. 

FIA Launches Third Annual Innovators Pavilion

Date 22/06/2017

FIA launched the third annual Innovators Pavilion today; a showcase for fintech startups that are offering forward-thinking solutions for the global derivatives markets.

CFTC Charges New Jersey Resident Michael S. Wright And New York Firm Wright Time Capital Group LLC (D/B/A Global FX Club) With Solicitation Fraud And Misappropriation In Connection With A Pooled Investment In Foreign Currency Derivatives Trading - CFTC Complaint Also Charges Them With Issuing False Account Statements And Registration Violations

Date 22/06/2017

The U.S. Commodity Futures Trading Commission (CFTC) today filed a civil enforcement action in the U.S. District Court for the Southern District of New York against Defendants Michael S. Wright, of Jersey City, New Jersey, and his firm Wright Time Capital Group LLC, d/b/a Global FX Club (WTCG), a New York limited liability company, charging them with fraud, misappropriation, and issuing false account statements in connection with a pooled investment in foreign currency derivatives (forex) trading. The CFTC Complaint also charges WTCG with failing to register with the CFTC as a commodity pool operator (CPO), as required, and engaging in activities prohibited for a CPO, including commingling pool funds with Defendants’ funds.