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People news – April/May 2023
Appointments, promotions and other people news in the derivatives industry
CONTINUE READINGFIA EPTA response to the HM Treasury Consultation and Call for Evidence on the Future financial services regulatory regime for cryptoassets
FIA EPTA welcomes the opportunity to respond to the HM Treasury (HMT) Consultation and Call for Evidence on the Future financial services regulatory regime for cryptoassets. FIA EPTA members believe that the market will benefit from further clarity by regulatory bodies with a global perception. Working jointly with market participants to reduce the current void in regulation and perspective between the market and regulators and policymakers. FIA EPTA members believe that it is preferable to include cryptoassets in the existing financial services framework rather than creating a bespoke piece of legislation.
CONTINUE READINGGetting Candid About Candor
The law surrounding false statements is developing rapidly and expansively, the most recent example of which is the rule proposed by the Federal Energy Regulatory Commission, which would give it wide discretion in enforcing its duty of candor.
CONTINUE READINGData Spotlight - SGX iron ore futures set volume record
Iron ore futures listed on the Singapore Exchange are becoming one of the most important commodity futures contracts in the world. In 2022, the total number of iron ore 62% futures traded through SGX reached a record 25 million contracts. That was up 38% from the previous year and almost double the level five years ago.
CONTINUE READINGKey US House Committees hold hearings on digital asset oversight
On April 27, the key US House committees held concurrent hearings on digital asset oversight. These complementary hearings were coordinated by Republican leadership in the Committees to identify regulatory gaps related to digital assets. Next month, the committees plan to hold a joint subcommittee hearing to consider ways to close those gaps.
CONTINUE READINGETD Volume - March 2023
Worldwide volume of exchange-traded derivatives reached 10.57 billion contracts in March, the highest level ever recorded. This was up 24.9% from February 2023 and up 54.2% from March 2022. On a year-to-date basis, volume in the first three months of the year was 27.54 billion contracts, up 43.8% from the first three months of 2022. The majority of that increase came from equity index contracts.
CONTINUE READINGMarch 2023 SEF trading activity
Trading volume on swap execution facilities reached $1.28 trillion in average notional value per day during March 2023. This was up 16.3% from the previous month and up 12.6% from the same month of the previous year.
CONTINUE READINGFIA responds to CSRC consultation paper on draft rules on the supervision and administration of futures companies
FIA makes three key observations and suggestions in its submitted comments to the China Securities Regulatory Commission’s consultation paper on draft Measures for the Supervision and Administration of Futures Companies.
CONTINUE READINGFIA PTG responds to FTC Non-Compete Clause Rulemaking
In a letter filed today with the Federal Trade Commission, the FIA Principal Traders Group responded to the proposed Non-Compete Clause Rulemaking which would effectively prohibit the use of non-compete clauses. FIA PTG cautioned that proprietary software, and the innovative source code that runs it, is key to many FIA PTG members’ success as liquidity providers. Accordingly, this Proposal if implemented as proposed would limit their ability to protect their intellectual property from disclosure to competitors and potentially jeopardize the liquidity they are able to provide.
CONTINUE READINGFIA joins industry voices expressing concerns with FTC’s proposed ban on non-competes
FIA has filed comments with the US Federal Trade Commission raising concerns with its proposal to enact a near-categorical ban on non-compete provisions in U.S employment agreements.
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