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CFTC Commissioner Christy Goldsmith Romero Announces Scott Lee As Senior Counsel And Policy Advisor

Date 11/07/2023

Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero announced today that Scott Lee will serve as her Senior Counsel and Policy Advisor.
SEC Charges Merrill Lynch And Parent Company For Failing To File Suspicious Activity Reports

Date 11/07/2023

The Securities and Exchange Commission today announced charges against Merrill Lynch, Pierce, Fenner & Smith Incorporated and its parent company BAC North America Holding Co. (BACNAH) for failing to file hundreds of Suspicious Activity Reports (SARs) from 2009 to late 2019. Merrill Lynch agreed to pay a $6 million penalty to settle the SEC charges and, in a parallel action, Merrill Lynch agreed to pay a separate $6 million fine to settle charges brought by the Financial Industry Regulatory Authority (FINRA).
ETFGI Reports Assets Invested In The ETFs Industry In The United States Reached A Record US$7.32 Trillion At The End Of June

Date 11/07/2023

ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs ecosystem, reported today assets invested in the ETFs industry in the United States reached a record US$7.32 trillion at the end of June beating the prior record of US$7.21 trillion set at the end of December 2021. During June the ETFs industry in the United States gathered net inflows of US$73.59 billion, bringing year-to-date net inflows to US$227.96 billion, according to ETFGI's June 2023 US ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Supervisors Of Banks Are Making Progress In The Fight Against Financial Crime, The EBA Finds

Date 11/07/2023

The European Banking Authority (EBA) published today the findings from its 2022 review of competent authorities’ approaches to tackling money laundering and terrorist financing (ML/TF) risks in the banking sector. For this Report, the EBA staff assessed 12 competent authorities from nine Member States.
CFTC Staff Extends Temporary No-Action Letter Regarding Certain Financial Reporting Requirements For Bank Swap Dealers

Date 11/07/2023

The Commodity Futures Trading Commission’s Market Participants Division (MPD) today announced it issued a temporary no-action letter extending CFTC Staff Letter No. 21-18 concerning financial reporting obligations for swap dealers (SDs) subject to capital requirements of a prudential regulator (bank SDs) under the CFTC’s SD financial reporting rules.

SIX: Index Adjustments On The Occasion Of The Ordinary Index Review

Date 11/07/2023

SIX has decided to make changes to the index baskets on the basis of a recommendation from the Index Commission and in compliance with the SMI®, SLI®, SPI® and SXI® index rules. The indices will be adjusted on 15 September 2023 after closing. The adjustment takes effect on 18 September 2023.
ISDA-Clarus RFR Adoption Indicator: June 2023

Date 11/07/2023

The ISDA-Clarus RFR Adoption Indicator decreased slightly to 58.1% in June 2023 from 58.7% in May 2023. The drop was driven by higher federal funds trading activity. 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 increased to 55.6% of total IRD transacted in June 2023 compared to 55.3% the prior month.
BIS - The Crypto Ecosystem: Key Elements And Risks - Report Submitted To The G20 Finance Ministers And Central Bank Governor

Date 11/07/2023

This report reviews the key elements of the crypto ecosystem and assesses their structural flaws. There are three main takeaways. First, due to underlying economic incentives, the crypto ecosystem is characterised by congestion and high fees, which lead to fragmentation. Second, despite an original ethos of decentralisation, crypto and decentralised finance (DeFi) often feature substantial de-facto centralisation, which introduces various risks. Third, while DeFi mostly replicates services offered by the traditional financial system, it amplifies known risks.
FINRA Fines Merrill Lynch $6 Million For Longstanding AML Program Failures - Firm Failed To File Nearly 1,500 Suspicious Activity Reports

Date 11/07/2023

FINRA announced today that it has fined Merrill Lynch, Pierce, Fenner & Smith Inc. $6 million for failing to establish and implement policies, procedures, and internal controls reasonably designed to cause the reporting of suspicious transactions as required by the Bank Secrecy Act. In particular, Merrill Lynch failed to apply the correct threshold to report suspicious activities for more than 10 years and, as a result, failed to file nearly 1,500 Suspicious Activity Reports (SARs).
BIS: Lessons Learnt On CBDCs - Report Submitted To The G20 Finance Ministers And Central Bank Governors

Date 11/07/2023

The world's central banks are stepping up efforts to prepare the ground for central bank digital currencies (CBDCs) either as digital cash (retail) or tokenised reserves (wholesale). This report shows how the BIS Innovation Hub is helping central banks on their CBDC journeys and discusses the lessons learnt so far.