News Centre

Statement Of CFTC Commissioner Dan M. Berkovitz On Amendments To Certain Swap Execution Facility Requirements And Real-Time Reporting Requirements

Date 30/01/2020

I am voting in favor of today’s proposed rule that would amend certain Commission rules in parts 36, 37, and 43 relating to package transactions, block trades, and error transactions on swap execution facilities (“SEFs”) (“Proposal”).  Today’s amendments largely codify longstanding no-action letters for limited categories of swaps transactions regarding the required methods of execution.  Generally, I support the codification of no-action letters where, based on experience, doing so is consistent with our statutory mandate, protects customers, provides market participants with a greater level of certainty, and promotes market integrity. 

SEC Proposes Amendments To Modernize And Enhance Financial Disclosures

Date 30/01/2020

The Securities and Exchange Commission today announced that it has voted to propose amendments to modernize, simplify, and enhance certain financial disclosure requirements in Regulation S-K. The proposed amendments would eliminate duplicative disclosures and modernize and enhance Management's Discussion and Analysis disclosures for the benefit of investors, while simplifying compliance efforts for companies. The Commission also announced that it is providing guidance on key performance indicators and metrics in Management's Discussion and Analysis.

Statement Of CFTC Chairman Heath P. Tarbert In Support Of Further Revisions To The Volcker Rule

Date 30/01/2020

Several months ago, I supported a rulemaking addressing the proprietary trading provisions of the Volcker Rule and laid out my views as CFTC Chairman as well as someone who has witnessed the rule’s implementation over the last decade. The proposal before the Commission today focuses on the other side of the Volcker Rule: the prohibition on activities related to private equity and hedge funds (the “covered funds” provisions).

Proposed Amendments To Modernize And Enhance Financial Disclosures - Other Ongoing Disclosure Modernization Initiatives - Impact Of The Coronavirus - Environmental And Climate-Related Disclosure – SEC Chairman Jay Clayton, Jan. 30, 2020, Disclosure Effectiveness Initiative—Financial Disclosures And Performance Metrics

Date 30/01/2020

Today, the Commission proposed amendments to eliminate duplicative disclosure, and modernize and enhance Management’s Discussion and Analysis (MD&A) disclosures.  The Commission also provided guidance on the use of key performance indicators and metrics in MD&A.  The Commission’s work reflects the unparalleled experience of the SEC staff as it relates to the presentation, discussion and analysis of financial statements and other financial disclosures and metrics.  The proposal, if adopted, would substantively benefit investors and our capital markets more generally.

Coronavirus Fears Shake Commodities - Commodity Markets, Already Slow Over Lunar New Year, Are Being Hit By Worry Over The Impact Of The Coronavirus On Chinese Demand - William May, Senior Economist, IHS Markit, Commodity Prices, As Measured By The IHS Markit Materials Price Index (MPI), Fell 1.0% Last

Date 30/01/2020

Commodity prices, as measured by the IHS Markit Materials Price Index (MPI), fell 1.0% last week in a broad-based move that saw eight of the index’s ten sub-components decline. Weak buying caused by the Lunar New Year holiday is now being matched against active selling tied to growing fears around the impact of the coronavirus on Chinese demand.

Statement Of Concurrence Of CFTC Commissioner Rostin Behnam Regarding Proposed Rule On Swap Execution Facilities

Date 30/01/2020

I respectfully concur in the Commission’s proposal to amend certain swap execution facility (SEF) requirements and real-time reporting requirements.  A little more than a year ago, the Commission issued a proposal that would have constituted a complete overhaul of the existing regulatory framework for SEFs.  As I stated in my concurrence to the 2018 SEF proposal, I do not believe that such an overhaul is necessary.  However, despite my opposition to the overhaul, I supported issuing the SEF proposal for public comment because it contained several policy changes which separately warranted further consideration.  Market participants have spent a great deal of resources to build systems and businesses that comply with our existing SEF rules.  Fundamental changes amounting to an overhaul of the entire system should only be done in circumstances where there is a regulatory concern that necessitates action. Accordingly, in the past I have suggested we should focus on targeted reforms, such as codifying existing no-action relief for SEFs.  I warned that we should not allow issues with the broader vision of the 2018 SEF proposal to distract us from making targeted changes.

Michelle W. Bowman Sworn In For Second Term As Member Of The Board Of Governors Of The Federal Reserve System

Date 30/01/2020

Michelle W. Bowman was sworn in for her second term as a member of the Board of Governors of the Federal Reserve System on Thursday. The oath was administered by Chair Jerome H. Powell in the Board Room.

Statement Of SEC Commissioner Allison Herren Lee On The Continued Repeal Of The Volcker Rule

Date 30/01/2020

Today we continue the march toward effective repeal of the Volcker Rule. The rule is premised on the common sense proposition that banks should not be allowed to gamble with taxpayer money and that taxpayers should never again be forced to rescue banks and their highly compensated executives from the consequences of their bad decisions.

Statement Of CFTC Chairman Heath P. Tarbert In Support Of Proposed Rule On Swap Execution Facilities

Date 30/01/2020

Before the 2008 financial crisis, swaps were executed bilaterally “over the counter,” rather than on a centralized exchange.  When crafting the Dodd-Frank Act in 2010, Congress faced a key decision:  Should it require swaps to trade like futures, via a centralized exchange order book visible to the entire market of potential buyers and sellers?  Or should it retain the old bilateral, off-exchange trading practices?

Statement On Proposed Amendments To The Volcker Rule “Covered Fund” Provisions - SEC Commissioners Elad L. Roisman and Hester M. Peirce

Date 30/01/2020

1. Introduction

Thank you to the SEC staff who worked on this proposal, particularly those in the Divisions of Investment Management, Trading and Markets, and Economic and Risk Analysis, and the Office of General Counsel.  Further thanks go to our banking agency colleagues for their collaboration.  As with other projects to implement or amend rules under the Volcker Rule’s Dodd-Frank Act mandate, developing today’s recommendation involved extensive coordination not only within the SEC, but also with many colleagues across the five banking agencies, who share responsibility for administering the Volcker Rule.