News Centre

Joint Statement On The Proposal To Facilitate Non-Cash Compensation For Certain Gig Workers: SEC Commissioner Allison Herren Lee, SEC Commissioner Caroline A. Crenshaw, Nov. 24, 2020

Date 24/11/2020

A broad swath of companies in the U.S. now rely on workers who are not treated as traditional employees. Indeed, depending on how you define the term, alternative or contingent workers may make up as much as 40 percent of the workforce. Today the Commission singles out one narrowly-defined subset of companies who depend on these workers—companies that provide services through internet platforms—and proposes to create a new exemption from traditional registration requirements just for them. The proposed exemption would expressly permit these internet platform companies, and only these internet platform companies, to pay a portion of compensation to alternative workers with equity in the company rather than cash. Whatever the potential merits of equity compensation for alternative workers, the proposal does not establish a basis for selectively conferring a benefit on this particular business model. Consequently, we cannot support it.

Moscow Exchange: Risk Parameters Change For The Security DIS-RM

Date 24/11/2020

As per the Securities market risk parameters methodology, on 24.11.2020, 20-42 (MSK) the upper bound of the price band (up to 11979) and initial margins (up to 17.5 %) for the security DIS-RM were changed. New values are available here

SEC Proposes Temporary Rules To Facilitate Measured Participation By Certain "Platform Workers" In Compensatory Offerings Under Rule 701 And Form S-8

Date 24/11/2020

The Securities and Exchange Commission today voted to propose rules that, on a temporary basis and subject to percentage limits (no more than 15% of annual compensation), dollar limits (no more than $75,000 in three years) and other conditions, would permit an issuer provide equity compensation to certain "platform workers" who provide services available through the issuer's technology-based platform or system.

Finansinspektionen Analysis 26: Macro-Based Credit Loss Model For Major Swedish Banks

Date 24/11/2020

Large credit losses can result in otherwise profitable banks reporting a loss. This FI Analysis describes a methodology for estimating how large credit losses can be in a stressed macroeconomic scenario.

SEC Proposes Amendments To Modernize Framework For Securities Offerings And Sales To Workers

Date 24/11/2020

The Securities and Exchange Commission today announced that it has voted to propose amendments to Securities Act Rule 701, which provides an exemption from registration for the issuance of compensatory securities by non-reporting issuers, and Form S-8, the Securities Act registration statement for compensatory offerings by reporting issuers. 

BIS: Stablecoins: Potential, Risks And Regulation

Date 24/11/2020

Summary

Focus

Both the emergence of distributed ledger technology (DLT) and rapid advances in traditional centralised systems are moving the technological horizon of money and payments. These trends are embodied in private "stablecoins": cryptocurrencies with values tied to fiat currencies or other assets. This paper looks at market developments, how they might be monitored, the potential role of stablecoins and what this implies for their regulation.

CFTC Approves Transfer Of Minneapolis Grain Exchange’s Contract Market Designation

Date 24/11/2020

The Commodity Futures Trading Commission announced today it has issued an order approving a request from Minneapolis Grain Exchange, Inc. (MGEX) to transfer its CFTC contract market designation due to its acquisition by Miami International Holdings, Inc. (MIH). Upon closing of the acquisition, MGEX’s designation will be transferred to a new legal entity, Minneapolis Grain Exchange, LLC (MGEX LLC), which will be a wholly-owned subsidiary of MIH. 

Statement By IMF Managing Director Kristalina Georgieva On The Fifth “1+6” Roundtable In China

Date 24/11/2020

Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of the Fifth “1+6” Roundtable convened by the Chinese authorities:

“I would like to express my great appreciation to Premier Li for hosting the ‘1+6’ Roundtable and to the Chinese authorities for its excellent organization.”

Pico Names Brian Pomraning As Chief Revenue Officer - 20+-Year Capital Markets Veteran, With Former Roles At JP Morgan And ITG, To Lead Innovation In Client Experience And Help Pico Accelerate Next Phase Of Growth

Date 24/11/2020

Pico, a leading provider of technology services for the global financial markets community, announces Brian Pomraning joins as Chief Revenue Officer (CRO).  In his role, Pomraning will be responsible for developing, resourcing and executing on Pico’s sales strategy focused on delivering a superior client experience.

Statement Of CFTC Chairman Heath P. Tarbert Regarding The Transition Away From IBORs

Date 24/11/2020

On October 23, 2020, ISDA launched its protocol to introduce robust fallback language for interest rate swaps.  This is a key step in the broader effort to transition financial markets away from interbank offered rates (IBORs)—and in particular the London Interbank Offered Rate (LIBOR)—to relevant alternative reference rates.  There is broad recognition that adherence to the protocol by all market participants with open positions in interest rate swaps referencing various IBORs is critical to strengthening the integrity of the derivatives markets and the stability of the global financial system.