Commentary by Steven Lofchie
FINRA requested comments on (i) potential changes to its short interest reporting requirements, (ii) a new rule that would require clearing agency participants to report information on allocations to correspondent firms of fail-to-deliver positions and (iii) additional requirements concerning short sale activity.
The CFTC's Interest Rate Benchmark Reform Subcommittee recommended to the Market Risk Advisory Committee "that on July 26, 2021 and thereafter, interdealer brokers replace trading of LIBOR linear swaps with trading of SOFR [Secured Overnight Financing Rate] linear swaps."
The SEC charged two individuals with insider trading in connection with a biopharmaceutical company's announcement of negative clinical trial results.
In remarks before the Chief Financial Officer Network Summit, SEC Chair Gary Gensler reported that he directed staff to develop recommendations for revising SEC rules on insider trading.
The SEC removed William D. Duhnke III from the Public Company Accounting Oversight Board, and directed the Office of the Chief Accountant to solicit applications for candidates to all five of the Board positions.