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CFTC Keynote Address - Expo 2018
Chairman Giancarlo’s keynote address will provide an overview of the regulatory agenda for listed and cleared derivatives markets in the U.S. and global regulatory landscape.
CONTINUE READINGRepresenting parties in federal and state cryptocurrency investigations
In this webinar, a panel of Sidley Austin LLP lawyers will discuss key issues that may arise in regulatory and criminal investigations concerning cryptocurrencies and initial coin offerings.
CONTINUE READINGBaFin's Hufeld calls for expanded oversight to address risks of big data and AI
Financial regulators will face new challenges arising from the "digitalization" of finance and may need to extend their oversight powers to include certain services provided by technology companies, according to Felix Hufeld, the president of Germany's Federal Financial Supervisory Authority, known as BaFin. Speaking on Oct. 4 at a fintech conference in Washington, D.C. organized by the Commodity Futures Trading Commission, Hufeld cautioned that traditional models for supervision and regulation need to be adjusted to address the impact of technology on financial services. Hufeld spoke primarily about the implications of big data and artificial intelligence, although he also pointed to distributed ledger technology as having the potential to transform the financial services sector.
CONTINUE READINGSEC focuses on swap regulation, pledges cooperation with CFTC
The U.S. Securities and Exchange Commission has scheduled an open meeting Oct. 11 to discuss one of several outstanding rulemakings necessary to complete the Dodd-Frank requirements for credit default swaps and other security-based derivatives. At that meeting, the five SEC commissioners will discuss whether to reopen the comment period on proposals related to capital, margin and segregation requirements for security-based swap dealers and major swap market participants. The meeting comes amid a recent focus on coordination with the Commodity Futures Trading Commission on swap regulations mandated by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The SEC has jurisdiction over credit default swaps based on individual companies, while the CFTC has jurisdiction over CDS based on indices.
CONTINUE READINGFIA comments on UK’s financial operational resilience discussion paper
FIA submitted comments on 5 October to the Bank of England, Prudential Regulation Authority and Financial Conduct Authority on their discussion paper about building the UK financial systems operational resilience.
CONTINUE READINGETD Volume - September 2018
Worldwide volume of exchange-traded derivatives was 2.36 billion contracts in the month of September, down 6.4% from the previous month but up 5.2% from September 2017.
CONTINUE READINGLukken statement on cross-border
Washington, DC – FIA President and CEO Walt Lukken today made the following statement on the Cross-Border White Paper released today by CFTC Chairman Giancarlo:
CONTINUE READINGExploring Data with AI
Judging by the level of activity in the banking industry, machine learning is on its way to being the next big innovation to hit the trading desk. Leading banks are diving into the field, building up their expertise in machine learning, running trials in their innovation labs, and exploring ways to use this form of artificial intelligence to transform the trading process. According to consulting firms that are tracking this trend, machine learning is already being deployed to help identify trading signals, optimize market-making, anticipate trade breaks, and improve the interaction between banks and their clients. The potential impact could be as big as the algorithmic trading revolution that swept through the industry a decade ago. Just as the use of algorithms led to ultra-fast quoting engines and more efficient execution of trades, machine learning could lead to another wave of automation as intelligent computers take over more elements of the trading process.
CONTINUE READINGAnother deal shows asset managers are targeting derivatives-based strategies
Victory Capital, a "multi-boutique" investment firm with more than $63 billion in assets under management, has moved to acquire derivative asset manager Harvest Volatility Management, a fund manager specializing in options-based investment strategies. The $300 million deal, which was announced on Sept. 24, is the latest example of investment managers targeting derivatives markets as an alternative source of returns. Harvest was founded in 2008, and has grown to about $12 billion in assets under management. The New York firm specializes in using equity index options for yield enhancement overlay, risk reduction, alternative beta and absolute return investment strategies.
CONTINUE READINGMapping Clearing Interdependencies and Systemic Risk
Advances in data analytics provide market regulators with better tools to understand connections within financial systems. One example is “interconnectivity” among participants in the global derivatives markets, and in particular, the clearinghouses that now process the majority of derivatives transactions worldwide.
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