A new report co-sponsored by three key securities industry associations finds that while many participants are aware that they need to move away from the scandalized interbank offered rate benchmarks (IBORS) to alternative risk-free rates (RFRs), they have barely begun to start their transitions. The new report is based upon a survey of 150 banks,… Read More >>
Industry Braces for the T+2 Big Bang Conversion
After years of preparation, the U.S. securities industry is taking its first steps toward shorter settlement, which for many banks and other financial services firms has meant an end-to-end overhaul for key operations. Over the Labor Day weekend, major industry associations and industry participants will be skipping their last summer holiday to oversee the shortening… Read More >>
Senate Confirms Giancarlo as Next CFTC Chairman
The CFTC has a nearly full slate of commissioners with the U.S. Senate’s unanimous vote late yesterday to promote J. Christopher Giancarlo from acting chairman to chairman, and to confirm Brian D. Quintenz, a Republican, and Rostin Behnam, a Democrat, as new commissioners. Quintenz will join the CFTC from Saeculum Capital Management, “where he is… Read More >>
Trump Team Challenges SIFI Designation for Non-banks
The Trump Team is signaling that it is taking on aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and a key one, the “systemically important financial institution (SIFI)” designation stemming from Dodd-Frank is under review, according to a recent presidential memorandum to the secretary of the Treasury Department. The Trump team overseeing… Read More >>
SEC Blesses T+2 with Rule Change
The push for a shorter settlement cycle got a quiet boost from the SEC late last month when the regulator formally proposed a rule amendment urging the settlement cycle for most securities transactions change from three business days after the trade date (T+3) to two business days after the trade date (T+2). A key group… Read More >>
CFTC, Industry Groups Push for Policing of Algo Traffic
Key industry groups are weighing in on the CFTC’s proposed rule governing automated trading, urging separate rule-making phases and pre-trade risk controls on all orders in a bid to prevent electronic trading markets that suffer from systems gone wild. In their letter to the CFTC, the Futures Industry Association (FIA), the FIA Principal Traders Group… Read More >>
Britain’s Vote to Leave Sinks Global Markets
The United Kingdom has voted 52 percent to 48 percent to exit the European Union bloc of nations, according to tabulations from the BBC, and the “Brexit” referendum outcome is roiling markets and driving down the value of the British pound sterling. In fact, the swift market reactions in Asia may cause the Bank of… Read More >>
Brexit Roundup: A Leave Vote is Bad for the U.S.
(Editor’s note: As the U.K. votes today on whether or not to stay with the E.U., FTF News decided to pull together some predictions and reactions from this side of the pond. All of the quoted material is available online for further investigation.) SIFMA Roundtable Predicts U.K. to Stay In a statement dated June 14,… Read More >>
LCH Launches a Spider for Swaps Portfolio Margining
LCH Spider to Help with OTC and Listed Derivatives Clearinghouse LCH has launched its “LCH Spider” service, described as a portfolio margining tool for over-the-counter (OTC) and listed interest rate derivatives, for members and clients using LCH’s SwapClear and Listed Rates offerings, officials say. “LCH Spider is a fully automated service that analyses member and… Read More >>
SEC Pushing for Consolidated Audit Trail
The SEC voted late last month to move ahead with the final phase of the consolidated audit trail (CAT) project, part of a proposed national market system (NMS) plan to “create a single, comprehensive database that would enable regulators to efficiently track all trading activity in the U.S. equity and options market,” officials say. The… Read More >>
