News Articles

CFTC Reaffirms Exclusive Jurisdiction Over Prediction Markets In Sixth Circuit Amicus Brief

Tue, 12 May 2026 21:01:53 GMT

The Commodity Futures Trading Commission today filed an amicus brief in the U.S. Court of Appeals for the Sixth Circuit asserting the CFTC’s exclusive jurisdiction over prediction markets. The brief was filed in KalshiEx LLC v. Matthew T. Schuler, et al., No. 26-3196.

The filing represents another step in the CFTC’s broader effort to protect its jurisdiction over prediction markets from an ongoing campaign of state encroachment. The amicus brief outlines the comprehensive regulatory scheme designed by Congress, which is implemented by the CFTC, and details how that comprehensive regulatory structure preempts state laws as applied to CFTC-regulated markets.

“The federal district court in Ohio took an improperly narrow view of the Commission’s jurisdiction, and we are asking the Court of Appeals to correct that error,” said CFTC Chairman Michael S. Selig. “As I’ve said repeatedly, the CFTC will not allow overzealous state governments to undermine the agency’s longstanding authority over these markets.”

The CFTC has previously filed lawsuits against Arizona, Connecticut, Illinois, New York, and Wisconsin, and secured a preliminary injunction against state regulation of CFTC-regulated prediction markets in Arizona. The CFTC has also filed amicus briefs in the U.S. Court of Appeals for the Ninth Circuit and the Supreme Judicial Court of Massachusetts.

CFTC Approves Capital Comparability Determination And Order For Certain Nonbank Swap Dealers Domiciled In The European Union

Tue, 12 May 2026 18:04:16 GMT

The Commodity Futures Trading Commission announced today it has approved a comparability determination and a related comparability order granting conditional substituted compliance with the agency’s capital and financial reporting requirements. This action applies to certain CFTC-registered nonbank swap dealers organized and domiciled in France and regulated under the European Union’s Investment Firms Regulation and Investment Firms Directive.

Under the order, an eligible nonbank swap dealer in France may satisfy certain Commodity Exchange Act capital and financial reporting requirements by being subject to, and complying with, comparable requirements applicable under French law, subject to specified conditions.

The comparability order will take effect upon its publication in the Federal Register. For several conditions imposing new obligations on the eligible nonbank swap dealers, the CFTC is granting an additional 180 calendar days for compliance.

To rely on the order, an eligible nonbank swap dealer must notify the CFTC of its intent to satisfy the capital and financial requirements by substituted compliance. The swap dealer must receive CFTC staff confirmation before applying substituted compliance. The notice of intent must include certain representations enumerated in the order’s conditions and must be submitted to: MPDFinancialRequirements@cftc.gov.

Keynote Remarks At FINRA 2026 Annual Conference, CFTC Chairman Michael S. Selig, Washington, DC | May 12, 2026

Tue, 12 May 2026 18:54:40 GMT

Good morning and thank you Robert for that kind introduction. I’m excited to be here speaking with you all today.

As is customary, I must note that the views I share today are my own as Chairman and don’t necessarily reflect those of the Commission.

I’d like to begin with a simple but important premise: modern financial markets are too complex, too fast-moving, and too interconnected to be effectively overseen by government agencies alone. That is precisely why self-regulatory organizations exist and continue to matter. Effective oversight in modern markets requires both scale and specialization.

Organizations like FINRA and the NFA sit right at the center of that design. They’re closer to the day-to-day activity. They see trends earlier. They can respond faster. And importantly, they bring a level of technical expertise that complements what federal regulators are doing.

FINRA’s oversight of broker-dealers, for example, provides more robust oversight of member firms than the SEC could perform alone. Similarly, on the derivatives side, the NFA’s oversight of swap dealers provides a level of continuous supervision that would be difficult for the CFTC to replicate on its own.

Having spent time at the SEC and as a securities lawyer, I came to appreciate just how much the regulatory ecosystem depends on FINRA functioning effectively. The system works because FINRA is embedded in it.

But even good systems can be better, and one of the biggest opportunities right now is coordination.

We live in an increasingly convergent financial ecosystem where activities span both securities and derivatives markets, resulting in CFTC and SEC jurisdictions frequently overlapping.

To navigate this, I’m working with Chairman Atkins to harmonize our agencies’ policymaking and oversight to better serve the American people. In recent months, we’ve entered into a memorandum of understanding, launched a joint harmonization initiative, joined the SEC’s Project Crypto, and advanced a common-sense crypto asset taxonomy to deliver clarity to our nation’s builders and innovators.

These examples are just the beginning. I expect both of our agencies will soon issue joint requests for comment as the first step toward completing rules for portfolio margining and swap data reporting.

There have been ongoing efforts to better align swap data reporting under CFTC rules with security-based swap reporting under SEC Regulation SBSR. This coordination is aimed at reducing discrepancies between the agencies’ rules and improving data quality and usability.

We’re also coordinating enforcement like never before. Our parallel actions and information sharing have reduced the risk of duplicative or inconsistent outcomes for the same underlying conduct.

When the CFTC and SEC operate in true alignment, whether through coordinated rulemaking, unified priorities, or by simply having staff of both agencies working together, the impact is significant. This collaborative approach not only streamlines compliance and reduces costs for market participants but also enhances regulatory effectiveness, reduces confusion, and strengthens the overall integrity of financial markets.

Harmonization between the CFTC and SEC isn’t just efficient, it’s common sense.

But the buck doesn’t stop with federal agencies. In order for harmonization to be fully effective, SROs must also coordinate.

FINRA and the NFA operate in increasingly overlapping territory. The lines between securities and commodity derivatives are ever-changing, leaving firms navigating both regimes at once, sometimes in ways that weren’t envisioned when the rules were first written.

We have a real opportunity here for greater collaboration. Not to merge identities or flatten important differences, but to align the organizations in ways that help regulators and market participants. Coordinated exams, more alignment with recordkeeping, and surveillance. Consistent approaches where appropriate. Shared insights on emerging risks.

At the end of the day, market integrity isn’t achieved in silos. It’s the result of a system where regulators, SROs, and market participants are all moving in the same direction, even when they’re playing different roles.

SROs are a critical adjuvant to federal market regulation. They extend the reach of regulators, bring expertise to the front lines, and create a feedback loop between policy and practice that makes our entire framework stronger.

If we can continue to align where alignment adds value while preserving the specialization that makes each part of the system effective, we move closer to a framework that is not just comprehensive, but internally consistent.

And for those of you in the audience who work in legal or compliance, that consistency is not just a convenience, it’s what allows you to allocate resources more effectively, reduce costs and interpretive risk, and focus on what actually matters.

That’s a goal worth pursuing. Thank you, and I look forward to the fireside chat.

Ontario Securities Commission’s Investor Advisory Panel Releases 2025 Annual Report

Tue, 12 May 2026 18:46:54 GMT

The Ontario Securities Commission’s Investor Advisory Panel (IAP) today released its 2025 Annual Report summarizing its activities, submissions, consultations, and meetings.

The past year saw a continuation of significant developments that affect retail investors, including advances in technology, more variety in investment products and ways to invest, and increasing uncertainty concerning the economy and the broader geo-political environment. The work of the IAP focused on understanding how these issues are impacting retail investors and then providing the retail investor perspective to the policy and rule-making initiatives of the Commission. The Panel raised issues and made recommendations across a variety of initiatives, reflecting its view that investor protection is essential to realizing all parts of the OSC’s mandate.

“Given the rapid pace of change and innovation and the challenging geo-political environment, the IAP believes its work to help bring the views of retail investors and an investor protection lens to OSC policy and rule-making initiatives is vital to healthy, vibrant and safe capital markets,” said IAP Chair Jim Sinclair. “We will continue to focus on the impact of new developments on retail investors and the capital markets, and the need for new strategies and tools, along with a regulatory framework that is proportionate, and maintains a focus on investor protection and the rule of law. We will also continue to develop our knowledge and understanding of issues affecting investors and the capital markets, and further our outreach so we can be suitably prepared to identify and advise the OSC on challenges as they arise for both investors and the capital markets more broadly.”

To help the OSC fulfil its investor protection mandate, the IAP’s advice in 2025 covered a wide range of issues and policies related to individual investors, capital formation and competitiveness. It highlighted the importance of collaboration and harmonization within Canada to enhance investor protection and supported the OSC’s leadership on international working groups and its monitoring of international developments. In particular, the IAP recommended the OSC pursue or continue to pursue what the IAP considers to be key opportunities to enhance investor protection, including:

Providing disclosure that is accessible, clear and easy to understand for investors especially do-it-yourself investors.
Allowing for additional tools, resources and supports to assist investors in their decision-making, together with appropriate safeguards.
Considering whether additional measures are needed to regulate finfluencers and reduce or restrict digital engagement practices.
Expanding the tools and strategies available to respond to wrongdoing, including enhanced freeze powers and the power to dispose of frozen assets and impose higher sanctions.
Finalizing and implementing binding authority for the Ombudsman for Banking Services and Investments as soon as possible and making resources available to investors to make the dispute resolution process as clear and easy to understand as possible.
Providing regulatory guidance and setting expectations so the responsibilities (including liabilities) for the risks associated with the deployment and use of AI tools and strategies are clear to all market participants and investors.
Assessing the impact on investor protection when considering capital formation initiatives, such as permitting long-term asset funds to be sold to retail investors, and evaluating the investor protection mechanisms that can support effective capital formation.

The IAP commends the OSC for its continued efforts to ensure consistency across the regulatory landscape and to guard against systemic risk. The Panel supports the OSC’s outreach to Ontario investors, and notably its Action Plan for Truth and Reconciliation, and looks forward to ongoing engagement with OSC staff as the OSC continues to deliver on its commitments in its Strategic Plan.

Central Bank Governors Appointed To Lead BIS Board And Key Groups

Tue, 12 May 2026 18:06:44 GMT

BIS Board of Directors elects Fabio Panetta, Governor of the Bank of Italy, as its new Chair
Gabriel Galípolo, Governor of the Central Bank of Brazil, is appointed Chair of the meeting of Governors of major emerging market economies
Michele Bullock, Governor of the Reserve Bank of Australia, is appointed Chair of the Asian Consultative Council
Kazuo Ueda, Governor of the Bank of Japan, is appointed Chair of the Committee on the Global Financial System

The Board of Directors of the Bank for International Settlements (BIS) has elected Fabio Panetta, Governor of the Bank of Italy, as its new Chair, and Governors made other key appointments to central bank groups.

Mr Panetta will serve a three-year term, starting 3 June, as Chair of the Board, which is responsible for determining the strategic and policy direction of the BIS, supervising its Management and fulfilling the specific tasks given to it by the Bank's Statutes.

He will succeed François Villeroy de Galhau, Governor of the Bank of France, who previously announced his decision to leave the Bank of France and will step down as Chair on 2 June.

Central bank Governors also announced a number of other appointments to lead key groups at the BIS, which has a mandate to support global monetary and financial stability and acts as a hub for central banks and other financial regulatory and supervisory authorities across the globe.

Gabriel Galípolo, Governor of the Central Bank of Brazil, was appointed Chair of the meeting of Governors of major emerging market economies (EMEs), a venue for the exchange of views on macroeconomic and financial developments and risks and on other relevant matters in EMEs. Mr Galípolo will replace Eddie Yue, Chief Executive of the Hong Kong Monetary Authority. He starts a three-year term on 1 September.

Michele Bullock, Governor of the Reserve Bank of Australia, was appointed Chair of the Asian Consultative Council, a vehicle for communication and coordination between BIS members in the Asia-Pacific and the BIS on matters of interest and concern to the Asian central banking community. Ms Bullock replaces Nguyen Thi Hong, former Governor of the State Bank of Vietnam, for a two-year term starting 11 May.

Kazuo Ueda, Governor of the Bank of Japan, was appointed Chair of the Committee on the Global Financial System, a central bank forum for monitoring financial sector developments and analysing their implications for financial stability and central bank policy. He replaces Chang Yong Rhee, former Governor of the Bank of Korea, for a three-year term starting 12 May.

Governors expressed their gratitude to Mr Villeroy de Galhau, Mr Yue, Ms Hong, and Mr Rhee for their leadership and wished Mr Panetta, Mr Galípolo, Ms Bullock, and Mr Ueda every success in their new roles.

ISDA AGM Studio: Julia Hueckel And Chris Zuehlke

Tue, 12 May 2026 18:59:21 GMT

Julia Hueckel, director of global regulatory policy at Coinbase, and Chris Zuehlke, global head of Cumberland and partner at DRW, speak with Nicolette Cone, ISDA’s chief of staff and associate general counsel, on the rapidly evolving legislative framework for digital assets in the US, and whether regulatory guidance on tokenized collateral is helping to unlock wider adoption in derivatives markets.

EquiLend Acquires Finadium, Expanding Presence In Securities Finance Research & Consulting - Finadium To Continue Operating Independently As A Subsidiary Of EquiLend

Tue, 12 May 2026 19:38:27 GMT

EquiLend, a global leader in securities finance technology, data, and analytics, today announced the acquisition of Finadium, a premier research and consultancy firm serving the securities finance, repo, collateral, and capital markets infrastructure industries.

Finadium will operate as an independently functioning subsidiary of EquiLend. Its research will remain editorially independent, and Josh Galper will remain as leader of the firm, overseeing its day-to-day operations.

“This acquisition deepens our ability to serve clients across the securities finance industry,” said Rich Grossi, CEO of EquiLend. “Finadium has built an exceptional reputation for impartial, best-in-class thinking and consulting, and we’re committed to preserving that independence while investing to broaden and expand its consultancy services, enhancing the support available to meet the evolving needs of all market participants.”

“We are very pleased to join the EquiLend family,” said Josh Galper, leader of Finadium. “The markets are changing fast, and developing our franchise in partnership with EquiLend will support the entire funding and financing industry. We’re excited to maintain our editorial independence while delivering world-class market intelligence and consulting to both EquiLend clients and a diverse range of market participants globally.”

Finadium serves a global client base with research reports, data products, and consulting services focused on securities finance, repo, prime brokerage, and related capital markets topics. The acquisition expands EquiLend’s access to market intelligence, consultancy capabilities, and reinforces its position as a comprehensive resource for the global securities finance community.

The EBA Issues An Opinion About An Austrian Macroprudential Measure

Tue, 12 May 2026 17:59:56 GMT

The European Banking Authority (EBA) provided its opinion to the European Commission about the intention by the Austrian Financial Market Authority (FMA) to increase the level of an existing sectoral systemic risk buffer to address risks in the Austrian commercial real estate market. This measure would result in the sum of the other systemically important institutions (O-SII) buffer rate and the combined systemic risk buffer rate exceeding 5% for the targeted exposures of a subset of banks. The EBA does not object to it.

The measure increases an existing systemic risk buffer rate from 1% to 3.5% for Austrian credit exposures to non-financial corporations operating in the construction of buildings, specialised construction activities, and real estate services. Exposures to limited profit housing associations are exempt. Institutions are required to apply the measure on a consolidated, sub-consolidated, and individual basis. The higher buffer rate will be phased in, starting at 2% on 1 July 2026 and reaching 3.5% on 1 July 2027.

In its opinion to the European Commission, the EBA notes the ongoing concerns of the Austrian FMA regarding macroprudential risks related to commercial real estate exposures in Austria. It calls for continued coordination and effective information sharing among the relevant authorities to ensure that the measures do not negatively affect the functioning of the internal market. Finally, the EBA emphasises the importance of a holistic approach to monitoring existing measures to avoid unintended overlaps in capital requirements.

Legal basis

On 20 March 2026 the EBA received a notification from the European Systemic Risk Board (ESRB) on the intention of the Austrian FMA, to apply Article 133(11) of Directive 36/2013/EU of the European Parliament and of the Council (Capital Requirements Directive, CRD). The higher buffer rate would result in the sum of the O-SII buffer rate and the combined systemic risk buffer rate between 5.75% and 6.25% for the targeted exposures of three institutions.

In accordance with Article 131(15) and in conjunction with Article 131(5a) of the same Directive, the EBA may within six weeks provide the European Commission its Opinion on the buffer.

Documents

Opinion in accordance with Article 131 CRD on macroprudential measures in Austria

(179.28 KB - PDF)

Worldline And EcoFlow Announce Strategic Partnership To Power Seamless Global Payments - Clean Energy Leader To Deliver A Smooth Checkout Experience And Accelerate Growth Across Europe And International Markets

Tue, 12 May 2026 16:06:15 GMT

Worldline, a European leader in payment services, and EcoFlow, a leading provider of smart home energy storage solutions, today announced a strategic partnership to enhance EcoFlow's global payment infrastructure and accelerate its expansion across the US, UK, Europe and new international markets. EcoFlow has selected Worldline's Global Collect platform to unify its global payment operations, enable local acquiring and deliver a seamless, reliable checkout experience for customers worldwide.

As EcoFlow enters its next phase of growth, marked by increasing transaction volumes and expanding customer demand, a high-performance payment system has become critical to ensuring a consistent user experience across regions.

Through this partnership, Worldline's local acquiring capabilities across geographies will enable EcoFlow to boost authorisation rates, reduce cross-border payment friction and meet local compliance requirements with ease ensuring customers enjoy a trusted and frictionless checkout experience regardless of their location.

As EcoFlow prepares for its next wave of expansion, Worldline will extend its local acquiring footprint into APAC, Latin America and additional regions as transaction volumes scale. Worldline's advanced network tokenisation technology will further improve authorisation performance and significantly reduce false declines, an essential advantage for high-value clean energy products, where reliability and trust are key to the purchasing decision.

Stijn Gasthuys, Head of Global Commerce at Worldline, said: “As EcoFlow expands into new markets, they need a payments partner combining global execution with local expertise to deliver reliable, high‑performance payment experiences worldwide. At Worldline Global Collect, our ability to support complex international growth, together with our strong European coverage, made the difference.”

Yidan Yuan, Head of Europe at EcoFlow, added: “Delivering a seamless and reliable customer experience is at the core of everything we do. As our global business continues to grow, we need a payment infrastructure that can scale with us while maintaining high performance across markets. Our partnership with Worldline allows us to strengthen payment reliability, improve authorisation rates and ultimately provide a smoother experience for our customers worldwide.”

By investing in a more advanced and localised payment ecosystem, EcoFlow reinforces its commitment to customer-centric innovation, ensuring that as its clean energy solutions reach more users globally, the purchasing experience remains as intuitive, secure and efficient as the products themselves.

About Worldline

Worldline [Euronext: WLN] is Europe's leading operator of critical infrastructure and payment services. With a presence across the entire value chain, the Group offers its customers unique expertise in processing and securing their payments, thereby promoting their growth. Worldline is leveraging its 2030 strategic plan and its technological innovation capabilities to build the European reference payment partner for merchants and financial institutions. With over 1.2 million customers, Worldline achieved €4bn in revenue in 2025. worldline.com

Worldline’s corporate purpose (“raison d’être”) is to design and operate leading digital payment and transactional solutions that enable sustainable economic growth and reinforce trust and security in our societies. Worldline makes them environmentally friendly, widely accessible, and supports social transformation.

ISDA AGM Studio: Nikita Cotton And Claire Gerrand

Tue, 12 May 2026 19:02:53 GMT

Participants from ISDA’s Future Leaders in Derivatives (IFLD) program discuss the opportunities and issues raised by the shift to digital assets and the insights gained from collaborating with peers through the IFLD. Nikita Cotton, senior associate at Morgan, Lewis & Bockius, and Claire Gerrand, senior research lead at D2 Legal Technology, share their perspectives with Andrew Bayley, senior director, regulatory reporting transformation EMEA, at ISDA.