Videos
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Double Trouble (or More): Effectively Navigating Parallel Investigations
Market participants subject to enforcement investigations by the CFTC are increasingly having to deal not only with a single investigation, but also parallel investigations by the Department of Justice, non-U.S. regulators (such as in the UK, Asia, and Middle East), and sometimes the financial exchanges and other SROs. Parallel investigations present unique challenges for the target or subject, including in dealing with timing, production of information, testimony, whistleblowers, presentations, and potential resolutions – whether in the areas of market manipulation and other disruptive trading, anti-corruption, sanctions, or others. This is made all the more complicated when dealing with cross-border investigations. The team from Morgan Lewis—including a former chief of the Fraud Section and a leader of the Market Integrity & Major Frauds Unit—will address these challenges as evidenced in recent enforcement actions, and provide useful insights into approaches for navigating parallel investigations, in the U.S. and cross-border, to minimize risk and maximize the prospects for success.
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ETD Volume - September 2024
Worldwide volume of exchange-traded derivatives reached 20.09 billion contracts in September, the highest level ever recorded. This was up 3.8% from August 2024 and up 48.8% from September 2023.
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FIA EPTA response to the ESMA Third Consultation Package on MiFIR Level 2 measures
FIA EPTA response to the first section of ESMA’s Third Consultation Package on MiFIR Level 2 measures. This package includes proposed changes to RTS 1, the Liquid Market definition and equity CTP input/output requirements. FIA EPTA’s response is confined to the proposals regarding SI equity pre-trade transparency in RTS 1.
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CFTC’s Evolving Disclosure Requirements
Traditionally, in contrast to the securities industry, transactions involving commodities and commodity derivatives have not been associated with extensive disclosures. After the Dodd Frank amendments, swap dealers are required to provide certain disclosures to their counterparties. Recent CFTC enforcement actions involving disclosure requirements test the outer boundaries and scope of required disclosures, in part channeling disclosure requirements imposed by the SEC. This seminar will discuss these requirements, emerging enforcement trends as well as developing industry responses, including in the United States, European Union and United Kingdom.
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ETD Volume - August 2024
Worldwide volume of exchange-traded derivatives reached 19.35 billion contracts in August, the highest level ever recorded. This was up 1.9% from July 2024 and up 38.6% from August 2023.
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FIA EPTA Response to the European Commission’s Targeted Consultation on Artificial Intelligence in the Financial Sector
Innovation has long been a catalyst for growth and opportunity in derivative markets. New technologies have fostered new business opportunities, new products and enhanced the accessibility and transparency of markets for existing and new participants. Furthermore, the evolution of technology has underpinned the global reach of our markets, breaking down geographic barriers and enabling global markets to compete and thrive while safeguarding customers and investors.
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FIA EPTA response to the EBA’s Discussion Paper on the Commission’s Call for Advice on the Investment Firms Prudential Framework
FIA EPTA welcomes the opportunity to respond to the EBA’s Discussion Paper on the Call for Advice on the Investment Firms Prudential Framework (DP). We note that this DP offers limited discussion points and suggests many proposals for changes with no associated questions. We also believe that these proposed changes intend to borrow further requirements and methodologies existing in CRR.
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FIA EPTA response to the EBA’s Discussion Paper on the Commission’s Call for Advice on the Investment Firms Prudential Framework
It is very important to recognise that prudential regulations have a key impact on the functioning of capital markets and policies should be proportionate and should achieve the right balance between mitigating prudential risk while promoting competition, competitiveness and the overall goal of improving the EU’s capital markets within the CMU.
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FIA EPTA response to the ESMA MiFIR Review Consultation on the Draft RTS on Reasonable Commercial Basis
As high-volume consumers of a variety of wholesale market data products, our members support regulatory efforts to bring more transparency to market data pricing and fairness to commercial practices. We welcome ESMA’s efforts to strengthen this framework through the proposals set out in the consultation paper and draft RTS. In order for these proposals to be effective in practice, supervisory convergence is essential particularly regarding scrutiny of data providers’ approach to implementing the fees, costs and margin provisions. Adequate supervision and enforcement of this RTS across all NCAs is also essential for it to be effective.
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FIA EPTA response to the ESMA MiFIR Review Consultation on RTS 2 on transparency for bonds, structured finance products and emission allowances
Our members support the objectives of the MiFIR Review to enhance pre and post trade transparency in non-equity instruments. Our members believe that fully operative and genuine post-trade transparency provides significant advantages for both retail and institutional investors such as better, more reliable pricing, lower transaction costs and better liquidity across all trade sizes, including the largest sized block trades.
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