News
(CoinDesk)
Cryptocurrency safekeeping specialist Fireblocks plans to establish a limited-purpose trust company under the purview of the New York Department of Financial Services (NYDFS). Pending final regulatory approval, the Fireblocks Trust Company will offer cold-storage custody to U.S. clients, the firm said on Friday. The New York-based company is also creating a network of licensed custodians, the Global Custodian Partner Program, which will launch this quarter with an initial group of companies based in the U.S., the United Arab Emirates, Britain, Singapore, Thailand and Australia.
(WSJ)($)
Regulators advanced a plan to ban derivatives contracts based on political elections, athletic competitions and awards contests, in a bid to clarify the boundaries between gambling and financial markets. The Commodity Futures Trading Commission voted Friday to propose a new regulation aimed at regulating event contracts, a small but fast-growing part of the markets in which investors can bet on the outcome of events.
(Barrons)($)
Securities and Exchange Commission Chair Gary Gensler is shaking up Wall Street with proposals to overhaul stock trading and make brokers prove they got the best prices for their clients.
(Global Trading)
The UK’s Financial Conduct Authority (FCA) has revealed that market surveillance abuse models within many firms need shoring up, particularly with the increasing use of innovative technologies within surveillance such as artificial intelligence (AI).
(DerivSource)
The Office of Financial Research (OFR) adopted a final rule which aims to improve transparency within the US repurchase agreement (repo) market by establishing a data collection for non-centrally cleared bilateral transactions. The new rule also requires daily reporting to the OFR by U.S. covered reporters with large exposures to the non-centrally cleared bilateral repo (NCCBR) market – currently the largest of the four repo market segments at an estimated more than $2 trn in outstanding commitments each day, writes DerivSource’s Lynn Strongin Dodds.
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Industry calls for major rethink of Basel III rules
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Regulatory Round-up April
(Best Execution)
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