News Centre

Nadex Amends Rulebook Definitions

Date 30/04/2020

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and section §40.6(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 April 30, 2020 its intent to define ‘entity’ and to amend the definition of ‘Authorized Trader’ for clarification purposes.  Nadex also amends other rules containing the term ‘entity’ to indicate it is a defined term where appropriate.  

Federal Reserve Expands Access To Its Paycheck Protection Program Liquidity Facility (PPPLF) To Additional Lenders, And Expands The Collateral That Can Be Pledged

Date 30/04/2020

The Federal Reserve on Thursday expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders, and expanded the collateral that can be pledged. The changes will facilitate lending to small businesses via the Small Business Administration's (SBA) Paycheck Protection Program (PPP).

IMF Executive Board Approves US$411 Million In Emergency Assistance To Ethiopia To Address The COVID-19 Pandemic

Date 30/04/2020

• Ethiopia is facing a pronounced economic slowdown and an urgent balance of payments need owing to the COVID-19 pandemic.
• To address this urgent need, the IMF approved US$411 million emergency assistance for Ethiopia under the Rapid Financing Instrument. The country will also benefit from IMF debt service relief under the Catastrophe Containment and Relief Trust.
• The authorities have taken swift and decisive action to contain the impact of COVID-19 by strengthening the health system, adopting a state of emergency to limit the spread of the virus, and implementing measures to support the economy.

Federal Reserve Board Announces It Has Fined Bank Hapoalim B.M. $37.35 Million For The Firm’s Unsafe And Unsound Practices Resulting In Violations Of U.S. Tax Laws

Date 30/04/2020

The Federal Reserve Board on Thursday announced it has fined Bank Hapoalim B.M, a foreign bank headquartered in Israel and operating in the United States, $37.35 million for the firm's unsafe and unsound practices resulting in violations of U.S. tax laws.

S&P Dow Jones Indices Europe Dashboard

Date 30/04/2020

• April offered a welcome rally for global equities as the novel shock of pandemic became cruelly familiar, and markets adjusted to the new normal. 
• Picking up steam in the second half of the month, the S&P Europe 350® posted its best monthly return since January 2019. 
• Volatility remained elevated, but moved down significantly from March’s near-record levels of uncertainty.

Amendments To Exchange Rules 1801 And 1809 In Connection With MIAX Options Proposal To List And Trade Options That Overlie Five Advanced Fundamentals LLC Commercial Real Estate Indexes

Date 30/04/2020

The Securities and Exchange Commission issued a Notice of Filing and Immediate Effectiveness relating to MIAX Options’ proposal to list and trade options on five new Advanced Fundamentals LLC Commercial Real Estate Indexes that measure real-time real estate returns.
 

New York State Department of Financial Services Superintendent Linda A. Lacewell Announces Bank Hapoalim To Pay $220 Million Penalty To New York State - Bank Hapoalim Knowingly Facilitated U.S. Clients’ Tax Evasion - Bank Hapoalim Also Initially Failed to Cooperate Fully with DFS’ Investigation, Causing Delay and Resulting in the Loss of Potentially Relevant Evidence

Date 30/04/2020

Superintendent of Financial Services Linda A. Lacewell announced today that Bank Hapoalim B.M. and Bank Hapoalim, New York Branches (“Bank Hapoalim” or the “Bank”), will pay a $220 million penalty to the New York State Department of Financial Services (“DFS”) for having knowingly facilitated U.S. clients’ evasion of state and federal taxes through its conduct of an illegal cross-border banking business. In addition to this penalty, resolutions entered into with federal partners require the Bank to pay more than $874.27 million to the U.S. Department of Justice, U.S. Department of the Treasury, and the Federal Reserve.   

Israel’s Largest Bank, Bank Hapoalim, Admits To Conspiring With U.S. Taxpayers To Hide Assets And Income In Offshore Accounts - Bank Hapoalim (Switzerland) Pleads Guilty And Bank Hapoalim B.M. Enters Into Deferred Prosecution Agreement For Criminal Misconduct; Agree To Pay Nearly $875 Million

Date 30/04/2020

Jeffrey A. Rosen, the Deputy Attorney General of the United States, Richard E. Zuckerman, the Principal Deputy Assistant Attorney General of the Justice Department’s Tax Division, Geoffrey S. Berman, the United States Attorney for the Southern District of New York, and Don Fort, the Chief of the Internal Revenue Service, Criminal Investigation (IRS-CI), announced today the guilty plea of Bank Hapoalim (Switzerland) Ltd. and filing of criminal charges against Bank Hapoalim B.M. for conspiring with U.S. taxpayers and others to hide more than $7.6 billion in more than 5,500 secret Swiss and Israeli bank accounts and the income generated in these accounts from the Internal Revenue Service (the IRS).  BHS’s Chief Executive Officer appeared on behalf of the bank to enter the guilty plea before U.S. District Judge Mary Kay Vyskocil.

Federal Reserve Board Announces The Public Comment Period Has Been Extended Through June 4, 2020, For The Notice By Morgan Stanley Of New York, New York, To Acquire E*TRADE Financial Corporation of Arlington, Virginia

Date 30/04/2020

The Federal Reserve Board on Thursday announced that the public comment period has been extended through June 4, 2020, for the notice by Morgan Stanley of New York, New York, to acquire E*TRADE Financial Corporation of Arlington, Virginia. The comment period is being extended to provide additional time for interested parties to comment on the notice in light of the ongoing challenges from the coronavirus.

US Department Of Justice: Bank Hapoalim Agrees To Pay More Than $30 Million For Its Role In FIFA Money Laundering Conspiracy - Bank Hapoalim B.M. And Hapoalim (Switzerland) Ltd. Enter Into Three-Year Non-Prosecution Agreement

Date 30/04/2020

Bank Hapoalim B.M. (BHBM), an Israeli bank with international operations, and its wholly owned subsidiary, Hapoalim (Switzerland) Ltd. (BHS), have agreed to forfeit $20,733,322 and pay a fine of $9,329,995 to resolve an investigation into their involvement in a money laundering conspiracy that fueled an international soccer bribery scheme.