News Centre

SEC Charges Alternative Investment Platform YieldStreet for Misleading Investors

Date 12/09/2023

The Securities and Exchange Commission today announced a settled action against New York-based YieldStreet Inc. and its registered investment adviser subsidiary, YieldStreet Management LLC (together, YieldStreet), for failing to disclose critical information to investors in a $14.5 million asset-backed securities offering.

CME Group Inc. Announces Third-Quarter 2023 Earnings Release, Conference Call

Date 12/09/2023

CME Group Inc. will announce earnings for the third quarter of 2023 before the markets open on Wednesday, October 25, 2023. Written highlights for the quarter will be posted on the company's website at 6:00 a.m. Central Time, the same time it provides its earnings press release. The company will also hold an investor conference call that day at 7:30 a.m. Central Time, at which time company executives will take analysts' questions. 

Central Bank Governors Appointed To Lead Key BIS Committees And Groups

Date 12/09/2023

• Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, is appointed Chair of the major emerging market economies' Governors meeting.
• The term of Perry Warjiyo, Governor of Bank Indonesia, as Chair of the Asian Consultative Council is extended by one year.
• Fabio Panetta, ECB Executive Board member, is appointed Chair of the BIS Committee on Payments and Market Infrastructures.

Testimony Of SEC Chair Gary Gensler Before The United States Senate Committee On Banking, Housing, And Urban Affairs

Date 12/09/2023

Good morning, Chairman Brown, Ranking Member Scott, and members of the Committee. Thank you for inviting me to testify today. 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 SEC staff.

Banking Trade Associations Call On Banking Agencies To Re-Propose Basel Rule - Basel Proposal Lacks Publicly Available Data And Analysis Required By Law

Date 12/09/2023

The banking agencies’ Basel proposed rule violates the Administrative Procedure Act by relying on data and analyses that the agencies have not made available to the public, the Bank Policy Institute, the American Bankers Association, the Financial Services Forum, the Institute of International Bankers, the Securities Industry and Financial Markets Association and the U.S. Chamber of Commerce wrote in a letter today. In addition to omitting necessary information from the proposed rule, the agencies have also announced that they plan to collect additional data which they will use to calibrate the final rule — a move that also fails to comply with the law because the public would be denied the ability to review the data used in the rulemaking. The trade associations called on the agencies to remedy these violations of the law by publicly disclosing any and all evidence and analyses the agencies relied on or plan to rely upon — and then re-proposing the rule with a new 120-day comment period.

BIS: Upside Down: When AT1 Instruments Absorb Losses Before Equity

Date 12/09/2023

• As demonstrated by the recent Credit Suisse episode, outside resolution, some Additional Tier 1 (AT1) bonds may be written down entirely before the wipe-out of Common Equity Tier 1 (CET1). This situation implies a transfer of value from holders of such AT1 bonds to shareholders.

SEC Charges National Office Partner At Marcum For Causing Widespread Quality Control Deficiencies

Date 12/09/2023

The Securities and Exchange Commission today charged Alfonse Gregory Giugliano, CPA, the former National Assurance Services Leader at Marcum LLP, a public accounting firm, with failing to sufficiently address and remediate numerous deficiencies in Marcum’s quality control system. The SEC previously charged Marcum for these quality control deficiencies and other violations, many of which were in connection with Marcum’s audit work for hundreds of special purpose acquisition companies (SPACs).

Korea Investment Management Launches Series Of ETFs Tracking Solactive US Big Tech Top 7 Plus Index, With Leveraged And Inverse Versions

Date 12/09/2023

The technology sector is often associated with innovation and rapid growth. It consistently introduces disruptive products and services, promising substantial potential for growth and value creation for investors. In line with this vision, Korea Investment Management has expanded its engagement with Solactive to launch a series of three ETFs tracking the Solactive US Big Tech Top 7 Plus Index.

Fiserv To Present At Autonomous Research Annual Future Of Commerce Symposium

Date 12/09/2023

Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology solutions, announced that Bob Hau, Chief Financial Officer, will present at the Autonomous Research Annual Future of Commerce Symposium on September 15, 2023 at 8 a.m. ET.

CME Group And DTCC Receive Regulatory Approval For Enhanced Treasury Cross-Margining Arrangement Launching January 2024

Date 12/09/2023

CME Group, the world's leading derivatives marketplace, and The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced their enhanced cross-margining arrangement has received Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) approvals. The arrangement will enable capital efficiencies for clearing members that trade and clear both U.S. Treasury securities and CME Group Interest Rate futures and is expected to launch in January 2024.