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Keynote Address: ISDA Annual Australia Conference - A Speech By Cathie Armour, Commissioner, Australian Securities And Investments Commission At The ISDA Annual Australia Conference, (Sydney, Australia), 23 October 2018

Date 23/10/2018

Introduction

Thank you, Scott (O’Malia, CEO ISDA) for the introduction and for ISDA inviting me to speak today.

Let me begin by acknowledging the Traditional Owners’ ongoing connection to and custodianship of the lands on which we meet today, and to pay my respects to elders both past and present.

It is a great opportunity to give you an update on recent Australian derivatives market developments, and to provide you some ASIC perspectives on global market developments.

FSB Reviews Financial Vulnerabilities And Deliverables For G20 Summit

Date 23/10/2018

The Financial Stability Board (FSB) Plenary met in Ottawa today.

Market developments and vulnerabilities

The Plenary discussed market developments and vulnerabilities in the global financial system. Members considered that, while global growth remained solid, it has become more uneven across economies, and some downside risks have begun to materialise. Increases in policy interest rates and benchmark yields have to date been gradual. However, some developments warrant attention: normalisation of monetary policy in some advanced economies has contributed to a marked tightening of financial conditions in some emerging market economies; some asset classes – including real estate in a number of economies – are showing signs of overvaluation, and geopolitical uncertainties persist.

Japan Exchange Group Concluded NDA With Tokyo Commodity Exchange

Date 23/10/2018

In connection with advancing research and discussion of the comprehensive exchange initiative as set out in its Medium-Term Management Plan, JPX has today concluded a non-disclosure agreement (NDA) with Tokyo Commodity Exchange, Inc. (TOCOM) as a prerequisite for entering into concrete discussions.

New Report From Payments Canada, The Bank Of Canada, TMX Group, Accenture And R3 Proves That Distributed Ledger Technology Can Enable Equity Settlement

Date 23/10/2018

Payments Canada, the Bank of Canada, TMX Group, Accenture (NYSE: ACN) and R3 have published a report demonstrating the feasibility of clearing and settlement of securities using distributed ledger technology (DLT).

Volcker Revision Lets Toxic To Retain And Reflate At Banks, By Kelvin To, Founder And President Of Data Boiler Technologies

Date 22/10/2018

The FED, SEC, CFTC, OCC, and FDIC (collectively, the “Agencies”) are rounding out public comments on their proposed revision to the Dodd-Frank Volcker Rule. Below table highlights some loopholes hidden in the details:

New York Attorney General Underwood Announces $65 Million Settlement With Wells Fargo For Misleading Investors Regarding Cross-Sell Scandal -Wells Fargo Failed To Disclose To Investors That Success Of Cross-Sell Efforts Was Built On Misconduct – Such As Opening Millions Of Fake Deposit And Credit Card Accounts; Ny Investors Lost Millions When Misconduct Was Disclosed - Settlement Marks Latest Martin Act Enforcement Action To Protect Ny Investors And Integrity Of Financial Marketplace

Date 22/10/2018

Attorney General Barbara D. Underwood announced today that Wells Fargo & Company will pay a $65 million penalty following the Attorney General’s investigation into the bank’s fraudulent statements to investors in connection with its “cross-sell” business model, related sales practices, and the bank’s publicly reported cross-sell metrics. 

SEC Suspends Trading In Company For Making False Cryptocurrency-Related Claims About SEC Regulation And Registration

Date 22/10/2018

The Securities and Exchange Commission today suspended trading in the securities of a company amid questions surrounding its statements about partnering with a claimed SEC-qualified custodian for use with cryptocurrency transactions and a purportedly registered public offering of preferred stock.

ACER: Lower Wholesale Energy Prices Translate Into Lower Retail Prices For The Second Year In A Row

Date 22/10/2018

Average energy retail prices for households in the EU decreased in 2017, reflecting for the second consecutive year the decline of energy wholesale prices in preceding years, also thanks to market integration. However, the non-contestable part of the bill (network costs, taxes, levies and other charges) continued to increase. Some of the non-contestable components of the bill have supported the development of renewable energies, which are key for the EU to fulfil the objectives of the Paris agreement against climate change.

November Basrah Light Cargo Sold At OSP +$0.20: Dubai Mercantile Exchange Auctions

Date 22/10/2018

Iraq’s National Oil Company SOMO Monday sold a 2-million barrel cargo of Basrah Light via DME Auctions, achieving a premium of $0.20 per barrel over the November Basrah Light Official Selling Price (OSP). SOMO increased its Basrah Light OSPs for November-lifting cargoes to Asia to Dubai/Oman +$0.60/b and for Europe to Dated Brent minus $3.75/b. For October-lifting cargoes, OSPs were set at minus $0.15/b and minus $4.00/b, respectively.

IRTI Capacity-Building Program Highlights Prospects Of Halal Industry

Date 22/10/2018

A capacity-building workshop organized by the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group has opened in Jeddah, Kingdom of Saudi Arabia, with the aim to highlight the prospects of the halal industry and its role in the socio-economic development of IsDB member countries.