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Financial Markets and Funds Quick Take | Issue 23

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

Financial Markets and Funds Quick Take | Issue 22

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

The SEC's Treasury Clearing Mandate

Mandatory central clearing is coming to the US Treasury market. Citing the many virtues of clearing — mitigation of the "overall amount of counterparty credit risk," centralized default management, multilateral netting of...more

Foreign Listed Stock Index Futures and Options Approvals December 2023

Attached please find the updated Foreign Listed Stock Index Futures and Options Approvals Chart, current as of December 19, 2023. All prior versions are superseded and should be discarded. Please note the following...more

Financial Markets and Funds Quick Take | Issue 20

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

CFTC Proposes to Amend Customer Funds Investment Rule Including to Again Permit Investments in Certain Non-US Sovereign Debt

The Commodity Futures Trading Commission (CFTC) has proposed to lessen a blanket restriction on the investment of customer funds in all non-United States sovereign debt instruments that was imposed on future commission...more

Financial Markets and Funds Quick Take | Issue 19

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

The Manifold Compliance Challenges of Foreign Security Futures

Aristotle cites the “tragelaph” (the mythical “goat-stag”) as an example of how a concept can have meaning without existing. A “security future” is the US financial system’s “goat-stag”: a concept packed with meaning but...more

Financial Markets and Funds Quick Take | Issue 18

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

Financial Markets and Funds Quick Take | Issue 17

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

Funds NOT Immediately Available: Actions FCMs Should Take to Protect Customer Funds Deposited at Distressed Banks

As US interest rates rose in 2022, the value of bank investments in long-dated and fixed-rate bonds declined. These declines were substantial enough to render many banks economically insolvent. Depositors not inclined to...more

At Last . . . the CFTC Proposes to Codify Letter 19-17

The CFTC has proposed rules codifying the staff no-action relief of CFTC Letter 19-17 (thrice-renewed since, pending these rules). I’ve written about the “long and winding road” by which we got to this momentous juncture;...more

The SEC's Proposed Safekeeping Rule Will Present Challenges for Them

Much has been, and remains to be, written on the SEC’s recent proposal to replace the custody rule for registered investment advisers with a new “safekeeping” rule. The implications are indeed far-reaching for registered...more

Broker-dealer/FCMs! You need to have a talk with your clients about AEX Index Futures

Last month, Euronext published a notice to clients that will be of interest to US broker-dealers and FCMs who facilitate client execution and clearing of futures contracts listed on Euronext. The notice advises that from 20...more

The Oliver Wyman Report

Thankfully, futures clearinghouses do not fail often; it’s happened three times in history, most recently in 1987. But last year, in the first week of March, the clearinghouse of the London Metal Exchange, LME Clear, had an...more

Lessons for FCM Risk Managers from a Recent CFTC Enforcement Settlement

Recently the CFTC settled an administrative proceeding with an FCM that FCM risk managers will want to examine closely. The settlement relates to allegations (among others) that the FCM violated CFTC Rules 1.11 and...more

Financial Markets and Funds Quick Take | Issue 9

New DOL Rule Enables Consideration of ESG Factors in Investing, Plus the SEC Continues its ESG Enforcement Push in the Absence of Final SEC Rules - On November 22, the US Department of Labor (DOL) announced a final rule...more

A New Way to Price Block Trades in Certain Equity Index Futures

Effective December 13, 2022, ICE Futures U.S. (IFUS) is implementing new functionality under its block trade rule permitting dealers to trade “equity basis blocks” (EBBs) in IFUS futures contracts on MSCI Indices, the NYSE...more

12/1/2022  /  Block Trades , Futures , Hedging

Financial Markets and Funds Quick Take | Issue 8

SEC Advertising Rules – Client Resource Center - November 4 was the compliance date for the new rule governing advertising and solicitation activities by investment advisers. The new rule substantially revises decades old...more

So Who Does Need to Register as a SEF?

In September 2021 CFTC staff issued an advisory (Letter 21-19) “reminding entities” of SEF registration requirements. The “entities” specifically in scope of the reminder, per that advisory, were those: (1) facilitating...more

Cherry-picking, bunched orders and transfer trades

Recently the CME settled disciplinary matters (and the CFTC simultaneously settled a separate enforcement proceeding) with a trader and the introducing broker of which the trader was a principal, involving allegations of...more

Financial Markets and Funds Quick Take | Issue 7

SEC to Inspect Firms for Compliance With New Advertising and Solicitation Rule - November 4 is the compliance date for the new rule governing advertising and solicitation activities by investment advisers. The new rule...more

ICE Clear EU To Accept EUAs as Collateral (but only from non-FCM clearing members)

Citing “current liquidity pressures” in EU energy markets and the need to provide market participants with “more options regarding the assets they provide to the Clearing House as margin cover,” ICE Clear Europe has proposed...more

The Long and Winding Road of JAC Regulatory Alert 14-03

Once, many years ago, the Joint Audit Committee released a Regulatory Alert (RA 14-03) addressed to futures commission merchants that are clearing members of derivatives clearing organizations registered with the CFTC, which...more

Financial Markets and Funds Quick Take | Issue 6

The SEC Remains in Search of and Is Looking for Finders - Much has been written on the topic of finders and arrangers of securities transactions, including when a person or entity acting as a finder (i.e., someone who...more

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