Thank you. It’s good to be here this morning to discuss our regulation governing residual interest. Along with the rest of my colleagues, I’m eager to hear the assembled experts discuss the substance of this rule. First though, I wanted to make a few opening remarks to remind us all of how we got to this point. In late 2013, following the collapse of notable FCMs due to inadequate funds, the CFTC promulgated new regulations that were aimed at increasing customer protection requirements on FCMs. One of the regulations in that package required that “an FCM had to maintain their own capital . . . in customer segregated accounts in an amount equal to or greater than its customers’ aggregate under-margined amounts.”1 In other words, we were requiring that FCMs had adequate money to cover customers if they had insufficient money in their own accounts. This reserve money is what we call residual interest, and it is a key protection for consumers. Absent this requirement, there is increased danger that an FCM will not be able to cover customers’ margin in the moment, and FCMs and their customers will be at risk of more FCMs failing unexpectedly. The fact that this is a protection for consumers and investors should remain in the front and back of our minds at this discussion.
read more...Statement Of CFTC Commissioner Sharon Y. Bowen Regarding Regulation Of Residual Interest
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Ipreo And Symbiont Partner In Industry Blockchain Initiative - Smart Contracts To Dramatically Reduce Loan Settlement Time
Ipreo and Symbiont announced today that they are creating a new company to overhaul antiquated and costly manual processing in the $3 trillion global syndicated loans market. By integrating Ipreo’s latest loan settlement platform and Symbiont’s smart contracts, the new business will deliver fully-automated settlement and maintenance, generating tens of millions of dollars in potential annual savings.
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Palestine Securities Exchange Monthly Investor Newsletter - February 2016
Click here to download the February edition of the PEX Monthly Investor Newsletter.
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Nigerian Stock Exchange, DMO, STANBIC IBTC Stockbrokers To Hold Workshop On Fixed Income
In line with its commitment to improve the capacity of its members and deepen investors participation in bonds, The Nigerian Stock Exchange (“The Exchange” or “NSE”) in conjunction with the Debt Management Office (DMO) and Stanbic IBTC Stockbrokers Limited (SISL) is set to organize the 2016 edition of its Fixed Income Workshop on Saturday, March 5, 2016 at the NSE.
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Hong Kong's Securities And Futures Commission Stresses Accurate, Clear And Balanced Disclosure Of Inside Information - Cooperation Will Bring Tier 1 Clearing Solution To A Wider Audience
The Securities and Futures Commission (SFC) today published the latest issue of its Corporate Regulation Newsletter reminding listed companies to disclose inside information in an accurate, clear and balanced manner and to ensure equal, timely and effective access by the public (Note 1).
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GPW Introduces New Single-Stock Futures
The Warsaw Stock Exchange introduces new futures to trading as of 4 March 2016.
GPW currently offers trade in futures on the stock of 27 companies. After the addition, there will be 28 single-stock futures in trading.
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Gunvor Completes Sale Of Novorossiysk Terminal
Gunvor Group, one of the world's largest independent commodities trading houses, has completed the sale of the Novorossiysk Fuel Oil Terminal to a subsidiary of OJSC Transneft. Gunvor, which built the terminal as a greenfield project, owned a 50 percent stake. The terms of the sale were not disclosed.
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SWIFT India Goes Live - The Community Comes Together To Celebrate At The Go-Live Ceremony
SWIFT India Domestic Services Pvt Ltd (“SWIFT India”) celebrates today its go-live ceremony. SWIFT India is a joint venture created by SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication), the global banking cooperative, and nine partner banks to address domestic market needs of the Indian financial services industry.
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Stephen Luparello, Director, SEC Division Of Trading And Markets - Before The United States Senate Committee On Banking, Housing, And Urban Affairs Subcommittee On Securities, Insurance, And Investment, March 3, 2016
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2016-016: Federal Reserve Board Statistical Releases: a Publications History
Sian L. Seldin | The Board of Governors of the Federal Reserve System has published extensive statistical information on the U.S. economy and banking industry since 1914. This information has been published in various formats, usually referred to as "statistical releases." Titles and release numbers of the publications have changed frequently. Federal Reserve Board Statistical Releases: a Publications History describes these changes; it is a convenient tool that lightens the burden of tracing the titles and release numbers by providing history in a single location.
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ASEAN Exchanges Set A New Precedent For Capital Markets Integration - New Research From The SWIFT Institute Highlights The Ongoing Development And Collaboration Among The ASEAN Exchanges
Recently published research by the SWIFT Institute outlines the progress made by the Association of Southeast Asian Nations (ASEAN) – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – through the ASEAN Exchanges initiative, a collaboration of seven ASEAN-based exchanges aimed at growing the region's capital markets. In particular, the research investigates the challenges surrounding the development of ASEAN Exchanges and potential areas for future development.
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CBOE Holdings To Present At Raymond James Institutional Investors Conference On Monday, March 7
CBOE Holdings, Inc. (NASDAQ: CBOE) announced today that Edward T. Tilly, Chief Executive Officer, will present at the Raymond James 37th Annual Institutional Investors Conference in Orlando, Florida, on Monday, March 7, 2016, at 1:40 p.m. Eastern Time.
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EGX Makes Adjustments In Its HR Hierarchy For The Better Use Of Its Manpower
Within the framework of the Egyptian Exchange (EGX) attempts to maximize the human resources’ utilization and to provide the greatest benefits to its clients and to the various market parties, EGX decided today to perform a series of structural changes in the listing and Over-The-Counter (OTC) sectors. According to those changes, Mr. Magdy Shehata will hold the post of listing general manager, while Mr. Tarek Ibrahim will be a general manager in the OTC sector, and Mr. Mohammad El Sayyad will be back to his technical and advisory duties.
Changes also include the transfer of some of the listing sector employees to the OTC sector and vise versa, moreover to re-organize the work in those sectors in accordance with the previous amendments.
From another perspective, EGX plans to develop a way to investigate the extent of customers’ satisfaction about the services offered in listing and OTC sectors as they are the sectors that mostly deal with the market’ parties, through a model to measure the service’ quality that are regularly presented to EGX chairman in order to avoid any obstacles and to solve them quickly.
EGX management explained that the change aims to inject new blood in both sectors to achieve the greatest benefit for them as they present two important axes of EGX work and they are related to a large segment of investors and companies.
EGX stated that the change is an ongoing and dynamic process and help to enrich the work system continuously, which will influence the stock market and the different market parties, and emphasizes the focus on EGX’ main role in facilitating the attraction of companies and to provide funding for them, along with emphasizing directly with the new leadership on the need to adopt a flexible strategy with the listed companies or those interested in listing as well as investors in accordance with the rules and regulations.
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Straits Times Index (STI) Quarterly Review
FTSE Russell announces that there will be one change to the constituents of the Straits Times Index, following the March quarterly review. CapitaLand Commercial Trust will be added to the Index, while Noble Group will be removed.
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Tokyo Financial Exchange: Rollover Of Leading Contract Month For Three-month Euroyen Futures - Effective from 2 Mar 2016
Tokyo Financial Exchange has decided to shift the leading contract month for Euroyen futures from the current June 2016 contracts to the September 2016 contracts, effective from 2 Mar 2016.
For information of historical data on TFX leading contract months, please click here.
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Moscow Exchange Sets Annual General Meeting Date For 27 April
At its meeting on 3 March 2016, the Supervisory Board of Moscow Exchange (MOEX) decided to hold the Annual General Meeting of Shareholders (AGM) on 27 April 2016 and approved the AGM agenda.
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TMX Group Consolidated Trading Statistics â February 2016
TMX Group Limited today announced February 2016 trading statistics for its marketplaces – Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha), Montreal Exchange (MX) and NGX.
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What are the economic consequences of Brexit?
What are the economic consequences of #Brexit? https://t.co/CUcZISaUgi http://pic.twitter.com/O9D1jqwONW â World Economic Forum (@wef) February 28, 2016
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The Robots Are Coming for Wall Street
"Within a decade...between 1/3 & 1/2 of current employees in finance will lose their jobs to...automation software." https://t.co/LKa4gMRf5m â moneyscienceâ¦
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Barclays to exit Africa in 'transatlantic' makeover
Barclays reveals restructuring plan, to exit Africa as profit falls - https://t.co/pBT5nCxBcV â moneyscience (@moneyscience) March 1, 2016
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