US Agencies Slap Interactive Brokers with $38 Million Fine

Three US regulators, the Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have filed and settled charges against Interactive Brokers and fined the firm $38 million, for failing to diligently supervise the handling of customer trading accounts, as well as failing to adequately implement procedures to […]
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MAS Unveils SORA Transition Support

The Monetary Authority of Singapore (MAS) has announced several initiatives to support the adoption of the Singapore Overnight Rate Average (Sora), which is administered by MAS. Given Sora’s growing importance as a key interest rate benchmark in Singapore dollar financial markets, MAS explains the initiatives aim to catalyse greater activity in Sora markets, safeguard the […]
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FMSB Investigates Role of Machine Learning in Market Surveillance

The FICC Market Standards Board (FMSB), has published its latest Spotlight Review, which looks at the impact of machine learning on market surveillance functions as part of the broader challenges facing institutions as they establish oversight frameworks. It argues, “Machine learning could lead to fundamental changes in market surveillance given its ability to process complex, […]
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Nice Actimize Unveils Surveil-X Conduct

In an effort to reduce what it terms “the growing risks associated with employee misconduct and market abuse in this current environment”, Nice Actimize has announced the launch of Surveil-X Conduct, a package of machine learning-based applications which the firm says helps financial services organisations assess, manage and mitigate a broad range of conduct risks across the enterprise, […]
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ISDA Urges Support for New Ibor Fallbacks

The International Swaps and Derivatives Association (ISDA), has published a statement strongly urging adherence to the association’s Fallback Protocol as part of the financial markets industry’s switch from Ibors to risk-free rates (RFRs). ISDA is planning to amend certain ‘rate options’ in its 2006 Definitions to include fallbacks that would apply upon the permanent discontinuation […]
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ISDA Unveils Risk-Free Adoption Indicator

The International Swaps and Derivatives Association (ISDA) has launched a new indicator to monitor the adoption of alternative risk-free rates (RFRs) in derivatives trading. The indicator, developed in conjunction with Clarus Financial Technology, will provide a monthly snapshot of RFR trading activity in interest rate derivatives (IRD) markets, based on global cleared OTC and exchange-traded […]
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Cassini Systems, IHS Markit, Team Up for Automated Margining

Cassini Systems and IHS Markit have announced that they are partnering to automate the calculation of margin estimates within the latter’s ThinkFolio service. They claim that the collaboration will, for the first time, provide pre-trade analytics for OTC and exchange-traded derivatives directly within ThinkFolio. Global regulatory updates such as EMIR and Dodd-Frank have resulted in […]
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WFE Calls for Standardised Regulatory Approach to Stablecoins

The World Federation of Exchanges (WFE), the global industry group for exchanges and CCPs, has called for the development of a common taxonomy to meet the growth of stablecoins, that would also cover crypto-assets more broadly. In a response to a consultation paper issued by the Financial Stability Board (FSB), WFE says this would create consistent […]
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IBA, TradeWeb Investigate Libor Alternative

Tradeweb Markets and ICE Benchmark Administration (IBA) are introducing the daily Tradeweb ICE Constant Maturity Treasury Rates, which have been designed to provide market participants with a daily overview of US Treasury yields for standard maturities and thus potentially becoming another alternative benchmark to Libor. The rates are based on transactions executed and/or quotes provided […]
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European Regulator Begins Search for Second Chair

The European Securities and Markets Authority (ESMA) is commencing a search for what will only be the regulator’s second chair since formation. The current chair, Steven Maijoor, is to step down on 31 March 2021 having served the maximum number of two terms of five years allowed under the ESMA Regulation. The new chair will […]
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