GARY GENSLER
Dollar drifts as Powell comments bring September rate cut in focus
The dollar remains weak as Powell hints at rate cut, while cryptocurrencies rise on Trump re-election odds. Yen weakens, intervention fears linger. Bitcoin near $65k, Ether at two-week peak. Trump's crypto support boosts market sentiment. Australian, New Zealand dollars decline slightly.
Wall Street regulator to start over on 'swing pricing' rules for open-end funds
The SEC will redraft swing pricing rules for open-end funds, originally met with objections. The 2022 proposal aimed to address market stresses, like during the coronavirus pandemic. Requirements included a seven-day liquidity standard. Chair Gary Gensler consulted banking regulators. BlackRock, Vanguard, and Fidelity previously saw a similar rule scrapped for money market funds, as it jeopardized investments.
Markets on alert for Biden exit as Trump-win trades mount
Portfolio recalibration began at the end of last week after Biden's contentious debate with Trump sparked concerns about the 81-year-old Democrat's suitability for another term.
Timing for US ether ETF launches depends on how fast issuers can move, SEC chair says
The SEC still has to approve the ETF issuers' registration statements detailing investor disclosures before they can start trading. That process usually involves a lot of back and forth between the ETF issuers and SEC officials.
Timing for US ether ETF launches depends on how fast issuers can move, SEC chair says
SEC Chair Gensler highlighted the similarity between the correlations of ethereum futures and bitcoin futures, influencing the approval of spot bitcoin ETFs in January.
Riot Platforms shares drop 9% after Kerrisdale Capital shorts bitcoin miner
Kerrisdale believes the introduction of low-fee bitcoin ETFs is more beneficial to investors over owning shares of a company such as Riot, which has seen a steady decline in bitcoin holding and production per share.
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US House passes crypto bill despite warnings from SEC
The House approval comes as the U.S. Securities and Exchange Commission (SEC) signals that it will likely approve applications for spot ether exchange-trade funds in a surprising boost to the industry.
SEC adopts new clearing rules: US treasury market braces for change
A central clearer acts as the buyer to every seller, and seller to every buyer, guaranteeing trades in case either party defaults.
In spot bitcoin ETF race, some pioneers stick to the sidelines
That would drive up marketing expenses, one of the biggest costs of an ETF debut. Combined with legal, SEC filing, and listing costs, the bill for launching even a simple ETF rings in at about $100,000, according to lawyers. That can climb to millions of dollars if the product is complex and takes a long time to secure SEC approval
Short sellers will have to report more data under new US SEC rules
The rules, first proposed in late 2021 and early 2022, will require investors to report their short positions to the agency, and companies that lend out shares to report that activity to the Financial Industry Regulatory Authority (FINRA), a self-regulatory body that polices brokers
US SEC disappointed with defeat over Ripple's XRP case
The SEC has sued a number of crypto firms in recent months, arguing that most crypto tokens are securities that should be registered with the agency.
Crypto companies made 'calculated' decision to flout rules, says SEC chair
Speaking at a Piper Sandler conference in New York, Gary Gensler also reiterated his view that the "vast majority" of crypto tokens meet the test for being a security and should be registered with the SEC. That means most crypto exchanges have to comply with the securities laws too, he added.
US SEC chair Gary Gensler says crypto companies made 'calculated' decision to flout rules
Speaking at a Piper Sandler conference in New York, Gary Gensler also reiterated his view that the "vast majority" of crypto tokens meet the test for being a security and should be registered with the SEC.
Short selling comes under fire as regional banks sell off
A law firm, which has represented large corporations, has called on US securities regulators to limit short sales on financial institutions, reforming a ban that was implemented in 2008 during the financial crisis. Wachtell, Lipton, Rosen & Katz recommended a 15-day prohibition for the borrowing and short selling of shares of banks that are intentionally under pressure. The revived ban would allow the Securities and Exchange Commission time to act and investors to make informed decisions. While some critique the action of short sellers, others encourage it to keep financial markets running efficiently.
SEC weighs rules aimed at GameStop-type risk, crypto investments
The US Securities and Exchange Commission (SEC) was also due to vote on whether to propose changing rules protecting client assets held by investment managers, in a move that would likely prevent cryptocurrency platforms from serving a key marketplace role.
US court grants bail to FTX founder Sam Bankman-Fried on $250 million bond
The court granted pre-trail bail to Sam Bankman-Fried for a bond of $250 million and several restrictions. Bankman-Fried will have to be present in court next on January 3.
BlackRock warns Wall Street watchdog new ESG rule could harm investors
While BlackRock acknowledged the need to boost oversight, it questioned the SEC's demand for more details on how funds should categorize strategies and describe their ESG impact, arguing such details could mislead investors about how much ESG really matters when managers pick stocks and bonds.
Wall Street set for new ETF gold rush as single-stock era begins
The eight products from AXS Investments look like the start of a coming invasion of amped-up strategies that will seek to enhance or invert the performance of volatile companies, including Tesla Inc., Nvidia Corp. and PayPal Holdings Inc. Another proposed lineup from Toroso Investments offers to layer on a bullish options strategy in order to boost returns
Explainer: SEC eyes Wall Street reforms. What is 'PFOF'?
SEC Chair Gary Gensler said investors might get better prices without PFOF if there was more competition to execute retail orders. He suggested sending orders to auctions, to improve deals for retail investors.
U.S. SEC chief unveils plan to overhaul Wall Street stock trading
The Wall Street watchdog plans to scrutinize growth in recent years of the payment for order flow (PFOF) practice, which is banned in Canada, the UK and Australia.
US SEC chief unveils plan to overhaul Wall Street stock trading
The plan, unveiled by U.S. Securities and Exchange Commission chair Gary Gensler, would require trading firms to directly compete to execute trades from retail investors to boost competition. The Wall Street watchdog plans to scrutinize the controversial payment for order flow (PFOF) practice, in which some brokers, like TD Ameritrade, Robinhood Markets and E*Trade, are paid by wholesale market makers for orders.
US SEC to propose climate disclosure rules
The SEC is likely to propose sweeping measures that will mandatorily require companies to disclose vital data over climate change. The regulator will propose the rules on Monday.
JP Morgan fined $200 mn after employees found using personal chats for company business
From at least January 2018 through November 2020, J.P. Morgan Securities' employees often communicated about securities business matters on their personal devices, using text messages, WhatsApp, and personal email accounts, the SEC said. None of these records were preserved. The lapses were institution-wide and known to senior management, who also used personal devices to discuss business matters, the SEC said.
US markets regulator approves Nasdaq proposal to require corporate board diversity
The proposal requires that companies have two diverse directors, including one who identifies as female and another as an underrepresented minority or LGBTQ+, or explain why they do not. Companies also have to publicly disclose the diversity of their boards.
Robinhood CEO calls for changes to exchange pricing rules
In 2005, when the sub-penny rule was enacted, there were concerns sophisticated electronic traders might jump ahead of retail orders using the smaller pricing increments.
US regulator delays decision on Bitcoin ETF, seeks views on potential for manipulation
The move by the U.S. Securities and Exchange Commission (SEC) on Wednesday was the second delay for the VanEck Bitcoin Trust's proposed bitcoin ETF after an extended delay in April.
US market regulator considering new competition rules for exchanges, brokers
Market-makers say the business model has increased liquidity and reduced costs for average investors.
Can Hillary Clinton win Democratic race for toughest Wall Street cop?
The first Democratic presidential debate Tuesday in Las Vegas is primed to make Wall Street very uneasy.
Elizabeth Warren: The Massachusetts senator spearheading initiative to control financial institutions
Warren has worked hard on financial-sector issues over many years.
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