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  • SIFMA Statement On SEC Directing Exchanges To Propose Single National Market System For Consolidated Equity Market Data

    Date 06/05/2020

    SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the Securities and Exchange Commission’s (SEC) order directing the exchanges and FINRA to submit a new national market system plan regarding consolidated equity market data:

    “SIFMA strongly supports the SEC’s directing the national securities exchanges to propose a single new national market system plan for consolidated equity market data and modernize the governance structure, which is in line with the industry’s longstanding position.  Equity markets have evolved considerably and SIFMA sees the proposal as a positive initial step which addresses current conflicts of interests for exchanges between the SIP data and exchange proprietary feeds, recognizes the importance of ensuring that the SIP is properly maintained, and allows non-SRO market participants the opportunity to be considered in the decision making process for this critical utility.  We find the timeline given for the Exchanges to submit a proposal to be reasonable.  The proposal to develop a new plan should improve market resilience and ensure the equity market continues to benefit investors and play an essential role in capital formation.”

  • Nadex Launches USD/MXN Binary Contracts

    Date 06/05/2020

    Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and section §40.2(a) of the regulations promulgated by the Commodity Futures Trading Commission (the “Commission”) under the Act (the “Regulations”), North American Derivatives Exchange, Inc. (“Nadex”, the “Exchange”) submitted to the Commission on May 6, 2020 its intent to list new USD/MXN Binary Contracts.  The Nadex USD/MXN Binary Contracts will be based on the underlying Spot USD/MXN currency market, and will be offered with Weekly, Daily, and 2-hour Intraday durations, and will initially be tradable between the hours of 8:00am ET and 3:00pm ET.

  • ISDA Requests Relief From SEC On Accounting

    Date 06/05/2020

    On May 1, ISDA wrote to the US Securities and Exchange Commission to request relief from certain US GAAP derivatives and hedging rules that otherwise may cause some cashflow hedge relationships to be discontinued because of the impact of some requirements included in the CARES ACT relief program.

  • Statement On Equity Market Data Governance Reforms, SEC Commissioner Hester M. Peirce, May 6, 2020

    Date 06/05/2020

    Thank you, Mr. Chairman, and thank you to Michael Coe for working so hard with my office on this order.  The Commission today is considering an order that, if approved, will require participants of the Market Data Plans to submit a new consolidated data plan that would streamline the current consolidated market data plans into a single plan and incorporate a more transparent and more appropriate governance structure for the plan.  This order reflects a long-ongoing conversation among a wide variety of market participants regarding the distribution of market data, the continued relevance of consolidated data feeds to the needs of those seeking to trade in our public markets, and the conflicts that may arise from the availability of faster, more comprehensive proprietary data feeds. 

  • US Federal Agencies Extend Two Resolution Plan Deadlines

    Date 06/05/2020

    In light of the challenges arising from the coronavirus response, the Federal Deposit Insurance Corporation and the Federal Reserve Board today announced two extensions to upcoming resolution plan deadlines.