Busy Day in Washington Leads to Raft of Rule Changes

On Thursday, June 25, five federal regulatory agencies finalised a rule modifying the Volcker rule’s prohibition on banking entities investing in or sponsoring hedge funds or private equity funds – known as covered funds. The rule takes effect on October 1. The agencies included the Federal Reserve Board, the Commodity Futures Trading Commission (CFTC), the […]
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Deutsche Deploys Symphony to Open up WhatsApp to Staff

Deutsche Bank has deployed the Symphony Connect Solution for secure chat and collaboration with its clients via WhatsApp. Following the introduction the WeChat functionality in November 2019, the bank says that clients can now securely and safely communicate with Deutsche Bank employees anywhere and any time via their preferred chat platform while meeting stringent security […]
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European Commission Opens “In Depth” Review of LSE/Refinitiv Deal

The European Commission (EC) has opened an in-depth investigation to assess the proposed $27 billion acquisition of Refinitiv by the London Stock Exchange Group (LSEG) under European Union Merger Regulation. The Commission says it is concerned that the proposed acquisition may reduce competition in trading and clearing of various financial instruments and in financial data […]
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ISDA Create Adds New Documents

The International Swaps and Derivatives Association (ISDA) and Linklaters have announced they will make three new documentation modules available on ISDA Create during 2020. The expansion will allow users to agree additional documents online, bringing further automation and efficiency to the negotiation of derivatives agreements. ISDA Create is an online solution built by Linklaters’ internal […]
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Takeover of Gain Proceeds: Firm gets Hit by CFTC

It has been a hectic week for Gain Capital, with, just days after 71.2% of its shareholders agreed to the terms of the takeover by INTL FC Stone, the being hit by the US Commodity Futures Trading Commission (CFTC) over client onboarding irregularities at its UK arm. Just over 85% of the votes cast at […]
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ISDA, Aosphere, Launch e-Contracts Service

With an increasing number of financial markets contracts being confirmed electronically, the International Swaps and Derivatives Association (ISDA) and Aosphere have launched a new service that will enable users to quickly and efficiently assess issues relating to the enforceability of electronically executed and confirmed contracts. The tool, called Diligence – ISDA e-Contracts, covers ISDA’s e-contract opinions […]
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CFTC Extends IM Compliance for Larger Firms

As the US and much of the world faces a Black Swan event in the form of the COVID-19 pandemic, Commodity Futures Trading Commission (CFTC) chairman Heath Tarbert today announced a one year extension for larger entities facing compliance with initial margin (IM) requirements for uncleared swaps, making the new compliance date September 1, 2021 […]
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BIS Names Payments, Infrastructures, Innovation Heads

The Bank for International Settlements (BIS) today announced the appointment of Tara Rice as Head of Secretariat for the Committee on Payments and Market Infrastructures (CPMI), the global standard setter for payment, clearing and settlement services. Rice has been a member of the CPMI Secretariat since January 2019. She led its support of the G7 working group […]
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CFTC Files Charges in $20 Million Options, Digital Asset Scheme

The Commodity Futures Trading Commission (CFTC) filed a multi-million dollar fraud action in the US District Court for the Southern District of Florida, charging three individuals and three companies with fraudulently soliciting tens of millions of customers and prospective customers to open and fund off-exchange binary options and digital asset trading accounts. These accounts traded […]
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OTC Derivatives Data Highlights Impact of Regulation on Turnover

The latest semi-annual survey of OTC derivatives markets by the Bank for International Settlements (BIS) offers another insight into the impact of regulation on market activity. The survey finds that notional amounts of OTC derivatives activity at end-December 2019 was 2.7% higher year-on-year at $559 trillion, however seasonal factors meant that it was down from […]
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