Eventus

Validus in Practice (ViP)

Proposed New Trade Reporting for Over-The-Counter Option Transactions

By Martina Rejsjo, Director of Regulatory Affairs, Eventus FINRA has issued Regulatory Notice 22-14 to propose a new regulatory reporting framework for over the counter (OTC) option transactions. OTC options are customized, bilateral transactions agreed upon directly by the parties to the option contracts, and many of the traded OTC options are identical in terms …

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EU Finds Agreement on Crypto Regulation

By Mike Castiglione, Director of Regulatory Affairs, Digital Assets In late June 2022, EU Parliament members announced agreement on a comprehensive bill that would require crypto businesses to follow anti-market abuse rules that build on the already-established rules for other asset classes outlined in the EU’s Market Abuse Regulation (MAR). This new bill, called the …

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California Seeking Comment on Crypto Asset Related Products and Services

On June 1, 2022, the Department of Financial Protection and Innovation (DFPI) in California issued a request for comments seeking input from the public in developing guidance and regulatory clarity and supervision of covered persons/service providers involved in the offering and provision of crypto asset-related financial products.  The DFPI provided a number of sample questions …

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Significant CFTC Fine for Deceptive and Manipulative Conduct

On May 24, 2022, the Commodity Futures Trading Commission (CFTC) setted charges against a global energy and commodities trading firm for manipulative and deceptive conduct. The conduct in question spanned 11 years from 2007 to 2018 and involved manipulation and foreign corruption in the U.S. and global oil markets, including manipulation or attempted manipulation of …

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Extreme Volatility in Commodities – Distress in the Nickel Market

Recent events in the commodities market have raised a spotlight on price levels and volatility. On the 8th March 2022, the price of Nickel soared by 250% to more than $100,000 a ton and the Bloomberg Commodity Spot index leaped 13% in a week — the largest one-week price increase in 60 years.   What happened …

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SEC Charges Firm and Individuals with Multi-Faceted Manipulation Scheme

The Securities and Exchange Commission recently announced a formal action against a number of individual parties and Archegos Capital Management as part of a multi-billion dollar market manipulation action.  The SEC is seeking to enjoin the parties from further violations of Section 17(a) of the Exchange Act as well as SEC Rule 10b-5.  The SEC …

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CFTC Priorities: Preparing for Transformative Change

On March 16, 2022 CFTC Chairman Rostin Behnam delivered the keynote address at the annual Futures Industry Association Conference in Boca Raton, Florida. Chairman Behnam opened his remarks noting the transformative changes our industry successfully navigated and how financial and technological innovations are yet again at our doorstep. He reminisced on how technology and decimalization …

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SEC Proposes New Rules for Short Sale Disclosures and Order Marking Requirements

On February 25, 2022 the SEC proposed new Rule 13f-2 to provide greater transparency through the publication of certain short sale data to investors and other market participants. It also proposed Rule 205, which would establish a new “buy to cover” order marking requirement for certain purchase orders effected by a broker-dealer for its own …

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