News & Analysis as of

Market Making

Federal Reserve Finds First Bank in Violation of the Volcker Rule

On April 20, 2017, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued a Consent Order to Deutsche Bank AG after finding deficiencies in the bank’s Volcker Rule compliance program, imposing a...more

Bridging the Week - February 2017 #2

Retail Foreign Exchange Dealer Agrees With CFTC and NFA to Cease Doing Business for Concealing Relationship With Closely Tied Market Maker - Forex Capital Markets, LLC, a retail foreign exchange dealer, and two of its...more

Agencies Update Volcker Rule FAQs (November 2015)

Two new Volcker Rule FAQs has been issued. The first addresses an issue where a banking entity terminates a market-making business that it conducted as a Volcker Rule permitted activity, and how the bank can exit residual...more

CBOE Makes Enhancements to Its Market-Maker Trade Notification System

by Katten Muchin Rosenman LLP on

The Chicago Board Options Exchange (CBOE) has issued Regulatory Circular RG14-155 regarding enhancements to its Market-Maker Trade Notification system. When a floor broker uses the CBOE’s Public Automated Routing system to...more

Corporate and Financial Weekly Digest - Volume IX, Issue 45

by Katten Muchin Rosenman LLP on

In this issue: - Proxy Advisory Firms Release Policy Updates for 2015 - CBOE Makes Enhancements to Its Market-Maker Trade Notification System - OTC Derivatives Regulators Group Issues Report to G20...more

ISE Proposes to Amend Rules Regarding Information Barriers Between Customer and Proprietary Businesses

by Katten Muchin Rosenman LLP on

On September 30, the International Securities Exchange, LLC (ISE) proposed amendments to ISE Rules 810 (Limitations on Dealings) and 717 (Limitations on Orders) concerning information barriers between a member firm’s...more

MiFID II: The Regulation of Market Makers

by Shearman & Sterling LLP on

MiFID II introduces new laws addressing various structural and other issues relating to the operation of trading venues. Market making activity on such venues will now be subject to extensive regulation. This includes a...more

SEC’s Division of Investment Management Issues Recommendations for Funds and Fund Advisers in Light of Reduced Market-Making...

by Dechert LLP on

The Division of Investment Management (“Division”) of the U.S. Securities and Exchange Commission (“SEC”) recently published guidance (“Guidance”) addressing steps that funds and fund advisers should consider in light of...more

The Volcker Rule—A Suggested Approach for Banking Entities When Analyzing its Impact on Business Models, Activities and...

More than three years following the passage of the Dodd-Frank Act, and intense inter-agency negotiations, the federal financial regulatory agencies collectively adopted the final version of the “Volcker Rule,” or “Rule”—which...more

“Interim Final” Volcker Rule Approved

by Burr & Forman on

On December 10, 2013, the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Securities Exchange...more

Observation 1.1.1.1 On The Volcker Rule: Community Banks – Compliance Redux

by Pepper Hamilton LLP on

In Observation 1.1.1, we discussed the surprise treatment under the new Volcker Rule regulations of collateral debt obligations (CDOs) backed by trust preferred securities (TruPS) as “covered funds,” which would force banking...more

Proprietary Trading Aspects of the Volcker Rule – Frequently Asked Questions

by Goodwin on

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission (the “SEC”) issued a final rule, and the Commodity Futures...more

The Volcker Rule and Capital Markets Offerings

by Morrison & Foerster LLP on

Final regulations under the section of the Dodd-Frank Act known as the “Volcker Rule” were enacted in December 2013 (the “Final Rule”) by five federal financial regulatory agencies (collectively, the “Agencies”). The Volcker...more

Federal Regulatory Agencies Issue Final Rule Implementing Volcker Rule

by Goodwin on

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Securities and Exchange Commission jointly adopted and the Commodity Futures Trading Commission...more

Regulators Approve Final Volcker Rule

After several years and 18,000 comments, yesterday regulators braved a “snow covered” Washington and voted to approve a final rule to prohibit banks from engaging in proprietary trading, known as the Volcker rule. As industry...more

The Volcker Rule: A First Look at Key Changes

On December 10, 2013, five U.S. financial regulators (the Agencies) adopted a final rule implementing the Volcker Rule. The text of the final rule and its accompanying preamble are available here. The Volcker Rule was created...more

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