Cboe adds real-time trade alerts and data with latest acquisition Jun 3, 2020
Exchange Leaders Take Stock of COVID-19 Volatility SEC’s New Market Data Rules Debated Suzanne Cosgrove – JLN
Executives from the New York Stock Exchange, Nasdaq and Cboe Global Markets, in a Tuesday webinar titled, “Equity Markets and the COVID-19 Pandemic,” mostly breathed a collective sigh of relief at surviving the storm.
The online event was sponsored by BakerHostetler and the Equity Markets Association.
During an unprecedented period of uncertainty, “Markets were part of the solution,” said Tal Cohen, executive vice president and head of North American Markets at Nasdaq.“Unlike in 2008 and 2009, when they were part of the problem,” he added.
During the COVID-19 crisis, markets “were taken to the edge, but they performed well,” Cohen said.
“Having a clear idea of the limit-up and limit-down rules prevented the need for improvisation during the crisis,” said Michael Blaugrund, NYSE’s chief operating officer.In addition, he said work done for the Securities and Exchange Commission’s Reg SCI, adopted in 2014, helped institutionalize exchange preparedness and “likely could be extended even more broadly across the industry.”
To read the rest of this story, go here.
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Hits & Takes By JLN Staff
Ed Tilly and his team at Cboe Global Markets have done it again, buying one of the leading data firms in the markets, Henry Schwartz’s Trade Alert LLC , which happens to be a sponsor of JLN.They are starting to rival ICE’s Jeff Sprecher for having bought the most onetime JLN and MarketsWiki sponsors.To combat this purchasing of JLN and MarketsWiki sponsors, JLN is starting its own data firm in the hopes it will get purchased.Right now it just counts the number of former sponsors that have been bought, but we are working on it.
Trade Alert LLC , now a Cboe Global Markets Company, provides software and services focused on the synthesis and distribution of securities market intelligence to financial professionals.They are some very good data geeks.Cboe had previously bought Hanweck Associates, also a group of very good data geeks.
Richard Sandor’s AFX received a shot in the arm from Chairman of the Federal Reserve Jerome Powell, who when responding to a letter from Sen.
Tom Cotton mentioned Ameribor as an alternative to LIBOR and SOFR.This is from a press release from AFX:
Chairman Powell went on to state for the record: “Ameribor is a reference rate created by the American Financial Exchange based on a cohesive and well-defined market that meets the International Organization of Securities Commission’s (IOSCO) principles for financial benchmarks.While [Ameribor] is a fully appropriate rate for the banks that fund themselves through the American Financial Exchange (AFX) or for other similar institutions for whom Ameribor may reflect their cost of funding, it may not be a natural fit for many market participants.”
Futures For Kids announced that by the close on 24th May, over 150 people joined in the virtual sporting event as competitors and donors across the UK, Europe, Singapore, Australia and several locations in the US – making this a truly global event.Through all the efforts of the ‘athletes’ and donors, FFK raised just over £37,000 to date.
Thank you to those who sent me notes about my comments yesterday about the U.S.
Constitution and the events of Monday in Washington, DC near St.John’s Epispocal Church.Thank you also to those of you who don’t share my views for your restraint.
We had peaceful protests in my city (Elmhurst, IL) yesterday, though the downtown businesses prepared for violence and looting by boarding up their storefronts.It looked like a town ready for a hurricane.However, all the protests happened without incident.
I hope you all stay safe.~ JJL
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In the midst of the unrest surging across the world due to the murder of George Floyd, I – like many of you reading this – have been looking for a way to help this country change for the better.If you share my interest, I’d like to use this space to share links to a couple of organizations that do fantastic work, both of which are accepting donations.
The Baltimore Action Legal Team was founded after the Baltimore Riots in 2015 to fight racial injustice by providing legal and educational services to its community.The NAACP Legal Defense and Educational Fund, Inc.does similar work, but at a national level.
Also, late night talk show host Conan O’Brien recently interviewed CNN’s Van Jones, asking him to share his thoughts about George Floyd and racial injustice.O’Brien repeatedly stated that he did not think it was his place, as a white man, to dominate a discussion about violence against people of color.Regardless of how you feel about O’Brien or Jones, deliberately handing off the mic to a person of color to talk about their experiences is a powerfully positive gesture, one that I think all of us should consider emulating.~ MR
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World Economic Forum Still to Hold Davos Meeting in January Simon Kennedy – Bloomberg The World Economic Forum still plans to hold some form of gathering of business and financial titans in the Swiss town of Davos next January.
Word is they will let mere “millionaires” attend this year.~ JJL
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London Luxury House Prices Plunge Most Since Financial Crisis Jack Sidders – Bloomberg Prime properties in central city now down 5% over past year; Knight Frank says market feels similar to post-EU referendum Home prices in London’s wealthiest districts fell the most since the global financial crisis in April as sellers agreed to wider discounts to secure deals.
Tensions mar Paris protest as Floyd outrage goes global Sylvie Corget, Nicolas Garriga – AP Tear gas choked Paris streets as riot police faced off with protesters setting fires Tuesday amid growing global outrage over George Floyd’s death in the United States, racial injustice and heavy-handed police tactics around the world.
There are protests all over the world.
Pay attention.~ JJL
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Tuesday’s Top Three Our top story Tuesday was George F.Will’s commentary in the Washington Post, Trump must be removed.So must his congressional enablers.Second was the NFA enforcement actions against York Business Associates, Infinity Futures et al.Third was JLN’s article, Burton-Taylor Finds U.S.Futures Dominate , about what went into making the Intercontinental Exchange and CME Group the two largest exchange operators in the world.
++++ CryptoMarketsWiki , our archive of the cryptocurrency and blockchain world, is going strong and keeping pace as this area of finance grows and evolves.Recently Updated Pages
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CryptoMarketsWiki Statistics Lead Stories
Cboe adds real-time trade alerts and data with latest acquisition; Exchange group Cboe has acquired New York-based Trade Alert to expand information services division in latest takeover.Hayley McDowell – The Trade Cboe Global Markets has acquired a real-time alerts and order analysis services provider, which will be integrated across its suite of products within the information solutions division.
New York-based Trade Alert was founded in 2005 and provides clients with real-time notifications of market activity and order flow dynamics by combining its software and system architecture with market metrics and computing power.
The women shaking up wealth management; Three female leaders take strikingly different approaches to managing money Madison Darbyshire – FT When Charlotte Ransom retired from her career in wealth management at Goldman Sachs, she had a problem.After years working with institutional and private clients, including 10 years as a partner at Goldman, she knew too much about the wealth management industry and its high fees to hand over control of her own hard-earned assets.
In Russia, World-Beating Trading Day Is About to Get Longer Anna Baraulina – Bloomberg Moscow Exchange is extending trading to just before midnight; The stock market hopes to cash in on a retail investor boom The Moscow Exchange, which already boasts one of the longest trading days in the world, will soon let clients trade stocks until just before midnight as it seeks to cash in on a boom in retail investors.The Russian bourse is extending its equities session by nearly five hours in the evening, bucking a European trend toward shorter days.
Professional bodies in Europe have proposed reducing market hours, an idea widely backed by traders.
China Is Getting Its Hooks Deeper Into Middle East Oil Supplies Anthony Di Paola, Julian Lee, and Brian Wingfield – Bloomberg Saudi Arabia and Iraq send greater proportion of oil to China; Producer cuts have reduced exports to other nations sharply China is an ever-more important customer for Middle Eastern oil producers as they scramble to find buyers in the wake of the coronavirus.
The Buy-Side Trader Is Getting Outsourced in Coronavirus Crisis Justina Lee – Bloomberg Outsourcing firms report jump in revenue as volumes surge; New clients signing up for back-up plan in case of disruptions A once-in-century disruption to securities trading is intensifying a revolution in how some investment firms conduct business.
Finance giants need 13 million square feet of extra office space for staff’s safe return to work Emily Horton – Financial news
Groups condemn detainment of journalists in Atlanta protests yesterday AP Journalism organizations are condemning authorities’ detainment of two journalists who were covering protests in Atlanta.The Georgia chapter of the Society of Professional Journalists said in a news release that one journalist was detained Sunday and another on Monday covering protests and unrest that has followed the death of George Floyd in Minneapolis.Both were quickly released without charges.
Religious Leaders Say They Were Tear-Gassed For Trump’s Church Photo-Op Carol Kuruvilla – Huffington Post President Donald Trump on Monday reportedly used federal police to tear-gas Christian faith leaders, along with hundreds of peaceful protesters gathered to demand an end to police brutality against Black Americans.
Japan Warns Its Banks About Risky U.S.Debt; Country holds nearly 20% of $750 billion market in packaged corporate loans, exposing it to pandemic-related losses Megumi Fujikawa – WSJ Japanese regulators have warned the nation’s banks for the first time about the risk of investing in overseas securitized corporate loans, which have run into trouble from a wave of U.S.bankruptcies.
BNP Paribas gains execution services head from Deutsche Bank deal; Brian Fagen had previously spent nine years with Deutsche Bank, and recently joined BNP Paribas following the substantial prime brokerage deal between both banks.
Hayley McDowell – The Trade BNP Paribas has appointed a new head of execution services who joins the French investment bank following its major deal with Deutsche Bank.
Fed Promised to Buy Bonds but Is Finding Few Takers; Companies are afraid of the stigma of borrowing from a backstop program Matt Wirz – WSJ The Federal Reserve thawed credit markets in March by promising a whatever-it-takes program to buy corporate bonds.Ten weeks later, the Fed has yet to buy a single bond.
China Revives London Stock-Listing Program; Beijing approves a plan by China Pacific Insurance, already listed in Shanghai and Hong Kong, to sell securities in London Joanne Chiu – WSJ Beijing has approved a Chinese insurer’s plans to sell securities in London, signaling that a tie-up between the U.K.and Shanghai stock markets is no longer on hold.
London Traders Vote to Reduce World’s Longest Trading Hours Ksenia Galouchko – Bloomberg Most survey participants favor a 9 a.m.to 4 p.m.trading day; LSE will wait for other European bourses’ consultation results Most U.K.
stock market participants want a reduction in the world’s longest trading hours, which they say can improve liquidity and industry diversity, according to the results of a London Stock Exchange survey.
Talk Series with BIS’s Jaime Cortina Julie Ros – P&L Jaime Cortina, Deputy Chief Representative and Regional Head of Treasury and Asset Management at the Bank for International Settlements (BIS) in Mexico City, talked with Julie Ros from the floor of the new BIS Americas dealing room about the BIS’s Innovation 2025 strategy./jlne.ws/2zVjhyw Coronavirus
Investors Channel Over $150 Billion Into Coronavirus Bonds; Pfizer and Bank of America are among the companies that have tapped investors since February Anna Hirtenstein – WSJ The coronavirus pandemic has led to the genesis of a new class of bonds, paving the way for fund managers to springboard from socially responsible investing to putting money toward the health crisis.
How Many U.S.Workers Have Lost Jobs During Coronavirus Pandemic? There Are Several Ways to Count; No matter the measure, Covid-19 and shutdowns led to historically high unemployment and are likely to leave lasting mark on U.S.
economy Eric Morath – WSJ Friday’s U.S.jobs report from the Labor Department is expected to show U.S.employers shed nearly 30 million positions from payrolls this spring as a result of the coronavirus pandemic and related shutdowns—but that is just one of several varying estimates of job destruction.
The ‘Japan model’ that tackled coronavirus; Cluster control strategy helped but good timing mattered most of all, say experts Robin Harding – FT When Shinzo Abe ended a nationwide state of emergency last week with just 16,724 infections and 894 deaths from Covid-19, he could not resist bragging about the “Japan model” for handling coronavirus.
Swedish expert admits country should have had tighter coronavirus controls; Shift comes as Stockholm promises a commission to investigate approach to pandemic Richard Milne – FT The architect of Sweden’s controversial lighter lockdown policy for dealing with coronavirus has for the first time conceded the Scandinavian country should have imposed more restrictions to avoid having such a high death toll.
Brazil Reports Record Covid-19 Deaths as Surge Continues Shannon Sims – Bloomberg Brazil total cases surpass 555,000; death toll at 31,199; Some states, cities have begun to reopen from lockdowns Brazil had a record day of Covid-19 deaths as the virus shows no signs of easing in Latin America’s largest economy.The country reported 1,262 new deaths on Tuesday, bringing the number of fatalities to 31,199.
There were also 28,936 new reported cases, pushing the country’s total to 555,383, behind only the U.S.
Harvard’s New Era Likely Means Smaller Classes, Deeper Cleaning Janet Lorin – Bloomberg Some sports are likely to be canceled, president tells BTV; Changes are coming as school copes with the Covid-19 era Harvard University is weighing an array of options — from disinfecting classrooms after each session to reducing the number of students sitting in lecture halls — to cope with the coronavirus pandemic when it reopens, said President Lawrence Bacow.
Cboe Global Markets Acquires Trade Alert, Adding Real-time Alerts and Analytics to Information Solutions Offering Cboe Acquisition of Trade Alert expected to provide real – time notifications and client touchpoints, reaching end users with highly curated information, alerts and messaging through Cboe’s own communications pipeline; Service complements earlier Hanweck and FT Options acquisitions, further bolsters Cboe’s diverse suite of information solutions offerings; Deal closed on June 1, 2020 Cboe Global Markets, Inc.(Cboe: CBOE), one of the world’s largest exchange holding companies, today announced it has acquired the business of Trade Alert, LLC, a real-time alerts and order flow analysis service provider based in New York.
Intercontinental Exchange Reports May Statistics; Total Open Interest +4% y/y, Energy Open Interest +19%y/y Intercontinental Exchange, Inc Intercontinental Exchange, Inc.(NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today reported May 2020 trading volume and related revenue statistics, which can be viewed on the company’s investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
Pilot Test of DLT Information Sharing Platform in the Field of Securities Post-Trade – Selection of Use Cases for Verification JPX Japan Exchange Group, Inc.(hereinafter “JPX”) and Japan Securities Depository Center, Inc.
(hereinafter “JASDEC”) announced today that they have selected three use cases for verification using a DLT test environment developed by JPX-led consortium(*2) in their pilot test project of a DLT information sharing platform in the field of securities post-trade(*1) launched in April 2020.
COVID-19 continues to impact farmer sentiment; majority indicate economic assistance bill necessary CME Group Farmer sentiment improved slightly in May after falling sharply in both March and April, according to the Purdue University/CME Group Ag Economy Barometer.The index was up 7 points from April to a reading of 103, but it remained nearly 40 percent below its all-time high of 168 set in February 2020.The Ag Economy Barometer is based on responses from 400 U.S.agricultural producers and this month’s survey was conducted between May 18-22.
Eurex Exchange Readiness Newsflash | Updates June 2020 Eurex With this Newsflash, we would like to draw your attention to to the upcoming publications, events and necessary actions for the ongoing initiatives:
Nodal And IncubEx Expand Environmental Markets With Five New Contracts And Twelve REC Vintage Extensions Mondovisione Nodal Exchange today launched new North American environmental futures and options contracts on the Oregon Clean Fuels Program and renewable energy certificates (RECs).New extended vintages on twelve previously listed REC contracts were also implemented./jlne.ws/3gQ37as Fintech
Refinitiv automates access to FX swaps venue with API tool; Forwards Matching API service will increase trading efficiencies with automated access to the Refinitiv Forward Matching MTF.Kiays Khalil – The Trade Refinitiv has launched an application programming interface (API) tool to automate access to its FX swaps trading venue for clients, as the market continues to move towards electronification.
Barchart Releases Initial U.S.Yield Forecasts for Corn and Soybeans; cmdty Yield Forecast Indexes predict end of season yield at 172.4 bu/ac for corn and 48.8 bu/ac for soybeans in the U.S Barchart Barchart, a leading provider of data and technology services to the financial, media, and commodity industries, announces their initial cmdty Yield Forecast for end of season yield at 172.4 bu/ac for corn and 48.8 bu/ac for soybeans in the U.S.
Released for free to the public on the first Tuesday of each month during the growing season, and available to clients through daily updates, the cmdty Yield Forecast Index series allows users to get insights to guide their business decisions ahead of the USDA’s WASDE report.
Australia seeks to stimulate fintech growth Michael Tattersall – Business Insider The initiatives, announced in the last week, should help stimulate the development of Australia’s fintech ecosystem.First, new federal laws that will create a regulatory sandbox have been broadened to include fintechs that distribute insurance services and will come into effect on September 1, per Insurance News.
Latest Satoshi Nakamoto Candidate Buying Bitcoin No Matter What Olga Kharif – Bloomberg Adam Back’s name has surfaced again in the crypto community’s favorite guessing game: Who is the anonymous creator of Bitcoin who went by the pseudonym Satoshi Nakamoto.In mid-May, YouTube channel Barely Sociable, with nearly 400,000 subscribers, released a 40-minute video claiming that 49-year-old Back is Satoshi.The video has since raked up nearly 300,000 views.
JPMorgan Chase agrees to $2.5 million settlement in legal fight over crypto purchase transaction fees Aislinn Keely – The Block After a two-year-long dispute over allegedly charging crypto purchases as “Cash Advance” transactions without giving cutomers legally-required notice, JPMorgan Chase has agreed to settle with plaintiffs for $2.5 million.
The parties filed a request that the court approve the proposed settlement agreement on May 26.
Uptrend in Mainstream Crypto Interest Started Last Fall, MIT Startups Says Benjamin Pirus – Cointelegraph Cryptocurrency has seen a rise in mainstream attention starting last fall — before COVID-19 measures took off, according Floating Point Group, or FPG, an algorithmic trading technology startup conceived at MIT.“An increasing portion of our inbound prospects are established industry participants coming from FX, equities and derivatives markets,” FPG co-founder Kevin March told Cointelegraph on May 28 after confirming the presence of increased mainstream crypto trading interest.
Blockchain Media Startup Civil Shuts, Staff to Join ConsenSys Arnab Shome – Finance Magnates Civil, a startup decentralizing journalism funding and vetting, has publicly announced the shut down of its operations.
The homepage of Civil’s website now features a message from Matthew Iles, CEO of the startup, which was posted on Tuesday.“We built innovative technology, supported award-winning journalists, and inspired many people all over the world with our vision for a more participatory media landscape.But ultimately, we failed to sustain ourselves independently,” Iles wrote.
U.S.customs officials add Venezuela’s cryptocurrency superintendent to Most Wanted list Michael McSweeney – The Block The U.S.Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations office in New York announced Monday that it had added Venezuela’s cryptocurrency superintendent to its Most Wanted List.Joselit de la Trinidad Ramirez Camacho is accused of “having deep political, social and economic ties to multiple alleged narcotics kingpins.” Ramirez Camacho was one of a group of Venezuelan officials indicted in March alongside the country’s president, Nicolas Maduro.
Hard Fork Sets Stage for Ethereum Classic’s Second Major Departure From Ethereum William Foxley – Coindesk Trail partners Ethereum and Ethereum Classic are soon to split ways, highlighted by the latter’s successful “Phoenix” hard fork Sunday night.Executed at block 10,500,839 on May 31, the backwards-incompatible network upgrade makes Ethereum Classic fully compatible with Ethereum.
That is, until the larger blockchain swaps its consensus algorithm in a network overhaul known as Eth 2.0 – tentatively scheduled for Q3 2020.
Coinbase cuts rewards on USDC stablecoin holdings by nearly 90% Yogita Khatri – The Block Crypto exchange Coinbase has slashed rewards on USDC stablecoin holdings by around 90%.Until now, Coinbase users earned 1.25% annual percentage yield (APY) on their USDC funds.That reward now has been cut to just 0.15% APY, effective today.
Coinbase did not specify the rationale behind the move, but the reduction is in line with other major banks and fintech firms.
Open Interest in Ether Options Hits Record High on Deribit Omkar Godbole – Coindesk Derivative contracts on ether are more popular than ever, as evidenced by record open positions in options listed on the Panama-based derivatives exchange Deribit.Open interest, or the number of contracts outstanding and not yet liquidated by an offsetting trade, rose to a record high of $136 million on Monday, marking a 460% increase from $24 million seen on March 24, according to data provided by crypto derivatives research firm Skew.
Crypto exchange Coincheck says it suffered a data breach, which may have exposed some users’ personal information Yogita Khatri – The Block Japanese cryptocurrency exchange Coincheck announced on Tuesday that it suffered a data breach, which may have leaked users’ emails and personal information.The information includes name, registered address, birth date, phone number, and selfie ID, said Coincheck.The breach affected around 200 customers who made email inquiries from May 31 to June 1, the exchange added.
Caitlin Long’s crypto bank raises $5M led by the University of Wyoming Celia Wan – The Block Avanti Financial Group, crypto advocate Caitlin Long’s latest initiative to bank digital asset companies, has closed a $5 million angel round.Announced on Tuesday, the funding round was led by the University of Wyoming Foundation with participation from Morgan Creek Digital, Blockchain Capital, Digital Currency Group, and others.
U.S.
Steps Up Sanctions Against Venezuela’s Maritime Oil Trade Stephen Cunningham – Bloomberg The Trump administration escalated sanctions against Venezuela’s oil industry, targeting four maritime companies for supporting the “illegitimate” government of President Nicolas Maduro.The Treasury’s Office of Foreign Assets Control also identified four tankers it said had continued to lift oil cargoes from Venezuelan ports in recent months as blocked property, according to a statement on Tuesday.
Republicans join in backlash over Donald Trump’s tactics; Senators, military and religious leaders criticise use of force against White House demonstrators Demetri Sevastopulo and Katrina Manson – FT Donald Trump faced criticism from Republicans and a rare rebuke from a former top military officer after police on Monday used tear gas on peaceful protesters to clear the way for the US president to leave the White House and pose for a photo holding a Bible in front of a nearby church.
Pentagon Distances Its Leaders From Trump’s Threat to Use Military Travis J Tritten – Bloomberg Officials say Esper, Milley weren’t aware of church visit; About 2,800 National Guard will be in Washington on Tuesday Pentagon officials distanced themselves from President Donald Trump’s warning that he could use active-duty military forces to clamp down on protests around the country, saying that it would be better to rely on National Guard for law enforcement where needed.
Trump’s Re-Election Chances Are Dwindling; The president needs to appeal to voters beyond his strongest supporters.He doesn’t seem to be trying very hard.Jonathan Bernstein – Bloomberg After a month of bad news, President Donald Trump’s approval ratings have taken another hit.He’s in serious trouble for re-election.
Most of the damage is on the disapproval side.On May 1, Trump was at 43.3% approval and 50.7% disapproval, according to the estimate at FiveThirtyEight, which is based on an adjusted average of all the polls out there.Now? Although his approval is down just a bit, to 42.9%, his disapproval is up another three percentage points and sits at 53.6%.Two months ago, Trump was getting his best approval numbers since his brief honeymoon; now, he’s lost all of that and is back to where he’s been for most of the past two years.
The central feature of Trump’s presidency: False claims and disinformation; Will future presidents return to trying to tell the truth? Glenn Kessler, Salvador Rizzo and Meg Kelly – Washington Post For weeks, as the coronavirus silently spread through the United States, President Trump belittled the threat and repeatedly praised China for “transparency” and the World Health Organization for its handling of the outbreak.But when the death toll mounted and the scope of the public health crisis became too difficult to ignore, Trump reversed course.
Boris Johnson Offers 3 Million Hong Kong Residents Haven in U.K.
Tim Ross – Bloomberg China warns U.K.
interference in former colony will ‘backfire’; British policy on China heading for re-set after coronavirus Prime Minister Boris Johnson said he will give as many as three million Hong Kong residents the chance to seek refuge and a new life in the U.K.if China presses ahead with plans to impose a new security law on the former British colony.
Regulatory Reminder Regarding Obligations Guaranteed by FCMs, FDMs and IBs NFA On May 27, 2020, the Joint Audit Committee issued a Regulatory Alert to FCMs addressing the net capital treatment of guaranteed obligations and liabilities of subsidiaries or affiliates.Certain CFTC Regulations require the reporting of guaranteed obligations and liabilities of subsidiaries or affiliates in the computation of adjusted net capital.NFA is issuing this Notice to remind Members that these requirements also apply to RFEDs (i.e., FDMs) and IBs.
CFTC Market Risk Advisory Committee’s Interest Rate Benchmark Reform Subcommittee Holds Table Top Discussion and Revises Membership CFTC The Commodity Futures Trading Commission Market Risk Advisory Committee’s (MRAC) Interest Rate Benchmark Reform Subcommittee (Subcommittee) held a virtual table top discussion earlier today regarding CME Clearing (CME) and LCH Limited’s (LCH’s) single-step proposals for the transition of discounting and price alignment interest for certain products to the secured overnight financing rate (SOFR), scheduled for October 2020.
CFTC Commissioner Rostin Behnam is the sponsor of MRAC.
CFTC Charges Kentucky Man in Multi-Million Dollar Fraud Scheme CFTC The Commodity Futures Trading Commission today announced the filing of a civil enforcement action in the Eastern District of Kentucky against defendant William S.Evans III (d/b/a Turning Point Investments) of Harrodsburg, Kentucky, charging him with fraud in connection with soliciting clients to trade S&P commodity futures contracts and options in a commodity pool while failing to register with the CFTC.The Commission’s action also names Evans’ wife, Frances Evans, as a relief defendant in possession of funds from Evans’ alleged illegal activity.On May 29, 2020, U.S.District Court Judge Claria Horn Boom signed a statutory restraining order freezing the Evanses’ assets and prohibiting the destruction or concealment of their books and records.
CFTC Obtains $700,000 Judgment Against New York Man in Fraud and Misappropriation Scheme CFTC The Commodity Futures Trading Commission today announced that the U.S.
District Court for the Southern District of New York entered a consent order for permanent injunction against defendant Eyal Alper of Irvington, New York, in connection with a fraudulent scheme.
Proposed Rule Change to Extend the Implementation of FINRA Rule 4240 (Margin Requirements for Credit Default Swaps) FINRA Financial Industry Regulatory Authority, Inc.(“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to extend to September 1, 2021 the implementation of FINRA Rule 4240.FINRA Rule 4240 implements an interim pilot program with respect to margin requirements for certain transactions in credit default swaps that are security-based swaps.
FINRA Foundation Announces Annual Research Award Recipients; Studies Advance Understanding of Financial Capability in the United States FINRA The FINRA Investor Education Foundation (FINRA Foundation) recently announced the recipients of its higher-education awards created to recognize outstanding analyses by researchers-in-training who seek to advance understanding of consumer financial wellness and the complex relationships among financial literacy, financial capability and financial well-being.
ESMA updates transparency and position limit opinions for 3rd country venues ESMA The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published updated opinions on post-trade transparency and position limits under MiFID II and MiFIR following its assessment of over 200 third-country trading venues (TCTV) against criteria published in opinions in 2017.
ESMA consults on cloud outsourcing guidelines ESMA The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published a consultation paper on guidelines on outsourcing to cloud service providers.
Directors disqualified for engaging in illegal phoenix activity; Disqualification of Andrew Yiasemides ASIUC ASIC has disqualified Mr Andrew Yiasemides of West Gosford, New South Wales, from managing corporations for five years.
Members Equity Bank (ME Bank) redraw issue ASIC Opening statement by Sean Hughes, ASIC Commissioner, at the House of Representatives Standing Committee on Economics (Australia’s four major banks and other financial institutions), 3 June 2020.
Europe May Relax Controversial Free Research Ban to Lift Economy Silla Brush and Ksenia Galouchko – Bloomberg MiFID II ‘unbundling’ rule may be loosened for smaller stocks; More coverage for emerging firms desired for post-Covid growth European policy makers could soften restrictions on research into emerging companies as part of attempts to lift the economy after the coronavirus pandemic.
Autorité Des Marchés Financiers: Measures To Facilitate Career Entry During The COVID-19 Pandemic Mondovisione The Autorité des marchés financiers (AMF) is implementing temporary exceptional measures to facilitate career entry in the sectors governed by the Act respecting the distribution of financial products and services.
These measures will, subject to certain conditions, make it possible for candidates to complete their probationary period prior to passing their exams./jlne.ws/2U81yLd Investing and Trading
Portfolio trading continues to take hold in fixed income markets; As portfolio trading becomes more popular among buy-side traders, research has warned a large portfolio trade could increase risks around the CSDR buy-in regime if a single trade fails.Hayley McDowell – The Trade Fixed income traders are increasingly engaging with portfolio trading to manage portfolios, particularly during the recent volatility due to the COVID-19 crisis.
Public equity markets are flagging when we need them the most; Governments should broaden opportunities for people to own stakes in the Covid recovery Anne Richards – FT Governments around the world are firing up time machines, pulling years of future growth and spending into the present to plug economic gaps left by the Covid-19 outbreak.France and Germany have proposed a EUR500bn aid package, for example, while in the UK the Office for Budget Responsibility expects the Treasury to need an extra £300bn to keep businesses on life support.
US yield curve steepens as 30-year Treasury falls from favour; Traders eye Fed policy shift, ballooning government spending and stabilising economy Colby Smith – FT Long-dated Treasury bonds have lost favour among investors, sending yields to their highest since March, following a jump in borrowing to fund a massive economic stimulus and signs of shifting policy by the Federal Reserve.
First U.S.
Gold Coin May Fetch $15 Million in Private Sale Josh Friedman – Bloomberg Brasher Doubloon from pre-mint era is an icon of Americana; Washington’s neighbor minted it.Philip Marlowe hunted it.One of the world’s most coveted coins is coming to the market.The Brasher Doubloon, the first gold coin struck in the U.S., is being offered privately at a $15 million asking price, according to numismatic adviser Jeff Sherid.His firm, Los Angeles-based PCAG Inc., is marketing the coin on behalf of a collector he would only identify as a former Wall Street executive.
The Most Hated Rally in History Just Won’t Stop; This 10-week-old upswing may have already taken the mantle from the post-2009 bull market.John Authers – Bloomberg The bull market in stocks that galloped on for a decade after 2009 was widely described as the most hated rally in history.It took many by surprise (myself included), and came even as money flowed into bonds.Stock markets outside the U.S.
behaved roughly as they were supposed to do after a big crash, and traded sideways in a wide range for years.In the U.S., they just went upward.In hindsight, many of us badly underestimated the power and determination of the Federal Reserve.
The Other Fossils in the Boardroom; The sustainable revolution hasn’t reached the top levels of the biggest U.S.and European banks.Saijel Kishan and Andre Tartar – Bloomberg The world’s largest banks have issued billions in loans to sustainable businesses and taken some steps to restrict funding for some of world’s worst polluters.But the greening of global finance hasn’t reached the boardroom yet.
Green Bond Crisis Premium Theory Debunked by Covid, Manager Says Alastair Marsh – Bloomberg Green bonds fared no better than regular debt in the coronavirus-fueled credit rout, confounding a widely held theory that because holders of the debt are motivated by the environmental impact of the securities they may be less prone to losses in a market crash.
World’s Hottest Bond Market Fired by Defiance to Go Sub-Zero Ruth Carson – Bloomberg Australia bonds require less ‘leap of faith’ to buy, PGIM says; Aussie-U.S.
spread flipped to a premium in March on Fed cuts One central bank’s refusal to contemplate negative interest rates is helping set it apart from developed peers and stoke interest in its world-beating bond market.The Reserve Bank of Australia’s reluctance to contemplate life below zero is helping draw the likes of PGIM Inc.and JPMorgan Asset Management to the nation’s $482 billion sovereign bond market.Australia’s 10-year bond yield discount to Treasuries flipped to a premium in March as the Federal Reserve slashed borrowing costs, spurring bets U.S.rates would turn negative next year.
Factsheet: Understanding IBOR Benchmark Fallbacks ISDA Benchmark fallbacks are replacement rates that would apply to derivatives trades referencing a particular benchmark.These would take effect if the relevant benchmark becomes unavailable while market participants continue to have exposure to that rate.Specific fallback rates are set out in the 2006 ISDA Definitions.
ISDA is working on new robust fallbacks that would apply in the event of a permanent cessation of a key interbank offered rate (IBOR).
Bond Market’s Toughest Problems Go Unresolved; Regulators leave issues of credit-rating conflicts and trade transparency largely untouched.Brian Chappatta – Bloomberg The U.S.Securities and Exchange Commission’s Fixed Income Market Structure Advisory Committee met earlier this week by webcast.
For those in the bond markets who might have missed it, it’s worthwhile to briefly note the takeaways from the group’s virtual get-together..
