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  • Avoiding a Fire Sale

    On May 3, the Federal Reserve Board proposed a rule intended to enhance the resolvability of large and complex banking organizations by limiting the ability of their counterparties to terminate "qualified financial contracts" such as uncleared derivatives, repos, reverse repos and securities lending and borrowing transactions.

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  • Algo Trading

    The Prudential Regulation Authority has proposed rules to implement the Markets in Financial Instruments Directive II and related provisions for entities under its supervisory jurisdiction, including special provisions related to algorithmic trading. PRA said its proposed rules generally mirror those proposed by the U.K.’s Financial Conduct Authority in December 2015, but reflect PRA’s different regulatory emphasis, namely ensuring the “safety and soundness” of firms it oversees, rather than preventing market abuse or disorderly conduct.

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  • Position Limits: Hong Kong Considers Hedge Exemption

    In an effort to better compete with global markets, Hong Kong's Financial Services Development Council issued a report on Feb. 26 proposing that a hedge exemption be included in Hong Kong's position limit regime.

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  • Open Access

    On April 4, the European Securities and Markets Authority announced that it sees no need to temporarily exempt exchange-traded derivatives from the non-discriminatory access requirements that will come into effect under Markets in Financial Instruments Directive II.

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  • Malaysia

    On March 21, the Securities Commission of Malaysia issued a consultation on a proposed cybersecurity framework for capital markets participants.

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  • Australia

    On April 21, the Australian Federal Government announced its new $230m four-year cybersecurity strategy.

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  • India

    On March 29, the Securities and Exchange Board of India issued a circular setting out the cybersecurity regulatory framework for commodity exchanges.

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  • Access to America

    Taiwan Futures Exchange announced on March 16 that the U.S. Securities and Exchange Commission has issued relief allowing the exchange’s index options, equity options and exchange-traded-fund options to be offered to eligible U.S. broker-dealers and institutions.

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  • People - June 2016

    In March, Deutsche Boerse announced a new leadership structure for its derivatives trading and clearing businesses.

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  • Insight: It Will Forever Be Known as the "Ham Sandwich" Hearing

    In April, I appeared as a witness before our industry’s oversight body of the U.S. House of Representatives regarding the impact of capital and margin requirements on end-users and our industry.

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