Sullivan & Cromwell’s Commodities, Futures and Derivatives team will discuss recent CFTC and SEC enforcement actions involving MNPI-related violations and their implications for physical commodities and derivatives markets and market participants.
CONTINUE READINGFIA EPTA members welcome the opportunity to respond to IOSCO’s consultation on market outages and are supportive of the work being done on this topic, particularly efforts to require trading venues to publish clear comprehensive outages plans on an ex-ante basis. Market resilience is at the core of efficient and competitive financial markets and it is imperative that trading venues clearly outline a well-planned approach to communication and management in the event of a market outage to provide certainty to market participants.
CONTINUE READINGFIA EPTA members are supportive of effective measures to improve settlement discipline and efficiency in Europe, particularly in light of discussions concerning shortening settlement cycles. However, we urge ESMA to further consider their proposals put forward in the Consultation Paper on Technical Advice on the CSDR Penalty Mechanism, particularly regarding application of progressive penalty rates.
CONTINUE READINGWorldwide volume of exchange-traded derivatives reached 16.79 billion contracts in January, the highest level ever recorded. This was up 10.7% from December 2023 and up 97.2% from January 2023.
CONTINUE READINGFrom more aggressive use of “cooperation factors” to extensive undertakings that impose monitors or require the use of external consultants, financial regulators have changed how they pursue and how they ultimately conclude their enforcement matters.
CONTINUE READINGFIA EPTA’s members support the FCA’s objectives of promoting market integrity and resilience and preventing disorderly trading and settlement in the commodity markets and our members generally welcome the proposals included in the consultation. We restrict our comments, therefore, to a limited number of issues, as set out in our response.
CONTINUE READINGAnalysis of market data from a day when a partial outage prevented liquidity providers from accessing a major pan-European exchange has revealed that their absence materially decreased volumes and increased the cost of trading.
CONTINUE READINGFIA today announced the induction of 12 new members into the FIA Hall of Fame. The new members will be honored at an awards ceremony during FIA's annual International Futures Industry Conference in Boca Raton, Fla., on 12 March.
CONTINUE READINGJoin us for a discussion on the trends that are driving up volume and open interest across interest rate, equities and commodity markets.
CONTINUE READINGIs the CFTC’s Enforcement Program expanding the supervisory duties of CFTC registrants beyond the text of the CFTC’s supervision rules?
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