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Supporting Statement Of CFTC Commissioner Brian D. Quintenz Regarding Final Rules Amending The Real-Time Reporting Requirements (Part 43)

Date 17/09/2020

The Commodity Exchange Act (CEA) specifically directs the Commission to ensure that real-time public reporting requirements for swap transactions (i) do not identify the participants; (ii) specify the criteria for what constitutes a block trade and the appropriate time delay for reporting such block trades, and (iii) take into account whether public disclosure will materially reduce market liquidity.[1]  The Commission has long recognized the intrinsic tension between the policy goals of enhanced transparency versus market liquidity.  In fact, in 2013, the Commission noted that the optimal point in this interplay between enhanced swap transaction transparency and the potential that, in certain circumstances, this enhanced transparency could reduce market liquidity “defies precision.”[2]  I agree with the Commission that the ideal balance between transparency and liquidity is difficult to ascertain and necessarily requires not only robust data but also the exercise of reasoned judgement, particularly in the swaps marketplace with a finite number of institutional investors trading hundreds of thousands of products, often by appointment.

Moscow Exchange: Final Settlement Prices Determined For September MOEX Index Futures

Date 17/09/2020

Final settlement prices determined for September MOEX index futures

Statement Of CFTC Chairman Heath P. Tarbert In Support Of Final Rule On Alternative Compliance For Non-U.S. Clearinghouses

Date 17/09/2020

Nations have borders, but markets rarely do. That is certainly the case with the global derivatives markets.

For more than a century, U.S. derivatives markets have provided hedging and price discovery opportunities not only for Americans but also to individuals and businesses from abroad.  In the 21st century, these markets involve participants domiciled in the Americas, Europe, Asia and elsewhere each and every day. And the clearinghouses that provide the credit risk management services for our exchanges have members and ultimate customers from around the world.  The same is true for clearinghouses based in, for example, Europe.  So the question that has naturally arisen is how the home regulator of the clearinghouse-which in the United States we refer to as a derivatives clearing organization (DCO)-should work with regulators in home jurisdictions of the DCO's members and customers.

SEC Charges Former CEO Of Technology Company With Raising $123 Million In Fraudulent Offerings

Date 17/09/2020

The Securities and Exchange Commission today filed an emergency action against Adam Rogas, the former CEO of Las-Vegas-based NS8 Inc., which purports to provide fraud detection and prevention software to e-commerce merchants, seeking an asset freeze and charging Rogas with defrauding investors by falsely claiming millions of dollars in revenue.

The Updated Coefficients For Moscow Exchange Indices To Come Into Force

Date 17/09/2020

The following coefficients for Moscow Exchange indices come into force from September 18, 2020:

CME Group To Launch First-Ever Water Futures Based On Nasdaq Veles California Water Index

Date 17/09/2020

CME Group, the world's leading and most diverse derivatives marketplace, and Nasdaq, a global technology company serving the capital markets and other industries, today announced plans for a new futures contract on the Nasdaq Veles California Water Index (NQH2O). CME Group will launch its new Nasdaq Veles California Water Index futures contract in late Q4, pending regulatory review.

Statement On The Adoption Of Amendments To Exchange Act Rule 15c2-11, SEC Commissioner Hester M. Peirce, Sept. 16, 2020

Date 17/09/2020

Today, the Commission finalized a comprehensive overhaul of our rule specifying the requirements a broker-dealer must satisfy before it initiates or resumes the quotation of a security in a market other than a national securities exchange. These over-the-counter (OTC) securities can provide investors with unique and attractive investment opportunities in a part of the market often overlooked by large investment firms. Investors who enjoy looking for hidden value in the financial markets find this market particularly attractive, in part precisely because the lack of attention from larger market participants may make it easier for an individual investor to identify and invest in the shares of an undervalued issuer. Our comment file for this rulemaking is filled with letters from these investors explaining the value they have been able to find in this market.

EBA Seeks Input From Institutions On Their ESG Disclosure Practices

Date 17/09/2020

The European Banking Authority (EBA) published today an online survey to receive input from credit institutions on their practices and views in the area of disclosure of information on environmental social governance (ESG) risks. The survey, which is addressed to large credit institutions that will be required to disclose prudential information on ESG risks, aims to support the EBA’s policy work on Pillar 3 disclosure and its wider efforts to develop a robust policy framework in the area of sustainable finance. The deadline for the call for input is 16 October 2020.

Toronto Stock Exchange Welcomes Nuvei - TSX Celebrates Largest Technology IPO (By Amount Raised) In Exchange History With Virtual Market Open

Date 17/09/2020

Toronto Stock Exchange (TSX) announced today that Nuvei Corporation (Nuvei), a Montreal-based global payment technology company, began trading this morning under the symbol TSX:NVEI.

State Street Survey Finds Firms Unprepared To Comply With Uncleared Margin Rules Despite Deadline Extension - Survey Reveals That 81% Of Firms Lag In Preparations To Comply

Date 17/09/2020

State Street Corporation (NYSE:STT) today released survey results that measured the perceptions, plans and readiness of 300 asset managers and asset allocators in 16 countries around the Uncleared Margin Rules (UMR), which were set in motion in 2008 to reform the over-the-counter (OTC) derivatives market following the global financial crisis. The survey revealed that 81% of institutions with a September 2021 (Phase V) or September 2022 (Phase VI) deadline are unprepared to comply with all facets of UMR.