DLT System Settles 100,000 Transactions Per Day The DTCC’s alternative settlement platform based on blockchain/distributed ledger technology (DLT), Project Ion, has achieved a new threshold — it’s parallel processing more than 100,000 bilateral equity transactions daily and almost 160,000 transactions on peak days via the DTCC subsidiary, the Depository Trust Company (DTC). “The goal of… Read More >>
CFTC Ends LIBOR for IR Swaps & Other News
CFTC Amends & Ends LIBOR Usage The Commodity Futures Trading Commission (CFTC) has issued a final rule ending the requirement that interest rate swaps reference the London Interbank Offered Rate (LIBOR) in order to complete the clearing process — another milestone marking the end of the scandal-ridden LIBOR. The final rule modifies the CFTC’s… Read More >>
Two Ex-JPMorgan Traders Convicted for Market Manipulation
A federal jury in the Northern District of Illinois recently found two former precious metals traders at JPMorgan Chase & Co., guilty of fraud, attempted price manipulation, and spoofing via a precious metals futures contracts scheme that occurred over an eight-year period and encompassed “thousands of unlawful trading sequences,” authorities say. The two, now-convicted, ex-traders… Read More >>
Canada Puts Crypto-Trading Platforms on Notice
During this winter of discontent and falling values for the crypto world, many are waiting for the regulators in the U.S. and elsewhere to solidify the rules of the road. Industry participants are looking to SEC Chair Gary Gensler, the CFTC, the Fed, U.S. Senators, E.U. agencies, and multinational organizations to coordinate a response or… Read More >>
Form PF Gets an Overhaul via the SEC & CFTC
Form PF is experiencing growing pains after its first decade. Those firms that are required to use Form PF to report confidential information on private funds will be providing many more details if key amendments are ultimately adopted by both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) The new… Read More >>
Don’t Forget the CFTC’s Role in the Climate Debate
The Securities and Exchange Commission (SEC) has been getting a lot of attention and corporate pushback for its proposed rulemaking efforts “that would require registrants to include certain climate-related disclosures in their registration statements and periodic reports, including information about climate-related risks.” While that battle is ongoing, the chairman of the Commodity Futures Trading Commission… Read More >>
Snowflake to Host Cboe’s Data Framework & Other News
Cboe to Send Data & Analytics to the Cloud Exchanges company Cboe Global Markets reports that it is moving its corporate data and analytics from onsite systems to the cloud via Snowflake’s Data Cloud. Cboe officials say that they are making the change to bring “speed, scalability, and efficiency” to Cboe’s management of internal, proprietary data… Read More >>
Google Cloud Tapped for Climate FinTech & Other News
MAS & Google Launch Climate FinTech Initiative The Monetary Authority of Singapore (MAS) and Google Cloud report that they are launching an initiative “to drive the innovation, incubation, and scaling of climate FinTech solutions in Asia.” The Point Carbon Zero Program is “a collaboration under MAS’ Project Greenprint,” that will spur climate FinTech solutions to… Read More >>
BNY & Goldman Sachs Test Drive DLT & Other News
BNY & Goldman Sachs Pioneer DLT-Based Securities Financing BNY Mellon and Goldman Sachs have “completed the industry’s first agency securities lending transactions” via the distributed ledger technology (DLT) platform of HQLAᵡ , a financial technology vendor focused on securities finance and repo transactions. “As part of the combined series of 35-day term transactions with a… Read More >>
BNP Paribas Settles Swaps ‘Smoothing’ Case for $6M
Smoothing. It sounds like porn, and that’s because it is. Financial porn, that is. Here are the questions of the week: Is a six-million dollar penalty for “incorrectly reporting swaps and adjusted daily mark disclosures” enough of a hit to the nose that it will get an alleged wrongdoer’s attention? Or is six-million smackers simply… Read More >>
