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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FMSB Paper Looks at Algo Model Risk

The FICC Markets Standards Board (FMSB) has published the first in a series of papers called Spotlight Reviews, which looks at emerging themes and challenges  in algorithmic trading and machine learning. The series will consider issues of FICC market structure and the impact of regulatory and technological change on the fairness and effectiveness of wholesale […]
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RBI Opens NDF Trading to Onshore Banks

The Reserve Bank of India (RBI) has announced that as of June 1, onshore banks will able to transact in the Indian rupee (INR) NDF market. The announcement was made as part of a raft of measures by the central bank as it strives to cope with the Covid-19 pandemic. Noting that the offshore INR […]
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Basel III Implementation Gets Deferral

The Basel Committee’s oversight body, the Group of Central Bank Governors and Heads of Supervision (GHOS), has endorsed a set of measures to provide additional operational capacity for banks and supervisors to respond to the immediate financial stability priorities resulting from the impact of the coronavirus disease (Covid-19) on the global banking system. “It is […]
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Trade Associations Urge UMR Implementation Delay

In response to the COVID-19 pandemic, 21 financial industry associations have submitted a letter on behalf of their members requesting BCBS (Basel Committee on Bank Supervision), IOSCO (International Organization of Securities Commissions), and other global regulators to suspend the current timeline for the initial margin phase-in. The letter says this will to allow market participants […]
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Firms Claim Industry First for Surveillance

Regtech firm Rimes and communication compliance solution provider Soteria say they have completed the first stage of their product integration project, thus providing integrated trade and communication monitoring to provide financial firms with comprehensive surveillance capabilities. The firms say that adhering to growing regulations and evolving regulatory surveillance capabilities is technically complex and both data- […]
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CFTC Commissioner Calls for Agency to Table Non-Critical Work

In the wake of a vote today on digital assets action, Commodity Futures Trading Commission (CFTC) commissioner Rostin Behnam today called on the agency to focus its sights on monitoring market and institutional stability and resiliency. “We are collectively facing uncertainty in all aspects of our personal and professional lives as a result of COVID-19, […]
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