Publications & Filings
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Japan Proposes New Rules for HFT
On Oct. 24, the Financial Services Agency of Japan released draft regulations and supervisory guidelines to govern "high speed trading" in Japanese markets, as mandated by legislation approved in May.
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China Opens Door to More Foreign Investment in Brokerage Industry
On Nov. 10, China’s vice minister of finance Zhu Guangyao announced several steps to further open up China's financial industry to foreign participation.
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Technology-Neutral Regulation
On Nov. 14, five U.S. financial associations including FIA asked the Securities and Exchange Commission to update its broker-dealer electronic retention Rule 17a-4 by eliminating an obsolete recordkeeping requirement known as WORM (write once, read many) that was first put in place more than 20 years ago.
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Swap Dealer Registration Relief
On Oct. 26, the Commodity Futures Trading Commission issued an order that will keep the swap dealer de minimis threshold at $8 billion until December 2019.
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Recalibrating Derivatives Regulation
On Oct. 6, the Treasury Department released its second report on regulatory reform, this time focusing on capital markets issues such as derivatives clearing.
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Better Benchmarks
Central banks and market regulators in Europe, the U.K. and the U.S. are accelerating the transition away from the use of Libor as a benchmark for interest rates.
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SEC Hacked
Jay Clayton, the chairman of the Securities and Exchange Commission, revealed on Sept. 20 that hackers gained access to the agency's EDGAR system for corporate filings and might have used the information for trading purposes.
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MiFID Compliance: FIA Offers Template for Due Diligence Assessment of DEA Clients
FIA’s European E-Trading Committee, working in cooperation with three other industry trade associations, has produced a template of questions for use by investment firms providing direct electronic access to their clients.
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Enforcement Trends: CFTC Fines Bank of Tokyo for Spoofing but Rewards Bank for Cooperation
On Aug. 7, the CFTC announced a settlement with The Bank of Tokyo-Mitsubishi UFJ for engaging in "multiple acts of spoofing" in interest rate futures listed on the Chicago Mercantile Exchange and the Chicago Board of Trade.
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Position Limits Come to Europe
On Aug. 10, the European Securities and Markets Authority published three opinions on position limits proposed by France’s markets regulator regarding rapeseed, corn and milling wheat.
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