Cryptoasset Manager Granted FCA License

Prime Factor Capital (PFC), a London-based cryptoasset management firm, has been granted a license by the UK’s Financial Conduct Authority (FCA) to operate as a full-scope Alternative Investment Fund Manager (AIFM). Under the EU’s AIFM Directive (AIFMD), full-scope AIFMs may manage in excess of €100 million in assets, allowing PFC to begin accepting institutional-size tickets. […]
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CFTC Issues No Action Relief Regarding Swap Dealer Rules

The Commodity Futures Trading Commission (CFTC) has granted no-action relief to registered floor traders from compliance with rules relating to the “swap dealer” definition. According to the CFTC’s swap dealer definition, a registered floor trader does not need to consider cleared swaps executed on or subject to the rules of a designated contract market (DCM) […]
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FIA Advocates for Changes to Derivatives Reporting Rules

The Futures Industry Association (FIA) has published a new position paper that recommends a number of changes to how exchange traded derivatives (ETDs) are reported under European regulation. The FIA says in the paper that it fully supports the efforts by regulatory authorities to make the derivatives markets more transparent and safe, adding that the […]
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Kulkin to Leave CFTC

Matthew Kulkin is leave the Commodity Futures Trading Commission (CFTC) where he was director of its Division of Swap Dealer & Intermediary Oversight (DSIO), later this summer. Kulkin joined CFTC in 2017 to lead the DSIO, the CFTC’s division that primarily oversees derivatives market intermediaries, including swap dealers, futures commission merchants, commodity pool operators, commodity […]
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LedgerX Gets Nod for Physically Settled Bitcoin Derivatives

The US Commodity Futures Trading Commission (CFTC) has approved LedgerX, a cryptocurrency trading venue, as a Designated Contract Market (DCM). This will allow LedgerX to offer bitcoin spot and physically settled derivatives contracts to retail clients, which it plans to do through its new platform, LedgerX Omni. Founded in 2014, LedgerX obtained approval to act […]
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10 Years On – G20 Reform Agenda Continues with Crypto in the Sights

A decade after it was tasked with driving reform of the financial system, the Financial Stability Board (FSB) has reported to G20 leaders that while much has been achieved, “promoting global financial stability is a continuous task”. In a letter to the leaders, current FSB chair Randal Quarles says that the FSB’s transition from determined […]
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Regulators Target Manufactured Credit Events

A joint statement from US and UK regulators signals a continued scrutiny on so-called “manufactured credit events” in the credit derivatives market. The statement, from US Commodity Futures Trading Commission (CFTC) chair Christopher Giancarlo, US Securities and Exchange Commission (SEC) chair Jay Clayton, and UK Financial Conduct Authority (FCA) chief executive Andrew Bailey says, “The […]
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Pan Steps Down at CFTC

Eric Pan is leaving his role as director of the Commodity Futures Trading Commission’s (CFTC) Office of International Affairs (OIA in August. Since 2015, Pan has led the office that advises the Commission on all international regulatory initiatives, provides guidance regarding international issues raised in CFTC matters, represents the agency in international groups such as […]
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FIA Welcomes Basel Committee Client Clearing Adjustment

The Futures Industry Association (FIA) has welcomed news that the Basel Committee on Banking Supervision has agreed on a limited revision of the leverage ratio to allow margin received from a client to offset the exposure amount of client-cleared derivatives. The Committee met last week to discuss a range of policy issues, including the leverage […]
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Bank Negara Launches Electronic Platform Consultation

Bank Negara, Malaysia’s central bank, has launched a consultation programme aimed at delivering standards for providers of multi-dealer FX and money market electronic platforms, including inter-dealer brokers. The bank has released an Exposure Draft and invited feedback before July 15 2019. The background to the proposed regulation is the continued scrutiny of offshore access to […]
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