News Centre

SEC: Former Coinbase Manager And His Brother Agree To Settle Insider Trading Charges Relating To Crypto Asset Securities

Date 30/05/2023

The Securities and Exchange Commission today announced that former Coinbase product manager Ishan Wahi and his brother, Nikhil Wahi, agreed to settle charges that they engaged in insider trading through a scheme to trade ahead of multiple announcements regarding at least nine crypto asset securities that would be made available for trading on the Coinbase platform. Ishan and Nikhil Wahi each agreed to be permanently enjoined from violating Section 10(b) of the Securities Exchange Act and Rule 10b-5 and to pay disgorgement of ill-gotten gains, plus prejudgment interest. As is often the case when a criminal court has already ordered defendants to forfeit their ill-gotten gains, the disgorgement and prejudgment interest in the SEC’s case would be deemed satisfied by the orders of forfeiture of the Wahi brothers’ assets in the criminal action, if approved by the court, and the SEC determined not to seek civil penalties in light of the Wahi brothers’ prison sentences.

Ontario Securities Commission’s Investor Advisory Panel Releases 2022 Annual Report

Date 30/05/2023

The Investor Advisory Panel (the IAP) today released its 2022 Annual Report  summarizing its activities, submissions, consultations and meetings in 2022. 

ISDA derivatiViews: Quantifying The Benefits Of Digitization

Date 30/05/2023

One of the consistent themes that emerged from ISDA’s 37th Annual General Meeting (AGM) in Chicago this month was the need to realize greater efficiencies through digitization. From derivatives documentation to regulatory reporting and collateral management, speakers concurred on the huge benefits of standardizing documentation and automating key processes. But without actually quantifying those benefits, it can be difficult to make the case for investing in digitization. We’ve sought to address this with new research that provides a rare insight into the true value of the digital approach.

Philip Austin To Join SIFMA Advocacy Team

Date 30/05/2023

SIFMA today announced Philip (P.J.) Austin will join the Association’s Federal Advocacy team.  As Vice President, P.J. will focus on tax policy and Advocacy and will report to the Executive Vice President, Advocacy, Josh Wilsusen.

Joint Financial Services Trade Associations Comment On Debt Ceiling Agreement

Date 30/05/2023

The American Bankers Association (ABA), Bank Policy Institute (BPI), Consumer Bankers Association (CBA), Financial Services Forum (FSF), International Swaps and Derivatives Association (ISDA), Investment Company Institute (ICI), Managed Funds Association (MFA) and the Securities Industry and Financial Markets Association (SIFMA), a group of trade associations representing broker dealers, banks, asset managers and related financial institutions of all sizes, today issued the following statement on the agreement to raise the federal debt ceiling:

CFTC’s Division Of Clearing And Risk Issues Staff Advisory On The Risks Associated With Expansion Of Derivatives Clearing Organization Clearing Of Digital Assets

Date 30/05/2023

Today, the Commodity Futures Trading Commission Division of Clearing and Risk (DCR) issued a staff advisory on the risks associated with the expansion of Derivatives Clearing Organization (DCO) clearing of digital assets. In the past several years, DCR has observed increased interest by DCOs and DCO applicants in expanding the types of products cleared and business lines, clearing models, and services DCOs offer, including related to digital assets.

NGX ASI, Eurobonds Rally Amid Subsidy Removal, Market Cap Hits N3tn

Date 30/05/2023

The All-Share Index of Nigerian Exchange Limited surged by 5.32 percent at the end of trading on Tuesday following the removal of subsidy by the newly inaugurated president of Nigeria, Bola Ahmed Tinubu.

BOX Options Market: Notice 2023-139 QCC Rebate Changes

Date 30/05/2023

Effective June 1, 2023, BOX Options Market LLC (“BOX”) is amending the QCC Rebate structure in Section IV.D.1.a and the QCC Growth Rebate in Section IV.D.1.b of the BOX Fee Schedule. Please also see June 1 Fee Changes, Notice 2023-133, for additional fee changes effective June 1, 2023.

BIS: MPC Heterogeneity And The Dynamic Response Of Consumption To Monetary Policy

Date 30/05/2023

Summary

Focus

We study how household financial choices affect the impact of monetary policy on consumption. We use household-level survey data from Germany, France, Italy and Spain to estimate a model of how households allocate their income between savings (in risky and risk-free assets) and consumption. From our model, we derive marginal propensities to consume (MPCs), ie how much a household consumes out of an extra euro received. We use these MPCs to quantify the effect of a change in interest rates on consumption for each household.

Bank For International Settlements' Committee On Payments And Market Infrastructures Invites Market Participants To Join A Panel Of Experts To Promote The Harmonisation Of API Protocols For Use In Cross-Border Payments

Date 30/05/2023

• CPMI establishes experts panel on the harmonisation of application programming interface (API) protocols to contribute to the G20 cross-border payments programme.
• The panel will evaluate proposals for API standards in cross-border payment information exchange, develop recommendations for greater harmonisation of APIs and develop a longer-term global governance proposal and process.
• CPMI invites nominations for the panel from interested central banks, financial infrastructures, bank and non-bank payment service providers and industry associations.