The CFTC staff has issued a no-action letter to Korea Exchange, Inc. (KRX) with respect to the offer or sale of KOSPI 200 Futures Contracts and Mini KOSPI 200 Futures Contracts (together, "Contracts") to persons located within the United States.
Global regulators and policymakers continue to address LIBOR transition by market participants. Below, we discuss two recent developments: a UK Financial Conduct Authority (FCA) confirmation of its policy on the use synthetic versions of UK sterling and Japanese yen LIBOR when those...
The Basel Committee on Banking Supervision, the Committee on Payments and Market Infrastructure, and the International Organization of Securities Commissions (collectively, the "regulators") late last month published a joint consultation ("report") .
On 10 November 2021, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability and Capital Markets Union announced a proposed way forward for central clearing, including European Union (EU) recognition of UK-based central counterparties (CCPs).
The Securities and Exchange Commission recently issued an exemptive order ("Final Order")[1] that provides conditional relief from certain provisions of the Securities Exchange Act of 1934 ("1934 Act") in connection with a program to portfolio margin customer and affiliate positions...
The President's Working Group on Financial Markets, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (the "Agencies") recently released a 23-page report on stablecoins ("report").
The UK Financial Conduct Authority (FCA) recently issued a consultation soliciting feedback on which legacy contracts and financial instruments it should permit to use the synthetic UK sterling and Japanese yen LIBOR rates and whether to prohibit most new uses of US dollar LIBOR after...
On October 18, 2021, ICI Global submitted the attached letter to the Securities and Exchange Board of India (SEBI) regarding SEBI's circular introducing T+1 rolling settlement on an optional basis for Indian equities with an effective date of January 1, 2022.
On September 14, SEC Chair Gary Gensler testified before the Senate Banking, Housing, and Urban Affairs Committee as part of that committee's oversight of the SEC. His testimony covered four topics from the SEC's unified agenda: (i) funds and investment management; (ii) market...
On September 23, ICI joined several industry associations in submitting the attached letter to the SEC on the applicability of Rule 15c2-11 to the fixed income markets. The rule concerns the publishing of quotes for securities in OTC markets and requires broker-dealers to collect...
