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Katten Muchin Rosenman LLP’s Foreign Listed Stock Index Futures and Options Approvals Chart(Approvals Chart), current as of November 8, 2013, is now available online. All prior versions are superseded and should be discarded. … [Read more...] about Foreign Listed Stock Index – Futures and Options Approvals

International Bank and Affiliates Settle Two CFTC Enforcement Actions for Alleged Benchmarks Manipulation: Citibank, N.A. and two affiliates settled two separate enforcement actions brought by the Commodity Futures Trading Commission related to the entities’ alleged attempted manipulation of benchmarks. In one action, solely against Citibank, the CFTC alleged that, beginning in January 2007 through January 2012, the bank attempted to manipulate the US Dollar International Swaps and Derivatives Association Fix (commonly known as “ISDAFIX”) when some of its traders, on multiple occasions, made submissions that were used to set the day’s ISDAFIX rates that were for the benefit of the bank’s existing derivatives trading positions, rather than reflecting the midpoint where it would itself offer and bid a relevant swap based on the relevant rates. In another action, against Citibank, Citibank Japan Ltd., and Citigroup Global Markets Japan Inc., the CFTC charged … [Read more...] about Bridging Weeks: AML; DLT; Attempted Manipulation; Manipulative Device; Registration; EFRPs; Block Trades; Hedge Exemptions

GLOBAL GROWTH: The IMF is now says the global economy will grow 3.5 percent this year, down from its previous forecast of 3.7 percent. Managing Director Christine Lagarde said the global economy was growing more slowly than expected as risks increase. She also said the bank cut its estimate for growth in 2020 to 3.6 percent from 3.7 percent. … [Read more...] about Stocks dip as investors fear a weakening global economy

The Concept Release was even-handed in its approach, so it is difficult to determine what direction the SEC may take. Further, because the Concept Release will likely elicit many comments, it will be some time before the SEC and its staff are able to review information received and determine what changes, if any, should be made to the regulatory landscape. The tone of the SEC at the open meeting and the language of the Concept Release, however, suggest that the SEC is approaching the question of whether or not to change the current regulatory structure in a measured, open-minded way. Given the focus on industry input and the acknowledgement that derivatives offer benefits to funds and fund investors, it seems unlikely that the SEC would prohibit or substantially restrict the ability of funds to use derivatives. At this juncture, the SEC appears to be focused on collecting the information necessary to allow it to enhance the current regulatory framework. However, it would not be … [Read more...] about SEC Concept Release Requests Industry Comments on Funds’ Use of Derivatives

The Commission has also published a roadmap for the modernisation of VAT rules for cross-border e-commerce. In its opinion, prevailing differences between the national systems of VAT registration and declaration represent a real obstacle to cross-border trade. The Commission is particularly concerned about the complexity, high costs and continuing differences in tax treatment. It has also identified a range of policy options that could address these issues, ranging from the elimination of distance sales thresholds and the small consignments exemption to fully harmonized EU rules with a single electronic mechanism for VAT declarations. A public consultation on the subject matter is expected in September. … [Read more...] about September 2015: Digital Single Market Policy, Energy and Climate Change, Internal Market, Financial Services – EU Policy Update