SIFMA Executive Vice President Randy Snook discussed issues impacting fixed income market structure and liquidity and "market-based" solutions. He delivered his remarks at the SIFMA Fixed Income Market Structure Conference. Mr. Snook explained that not all liquidity issues can be attributed to regulation. He advocated for market-based solutions to enhance liquidity and promote transparency in capital markets. He mentioned that PWC was undertaking a study regarding market liquidity, which may provide "a more comprehensive review of how our markets are functioning and how many aspects of
The Financial Stability Board ("FSB"), the Basel Committee on Banking Supervision ("BCBS"), the Committee on Payments and Markets Infrastructures ("CPMI") and IOSCO released a 2015 central counterparties ("CCPs") workplan and a progress report detailing the agencies' efforts to enhance the "resilience, recovery planning and resolvability" of CCPs. The workplan focuses on CCPs that are systemic across multiple jurisdictions.
Board of Governors of the Federal Reserve System ("FRB") Governor Jerome H. Powell discussed volatility in the Treasury markets and emerging considerations that would provide greater or more stable liquidity. At the 2015 Roundtable on Treasury Markets and Debt Management, Mr. Powell addressed the October 15, 2014 episode of "sudden, outsized volatility" in the Treasury markets. He pointed out that further episodes could cause more market participants to react in ways that reduce liquidity, and add to pressures for changes in market structure. Mr. Powell explained that his preference would be
The FDIC reminded banks and other supervised institutions of its new rule on filing requirements and processing procedures in connection with changes in control. The new rule goes into effect on January 1, 2016. The rule consolidates and conforms the regulations of state nonmember banks, state savings associations and certain parent companies, and is intended to make existing FDIC practices more transparent. The rule adopts definitions for previously undefined terms, such as "Acting in Concert," "Convertible Securities" and "Voting Securities." Under the rule, the acquisition of convertible
The Board of Governors of the Federal Reserve System (FRB) approval of a final rule specifying its procedures for emergency lending under Federal Reserve Act Section 13(3) (Discounts for Individuals, Partnerships and Corporations). The FRB action was published in the Federal Register. The final rule is effective on January 1, 2016.