SEC

Every June, the Bank for International Settlements (‘BIS’) publishes one of the most influential texts for finance, its annual report. It covers the bank’s own activities, to be sure; but critically for all other actors, it sets forth the content and direction of high-level, central bank thinking on their plans.

This year, two elements were pre-published, which is unusual. This may indicate a particular need felt to inform the market on both progress and planning for macroprudential regulation, mainly of banks, but not only; and to comment also on the crypto-currencies vogue, and the problems arising from them – not least environmental given the need for enormous computing power required of distributed ledgers.

New European capital rules are set to be postponed amid ongoing talks between the EU and SEC.

On 17 May, OCC, the US clearinghouse that is the largest equity derivatives clearinghouse in the world, was placed on CreditWatch with negative implications by the ratings agency, S&P.

A white paper published by DTCC (the Depository Trust & Clearing Corporation) has urged regulators and financial institutions to collaborate more on the increasing threats posed by cyber crime.

DTCC advised regulators and financial institutions to share more information on the nature of the threats posed by cyber criminals. It recommends the creation of a harmonised, clear and non-duplicative notification system in order to achieve this.

The US SEC (Securities and Exchange Commission) announced new money market fund regulation on 23 July 2014. These final regulations around MMFs come some six years after the local liquidity crisis in the US spilled out into a global financial crisis following misguided regulatory intervention after the Reserve Primary Fund ‘broke the buck’ as a result of holding Lehman Brothers bonds.

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