The CFTC Market Risk Advisory Committee addressed LIBOR reform initiatives and efforts to develop the Secured Overnight Financing Rate as a viable alternative rate.
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The CFTC simultaneously filed and settled charges against two banking institutions for "executing fictitious and noncompetitive block trades in Russian Ruble/U.S. Dollar futures contracts, which were cleared through the Chicago Mercantile Exchange."
MFA, SIFMA, ICI, FIA and the FIA Principal Traders Group weighed in on a broad U.S. Treasury Department request for comments about current regulation of the U.S. Treasury market.
The Senate Homeland Security and Governmental Affairs Committee's Permanent Subcommittee on Investigations scheduled a two-day hearing, titled "Wall Street Bank Involvement with Physical Commodities," to be held on November 20 and November 21, 2014. According to its release, the Subcommittee plans to examine the extent to which banks and their holding companies own physical commodities, such as oil, natural gas, aluminum and other industrial metals, as well as own or control businesses, such as power plants, oil and gas pipelines, and commodity warehouses. Subcommittee Chair Carl Levin (D-MI)
The Senate Banking Subcommittee on Financial Institutions and Consumer Protection held a hearing entitled "Regulating Financial Holding Companies and Physical Commodities." The following witnesses testified: Mr. Norman Bay, Director of the Office of Enforcement, Federal Energy Regulatory Commission Mr. Vince McGonagle, Director of the Division of Market Oversight, Commodity Futures Trading Commission Mr. Michael Gibson, Director of the Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System. Click here for a summary of the hearing by Delta Strategy