Big capital raises from up-and-coming firms alongside some high-profile mergers tell the story of an evolving industry, with trends in trading technology and digital assets at the forefront.
The US Senate Agriculture Committee held a hearing titled "Examining Digital Assets: Risks, Regulation, and Innovation" on 9 February, where discussion centered in large part on the best way to provide regulatory certainty for emerging digital asset markets.
Timothy Massad, former chairman of the Commodity Futures Trading Commission and former assistant secretary of the Treasury for financial stability, delivered the following speech at the FIA/SIFMA Asset Management Derivatives Forum on 7 February in Dana Point, Calif.
Cash-settled futures on bitcoin have been a smash success for CME, but they sometimes diverge from prices in the spot market. That has spurred interest in physically delivered contracts. Much like in the classic agricultural futures markets, the buyers and sellers of these contracts are obligated to exchange the underlying cryptocurrency when the contract expires. This mechanism effectively forces the spot and futures prices to converge at settlement.
Since 2018, CME Group has been the leader in offering a fully regulated marketplace for bitcoin futures. Its dominant position is now being challenged, however, with two large market operators stepping into the space through acquisitions.
Since 2018, CME Group has been the leader in offering a fully regulated marketplace for bitcoin futures. Its dominant position is now being challenged, however, with two large market operators stepping into the space through acquisitions.
The Commodity Futures Trading Commission’s (CFTC) Market Participants Division (MPD) (formerly the Division of Swap Dealer and Intermediary Oversight) published guidance regarding the deposit of virtual (crypto) currencies by customers and holding of these currencies by futures commission merchants (FCMs) to margin customer transactions in crypto currency futures.
Institutional investors are increasingly showing an appetite for crypto markets, said experts at FIA International Derivatives Expo conference in London on Tuesday. However, they noted a key barrier to full-scale adoption is a lack of clear regulation.
FIA joined five trade associations in a response to the Basel Committee on Banking Supervision’s consultative document on the prudential treatment of cryptoassets. The associations support BCBS’s decision to engage in an iterative approach to the prudential treatment of cryptoassets. However, the associations emphasize the need to provide clarity for the banks as the client demand grows.
While climate change and crypto assets are clearly top of mind, the policy agenda around them remains cloudy. Our markets can play a significant role in both.
FIA PTG sent a letter to the SEC today recommending a comprehensive reform of equity market structure and a repeal of Reg NMS Rule 610.d (the Access Rule) and Rule 611 (the Order Protection Rule). For the past few years, FIA PTG has been advocating for comprehensive reform of equity market structure and calling for a review of the Access Rule and Order Protection Rule.
FIA PTG submitted comments to the SEC opposing the delay mechanism proposed by NYSE MKT. The NYSE MKT speedbump introduces an intentional delay in protected quotes which creates undue complexity in markets and amplifies the risk of market disruptions during periods of high volatility.
FIA PTG submitted a comment letter to the Securities and Exchange Commission (SEC) in response to the Chicago Stock Exchange, Inc. (CHX) proposal to introduce a Liquidity Enhancing Access Delay (“LEAD”).
FIA submitted a comment letter today in response to the Securities and Exchange Commission's (SEC) call for additional feedback on a proposal by the Chicago Stock Exchange, Inc. (CHX) to introduce a new type of speed bump, the Liquidity Taking Access Delay (LTAD). FIA PTG's original letter to the SEC argued that speed bumps are fundamentally incompatible with Reg NMS and, further, that the LTAD is not designed to protect investors and the public interest, would permit unfair discrimination, and would impose unnecessary, inappropriate burdens on competition.
FIA PTG submitted comments to the SEC regarding Nasdaq's proposal to introduce a new priority for displayed orders, the Extended Life Priority Order Attribute (ELO).
FIA PTG submitted a comment letter to the Securities and Exchange Commission (SEC) today in response to a proposal from the Chicago Stock Exchange, Inc. (CHX) to introduce a new type of speed bump, the Liquidity Taking Access Delay (LTAD).
FIA PTG responded to the SEC's proposed rule on Disclosure of Order Handling Information. The rule would require broker-dealers to disclose additional information to customers about the handling of institutional orders. Additionally, the SEC is proposing to enhance current retail order disclosures.
FIA PTG submitted comments to the Securities and Exchange Commission (SEC) today on the Commission's Proposed Interpretation Regarding Automated Quotations Under Regulation NMS and to further comment on IEX's amended application for registration as a national securities exchange.
FIA PTG submitted a second comment letter to the Securities and Exchange Commission regarding amendments to the IEX application for registration as a National Securities Exchange urging the Commission to re-open the comment period in light of the recent IEX amendment to afford the public adequate opportunity to review and provide feedback on IEX’s proposed changes.
