CFTC Chair J. Christopher Giancarlo reviewed the findings of a recent study by the Office of the Chief Economist of the CFTC on the relative liquidity of exchange-traded futures contracts and cash securities in the U.S. Treasury market. In remarks at the Fourth Annual Conference of the Evolving Structure of the U.S. Treasury Market, Mr. Giancarlo stated that the study illustrates a "highly complex and dynamic 'liquidity hierarchy' in the U.S. Treasury market." According to Mr. Giancarlo, the study showed that: overall risk volume is greater in securities transactions than in futures contracts

IOSCO found that members have made "substantial progress" towards achieving full compliance, and, in certain instances, have improved their implementation of the Principles for the Regulation and Supervision of Commodity Derivatives Markets (the "Principles"). The findings are from a survey on how member regulators have implemented commodity derivatives regulations. The Principles, which were first published in 2011, are intended to ensure that commodity derivatives markets can facilitate price discovery and hedging activity. The 2018 update is the third (and perhaps final) survey of its kind

The Office of the Comptroller of the Currency ("OCC") reported on risks facing national banks and federal savings associations, presenting information in five areas: the operating environment, bank performance, topics in emerging risk, trends in key risks and supervisory actions. The report focuses on particular issues that may pose threats to the financial institutions regulated by the OCC. Based on data as of June 30, 2018, the OCC found that: the financial performance of banks comprising the federal banking system improved in the first half of 2018 relative to 2017; system-wide return on

The Office of the Comptroller of the Currency ("OCC") will reduce the total assessments collected on national banks, federal savings associations, and federal branches and agencies of foreign banks for 2019. The OCC stated that it will reduce the marginal rates in its General Assessment Fee Schedule by 10 percent. The OCC anticipates that the change will reduce total assessments collected by over $90 million in 2019. The change will take effect starting with the March 31, 2019 assessment. In addition, the OCC revised the refund policy for institutions that leave the federal banking system

President Donald J. Trump signed an Executive Order ("EO") closing all executive departments and agencies of the federal government on December 5, 2018. The EO was signed in honor of the 41st President of the United States, George H.W. Bush. Pursuant to the EO, the heads of executive departments and agencies may decide that certain offices must stay open and that certain employees must report to work on December 5, 2018, for "reasons of national security, defense, or other public need." Some exchanges, such as the Options Clearing Corporation, will be closed, while others, such as the