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Readout: US Secretary Of The Treasury Janet L. Yellen’s Meeting With United Kingdom Chancellor Of The Exchequer Jeremy Hunt

Date 13/10/2023

Today, Secretary of the Treasury Janet L. Yellen met with United Kingdom Chancellor of the Exchequer Jeremy Hunt on the sidelines of the IMF World Bank Annual Meetings in Marrakech, Morocco. Secretary Yellen discussed joint actions to deny Russia revenue to fund its brutal war and highlighted the importance of collectively supporting Ukraine’s economic assistance needs. The Secretary also discussed the international financial architecture, including achieving a successful conclusion to the 16th General Quota Review.
Readout: US Secretary Of The Treasury Janet L. Yellen’s Meeting With French Finance Minister Bruno Le Maire

Date 13/10/2023

Today, U.S. Secretary of the Treasury Janet L. Yellen met with French Finance Minister Bruno Le Maire on the sidelines of the IMF World Bank Annual Meetings in Marrakech, Morocco. Secretary Yellen expressed her appreciation for Minister Le Maire and France’s close cooperation on actions to respond to Russia’s illegal invasion of Ukraine, on the need to sustain robust economic and budgetary support for Ukraine, and on the work to combat sanctions evasion. Secretary Yellen discussed needed progress on the clean energy transition and supply chain resilience, as well as the economic outlook for the United States and Europe.
CFTC Commitments Of Traders Reports Update

Date 13/10/2023

The current reports for the week of October 10, 2023 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data.
Statement On Short Sale Disclosure, SEC Commissioner Hester M. Peirce, Oct. 13, 2023

Date 13/10/2023

Thank you, Mr. Chair. In 2010, Congress directed the Commission to prescribe rules providing for the public disclosure of aggregate short sale position data on at least a monthly basis. The final rule that we are considering today, however, goes well beyond what Congress requires. Because a narrower rule leveraging existing reporting requirements could have brought more meaningful transparency at lower costs, I cannot support this recommendation.
Statement On Reporting Of Securities Loans, SEC Commissioner Mark T. Uyeda, Oct. 13, 2023

Date 13/10/2023

Thank you, Chair Gensler. Under Section 984(b) of the Dodd-Frank Act, the Commission is required to promulgate rules “designed to increase the transparency of information available to brokers, dealers, and investors with respect to the loan or borrowing of securities.”[1] Today, the Commission considers adopting final Rule 10c-1a to fulfill that obligation. This rule would require covered persons to provide to a registered national securities association—which is effectively FINRA—information concerning certain securities loans within specified time periods, and would require FINRA to make certain information publicly available. The final rule also contains requirements for FINRA on data retention and reasonable fees.

Statement On Short Position And Short Activity Reporting By Institutional Investment Managers, SEC Commissioner Mark T. Uyeda, Oct. 13, 2023

Date 13/10/2023

Thank you, Chair Gensler. Section 13(f)(2) of the Exchange Act requires the Commission to prescribe rules providing for the public disclosure of the name of the issuer and the title, class, CUSIP number, and aggregate amount of the number of short sales of each security, and any additional information determined by the Commission. Section 13(f)(3) then provides the Commission with authority to exempt any institutional investment manager or security or any class of the foregoing from any or all of the provisions of Section 13(f) or the rules thereunder. Notably, in enacting the Dodd-Frank Act, Congress did not limit the Commission’s exemptive authority under section 13(f)(3) as it did in other areas, such as with respect to certain swaps and derivatives where Congress did specifically curtail Commission authority to issue exemptive relief.
Statement Regarding The Reporting Of Securities Loans (Rule 10c-1a) And Short Position And Activity Reporting (Rule 13f-2), SEC Commissioner Caroline A. Crenshaw, Oct. 13, 2023

Date 13/10/2023

In 2010, with the passage of the Dodd-Frank Act, Congress recognized the importance of increasing transparency with respect to both securities lending and short selling activities. Both of the rules we are considering today would implement this important Dodd-Frank directive by increasing transparency through making new data publicly available to investors and market participants.
Reporting Of Securities Loans, SEC Commissioner Hester M. Peirce, Oct. 13, 2023

Date 13/10/2023

Thank you, Mr. Chair. While providing transparency regarding securities lending is a worthy and statutorily mandated objective, the approach we are voting on today is not the right way to achieve that objective. Accordingly, I cannot support this recommendation.
ISDA: Letter To The EBA On SA-CCR

Date 13/10/2023

On October 13, 2023, ISDA and the Association for Financial Markets in Europe (AFME) submitted a joint letter responding to the European Banking Authority (EBA) on its report on the standardized approach for counterparty credit risk (SA-CCR).
Short Sale Disclosure: Striking The Right Balance, SEC Commissioner Jaime Lizárraga, Oct. 13, 2023

Date 13/10/2023

As with securities lending, short sales, provided they are conducted in compliance with applicable rules, can play a valuable price discovery role in our capital markets. That said, they can sometimes contribute to, or even cause, precipitous price declines, facilitate market manipulation, and generate market uncertainty and volatility.