(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)
Goldilocks and Seeds of Wisdom
CFTC Announcement:
“Washington, D.C. — The Commodity Futures Trading Commission Open Meeting scheduled for Monday, June 24, 2024, has been cancelled. The matters under consideration have been completed through the Commission’s seriatim process.”
Let’s take a close look at what has been completed.
* “Final capital and financial reporting comparability determinations and orders for certain nonbank swap dealers domiciled in Japan, Mexico, the European Union (limited to France and Germany), and the United Kingdom
* Applications of ForecastEx LLC for Registration as a Derivatives Clearing Organization and a Designated Contract Market”
The first item on the list above that was completed dealt with Cross-Border applications of Swaps Provisions. Capital and Financial reporting is being allowed by non-U.S. swap dealers and market participants (MSPs) that meet agreed upon standards with their home jurisdiction’s regulations instead of the CFTC’s. You can look at the list above of Nations that qualify.
The reason for the above being so important is because of the following procedures. These swap e-------n facilities have to be registered to operate as derivatives clearing organization that will allow global access to foreign currency exchanges and other financial instruments of interest.
The final item deals with designating contracts. Designated Contract Markets (DCMs) are exchanges that list trading futures or option contracts that are based on all types of commodities. And this, comes under the Commodities and Futures Trading Commission (CFTC) and their governance.
Compliance Date: Effective July 13, 2023. Derivative Clearing Organizations DCOs must comply by July 12, 2024. (See Federal Register link below)
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The completion of these swap dealer compliance issues in the Forex Market comes at a time when Iraq has just completed their requirements on phase one of their economic reforms. Phase one is a completion of reforms that have now qualified Iraq for international trade.
CFTC | Federal Register
© Goldilocks
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Options Clearing Corporation: Risk Management Transformation | Youtube
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Understanding Treasury Contract Specifications | Youtube
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Central Bank Swap Arrangements, Explained | Youtube
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Goldilocks pointed to this article
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Hong Kong invites global opinions on web3 and virtual assets future – StartupNews fyi
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Asset managers update proposals for Ether ETFs, eyeing July launch — Blockchair News
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Commission seeks input from industry on the use of artificial intelligence in finance – European Commission
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The podcast 6/22/24 on Vietnam should get everyone excited about where we are with FACTS. Podcast Youtube
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Source: Dinar Recaps
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