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CFTC Commitments Of Traders Reports Update

Date 12/08/2022

The current reports for the week of August 09, 2022 are now available.
Concurring Statement Of CFTC Commissioner Caroline D. Pham Regarding LIBOR Transition Clearing Requirement Determination For Certain Interest Rate Swaps

Date 12/08/2022

I respectfully concur with the final rule updating the CFTC’s interest rate swap clearing requirement regulations. Pursuant to the Commodity Exchange Act (CEA) and the Commission’s regulations, subject to Commission determination, certain interest rate swaps are required to be submitted for clearing to a derivatives clearing organization (DCO) registered under the CEA or a DCO exempted from registration under the CEA. The final rule updates this set of interest rate swaps required to be cleared in light of the global transition from reliance on certain interbank offered rates (IBORs) such as the London Interbank Offered Rate (LIBOR), to alternative reference rates, which are predominantly overnight, nearly risk-free reference rates (RFRs). This rulemaking is an essential part of that transition. I commend the CFTC staff for their work here, as well as for their leadership in a historic global effort by the CFTC alongside other regulators, international bodies such as IOSCO and FSB, cross-jurisdictional working groups, financial market infrastructures, swap dealers, other market participants, and more, to reform the global interest rate swap market and benchmarks.
Statement Of CFTC Commissioner Christy Goldsmith Romero Regarding The Clearing Requirement For Swaps Referencing Rates Less Susceptible To Manipulation Than LIBOR

Date 12/08/2022

I support the Commission’s amended clearing requirement for swaps referencing rates less susceptible to manipulation than the London Interbank Offered Rate (“LIBOR”) because it promotes market integrity and supports the risk-mitigating benefits of central clearing. I thank the CFTC staff for their work on this and other efforts to support the transition away from LIBOR.
Statement Of CFTC Commissioner Kristin N. Johnson Regarding The Final Rule To Modify Interest Rate Swap Clearing Requirements For The Transition From LIBOR And Other IBORs To Alternative Reference Rates

Date 12/08/2022

In the fall of 2008, global financial markets reeled as evidence emerged indicating that market participants failed to effectively manage risks in the then-unregulated $400 trillion (notional) swaps market. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) directed the Commodity Futures Trading Commission (Commission) to develop and implement formal rules, and bring the swaps market under the ambit of the Commission’s authority. The Commission introduced clearing requirements, a vital regulatory tool that has increased transparency and promoted market integrity.
CFTC Issues Final Rule Modifying the Swap Clearing Requirement In Support of the Transition from LIBOR and Other Interbank Offered Rates to Alternative Reference Rates

Date 12/08/2022

The Commodity Futures Trading Commission today announced that it issued a final rule modifying the Commission’s interest rate swap clearing requirement under part 50 of the CFTC’s regulations. The final rule removes the requirement to clear interest rate swaps referencing the London Interbank Offered Rate (LIBOR) and certain other interbank offered rates and replaces them with requirements to clear interest rate swaps referencing overnight, nearly risk-free reference rates. The final rule updates the swaps required to be submitted for clearing to a derivatives clearing organization (DCO) or an exempt DCO and the compliance dates for such swaps.

Canadian Securities Regulators To Host Roundtable On The Proposed Derivatives Business Conduct Rule

Date 12/08/2022

The Canadian Securities Administrators (CSA) today announced it will host a virtual roundtable on the proposed derivatives business conduct rule, the CSA’s next step towards modernizing the regulatory framework for the OTC derivatives market in Canada. The roundtable will be held on September 28, 2022 from 10:00 a.m. – 12:00 p.m. ET.
Statement On PCAOB Amendments To Strengthen Auditing Standards For Audits Involving Multiple Firms, SEC Chair Gary Gensler, Aug. 12, 2022

Date 12/08/2022

Today, the Commission approved the Public Company Accounting Oversight Board’s (PCAOB) updated standards for audits that involve multiple auditing firms. I was pleased to support the amended standards because they will strengthen the requirements for lead auditors who supervise other auditors in an audit, helping to enhance audit quality and protect investors.
Statement Of CFTC Commissioner Kristin N. Johnson Regarding The CFTC Charging Ohio Resident With Operating A $12 Million Bitcoin Ponzi Scheme

Date 12/08/2022

Yesterday, the Commodity Futures Trading Commission (CFTC) filed an injunctive action in the Southern District of Ohio against Rathnakishore Giri (Giri) and his companies, SR Private Equity, LLC and NBD Eidetic Capital, LLC. As alleged in the complaint, Giri engineered and perpetuated a Ponzi scheme designed to defraud investors interested in investing in digital assets. Under the guise that he operated a private equity investment fund with a focus on investing in digital assets, Giri seized upon the contemporary fervor for digital asset investment opportunities and lured unwitting investors to contribute over $12 million in cash and bitcoins to his funds with the promise of exceptional returns without the risk of financial loss.
Nigerian Exchange Weekly Market Report For The Week Ended August 12th, 2022

Date 12/08/2022

A total turnover of 1.511 billion shares worth N13.547 billion in 20,074 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 705.636 million shares valued at N12.850 billion that exchanged hands last week in 22,124 deals.
CFTC Charges Ohio Man And His Companies With Fraudulently Solicitating Over $12 Million And Misappropriation In A Digital Asset Trading Scheme

Date 12/08/2022

The Commodity Futures Trading Commission today announced it has filed a civil enforcement action in the U.S. District Court for the Southern District of Ohio against Rathnakishore Giri of New Albany, Ohio and his Ohio-based companies NBD Eidetic Capital, LLC and SR Private Equity, LLC. The complaint alleges that Giri and his companies fraudulently solicited over $12 million and at least 10 bitcoins from more than 150 customers and that Giri and his companies misappropriated customer funds intended for digital asset trading.