News Centre

CFTC Staff Provides Limited Continuation Of Certain No-Action Relief To Market Participants In Response To COVID-19

Date 19/01/2021

The Commodity Futures Trading Commission today announced the Market Participants Division (MPD) and the Division of Market Oversight (DMO) are providing a short continuation of limited parts of the temporary no-action relief issued in response to the COVID-19 (coronavirus) pandemic that expired on January 15, 2021.

UK Information Commissioner Provides Clarity Regarding Transfers Of Personal Data To The SEC, Acting SEC Chairman Elad L. Roisman, Jan. 19, 2021

Date 19/01/2021

On January 19, the UK Information Commissioner’s Office (ICO) published its analysis of the impact of UK data protection law on transfers of personal data from certain UK-based firms to the SEC. Specifically, the ICO considered the application of the UK General Data Protection Regulation (UK GDPR) to transfers from UK-based firms or branches that are registered, required to be registered, or otherwise regulated by the SEC, including investment advisers and securities-based swap dealers. In addition, the ICO reviewed the application of the UK GDPR to transfers from UK issuers that have equity securities or depositary receipts registered with the SEC and listed on a US exchange or market. The ICO concluded that the UK GDPR does not impose legal barriers to the transfer of personal data from these entities directly to the SEC for regulatory or enforcement purposes.

Tourmaline Partners Celebrates 10th Anniversary - Milestone Achievement Validates Continued Growth For The Industry’s Leading Independent Provider Of Outsourced And Supplemental Trading Services

Date 19/01/2021

Tourmaline Partners, the industry’s leading independent outsourced trading solutions firm, today announced the 10th anniversary of its business.

Kimberly Hamm, Chief Counsel To SEC Chairman, To Conclude Tenure

Date 19/01/2021

The Securities and Exchange Commission today announced that Kimberly Hamm, Chief Counsel to the Chairman, will conclude her tenure at the agency in the coming weeks.

CUSIP Global Services Receives Accreditation Renewal For CUSIP Identifier As U.S. Standard For Unique Security Identification - American National Standards Institute (ANSI) X9 Committee Recognizes CUSIP As American National Standard

Date 19/01/2021

CUSIP Global Services today announced the renewal of the accreditation of the CUSIP identifier as the American national standard for unique securities identification. The five-year accreditation was issued by the American National Standards Institute (ANSI), a private, non-profit organization that administers and coordinates the U.S. voluntary standards and conformity assessment system, through its Accredited Standards Committee X9 (X9).

CFTC: Office Of Legislative And Intergovernmental Affairs Director Summer Mersinger To Join Commissioner Stump’s Office As Chief Of Staff

Date 19/01/2021

The Commodity Futures Trading Commission today announced that Summer K. Mersinger, Director of the Office of Legislative and Intergovernmental Affairs (OLIA), will transition to the Office of Commissioner Dawn D. Stump where she will serve as Chief of Staff. OLIA Deputy Director Ann Wright will assume the role of Acting Director following Ms. Mersinger’s transition into her new role.

MIAX: Amendment To Rule 1308, Supervision Of Accounts, To Adopt Temporary Rules To Extend The Time By Which Members Must Complete Their Branch Office Inspections For Calendar Year 2020 And Provide Temporary Remote Inspection Relief For Office Inspections

Date 19/01/2021

Please refer to the following for information on an amendment to Rule 1308, Supervision of Accounts, to Adopt Temporary Rules to Extend the Time by Which Members Must Complete Their Branch Office Inspections for Calendar Year 2020 and Provide Temporary Remote Inspection Relief for Office Inspections

CFTC Chairman Tarbert’s Tract On Self-Regulation To Be Published By Northwestern University - Excerpts From Forthcoming Article In The Northwestern Journal Of International Law And Business: “Self-Regulation In The Derivatives Markets: Stability Through Cooperation”

Date 19/01/2021

“Debates about the ideal form of regulation often pose a false dichotomy, sorting regulatory efforts into two seemingly oppositional categories: governmental or private. But this division offers an overly simple account of the regulatory structures that define modern administrative law. Instead, sound regulation is, more often than not, the result of collaboration between traditional governmental functions and self-regulatory measures performed by private actors. Far from being at odds with each other, government and the private sector often work together to produce regulatory solutions that balance effective oversight with the flexibility needed to adapt to changing circumstances …

Moscow Exchange: Risk Parameters Change On Securities Market

Date 19/01/2021

CCP NCC changes PcH_max parameter value that defines price up limit for SVET shares on Securities market starting from January 20, 2021:

BIS: Firm-Specific Risk-Neutral Distributions With Options And CDS

Date 19/01/2021

Summary

Focus

Investors can extract information about future stock returns from options. Unlike those on equity indices, options on individual companies are often illiquid and are typically useful for learning about only the central part of the return distribution. Other derivatives known as credit default swaps (CDS) can shed light on the probability of extreme returns. However, investors have limited insights on the probability of intermediate returns, which are larger (in absolute value) than those for which options are informative but smaller than extreme returns for which CDS are relevant.