The European Energy Exchange (EEX), a leading energy and commodity exchange and IncubEx, a specialist environmental commodity and climate risk product development firm, announced today the launch of a new suite of Guarantees of Origin (GO) futures contracts on 2 September 2024. EEX will list four new GO contracts: EEX European Renewable Power GO Future (any technology GOs: Hydro/Wind/Solar/Biomass) EEX European Hydro GO Future EEX European Wind GO Future EEX European Solar GO Future   GOs are a key component of the energy transition as they provide transparent tracking of origins of renewable energy within the EU and help facilitate investment into renewable energy projects. The verified certificates, each representing 1 MWh from renewable energy sources, can be traded and used across Europe. The new standardised EEX futures contracts will allow market participants to hedge these markets. "EEX offers the most liquid power market in Europe today, therefore listing GO futures is very complementary to our existing power, natural gas and environmental market offerings," says Peter Reitz, EEX Chief Executive Officer. "GOs and registry services are central to our efforts to support the energy transition, and these new products are another important step of this journey. The evolving environmental markets require product innovations, and we are excited to respond to this need with new products while looking forward to further building this market by leveraging our long-standing experience." "We have seen massive growth in the European GO market in recent years with activity that reflects the broader push towards renewables along with macro impacts from the energy crisis and climate events such as droughts," adds Dan Scarbrough, President and COO of IncubEx. "Participants from the utility sector to corporates are looking for ways to hedge their exposure and expand the flow of investment capital, which makes GO futures a valuable product set as further evidenced by the significant development of the renewable energy certificate futures market in the U.S. over the last 15 years." Over the past several years, the supply and demand for GOs has increased significantly, driven by renewable energy policies and more corporations decarbonising their operations via the purchase of GOs. The volume of GOs issued in Europe has grown 46% to 987 TWh over the past five years (2019 – 2023), while the number of physical GO transfers has risen 60% to 1,409 TWh, according to the Association of Issuing Bodies. The new physically delivered GO futures offer participants standardisation, price transparency with capital efficiencies via clearing on European Commodity Clearing (ECC), which also reduces counterparty risk. The GO contracts also complement the GO spot auction platform, offered by another EEX Group company, EPEX SPOT, as well as EEX’s registry services. GO futures will be listed and cleared alongside power, natural gas and European emission allowances (EUA) futures and options. EEX and IncubEx have a proven track record in building environmental markets. Since November 2018, Nodal Exchange, an EEX subsidiary and IncubEx have worked together to develop and list the broadest suite of futures and options contracts on Renewable Energy Certificates (RECs), carbon and renewable fuels. Nodal also offers the largest set of North American REC futures, which is a close proxy to the GO market in Europe.

Overview LME futures and options average daily volume (ADV) in Q2 2024 reached a 10-year high at 730,385 lots, up 27% on Q2 2023. Overall futures and options ADV in the first half of 2024 was up 29% on H1 2023, with market open interest (MOI) up 26%. Continued growth was seen in LME Lead, with ADV up by 38% year-on-year. LME Nickel ADV in the first half increased 76%, with MOI up 107% compared to the same period in 2023. Quarterly volumes   ADV Q2 2024 (lots) ADV Q2 2023 (lots) Percentage change Total 730,385 574,877 27% Aluminium 292,622 245,343 19% Copper 176,313 138,556 27% Zinc 110,714 89,340 24% Nickel 67,731 38,290 77% Lead 70,306 54,499 29% Tin 6,416 4,991 29% More LME volumes data can be found here. LME Options and TAPOs highlights Options and TAPOs ADV across all contracts: ADV for H1 was at 38,157 lots, up 69% year-on-year and 54% on 2023 full year. April saw the highest ADV since February 2008 at more than 50,243 lots. Copper and nickel quarterly ADVs reached 10-year highs in Q2 2024: LME Copper: Q2 ADV reached 12,682 lots, up 56% year-on-year.  LME Nickel: Q2 ADV reached 6,716 lots, up 376% year-on-year.    Other highlights Cash-settled futures: in Q2 2024, LME Steel Scrap CFR Turkey traded 3.3 million tonnes and up more than 90% year-on-year, with first half ADV at 4,921 lots and up 60% year-on-year.    Monthly (3rd Wednesday) electronic volume: April and May volume achieved the respective highest and second highest monthly volumes ever, with 26,522 lots and 20,820 lots traded.   NB: Data excludes UNA trades.

Two European exchanges of Boerse Stuttgart Group have combined their services in the equity sector. Swedish equities listed on the Scandinavian exchange Nordic Growth Market (NGM) and with a secondary listing in Germany at Boerse Stuttgart can be included in the “Nordic Growth Market” trading segment. In Stuttgart, German investors can now trade the equity of Coegin Pharma AB in euro every exchange trading day from 9.00 to 17.30 hours CET. The function of quality liquidity provider in trading at Boerse Stuttgart is performed by EUWAX AG, which is also the liquidity provider in equities trading at NGM. The inclusion of their equities in Boerse Stuttgart’s trading segment “Nordic Growth Market” makes Swedish companies more visible on the capital market of the euro zone, allowing them to expand their investor base. There are currently 79 securities listed on Nordic SME, NGM’s multilateral trading platform for equities of growth companies.  For further information about the “Nordic Growth Market” trading segment, please visit: https://www.boerse-stuttgart.de/en/investing/segmente/nordic-growth-market/

Avelacom today announces the expansion of its low latency solution portfolio for access to the Brazil Stock Exchange (B3) by completing its network certification and becoming an RCB (Rede de Comunicação B3 - B3 Communications Network) provider. This development enhances Avelacom’s existing real-time market data and low latency trading solutions by enabling clients to have a Direct Market Access port to B3’s matching engine without additional infrastructure. This extends B3’s services to numerous financial market around the world. With the addition of the RCB services, Avelacom can offer a more cost-efficient alternative to remote market access and trading. RCB provides a balanced approach between latency and cost, allowing end clients to benefit from optimized setup processes via virtual connections. This on-demand service is easy, fast, and scalable. Avelacom’s market-to-market connectivity ensures seamless data transfer between key financial hubs, further enhancing the accessibility of B3. Additionally, the use of turn-up connections enables quick and efficient activation of services, allowing clients to rapidly start trading and accessing market data. The expansion is timely as Brazil’s markets continue to gain popularity and attract global clients. Avelacom’s global network is well-positioned to facilitate this collaboration, enabling clients to test and trade B3 by receiving market data feeds and trading not only on-site but also remotely, without the need to be collocated in B3’s data center. The RCB connectivity method provides access to all B3’s markets, including BOVESPA (equities), BM&F (derivatives), B3 DA (digital assets), and CETIP (OTC), as well as B3’s post-trade and testing environments. Aleksey Larichev, CEO of Avelacom, commented: “We are excited to enhance our low latency service offerings for the Brazilian market. Becoming an RCB authorized party allows us to provide more flexible and cost-effective solutions with various capacity options, helping financial firms operate more efficiently. With our network’s global coverage, clients from Asia, EMEA, and North America can access B3’s trading platform with the ease of cloud-based solutions.” Marcos Guimaraes, Managing Director of Avelacom, LATAM, said: “With this development, B3 markets becomes available at all markets on Avelacom´s global network. It also lowers the barrier of entering B3’s market from abroad by facilitating access to the trading floor and lowering costs for local brokers and trading participants.  We look forward to onboarding global clients and easing access to Brazil’s stock, derivative, forex, and crypto markets.” The project involved investments in Avelacom’s core and transport networks, including the setup of new network devices and cabling in both B3’s primary and secondary data centers to support disaster recovery services.

The Securities Commission Malaysia (SC) today cautioned the public on investment scams enticing investors with pre-Initial Public Offering (IPO) shares of companies seeking listing on Bursa Malaysia.  These scams – mostly involving private placement offerings, are usually timed with upcoming IPO listings published on Bursa Malaysia’s website. Perpetrators of these scams, posing as ‘agents’, usually create a public group on WhatsApp to promote these pre-IPO investments. Following this, potential victims will be added into said group unsolicited. These schemes may be accompanied by fake testimonials from other investors to appear credible. Payments for the ‘subscription’ will be required to be made to bank accounts of entities not related to the IPO and suspected of being mule bank accounts.  On the IPO listing day, these ‘agents’ will proclaim that the IPO shares have been listed and had made profits, and that additional payments are needed for their shares to be allotted. This of course, is fraudulent, so as to convince the victims to give more money.  To date, the SC has received various complaints and inquiries from investors who had reported substantial losses, exceeding RM800,000. The SC views this matter seriously and will continue to monitor and take appropriate action against such investment scam activities. In addition, the public is advised to be vigilant in evaluating investment offers including ensuring that they do not transfer or deposit money into suspicious accounts. The public is also encouraged to verify investment offers through the SC Investment Checker at www.sc.com.my/investment-checker.

Trading – Cash Markets (including equities, interest rate and ETP trades) In June 2024, the average daily number of trades was up 19% on the pcp. The average daily value traded on-market of $5.597 billion was down 2% on the pcp.  Volatility (as measured by the average daily movement in the All Ordinaries Index) was 0.6% in June, compared to 0.6% in the pcp.  Future volatility (as measured by the S&P/ASX 200 VIX) in June was an average of 10.9, down 9% on pcp.   Click here for full details.

A B.C. Securities Commission (BCSC) panel has found that the operator of a crypto trading platform facilitated derivatives transactions without being registered and ran an illegal exchange in B.C. LiquiTrade Ltd., which is incorporated in the Cayman Islands, began operating a crypto trading platform known as LATOKEN in 2020. The company markets itself through various channels that are accessible to British Columbia residents and enables British Columbians to use the platform Although LATOKEN shows users their notional balance of crypto assets, users don’t actually buy and sell them; instead, users buy and sell contractual rights to the assets, giving them the right to request withdrawals from the platform in the future. The panel concluded that the contractual interests traded on the platform are derivatives – a type of financial instrument, regulated by the BCSC, that derives its value from an underlying asset, in this case crypto assets. The panel found that LiquiTrade, despite not being registered under the Securities Act, facilitated trading by several means, including creating a derivatives trading market and promoting derivatives that trade on LATOKEN. The panel also found that LiquiTrade was operating as an exchange. But it was not authorized to do so by the BCSC, as required by the Act. Regardless of where they are located, platforms that facilitate Canadians’ buying and selling of crypto assets must register with provincial or territorial securities regulators and abide by certain conditions to help protect investors. A list of crypto trading platforms authorized to do business with Canadians is available on the website of the Canadian Securities Administrators, of which the BCSC is a member. The BCSC issued the Notice of Hearing against LiquiTrade as part of an ongoing, coordinated effort by Canadian securities regulators to ensure that crypto trading platforms comply with securities legislation in Canada. The panel will next consider what sanctions to impose, which could include monetary penalties or bans from market participation.

I am seriously concerned about the Commission’s rush to the wrong side of history because we are failing to put in the bare minimum amount of work necessary to get it right. It is my job to uphold the Commodity Exchange Act and the Commission’s jurisdiction so that we can faithfully execute our mission to protect the American people from fraud, manipulation, and abusive trading practices in our markets, and for that reason, I cannot stay silent. The alleged fraud in this case is reprehensible, and it is my hope that justice will be served and that the victims are made whole. Once again, the Commission is taking a “ready, shoot, aim” approach to its enforcement actions, without allowing for a process that ensures appropriate legal review and a robust administrative record to enable reasoned decision-making by the Commission. It is no surprise that the Commission keeps missing the target and has been on a losing streak of high-profile decisions in our litigation cases all over the country. I will note that the U.S. Courts of Appeals for the Second Circuit, Seventh Circuit, and Fifth Circuit have all established negative precedents that are critically undermining the Commission’s jurisdiction and our ability to aggressively enforce violations of the Commodity Exchange Act—and all because of our self-inflicted wounds. This Complaint fails to get the law right and, consequently, clearly plead facts necessary to support the alleged charge of Count V: Off-Exchange Retail Commodity Transactions in Violation of Section 4(a) of the Commodity Exchange Act, 7 U.S.C. 6(a). The Commission is engaging in an unprecedented overreach of its limited authority over spot commodity transactions by purposefully neglecting to state to the Court in Count V that Section 2(c)(2)(D)(i) grants authority to the Commission over only leveraged, margined, or financed retail commodity transactions—not all retail commodity transactions. The silence in Count V on this crucial limitation seems to be a brazen land-grab in an ongoing turf war, or at worst, designed to obfuscate the very real constraints that the Congress imposed on the Commission’s otherwise unchecked ability to go where it should not. The Complaint should be clear in connecting the dots for the Court, not cutting corners for convenience. Quality matters, and so does doing things right. I cannot be complicit in the Commission taking shortcuts in its enforcement actions that ultimately result in our losing cases and losing jurisdiction. I am disappointed that the Commission has been forced into this position. Bad process begets bad outcomes. RELATED LINKS CFTC Press Release No. 8771-23

The Federal Reserve on Wednesday released the minutes of the Federal Open Market Committee meeting that was held on June 11–12, 2024. The minutes for each regularly scheduled meeting of the Committee are generally published three weeks after the day of the policy decision. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting. The minutes can be viewed on the Board’s website. Minutes of the Federal Open Market CommitteeJune 11–12, 2024: HTML | PDF

I have recently reviewed the allegations against the CFTC in the publicly reported Rule 11 sanctions motion in CFTC v. Traders Global Group and become aware of the admonishments in the Court’s opinion dated November 14, 2023. This is a grave matter, and we, the Commission, will be subject to intense scrutiny over how we handle the alleged CFTC misconduct. This type of behavior cannot be tolerated at a law enforcement agency. Tone comes from the top, and therefore, I urge my fellow Commissioners to consider my below recommendations to finally take full accountability and appropriate corrective action to address the conduct issues and support CFTC staff. II. First, when there is an allegation of misconduct, there must be independence in any internal investigation and management decisions on accountability. Accordingly, consistent with the corrective action taken by the SEC in a similar situation, I believe that this case should be reassigned to Division of Enforcement staff in a different CFTC regional office or at CFTC headquarters. I am shocked that this has not yet occurred. Second, there is an inherent conflict of interest between the CFTC’s Division of Enforcement and the Commission (its client) regarding the alleged misconduct by the Division and failure to disclose and correct multiple false statements to the Court over a six-month period. Accordingly, I also believe that the CFTC’s Office of the General Counsel or the U.S. Department of Justice should be handling the Rule 11 sanctions motion, not the CFTC’s Division of Enforcement. The need for this corrective action is self-evident. I am seriously concerned that it took six months for the Commission to be notified for the first time of any alleged CFTC misconduct and the admonishment of the CFTC by the Court. The Commission was only notified after the filing of this Rule 11 sanctions motion. These issues should have been escalated to the Commission promptly. III. While I am deeply disappointed by this conduct, unfortunately I am not surprised as I have raised multiple instances in both internal and public statements where the CFTC’s Division of Enforcement has not been candid with the Commission in its recommendations on enforcement actions, including omitting evidence and legal arguments in our administrative proceedings that are material to the Commission’s deliberation.[1] I am gravely concerned that such material omissions were only discovered due to my questioning, which has been the subject of public reporting that is inaccurate. For example, last year I internally raised conduct issues relating to the CFTC’s Division of Enforcement. When I discovered inaccuracies in the administrative record that the Division refused to correct, I questioned CFTC senior management on the review processes for accuracy and completeness in Commission memoranda and legal filings, and whether CFTC senior management believed it was appropriate to send legally inaccurate or deficient materials to the Commission as the basis for the administrative record that the Commission must deliberate upon to engage in decision-making and exercise the Commission’s quasi-judicial authority. Obviously, an inaccurate or unsupported administrative record is untenable. In another instance, I questioned the Division regarding material evidence that had been omitted from the administrative record. I believe that such lack of candor to the Commission violates the American Bar Association’s Model Rules of Professional Conduct and the duties owed by the Division to the Commission as a client such as competence, diligence, communication, and loyalty. That is why I have proposed reforms to the Commission’s administrative proceedings for the past two years and called for a GAO study into the CFTC’s internal procedures. It is unacceptable to “hide the ball” from the Commission, especially in order to get a rubber stamp approval to railroad the public into settlements that deprive Americans of their Constitutional rights and property. As a former Compliance officer, of course I have done my job now as a Commissioner to ensure governance and management accountability, and spoken up when I have seen conduct or other issues that must be addressed. IV. I have also raised concerns internally for the past two years about multiple instances of personally disparaging and unprofessional remarks made about parties subject to investigation and their defense counsel. Taken together with the other issues I have raised, it appears that the culture at the CFTC needs to be reformed as well. I have proposed various initiatives to address the CFTC’s deficiencies across governance and culture. V. Sunlight is the best disinfectant. The lack of appropriate action by CFTC management at many levels forces me to publish this redacted statement and publicly request that the Chairman reassign this case to Division of Enforcement staff in another CFTC regional office or to CFTC headquarters. I also publicly request that the Chairman direct the CFTC’s Office of the General Counsel or the U.S. Department of Justice to handle the Rule 11 sanctions motion. I hope that my fellow Commissioners join me in this call to do the right thing. We owe it to the hundreds of CFTC staff that are dedicated public servants. The CFTC, as an institution of public trust, must be held to the highest standard to preserve faith in government. The Commission must swiftly deal with these allegations that are a serious blight on the CFTC’s reputation and credibility. We must restore our good name and be beyond reproach in order to effectively carry out our mission to promote market integrity and prevent fraud, manipulation, and abuse. [1] See The CFTC Needs to Get Serious: A Strategic Plan for Reform, Statement of Commissioner Caroline D. Pham Before the Open Meeting on May 10, 2024 (May 10, 2024), https://www.cftc.gov/PressRoom/SpeechesTestimony/phamstatement051024.

Nodal Exchange today announced strong performance in power, environmental, and natural gas futures as of the end of June 2024. Nodal achieved record half year power volume for the first half of 2024 with 1.64 billion MWh traded, up 6% from 1.54 billion MWh traded in the first half of 2023.  Nodal Exchange is the leading power futures exchange in North America with the majority of U.S. power futures open interest. Nodal’s 1.377 billion MWh of open interest as of end of June 2024 represents $128 billion of notional value based on both sides. U.S. power futures open interest on Nodal Exchange grew 8% year over year as of the end of June. Nodal also posted strong growth in volumes and open interest in the environmental market suite in the first half of 2024. Total volume for Nodal environmental products in the first half of 2024 was 271,884 lots, up 65% from 164,638 lots a year earlier. Total open interest in Nodal environmental products ended June 2024 with 351,659 lots, up 30% from a year earlier. Nodal posted environmental market records each calendar month this year, including an all-time monthly volume record in May of 51,747 lots. June had a calendar month record 39,039 lots traded, up 85% from June 2023. Q2 volume rose 44%, with 139,651 lots traded on Nodal. Nodal posted open interest growth across the Renewable Energy Certificates (REC) product group, with 270,664 lots at the end of June, up 16%. The REC group also reached a new open interest record of 284,683 lots on May 24th. The increase was supported by strong volumes in NEPOOL, PJM and CRS-related REC contracts. Texas CRS wind and solar RECs, the first successful voluntary REC products listed, posted volume of 78,770 in in the first half of 2024, up 30% from a year earlier. Open interest in Texas contracts hit a new record of 71,651 lots at the end of June, up 44%. Renewable fuel credit futures continued to show massive growth over the first half of 2024 with 66,124 lots in renewable fuel credit contracts traded, up more than 950% from a year earlier. Nodal also achieved a half-year record in natural gas trading with a 98% increase from a year earlier. “Nodal Exchange is proud to serve these markets, and we are very pleased to see record growth across each of our markets in the first half of 2024,” said Paul Cusenza, Chairman and CEO of Nodal Exchange and Nodal Clear. “As the year progresses, we look forward to continuing to develop and offer innovative products that meet the evolving needs of our markets.”  

Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today reported June 2024 trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the second quarter of 2024. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain June trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines. Average Daily Trading Volume (ADV) by Month Year-To-Date Jun 2024 Jun2023 % Chg May2024 %  Chg Jun2024 Jun2023 %  Chg Multiply-listed options (contracts, k) 11,002 11,467 -4.0 % 9,962 10.4 % 10,553 10,842 -2.7 % Index options (contracts, k) 3,913 3,917 -0.1 % 3,776 3.6 % 4,052 3,639 11.3 % Futures (contracts, k) 235.1 198 18.8 % 214 10.0 % 237 215 10.4 % U.S. Equities - On-Exchange (matched shares, mn) 1,293 1,366 -5.4 % 1,424 -9.2 % 1,426 1,435 -0.6 % U.S. Equities - Off-Exchange (matched shares, mn)1 73 77 -5.4 % 79 -7.4 % 78 84 -6.8 % Canadian Equities (matched shares, k) 154,818 120,591 28.4 % 140,175 10.4 % 148,479 137,531 8.0 % European Equities (€, mn) 9,678 8,730 10.9 % 8,634 12.1 % 9,744 10,314 -5.5 % Cboe Clear Europe Cleared Trades2 (k) 95,010 90,994 4.4 % 96,641 -1.7 % 593,345 634,938 -6.6 % Cboe Clear Europe Net Settlements2 (k) 875 844 3.7 % 953 -8.2 % 5,289 5,064 4.4 % Australian Equities (AUD, mn) 792 688 15.1 % 737 7.4 % 763 719 6.2 % Japanese Equities (JPY, bn) 296 164 80.6 % 333 -11.1 % 316 184 71.7 % Global FX ($, mn) 48,651 44,834 8.5 % 43,351 12.2 % 46,475 43,726 6.3 % 1 U.S. Equities – Off-Exchange ATS Block metrics restated to incorporate a tier of sell-side activity from July 2023 and forward, previously excluded from reporting. 2 Cboe Clear Europe figures are totals (not ADV) for the months and years-to-date. As of April 2023, data has been restated to reflect both On-Book and Off-Book cleared trades. June and Second Quarter 2024 Trading Volume Highlights    Cboe Europe Cboe Clear Europe achieved a monthly market share record of 47% on venues that support interoperable clearing arrangements, beating the previous high of 46% set in April 2024. Global FX   Global FX reported a new quarterly Spot average daily notional value (ADNV) record of $47.7 billion. Cboe Japan Cboe Japan achieved a new quarterly lit market share record of 5.5%, its second consecutive quarter with record market share. Second-Quarter 2024 RPC/Net Revenue Capture GuidanceThe projected RPC/net capture metrics for the second quarter of 2024 are estimated, preliminary and may change. There can be no assurance that our final RPC for the three months ended June 30, 2024, will not differ materially from these projections. (In USD unless stated otherwise)  Three-Months Ended   Product:  2Q Projection May-24 Apr-24 Mar-24 Multiply-Listed Options (per contract) $0.063 $0.064 $0.065 $0.064 Index Options $0.896 $0.902 $0.911 $0.915 Total Options $0.295 $0.302 $0.304 $0.299 Futures (per contract) $1.750 $1.746 $1.741 $1.749 U.S. Equities - Exchange (per 100 touched shares) $0.026 $0.026 $0.022 $0.019 U.S. Equities - Off-Exchange (per 100 touched shares) $0.134 $0.131 $0.133 $0.132 Canadian Equities (per 10,000 touched shares) CAD 4.060 CAD 4.046 CAD 4.006 CAD 3.997 European Equities (per matched notional value) 0.250 0.249 0.246 0.249 Australian Equities (per matched notional value) 0.158 0.156 0.156 0.142 Japanese Equities (per matched notional value) 0.229 0.232 0.220 0.227 Global FX (per one million dollars traded) $2.705 $2.677 $2.650 $2.622 Cboe Clear Europe Fee per Trade Cleared € 0.008 € 0.008 € 0.008 € 0.008 Cboe Clear Europe Net Fee per Settlement € 1.060 € 1.042 € 1.069 € 1.072 The above represents average revenue per contract (RPC) or net capture is based on a three-month rolling average, reported on a one-month lag. Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type. For Options and Futures, the average RPC represents total net transaction fees recognized for the period divided by total contracts traded during the period for options exchanges: BZX Options, Cboe Options, C2 Options and EDGX Options; futures include contracts traded on Cboe Futures Exchange, LLC (CFE). For U.S. Equities, "net capture per 100 touched shares" refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days for the period. For U.S. Equities – Off-Exchange, "net capture per 100 touched shares" refers to transaction fees less OMS/EMS costs and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period. For Canadian Equities, "net capture per 10,000 touched shares" refers to transaction fees divided by the product of one-ten thousandth ADV of shares for Cboe Canada and the number of trading days for the period and includes revenue. For European Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in British pounds divided by the product of ADNV in British pounds of shares matched on Cboe Europe Equities and the number of trading days. For Australian Equities, "net capture per matched notional value" refers to transaction fees less trading fee relief in Australian Dollars divided by the product of ADNV in Australian Dollars of shares matched on Cboe Australia and the number of trading days. For Japanese Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Japanese Yen divided by the product of ADNV in Japanese Yen of shares matched on Cboe Japan and the number of trading days. For Global FX, "net capture per one million dollars traded" refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction. For Cboe Clear Europe, "Fee per Trade Cleared" refers to clearing fees divided by number of non-interoperable trades cleared and "Net Fee per Settlement" refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.

The Joint Bank Reporting Committee (JBRC), jointly set up  by the European Banking Authority (EBA) and the European Central Bank (ECB), launched today a public call for expression of interest to set up the Reporting Contact Group (RCG). The RCG will bring together stakeholders with expertise on banks’ regulatory reporting with the aim to serve as a regular channel for cooperation and exchange of views and best practices with authorities. The call for expression of interest is open to candidates representing stakeholders across the European Economic Area (EEA). The deadline for application is 01 August 2024, 23:59 CET. Application process The applications must be submitted via the online form (password: RCGJuly2024 ) and be accompanied by a CV (preferably in Europass format). Relevant documents for the application are available here. Selection process and next steps Details on the selection process can be found in the Call for interest document. The final decision on the composition of the RCG will be taken by the JBRC, aiming to ensure, to the extent possible, an appropriate reflection of diversity of the banking sector, geographical and gender balance and representation of stakeholders across the EEA. Applicants will be informed accordingly on the status of their application and the composition of the RCG will be made available on the EBA and ECB websites. The JBRC will also appoint candidates to be included on a reserve list. The first meeting of the RCG will be organised by the Chairpersons and Secretariat of the JBRC and it is expected to take place in September/October 2024. Background information The JBRC was jointly set up by the European Banking Authority (EBA) and the European Central Bank (ECB) in a Memorandum of Understanding (MoU) signed on 18 March 2024. It was established as a follow up to the feasibility study carried out by the EBA in accordance with the provisions of Article 430c(2)(c) of Regulation (EU) No 575/2013 of the European Parliament and of the Council. The JBRC fosters collaboration among European institutions and bodies – including national authorities – that prepare and issue requirements on supervisory, resolution and/or statistical reporting in the area of banking and facilitates collaboration with the wider group of stakeholders in a transparent way. The RCG is a permanent substructure of the JBRC. It is established with the aim to serve as a regular channel for the cooperation and exchange of views and best practices between authorities and stakeholders with expertise on bank regulatory reporting and to collaborate closely with the JBRC, and in accordance with the Charter annexed to the Memorandum of Understanding. The RCG shall be composed of a maximum of 22 members that will be appointed by the JBRC. The members of the RCG shall have sufficient expertise and experience in supervisory, resolution and/or statistical reporting, or in areas relevant to the tasks and deliverables of the RCG such as data modelling and standardisation.The RCG members selected by the JBRC will be appointed for a term of three years, which can be renewed.  Documents Call for interest  (157.53 KB - PDF) Download Data Protection Notice – Reporting Contact Group Call for Expression of Interest (143.67 KB - PDF) Download Related content Discussion Integrated and consistent reporting system

The Commodity Futures Trading Commission today announced Judge Mary Rowland of the U.S. District Court for the Northern District of Illinois entered an order granting summary judgment to the CFTC on all counts of its complaint. Judge Rowland also ordered more than $83.7 million in restitution and $36.9 million in disgorgement jointly and severally against Sam Ikkurty of Oregon and Jafia, LLC, Ikkurty Capital, LLC d/b/a Rose City Income Fund I, Rose City Income Fund II, and Seneca Ventures, LLC (defendants). In addition, the summary judgment order also found the defendants misappropriated funds through a carbon offset program. The order finds Ikkurty and the defendants committed all alleged violations of the Commodity Exchange Act (CEA) and CFTC regulations, including fraud and failure to register. Judge Rowland also found the defendants operated as “a classic Ponzi scheme,” including in connection with the defendants’ carbon offset program. The CFTC will seek injunctive relief and a civil monetary penalty.  Case Background The summary judgment order finds Ikkurty recruited participants to his funds through webinars and trade shows by promising participants they would earn a steady distribution of 15% income per year of supposed “net profits” through investments in digital asset commodities such as Bitcoin and Ethereum, and commodity interests. Ikkurty touted the purported success of his prior fund to lure new participants to invest. Ikkurty assured prospective participants he invested in “stable” digital assets. Ikkurty also gained participants’ confidence by repeatedly telling stories of his personal success investing in and trading digital assets. Few of Ikkurty’s statements were true. In reality, per the summary judgment order, Ikkurty did not return any net profits to participants, and instead “ran something akin to a Ponzi scheme.” Citing the CFTC investigator’s testimony, Judge Rowland found Ikkurty’s marketing materials misstated his fund’s historical performance and omitted the fact that the fund fell in value by 98.99% over a period of a few months. Also, the order finds Ikkurty invested in unstable digital asset commodities, some related to carbon offsets, and his actual experience with digital assets consisted of losing his personal Bitcoins to a hack. Notably, in addition to the misrepresentations, the summary judgment order also finds the defendants misappropriated funds through a carbon offset program. The defendants raised funds by selling products that were purportedly backed by digital assets related to carbon offsets. But instead of actually obtaining the promised collateral, the defendants transferred much of the funds to earlier investors in their other fund to allow them to avoid losses. According to the order, this resulted in a shortfall of more than $20 million for the carbon offset program participants. The order describes this series of events as “a classic Ponzi move.” In addition to committing fraud, the order also finds the defendants failed to register with the CFTC as commodity pool operators.  Additionally, the order finds not only are Bitcoin and Ethereum commodities within the CFTC’s jurisdiction, but also “OHM and Klima, two non-Bitcoin virtual currencies ... qualify as commodities,” noting those virtual currencies fall into the same general class as Bitcoin, on which there is regulated futures trading. The CFTC cautions that orders requiring repayment of funds to victims may not always result in the recovery of lost money because the wrongdoers may not have sufficient funds or assets The Division of Enforcement staff responsible for this matter are Candy Haan, Heather Dasso, Doug Snodgrass, Joseph Patrick, Elizabeth Streit, Scott Williamson, and Robert Howell, and former staff member David Terrell. * * * * * * * Fraud Advisory The CFTC has issued several customer protection fraud advisories and articles, including the Commodity Pool Fraud Advisory, which provides information about a type of fraud involving individuals and firms—often unregistered—offering investments in commodity pools and how customers can detect, avoid, and report these scams. The CFTC also strongly urges the public to verify a company’s registration with the CFTC before committing funds. If unregistered, a customer should be wary of providing funds to that company. A company’s registration status can be found using NFA BASIC. Customers and other individuals can report suspicious activities or information, such as possible violations of commodity trading laws, to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382), file a tip or complaint online, or contact the Whistleblower Office. Whistleblowers may be eligible to receive between 10 and 30 percent of the monetary sanctions collected, paid from the Customer Protection Fund which is financed through monetary sanctions paid to the CFTC by violators of the CEA. RELATED LINKS Memorandum Opinion and Order: Sam Ikkurty, et al

The European Banking Authority (EBA) today published the spring edition of its risk assessment report (RAR). The report covers the EBA’s common risk assessment as well as the analysis of banks’ asset encumbrance and funding plan data, which had previously been published in two separate reports. It also includes specific chapters dedicated to EU/EEA banks’ Commercial Real Estate (CRE) exposures and EU/EEA banks’ interconnections with non-bank financial intermediaries (NBFIs).  Highlights of the EBA risk assessment: EU/EEA banks face elevated geopolitical risks coupled with economic and interest rate uncertainty. Banks plan to gradually increase their loan exposures. Non-performing loan (NPL) ratios increased for all segments. EU/EEA banks have more than EUR 1.4tn in CRE loans. EU/EEA banks plan to significantly increase long-term market-based funding. Banks increased the availability of collateral, which can, for instance, be used for funding purposes going forward. CET1 headroom above overall capital requirements (OCR) and Pillar 2 Guidance (P2G) has remained at comfortable levels. EU/EEA banks’ profitability increased amid a rise in net interest income (NII). Going forward, the rise in NII is expected to stop. The relevance of operational risk has grown further. There has been a rise in cyber-attacks, including successful ones. NBFI activity has increased in the EU/EEA and worldwide over the past decade.   Click here for full details.

TMX Group Limited will announce its financial results for the second quarter ended June 30, 2024 in the evening of Wednesday, July 31, 2024. An analyst conference call to review the results will be held on Thursday, August 1, 2024 at 8:00 a.m. ET. Phone numbers for the live call are 416-764-8659 or 1-888-664-6392. An audio replay of the conference call will be available at 416-764-8677 or 1-888-390-0541, pass code 739559#. WHAT: TMX Group Limited Q2 2024 financial results analyst conference call WHO: John McKenzie, Chief Executive Officer, TMX GroupDavid Arnold, Chief Financial Officer, TMX GroupAmin Mousavian, Vice President, Investor Relations and Treasury, TMX Group WHEN: Thursday, August 1, 2024, 8:00 a.m. ET HOW: Phone numbers for the live call are 416-764-8659 or 1-888-664-6392.The audio webcast of the conference call will also be available and archived in TMX's shareholder events section.  

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today reported June 2024 trading volume and related revenue statistics, which can be viewed on the company’s investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet. “Our focus in creating a truly global platform over the last 20 years means that trading the ICE network today is not tied to any single product or limited to any one region. Instead, we have built diversified commodity and financial markets to provide risk management solutions and capital efficiencies across a range of liquid benchmarks,” said Benjamin Jackson, President at ICE. “The record traded volume across total futures and options contracts in the second quarter of 2024, surpassing the previous quarterly record in 2020, is a testament to our customers' continued confidence in ICE as a global energy hedging venue of choice.” June highlights include: Total average daily volume (ADV) up 30% y/y; open interest (OI) up 21% y/y, including record OI of 98.4M lots on June 13 Record Energy ADV up 30% y/y; OI up 25% y/y, including record OI of 63.6M lots on June 24 Total Oil ADV up 24% y/y; OI up 22% y/y, including record futures OI of 9.4M lots on June 27 Brent ADV up 12% y/y; OI up 14% y/y Record WTI ADV up 55% y/y; OI up 32% y/y Record Midland WTI ADV of 30k lots; Record OI of 158k lots on June 13 Gasoil ADV up 28% y/y; OI up 54% y/y, including record OI of 1.2M lots on June 27 Record Other Crude & Refined products ADV up 51% y/y; OI up 24% y/y Dubai ADV up 20% y/y; OI up 3% y/y Record Murban ADV of 31k lots Total Natural Gas ADV up 41% y/y; OI up 28% y/y, including record OI of 42.8M lots on June 24 North American Gas ADV up 63% y/y; OI up 25% y/y, including record OI of 37.3M lots on June 24 TTF Gas OI up 61% y/y, including record OI of 4.6M lots on June 25 Asia Gas ADV up 75% y/y; OI up 54% y/y, including record OI of 139k lots on June 13 Total Environmentals ADV up 49% y/y; OI up 37% y/y Cotton ADV up 13% y/y Total Financials ADV up 39% y/y; OI up 19% y/y Total Interest Rates ADV up 52% y/y; OI up 25% y/y SONIA ADV up 41% y/y; OI up 108% y/y, including record futures OI of 2.3M lots on June 11 Euribor ADV up 53% y/y; OI up 4% y/y Gilts ADV up 36% y/y; OI up 40% y/y NYSE Cash Equities ADV up 8% y/y NYSE Equity Options ADV up 26% y/y   Second quarter highlights include: Total ADV up 32% y/y Energy ADV up 31% y/y, including record futures of 3.6M lots Total Oil ADV up 28% y/y, including record options of 257k lots Brent ADV up 16% y/y, including record options of 215k lots Record WTI ADV up 65% y/y Record Midland WTI ADV of 25k lots Gasoil ADV up 27% y/y Other Crude & Refined products ADV up 49% y/y Dubai ADV up 36% y/y Murban ADV up 199% y/y Total Natural Gas ADV up 36% y/y North American Gas ADV up 38% y/y Record TTF Gas ADV up 29% y/y Asia Gas ADV up 57% y/y Total Environmentals ADV up 61% y/y Coffee ADV up 24% y/y Cotton ADV up 18% y/y Total Financials ADV up 43% y/y, Total Interest Rates ADV up 53% y/y, including record futures of 2.3M lots Record SONIA ADV up 77% y/y Euribor ADV up 43% y/y Gilts ADV up 33% y/y NYSE Cash Equities ADV up 15% y/y NYSE Equity Options ADV up 22% y/y

Iress today announces Jennifer Rafferty as its new Managing Director of Sourcing following the retirement of Dave Miller. The appointment follows a thorough succession planning, candidate search and evaluation process. Mr Miller retires after a 35-year career in roles across the UK financial services and mortgage industry. He joined Avelo in 2002 and assumed his current role heading up the Sourcing business in 2013 following its acquisition by Iress. Under his leadership, Iress’ sourcing business has grown substantially and established market leadership with key products The Exchange, Trigold and Xplan Mortgage.  Ms Rafferty has held senior roles within Iress for 12 years, including as Head of Engineering and Delivery for the past 10 years. She has jointly managed Iress’s Sourcing business alongside Mr Miller since the start of 2024.  Iress’ Group Executive Wealth and UK, Harry Mitchell said: “Jennifer assumes the leadership role for Sourcing at a time of significant change and opportunity for both Iress and the industry as a whole, bringing with her considerable technology leadership experience and industry knowledge. Our Sourcing business has always led the market, and I’m pleased to announce Iress’ ongoing commitment to reinvesting into the business aimed at enhancing and uplifting our flagship mortgage and protection sourcing products. “On behalf of the Iress Leadership Team, I’d like to pay tribute to Dave’s considerable contribution to Iress over many years. We wish him all the best on his retirement.” Iress’ incoming Managing Director, Sourcing, Jennifer Rafferty said: “Dave has been a driving force in the industry and leaves Iress at a position of strength. I’m delighted to be taking on this role, having inherited a fantastic team, products and clients.  “Investing into our Sourcing business will significantly benefit our clients, giving them more of the technology they need to work smarter and faster and deliver the best for their customers. We are now successfully accelerating our roadmap, uplifting our core technology and enhancing our propositions — all based on client research that taps into what our customers and the market need.” On confirming his retirement, Mr Miller said, “I’m extremely proud of what we’ve achieved at Iress, helping the industry stay at the forefront of change with technology that makes mortgage, protection and retirement sourcing better for everyone. We’ve worked alongside the industry to help close the income protection gap and help more people find the products that will prepare them best for retirement. It has been a privilege to lead the Iress sourcing business and a pleasure to work with so many great individuals, colleagues and clients.”

The Vienna Stock Exchange looks back on an upward trend in the first half of 2024 The performance of the ATX Total Return has picked up strongly in the first six months: The national benchmark index including dividends hit a new all-time high and remains close to its peak. Equity turnover is rising again in Vienna, even though trading activity remains subdued across Europe. The Vienna Stock Exchange remains in a special position in terms of bond listings, where the historically strongest first half year ever was recorded. The listing of MWB AG marked a recent addition to the SME segment direct market plus. Another international trading member, Jump Trading Europe B.V., was connected to trading in Vienna. ATX including dividends ranks at record level The leading national index performed very well in the first half of the year. The ATX Total Return (including dividends) gained 10.17% year-on-year (as of 28 June 2024, ATX excluding dividends: 5.08%) and has already set several new records in 2024, surpassing the previous high of 9 February 2022 (8,251.98 points). The most recent all-time high was reached on 21 May at 8,566.58 points. With its performance, the ATX TR outperformed the German DAX (+8.86%), which also includes dividends. S IMMO AG (+76.00%), Addiko Bank AG (+49.81%) and FACC AG (+38.94%) achieved the strongest performance in the ATX Prime in the first half of the year. The market capitalization of all companies listed in Vienna amounted to EUR 130.21 billion at the end of June. "Dividends must always be taken into account to get a complete picture of an investment's return. In this regard, the Austrian market has performed well despite ongoing economic uncertainties and is on a new record level. The average dividend yield in Austria is 5.7%. This underlines the resilience and dividend strength of Austria's leading companies, which traditionally pay out high dividends and are therefore very attractive to international investors," says Christoph Boschan, CEO of the Vienna Stock Exchange. Historically best first half-year for bond listings Bond listings in the Vienna MTF continue to grow. By 28 June, 6,116 new bonds had been listed in Vienna, more than ever before in the first half of a year. The Vienna Stock Exchange thus confirms its position as one of Europe's most active bond listing venues and currently serves over 1,000 active bond issuers from 39 countries with a total volume of around EUR 800 billion. The Vienna Stock Exchange continues to score with issuers focusing on ESG: in the first half year, UniCredit Bank Austria AG with EUR 750 million and the domestic utility VERBUND AG with EUR 500 million have successfully issued green bonds. These are included in the Vienna ESG Segment, which is specifically designed for sustainable bonds and has already seen more than 100 listings with a volume of around EUR 27.5 billion. This once again demonstrates the high importance of the capital market for the green transformation of the economy. A significant change was made to the trading procedure for Austrian government bonds: Since March, these are tradable all-day on the Vienna Stock Exchange. Private investors in particular benefit from the continuous liquidity and high price quality ensured by the market makers Erste Group and Raiffeisen Bank International. Equity turnover on the rebound Trading activity and trading volumes were at a subdued level in the first half year – as on most European trading venues. In the second quarter, equity turnover increased again compared to the previous year, reaching EUR 5.21 billion in April (2023: EUR 3.83 billion), EUR 5.10 billion in May (2023: EUR 4.52 billion) and EUR 6.37 billion in June (2023: EUR 4.55 billion). The average monthly equity turnover amounted to EUR 5.16 billion in the first half of the year (2023: EUR 5.00 billion). The strongest trading days in the first two quarters were 15 March (EUR 813 million), 31 May (EUR 553 million) and 21 June (EUR 802 million). The most actively traded Austrian stocks as of 28 June were Erste Group Bank AG (EUR 5.1 billion), OMV AG (EUR 4.4 billion), VERBUND AG (EUR 2.8 billion), Wienerberger AG (EUR 2.7 billion) and CA Immobilien Anlagen AG (EUR 2.4 billion). "In order to sustainably increase the liquidity of European capital markets, we need the political will to create substantial capital pools. For instance, pension funds should invest more in listed companies. Capital market-oriented pension provision is a very effective approach, as several European countries have shown. Austria should also take this step," demands Christoph Boschan. Info graphics for download

The Stock Exchange of Thailand (SET), in collaboration with four key partners - Krungthai COMPASS, SCB Economic Intelligence Center, Kasikorn Research Center, and TRIS Rating Co., Ltd. – has signed a Memorandum of Understanding (MOU) for the "Industry Analysis Reports by Business Sector." The initiative aims to issue more industry reports covering all business sectors, benefiting listed companies and providing investors with crucial decision-making information. The project raises awareness and highlights potential industries. With a target of producing 70 reports over 18 months, SET will start distributing these research papers through its channels and those of its partners in the third quarter of this year. SET President Pakorn Peetathawatchai said that SET committed to enhancing investor knowledge and disseminating information for making better investment decisions. Companies listed on SET and Market for Alternative Investment (mai) operated in diverse industries with promising business potential and growth opportunities. However, many of these companies lack comprehensive analyses or reports. Currently, most available analyses focus primarily on popular industries that attract a lot of investors’ interest. To bridge the gap, SET has collaborated with the four expert partners to launch the "Industry Analysis Reports by Business Sector” to promote industry analysis report production while raising awareness and showcasing the attractiveness of high-potential sectors. This initiative also broadens investors’ understanding. The "Industry Analysis Reports by Business Sector", supported by Krungthai COMPASS, SCB Economic Intelligence Center, Kasikorn Research Center, and TRIS Rating, will deliver 70 industry-specific analysis reports over a period of one and a half years. These reports will feature content such as business structure overviews, value chains, key industry turning points, one-year business and competitive outlooks, short- and medium-term supporting factors and risks, and essential business summaries. Distribution of these analyses through SET and partner channels is scheduled to commence in the third quarter of 2024.         With the concept of “Make it ‘Work’ for Every Future” as SET  approaches its 50th year, SET is confident that the collaboration will benefit both listed companies and investors with useful information for better analysis and investment decision-making, fostering sustainable investment and capital market development.