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United States
Capital / Liquidity
US Lawmakers Propose ‘Failed Bank Executives Clawback Act’
By Editors | 04/04/2023
The proposed bill would require the FDIC to claw back “all or part” of the compensation paid to executives in the five years preceding a bank’s failure.
Market Infrastructure
UK FCA Announces Decision on Synthetic USD LIBOR Rates
By Editors | 04/04/2023
1-, 3- and 6-month synthetic USD LIBOR rates will continue to be published for 15 months after the USD LIBOR bank panel ceases on 30 June.
Securities / Derivatives
CME Group Launches Offshore Yuan Options Contracts
By Editors | 04/04/2023
Traders no longer view the yuan as an emerging-market currency like it was ten years ago, said Chris Povey.
Crypto / Digital Assets
Crypto Firm Bittrex Announces Decision to Exit US Market
By Editors | 03/04/2023
A lack of regulatory clarity makes it economically unviable for Bittrex to continue operating in the US. The global platform will continue operating.
Crypto / Digital Assets
US Futures SRO Issues New Rule for Crypto Activities
By Editors | 03/04/2023
The compliance rule covers anti-fraud, just and equitable principles of trade, disclosure, and supervision requirements for spot bitcoin and ether trading.
Enforcement
US SEC Charges Two Over SPAC Insider Trading Scheme
By Sanday Chongo Kabange | 02/04/2023
The duo used non-public information in advance of at least 7 merger announcements involving SPACs to earn illicit profits of more than $3.4mn.
Enforcement
Fed, OFAC Penalise Wells Fargo for Sanctions Non-Compliance
By Editors | 02/04/2023
Wells Fargo’s predecessor, Wachovia, provided software that was used by a foreign bank to process USD 532 million in prohibited transactions.
Capital / Liquidity
Biden Administration Calls for Stricter Rules for Midsize Banks
By Manesh Samtani | 02/04/2023
Banks with between $100bn and $250bn in assets would have to increase liquidity and capital, submit to enhanced stress tests, and write resolution plans.
Enforcement
US Court Dismisses Archegos-related Lawsuit Against Banks
By Editors | 01/04/2023
The judge ruled that Goldman Sachs and Morgan Stanley were not liable to investors for selling stocks they knew Archegos would be forced to sell.
Market Infrastructure
Rules Proposed to Adopt T+1 in US Muni Bond Market
By Editors | 31/03/2023
US equities and corporate bond markets will move to T+1 on 28 May 2024. The same implementation date is proposed for municipal securities.
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