News Centre

SIFMA: Associations Request SEC Modernize Electronic Recordkeeping Requirements

Date 14/11/2017

Several trade associations have asked the Securities and Exchange Commission (SEC) to update its broker-dealer electronic retention Rule 17a-4 by eliminating an outdated recordkeeping requirement known as WORM (write once, read many), examining authority notification, and third-party downloader requirements.  In their place, the Associations proposed a rigorous retention standard that is technology-neutral and consistent with current business record management principles.  The amendments would also harmonize the SEC rules with the correlating principles-based CFTC rules adopted in May 2017 which eliminated the WORM standard and third-party downloader requirements from CFTC.

CFTC Orders INTL FCStone Financial Inc. And FCStone Merchant Services LLC To Pay Penalty For Unlawful Exchange For Related Position Transactions

Date 14/11/2017

• INTL FCStone Financial had inadequate supervisory systems and controls to detect and deter the unlawful conduct

EBA Releases Its Annual Assessment Of The Consistency Of Internal Model Outcomes

Date 14/11/2017

The European Banking Authority (EBA) published today two reports on the consistency of risk weighted assets (RWAs) across all EU institutions authorised to use internal approaches for the calculation of capital requirements. The reports cover credit risk for large corporate, institutions, and sovereign portfolios (collectively referred to as "low default portfolios" - LDP), as well as market risk. The results confirm previous findings, with the majority of risk-weights (RWs) variability explained by fundamentals. These benchmarking exercises, conducted by the EBA on an annual basis are a fundamental supervisory and convergence tool to address unwarranted inconsistencies and restoring trust in internal models.

Moscow Exchange Holds Investment Conferences For Chinese Investors

Date 14/11/2017

On 13-15 November 2017, Moscow Exchange is hosting a series of investment conferences in China to bring together representatives of the Chinese financial community, including funds, banks and trading venues. The events are taking place in three cities: Shenzhen (13 November), Shanghai (14 November) and Beijing (15 November).

EBA Publishes Final Guidance On Connected Clients

Date 14/11/2017

The European Banking Authority (EBA) published today its final Guidelines on the treatment of connected clients as defined in the Capital Requirements Regulation (CRR), aiming at supporting institutions in identifying all possible connections among their clients, in particular when control relationships or economic dependency should lead to the grouping of clients because they constitute a single risk. The guidelines apply to all areas of the CRR where the concept of ‘group of connected client' is used, including the EBA technical standards and the EBA guidelines that refer to that concept.  

Nigerian Stock Exchange Upgrades Website For Better Online Experience

Date 14/11/2017

The Nigerian Stock Exchange (NSE or Exchange) is pleased to announce that it has upgraded its website, www.nse.com.ng, to be mobile friendly with a cleaner layout and navigation befitting of the brand. The upgraded website will enable users to access information quickly and easily on the various products and instruments that are listed and traded on the regulated market.

Effective Compliance With The Market Abuse Regulation – A State Of Mind: Speech Delivered By Julia Hoggett, Director Of Market Oversight At The FCA, At The ‘Recent Developments In The Market Abuse Regime’ Conference

Date 14/11/2017

Highlights

• Effective oversight and compliance cannot and should not stay still.
• The manner in which the FCA is set up to surveil the markets today is very different from our structure several years ago, and will continue to evolve.
• Market abuse impacts the smooth operation of our markets by adding cost or reducing returns for participants and ultimately eroding trust in the UK markets.
• Trust is essential in any society and necessary to ensure markets function well and efficiently.

CUSIP Request Volume Signals Sluggish Pace Of Corporate Snd Muni Bond Issuance - Mixed Results In Pre-Trade Market Highlight Continued Caution Among Issuers

Date 14/11/2017

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for October 2017. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity, found mixed results this month. Pre-trade requests for new corporate debt identifiers decreased in October, while requests for new corporate equity and municipal bond identifiers saw some increases. This is suggestive of a continued sluggish pace of new security issuance in the fourth quarter of 2017.

DIFC Launches A USD 100 Million FinTech Fund

Date 14/11/2017

• In the presence of HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum 
• Fund demonstrates DIFC’s commitment to shaping MEASA's financial landscape and enhancing its position as the region's leading financial centre
• Global Financial Forum gathered over 350 finance and economics experts to talk about ‘Navigating the New Order’ 

CFTC Finds Statoil ASA Attempted To Manipulate The Argus Far East Index, A Propane Benchmark, To Benefit Statoil’s NYMEX-Cleared Swaps Position - Norwegian Energy Company Ordered To Pay A $4 Million Civil Monetary Penalty

Date 14/11/2017

The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Statoil ASA (Statoil), an international energy company headquartered in Stavanger, Norway. The CFTC Order finds that from as early as October 2011 through November 2011, Statoil attempted to manipulate the Argus Far East Index (FEI) in order to benefit Statoil’s physical and financial positions, including Statoil’s NYMEX-cleared over-the-counter swaps which settled to the Argus FEI. The Order requires Statoil to pay a $4 million civil monetary penalty and orders Statoil to cease and desist from violating Section 9(a)(2) of the Commodity Exchange Act (CEA).