Week InReview | CFTC action on cybersecurity, uncleared margin seen by year-end | G-20 leaders endorse FSB liquidity standards for G-SIBs & G-SIIs| SEC Chief: Asset manager 'wind down' rule may be proposed early 2016 | Live! From Ankara Turkey: It's a G20 herd of cats | ICYMI + Binge Reading: Cocktails for which to give thanks
Friday, November 20, 2015
Let's recap
In case you missed it . . .
CFTC on cybersecurity, uncleared margin
Action seen by year-end
(Nov 18) The Commodity Futures Trading Commission expects to propose rules on cybersecurity and adopt rules on uncleared margin and trade options by the end of the year. In an address to the Exchequer Club in Washington DC, Massad said that in 2016 he expects the agency to address clearinghouse resiliency, the registration of swap execution facilities and the "made-available-to-trade" process that leads to certain swaps being required to trade on an exchange. The CFTC also has slated a Nov. 24 meeting to consider proposing a rule on automated trading.

From the archives:
G-20 leaders back FSB liquidity rules
Will now pursue full and consistent implementation
(Nov 16) G-20 leaders endorsed the Financial Stability Board's plan to adopt new minimum liquidity standards for the world's systemically important banks. Leaders will now pursue full and consistent implementation of the global financial regulatory framework through 2022. G-20 members also agreed to new requirements regarding loss absorbency for global systemically important insurers. The G-20 communique - which was released at conclusion of the Nov. 15-16 leaders summit in Antalya, Turkey - asked the FSB to report next year on members' progress to build a more resilient financial system. The document said G-20 nations would collectively seek to strengthen their oversight and regulation of shadow banking, assess the decline in correspondent banking, further implement oversight changes to the over-the-counter (OTC) derivatives market, and review their implementation of the global financial regulatory framework.
Asset manager 'wind down' rule
May be proposed early 2016
(Nov 18) Securities and Exchange Commission Chair Mary Jo White told the House Financial Services Committee she hopes the agency's proposal requiring transition plans for winding down asset managers is ready for release "relatively early" next year.
  • White noted that the SEC has a total of five categories of asset manager rules on its agenda, two of which have already been proposed; next in series probably will be rule on derivatives, followed by transition rules and then stress testing
  • SEC staff is working "very hard" on stress test proposal for asset managers; rule required under Dodd-Frank is "challenge" because the companies can't be treated the same as banks; agency must come up with "meaningful test" for asset managers
Binge reading disorder
Hand-curated, chosen with love
22 Cocktail Recipes for a Thirsty Thanksgiving (Serious Eats) 

Death of Bond Market-Making Is Greatly Exaggerated (Bloomberg)

Your Brain Performs Better When It Slows Down (Big Think) 

These Wall Street Jobs are Poised for the Biggest Swings in Pay (Bloomberg)

Two Gorgeous Spiral Galaxies Just Because (Slate)
Transparency.
Inclusiveness.
Consensus.