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MIAX Exchange Group - Option & Equity Markets - Cboe Exchange Has Received Approval To Amend Cboe Rule 10.3 Regarding Margin Requirements

Date 10/03/2023

The Cboe Exchange, Inc. (“Cboe”) has received approval from the Securities and Exchange Commission (“SEC”) to amend Cboe Rule 10.3 regarding margin requirements related to cash-settled index options written against exchange-traded funds (‘‘ETF(s)’’) that track the same index underlying the option.
Bank Of England Statement: Silicon Valley Bank UK

Date 10/03/2023

The Bank of England, absent any meaningful further information, intends to apply to the Court to place Silicon Valley Bank UK Limited (‘SVBUK’) into a Bank Insolvency Procedure. A Bank Insolvency Procedure would mean that eligible depositors are paid out by the FSCS as quickly as possible up to the protected limit of £85,000 or up to £170,000 for joint accounts. SVBUK’s other assets and liabilities would be managed in the insolvency by the bank liquidators and recoveries distributed to its creditors. SVBUK has a limited presence in the UK and no critical functions supporting the financial system. In the interim, the firm will stop making payments or accepting deposits.
Readout: US Secretary Of The Treasury Janet L. Yellen Convenes Financial Regulators

Date 10/03/2023

Today, Secretary of the Treasury Janet L. Yellen convened leaders from the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency to discuss developments around Silicon Valley Bank. Secretary Yellen expressed full confidence in banking regulators to take appropriate actions in response and noted that the banking system remains resilient and regulators have effective tools to address this type of event.
Statement Regarding The Commission’s Disapproval Of A Proposed Rule Change To List And Trade Shares Of The VanEck Bitcoin Trust, SEC Commissioner Hester M. Peirce, SEC Commissioner Mark T. Uyeda, March 10, 2023

Date 10/03/2023

Nearly six years have passed since the Commission issued, via authority delegated to the Division of Trading and Markets, its first order disapproving an application by an exchange to list and trade an exchange-traded product (“ETP”) designed to track the price of spot bitcoin. Notwithstanding significant evolution of the bitcoin market, the Commission has continued to disapprove every such filing that has come before it. In our view, the Commission is using a different set of goalposts from those it used—and still uses—for other types of commodity-based ETPs to keep these spot bitcoin ETPs off the exchanges we regulate. Today, the Commission has issued the latest in this disappointing string of disapproval orders. This order’s analysis essentially repeats the analysis that the Commission has given in each of these recent orders. However, it is worth reflecting on the Commission’s approach to these products, how that approach differs from the approach the Commission has taken—and indeed continues to take—toward other commodity-based ETPs, and what this bodes for the future of innovation, and by extension, for investor protection and capital formation, in our markets.
MOEX Shareholders To Consider Dividends At AGM On 27 April

Date 10/03/2023

On 10 March 2023, the Moscow Exchange Supervisory Board recommended that the Annual General Meeting of Shareholders (AGM) approve a dividend for 2022 of RUB 4.84 per share. The total recommended dividend amounts to RUB 11.02 bln.

FDIC Creates A Deposit Insurance National Bank Of Santa Clara To Protect Insured Depositors Of Silicon Valley Bank, Santa Clara, California

Date 10/03/2023

Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank.
Nigerian Exchange Weekly Market Report For Week Ended March 10th, 2023

Date 10/03/2023

A total turnover of 1.023 billion shares worth N20.221 billion in 18,650 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.910 billion shares valued at N18.436 billion that exchanged hands last week in 20,311 deals.
FINMA Sees No Sufficient Grounds For Proceedings Following Investigations Into Statements On Outflows Of Client Funds At Credit Suisse

Date 10/03/2023

The Swiss Financial Market Supervisory Authority FINMA has investigated possible violations of financial market law in connection with public statements made by the Chairman of the Board of Directors of Credit Suisse regarding outflows of client funds. It does not see sufficient grounds to open supervisory proceedings in this case.
CFTC Staff Announces Modifications To The Technical Specification For Parts 43 And 45

Date 10/03/2023

The Commodity Futures Trading Commission staff today announced the publication of modifications to Version 3.1 of the CFTC Technical Specification, issued in August 2022. The Technical Specification provides detailed instructions for swap data reporting and public dissemination requirements under Parts 43 and 45 of CFTC regulations. The Technical Specification includes the definitions, formats, and allowable values for data elements that are to be reported to swap data repositories (SDRs).
Testimony Of US Secretary Of The Treasury Janet L. Yellen Before The Committee On Ways And Means, U.S. House Of Representatives

Date 10/03/2023

Chairman Smith, Ranking Member Neal, and members of the Committee: thank you for inviting me to discuss the President’s Fiscal Year 2024 Budget. The President’s proposals prioritize growth-enhancing investments that will build on the economic progress we’ve made, along with significant tax reforms that will substantially reduce the deficit, improve our long-run fiscal outlook and reduce fiscal risks.