News Centre

The Statement Of Cash Flows: Improving The Quality Of Cash Flow Information Provided To Investors, Paul Munter, SEC Chief Accountant

Date 04/12/2023

Introduction: The Importance of Cash Flow Reporting for Investors

The statement of cash flows is integral to a complete set of financial statements, and it should therefore be subject to the same level of due professional care, effective internal controls, and robust, high-quality audit as other financial statements. Unfortunately, we have observed that preparers and auditors may not always apply the same rigor and attention to the statement of cash flows as they do to other financial statements, which may impede high quality financial reporting for the benefit of investors. This is evidenced by the statement of cash flows consistently being a leading area of financial statement restatements, and by our observations of material weaknesses in internal control over financial reporting (“ICFR”) around the preparation and presentation of the statement of cash flows.

Moscow Exchange Trading Volumes In November 2023

Date 04/12/2023

In November 2023, total trading volumes across Moscow Exchange’s markets were RUB 126.1 trln (RUB 74.8 in November 2022). Unless stated otherwise, all figures below refer to performance for August 2023 and all comparisons are with the same period last year.

Statement Of CFTC Commissioner Kristin Johnson: Commission Guidance Regarding Listing Of Voluntary Carbon Credit Derivative Contracts

Date 04/12/2023

Today, the Commodity Futures Trading Commission (Commission or CFTC) adopts proposed guidance regarding the listing of voluntary carbon credit (VCC) derivative contracts on designated contract markets (DCMs)—boards of trade that operate under the regulatory oversight of the CFTC (Proposed Guidance). I support the Proposed Guidance, and I applaud the Division of Market Oversight for developing and advancing these important transparency and market integrity reforms.

“Exorbitant Privilege: Responsibilities And Challenges”: Prepared Remarks Before The Council On Foreign Relations, SEC Chair Gary Gensler, Washington D.C., Dec. 4, 2023

Date 04/12/2023

Good morning. I’m honored that Mike and you invited me to speak today. Mike has a long history of public service, including having participated in hiring me twice, first into the Clinton Treasury Department and later the Obama Administration. As is customary, I’d like to note that my views are my own as Chair of the Securities and Exchange Commission, and I am not speaking on behalf of my fellow Commissioners or the staff.

BIS Quarterly Review, December 2023

Date 04/12/2023

Financial market fluctuations reflected investors' adjustment to the higher-for-longer monetary policy stance.

OCC Reports November 2023 Monthly Volume Data

Date 04/12/2023

OCC, the world's largest equity derivatives clearing organization, announced today that year-to-date average daily volume through November 2023 was 44.3 million contracts. Total monthly volume for November 2023 was 908 million contracts.

Statement Of CFTC Commissioner Christy Goldsmith Romero On Exchange Listing Standards For Voluntary Carbon Credit Derivative Contracts

Date 04/12/2023

I am pleased to support today’s proposed guidance regarding the listing of voluntary carbon credit derivatives.  I want to recognize Chairman Behnam’s leadership in the voluntary carbon credit space.  The proposed guidance follows efforts by the Commission to develop capacity in understanding and regulating voluntary carbon credits.

Statement Of CFTC Chairman Rostin Behnam On The Proposed Commission Guidance Regarding The Listing Of Voluntary Carbon Credit Derivative Contracts

Date 04/12/2023

The CFTC as a market regulator has a significant role to play in the voluntary carbon markets (VCMs). As we have seen the listing of listed futures on voluntary carbon credits (VCCs), the Agency’s relationship and responsibility is real. These markets present an opportunity for the agricultural economy that historically underpins the need for derivatives markets for risk management and price discovery, but they also provide a useful tool throughout the financial markets and the real economy.  And today, the Agency takes the most significant step of a financial regulator to promote fundamental standards for high integrity VCCs. 

Statement By US Secretary Of The Treasury Janet L. Yellen On Commodity Futures Trading Commission’s (CFTC) Proposed Guidance On Voluntary Carbon Markets

Date 04/12/2023

U.S. Secretary of the Treasury, Janet L. Yellen released the following statement U.S. Secretary of the Treasury, Janet L. Yellen released the following statement on the Commodity Futures Trading Commission’s (CFTC) proposed guidance on voluntary carbon markets:

“I commend the efforts of Chair Behnam and the CFTC to support high-integrity voluntary carbon markets (VCMs). The proposed guidance issued for public comment today represents an important step by the CFTC toward promoting the integrity of carbon credits and enabling greater liquidity, price discovery, and responsible product innovation for credits that underlie derivatives products listed on CFTC-registered exchanges."

ICE Mortgage Monitor: Equity Withdrawals Rose Slightly in Q3 2023, but High Interest Rates Are Compressing Usage by 55%

Date 04/12/2023

• Despite clear signs of slowing, home prices hit yet another seasonally adjusted high in October, with unadjusted annual growth rising to +4.6%, up from +4.2% in September
• Recent home price gains have returned tappable equity to within 3% its 2022 peak, contributing to a modest increase in equity withdrawals in Q3
• Just 0.41% of tappable equity available at the beginning of the quarter was withdrawn in Q3, some 55% below the average withdrawal rate seen from 2010-2021
• An estimated $54B in equity withdrawals were forgone in Q3 as rising interest rates increased the cost of equity utilization, with an aggregate $250B missing over the last 18 months
• Despite compressed volumes, cash-outs continue to fuel what is left of the refinance market accounting for 92% of Q3 activity, with borrowers withdrawing a record $104K on average
• Purchase lending continues to dominate the market overall, driving 86% of all first lien lending in Q3, with roughly 75% of 2024 originations expected to come from purchase loans
• Rising rates continue to put pressure on homebuyers, with debt-to-income (DTI) ratios on purchase loans hitting multiyear highs in October, according to ICE Market Trends data
• Data also suggests tightening lending criteria, as credit scores for conventional, FHA and VA purchase loans all hit series highs, with FHA credit scores up 14 points year over year
• While foreclosure starts rose in October, near-term risks remain muted due to a combination of historically low serious delinquency rates and strong equity positions among such loans