market participants Archives - The Industry Spread

SGX RegCo Consults on Proposed Enhancements to Securities Trading Auction Mechanism

July 23, 2019

Singapore Exchange Regulation (SGX RegCo) is seeking feedback on possible changes to the auction mechanism in the securities market, to consider their feasibility for implementation. The proposed enhancements are to prevent extreme price dislocations while enabling price discovery, thereby strengthening the robustness of, and investor confidence in, the auction routines. They complement existing exchange- and member-level safeguards against such price dislocations. The possible enhancements being contemplated are:

Matthew Kulkin, DSIO Director, to Leave the CFTC

June 30, 2019

Since 2017, Kulkin has led DSIO, the CFTC’s division that primarily oversees derivatives market intermediaries, including swap dealers, futures commission merchants, commodity pool operators, commodity trading advisors, introducing brokers, major swap participants, and retail foreign exchange dealers, as well as designated self-regulatory organizations.

Wedbush to Pay More Than $8.1 Million for Improper Handling of ADRs

June 25, 2019

The Securities and Exchange Commission today announced that Wedbush Securities Inc. will pay more than $8.1 million to settle charges for improper handling of “pre-released” American Depositary Receipts (ADRs). This is the SEC’s 11th action against a bank or broker resulting from the SEC’s ongoing investigation into abusive ADR pre-release practices, which, thus far, has resulted in monetary settlements exceeding $422 million.

CFTC’s Division of Market Oversight Issues Statement on the Certification of ICE Futures U.S., Inc. Submission No. 19-119

May 19, 2019

On February 1, 2019, ICE Futures U.S., Inc. (ICE or Exchange) self-certified[1] an amendment to ICE Rule 4.26 (Order Execution) (ICE Rule) that would allow ICE to implement a new functionality, named Passive Order Protection (“POP functionality” or “functionality”) (Submission). The POP functionality creates a delay or “speed bump” in the processing of incoming “aggressive” orders that would otherwise execute against “resting” or “passive” orders, but does not delay the processing of passive orders or their cancellations or modifications.

DTCC Provides Vision for Central Clearing in the U.S. Treasury Cash Market

May 13, 2019

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced the release of a new white paper that explores the current structure of the U.S. Treasury securities market, highlighting potential risk and resiliency issues, and describing initiatives that could promote greater use of central clearing.

Giancarlo Releases Letter to Quarles on Phase Five Implementation

May 7, 2019

Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo sent a letter to Federal Reserve Board Vice Chairman Randal K. Quarles concerning Phase Five implementation requirements for initial margin on uncleared swaps, scheduled for September 2020.

Canadian Securities Regulators Outline Next steps on the Development of an Integrated Information system

May 7, 2019

The Canadian Securities Administrators (CSA) today set out next steps for a new integrated information and filing system (the Renewed System) for Canada’s capital markets. The Renewed System will replace the System for Electronic Document Analysis and Retrieval (SEDAR), the System for Electronic Disclosure by Insiders (SEDI), the National Registration Database (NRD), and various local records filing systems.

CFTC Approves Proposed Rule to Improve Data Quality and Streamline Regulations for Swap Data Repositories

April 29, 2019

The Commodity Futures Trading Commission (CFTC) today approved a proposed rule to improve the quality of swap data and to update and streamline regulations related to swap data repository (SDR) operations and governance. The proposed rule is the first rulemaking that is part of the Roadmap to Achieve High Quality Swaps Data, a comprehensive review of swap reporting regulations that the CFTC’s Division of Market Oversight announced in July 2017.