News Centre

The SEC’s Swiss Army Statute: Statement On Charter Communications, Inc., SEC Commissioner Hester M. Peirce, SEC Commissioner Mark T. Uyeda, Nov. 14, 2023

Date 14/11/2023

The classic Swiss Army Knife began its life as an ingenious multi-use tool designed by Karl Elsener, a Swiss cutler. The early versions started with basic tools useful to soldiers—a blade, a can opener, a screwdriver, and a reamer—and soon expanded to include a second blade and a corkscrew. Over time, the knife has evolved to incorporate myriad attachments and has expanded beyond its martial beginnings to offer versions for different users. The Commission in recent years has taken to using Securities Exchange Act Section 13(b)(2)(B)  as its own Swiss Army statute—a multi-use tool handy for compelling companies to adopt and adhere to policies and procedures that the Commission deems good corporate practice. We do not have the authority to tell companies how to run themselves, but we now routinely use Section 13(b)(2)(B) to do just that. The settlement with Charter Communications, Inc. is the latest example of the Commission’s unmooring of Section 13(b)(2)(B) from its statutory text and context to extend the reach of its jurisdiction.

SEC: Charter Communications To Pay $25 Million Penalty For Unauthorized Stock Buybacks

Date 14/11/2023

The Securities and Exchange Commission today announced settled charges against Charter Communications Inc. for violating internal accounting controls requirements when it engaged in stock buybacks not authorized by its board of directors.

MIAX Options And MIAX Emerald - Amendment To Rule 404, Series Of Option Contracts Open For Trading, To Adopt A New Strike Listing Program

Date 14/11/2023

MIAX Options and MIAX Emerald Options have received approval from the Securities and Exchange Commission to adopt a new strike interval program for stocks that are priced less than $2.50.

SEC Announces Enforcement Results For Fiscal Year 2023 - Commission Filed 784 Enforcement Actions, Obtained Orders For Nearly $5 Billion In Financial Remedies, And Distributed Nearly $1 Billion To Harmed Investors

Date 14/11/2023

The Securities and Exchange Commission today announced that it filed 784 total enforcement actions in fiscal year 2023, a 3 percent increase over fiscal year 2022, including 501 original, or “stand-alone,” enforcement actions, an 8 percent increase over the prior fiscal year. The SEC also filed 162 "follow-on" administrative proceedings seeking to bar or suspend individuals from certain functions in the securities markets based on criminal convictions, civil injunctions, or other orders and 121 actions against issuers who were allegedly delinquent in making required filings with the SEC.

NinjaTrader Named Best Brokerage For Trading Futures For Fourth Consecutive Year At Benzinga Global Fintech Awards - Company Also Recognized For Developing Best-In-Class Education To Make Futures Accessible To All Traders

Date 14/11/2023

For the fourth consecutive year, NinjaTrader Group, LLC, a global leader in futures brokerage and advanced technology for active traders, has won the award for Best Brokerage for Trading Futures at the Benzinga Global Fintech Awards. The firm was also honored at the awards ceremony last night for its role in developing best-in-class education to make futures accessible to all traders.

CFTC Commissioner Pham To Speak At Abu Dhabi Finance Week

Date 14/11/2023

Joint Trade Association Letter On EMIR Bilateral Margin Requirements For Equity Options

Date 14/11/2023

On November 10, ISDA and seven other trade associations wrote to the European Supervisory Authorities (ESAs) to ask them to provide guidance to national competent authorities (NCAs) to exercise their supervisory powers in relation to the European Market Infrastructure Regulation (EMIR) margin requirements for equity options in a proportionate and risk-based manner between January 4, 2024 and the go-live date for EMIR III. Alternatively, the ESAs should extend the temporary exemption in the EMIR bilateral margin regulatory technical standards beyond the current January 4, 2024 expiry date or until EMIR III takes effect.

US Acting Comptroller Of The Currency Testifies On Bank Supervision

Date 14/11/2023

Acting Comptroller of the Currency Michael J. Hsu today testified on bank supervision before the Committee on Banking, Housing, and Urban Affairs of the U.S. Senate.

The EBA Announces Timing For Publication Of 2023 EU-Wide Transparency Exercise And Risk Assessment Report

Date 14/11/2023

The European Banking Authority (EBA) announced today that its 2023 Risk Assessment Report and transparency exercise with bank by bank data will be released on Tuesday 12 December 2023 at 18:00 CET.

ISDA-Clarus RFR Adoption Indicator: October 2023

Date 14/11/2023

The ISDA-Clarus RFR Adoption Indicator fell to 59.9% in October 2023 compared to 60.3% in September 2023. The drop was driven by a decline in SOFR trading due to higher trading activity in the effective federal funds rate. The indicator tracks how much global trading activity (as measured by DV01) is conducted in cleared over-the-counter and exchange-traded interest rate derivatives (IRD) that reference risk-free rates (RFRs) in eight major currencies. On a traded notional basis, the percentage of RFR-linked IRD dropped to 55.0% of total IRD transacted in October 2023 compared to 58.3% the prior month.