Traders Magazine
By Christopher Wooten, EVP, NICEÂ
When the pandemic hit, we certainly sensed there would be a strong impact on our social lives. But what was not immediately apparent was the extent that Wall Street and its regulated financial services employees would be affected. The work-from-home revolution had arrived, and now one year later its influence has become evident.
Unfortunately
the remote work that ensued, particularly among traders, created an environment that became more susceptible to market abuse. Regulators around the world, like the Financial Industry Regulatory Authority (FINRA), the Hong Kong Monetary Authority (HKMA), and the Financial Conduct Authority (FCA), found that scenarios like insider dealing became easier because many regulated employees werenât being physically monitored on a trade floor any longer or certainly as directly.
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The CFTC Division of Data, Division of Market Oversight and
Division of Clearing and Risk (collectively, the Divisions ) granted conditional no-action relief from
certain swap reporting and recordkeeping requirements for fully
collateralized binary options transactions executed by
KalshiEX LLC ( Kalshi ), a designated contract market,
and cleared by LedgerX, LLC ( LedgerX ), a derivatives
clearing organization. (A binary option is an option on
an event in which the purchaser of the option receives either a
fixed amount or zero, depending on whether the event occurs. It is
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UK Bank NatWest Says No to Businesses that Accept Crypto: Report
UK bank
NatWest is saying no to crypto. According to a report, business users that accept crypto, like Bitcoin, may be refused access to the bank’s services.
As reported by the Guardian, NatWest BoardMember
Morten Friis, who is head of the Risk Committee, explained during a shareholder event:
“We have no appetite for dealing with customers, whether taking them on as new clients or having an ongoing relationship with people, whose main business is backed by an exchange for cryptocurrencies, or otherwise transacting in cryptocurrencies as their main activity. We think of cryptocurrencies as high risk and we’re taking, for that reason, a cautious approach to this. It’s an area where regulation is very much in evolution and we’ll obviously respond to that as things change.”
CFTC Staff Issues Conditional Relief from Reporting Fully Collateralized Binary Option Data To Swap Data Repositories Date
22/04/2021
The Commodity Futures Trading Commission today announced that the Division of Data, the Division of Market Oversight, and the Division of Clearing and Risk have provided no-action relief to KalshiEX LLC, a designated contract market, and LedgerX, LLC, a derivatives clearing organization, from reporting to swap data repositories, data for binary option transactions executed on or subject to the rules of Kalshi and cleared by LedgerX. The no-action relief also exempts Kalshi and LedgerX from certain related recordkeeping requirements, and is consistent with staff-level relief previously provided to other similarly situated designated contract markets and derivatives clearing organizations.