๐ฐ News FICC - MBS Alert! IN informing clients of the TMPG fail charge rate change based on the Fed's adjustment https://www.dtcc.com/-/media/Files/pdf/2022/6/15/MBS1107-22.pdfWhy does the TMPG recommend a financial charge on settlement fails?Persistent elevated fail levels create market inefficiencies, increase credit risk for market participants and heighten overall systemic risk. In higher rate environments, the time value of money that is lost when delivery is not made as contracted provides an incentive to sellers to deliver bonds as agreed. Given that this incentive is smaller in low short-term rate environments, sellers are less sensitive to the timeliness of delivery. The TMPG recommends a financial charge to provide an incentive to sellers to deliver securities in a timely fashion and to therefore reduce overall fail levels.Reddit Post
Korea's Act on the Protection of Virtual Asset Users to Take Effect from 7/19: "those who are found to have engaged in unfair trading activities may be subject to criminal punishment or penalty surcharge." Korea's new Act on the Protection of Virtual Asset Users comes into force on July 19, 2024, marking a significant step in safeguarding users and regulating virtual asset service providers (VASPs). This follows a revision in March 2021, which required VASPs to register with financial authorities and introduced
Korea's SFC Imposes Penalty Surcharges on Global Investment Banks for Violating Short Sale Regulations. Credit Suisse engaged in naked short sales in the amount of about KRW60.33 billion (162,365 shares on 20 stock items). The Securities and Futures Commission, a sub-commission within the Financial Services Commission responsible for overseeing the securities and futures markets, held the thirteenth regular meeting on July 3 and decided to impose penalty surcharges amounting to KRW27.173 billion in total on two former Credit Suisse affiliated investment banks for
CFTC Awards Over $8 Million to Whistleblower who "helped the CFTC establish that one or more derivatives market participants deceived clients about key aspects of trades." The Commodity Futures Trading Commission today announced it awarded over $8 million toa whistleblower who provided significant information and assistance that led the CFTC and other agencies to bring multiple enforcement actions. The whistleblower helped the CFTC establish that one or more derivatives market participants deceived clients about key aspects