On June 22, Securities and Exchange Commission Chairman Jay Clayton and Brett Redfearn, the Director of the SEC’s Division of Trading and Markets, spoke together on an SEC-sponsored virtual forum about modernizing the US Equity Market Structure. Chairman Clayton identified the market for thinly traded securities, retail fraud and National Market System (NMS) market data and access as three current targets for SEC initiatives.
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ESMA Updates Opinions on Transparency and Position Limits for Third-Country Trading Venues
On June 3, the European Securities and Markets Authority (ESMA) published updated versions of its opinions on transparency (Transparency Opinion) and position limits (Position Limits Opinion) for third-country trading venues (TCTVs) under MiFID II and MiFIR.
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ISDA Letter to ESMA on Mandatory Delegated Reporting under EMIR Refit
On April 27, five industry trade associations, including the International Swaps and Derivatives Association, the Association for Financial Markets in Europe, the Asia Securities Industry and Financial Markets Association, the Global Financial Markets Association and the Securities Industry and Financial Markets Association published a joint letter (the Letter) to the European Securities and Markets Authority (ESMA) regarding the effective date for the commencement of the mandatory delegated reporting obligation for financial counterparties (FCs) under the EMIR Refit Regulation (EMIR Refit) in light of the COVID-19 pandemic.
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UK Parliament Considers Draft Brexit Statutory Instrument Relating to EMIR
On March 24, a draft copy of the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc. and Transitional Provision) (EU Exit) Regulations 2020 (the Regulations) was published and laid before Parliament with an explanatory memorandum.
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New Rate for Fees Paid Under Section 31 of the Exchange Act
On February 3, the Financial Industry Regulatory Authority (FINRA) issued an Information Notice regarding fees paid under Section 31 of the Securities Exchange Act of 1934 (the Exchange Act).
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FINRA Expands Transparency Initiative Related to OTC Equity Trading Volume
The Financial Industry Regulatory Authority (FINRA) previously announced an expansion to its ongoing transparency initiative for the over-the-counter (OTC) equity market. This expansion entails FINRA publishing new data about OTC trading volume occurring outside of alternative trading systems (ATSs).
As of December 2, FINRA began publishing the following types of data: 1) monthly aggregate block-size trading data for OTC trades in National Market System (NMS) stocks executed outside an ATS, on a one-month delayed basis; and 2) aggregate non-ATS volume for each member firm (by eliminating the de minimis exception for member firms executing fewer than, on average, 200 non-ATS transactions per day during an applicable reporting period).
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SEC Proposes to Amend Quotation Rule for OTC Securities
The Securities and Exchange Commission (SEC) has proposed to amend Rule 15c2-11, which governs the publication and submission of quotations by a broker-dealer in the over-the-counter (OTC) market. The proposed amendments would prohibit a broker-dealer from publishing quotes in a security not listed on a national securities exchange unless documents and information about the issuer are current and publicly available.
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CFTC Announces Agenda for Market Risk Advisory Committee Meeting
Commodity Futures Trading Commission Commissioner Rostin Behnam announced the agenda for the Market Risk Advisory Committee (MRAC) meeting to be held by teleconference on September 9 beginning at 3:00 pm (ET).
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CFTC Announces Global Markets Advisory Committee Meeting
The Commodity Futures Trading Commission has announced that its Global Markets Advisory Committee (GMAC) will hold a meeting on April 15. The GMAC will hear presentations on how regulators are fulfilling the 2009 G20 directive regarding the OTC derivatives market. Specifically, the GMAC will examine the status of the four key pillars of the original…
Agreement Reached on EMIR Refit Regulation
On February 5, the Council of the European Union and the European Parliament announced a preliminary agreement on a proposal for a Regulation to amend the European Market Infrastructure Regulation (EMIR Refit). The proposal aims to improve the existing regulatory framework applying to the over-the-counter (OTC) derivative market.
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