CFTC Statement on Self-Certification of Bitcoin Products by CME, CFE and Cantor Exchange

Washington, DC — Doc 1, the Chicago Mercantile Exchange Inc. (CME) and the CBOE Futures Exchange (CFE) self-certified new contracts for bitcoin futures products, and the Cantor Exchange (Cantor) self-certified a new contract for bitcoin binary options.

“Bitcoin, a virtual currency, is a commodity unlike any the Commission has dealt with in the past,” said CFTC Chairman J. Christopher Giancarlo. “As a result, we have had extensive discussions with the exchanges regarding the proposed contracts, and CME, CFE and Cantor have agreed to significant enhancements to protect customers and maintain orderly markets. In working with the Commission, CME, CFE and Cantor have set an appropriate standard for oversight over these bitcoin contracts given the CFTC’s limited statutory ability to oversee the cash market for bitcoin.”

“Market participants should take note that the relatively nascent underlying cash markets and exchanges for bitcoin remain largely unregulated markets over which the CFTC has limited statutory authority. There are concerns about the price volatility and trading practices of participants in these markets. We expect that the futures exchanges, through information sharing agreements, will be monitoring the trading activity on the relevant cash platforms for potential impacts on the futures contracts’ price discovery process, including potential market manipulation and market dislocations due to flash rallies and crashes and trading outages. Nevertheless, investors should be aware of the potentially high level of volatility and risk in trading these contracts.”

Commission staff held rigorous discussions with CME over the course of six weeks, CFE over the course of four months, and had numerous calls with Cantor. CME, CFE and Cantor agreed to significant enhancements to contract design and settlement, and CME to margining, at the request of Commission staff, as well as more information sharing with the underlying cash bitcoin exchanges to assist CME, CFE, Cantor and the CFTC in surveillance. The Commission, CME, CFE and Cantor will also coordinate to the extent possible in any surveillance activities, including providing the CFTC with additional surveillance information.

As trading on these DCMs evolves, the Commission will continue to assess whether further changes are required to the contract design and settlement processes and work with the DCMs to effect any changes.

Once the contracts are launched, Commission staff will engage in a variety of risk-monitoring activities. These activities include monitoring and analyzing the size and development of the market, positions and changes in positions over time, open interest, initial margin requirements, and variation margin payments, as well as stress testing positions. Commission staff will additionally conduct reviews of designated contract markets, derivatives clearing organizations (DCOs), clearing firms and individual traders involved in trading and clearing bitcoin futures.

The CFTC will also work closely with the National Futures Association (NFA). NFA has issued an investor advisory on this topic to its members, including futures commission merchants and introducing brokers that are involved in the trading of any virtual currency futures product, and will closely monitor its member firms trading this product. If the Commission determines that the margin the DCOs hold against bitcoin futures positions is inadequate, it can take measures to require that the margin held at the DCOs be increased, including requiring that they use a longer margin period of risk to generate margin requirements.

As with all contracts offered through Commission-regulated exchanges and cleared through Commission-regulated clearinghouses, the completion of the processes described above is not a Commission approval. It does not constitute a Commission endorsement of the use or value of virtual currency products or derivatives. It is incumbent on market participants to conduct appropriate due diligence to determine the particular appropriateness of these products, which at times have exhibited extreme volatility and unique risks.

The Commission, pursuant to its statutory mission, will continue to foster open, transparent, competitive and financially sound markets. The CFTC will monitor markets and work closely with the exchanges to avoid systemic risk and to protect market users and their funds, consumers and the public from fraud, manipulation and abusive practices related to products that are subject to the Commodity Exchange Act.

Upcoming Event: DFI Impact Investment Roundtable

DFI Impact Investment Roundtable
06 Dec 2017
London, UK
EBRD

Senior-level Conversation with Development Finance Institutions on Investing for Impact.

As impact investing grows in scale and attracts greater investment flows, more fund managers and advisors are getting involved in sourcing, screening and reporting on investments that deliver measurable impact alongside financial returns.

Development finance institutions (DFI) are the original impact investors – we have been sourcing and managing commercial investments in emerging markets for economic and social impact over the past 70 years. In the process, we have developed substantial experience and expertise of relevance to impact investors, whether institutional investors, asset managers, philanthropic organizations or family offices. We also offer co-investment opportunities for investors seeking exposure to emerging market assets that offer measured impact, commercial returns, and rigorous attention to environmental, social and governance safeguards.

The EBRD is hosting a closed-door conversation between DFIs—EBRD, IFC, and CDC—and selected impact investors that will explain DFI approaches to investing for impact and identify opportunities for collaboration. The roundtable conversation will be held at EBRD’s London Office (1 Exchange Square) on 6 December, from 9:00am to 14:00pm, followed by a lunch.

This event is by invitation only.

Outlook on Ukraine 2017 Investment Conference

09 Oct 2017
London, UK
EBRD, Emerging Europe

The European Bank for Reconstruction and Development and Emerging Europe are co-hosting the EBRD-Emerging Europe: Outlook on Ukraine 2017 investment conference at the EBRD Headquarters in London on Monday 09 October.

The free to attend event will bring together policymakers, investors and prominent business people to discuss the economic outlook on Ukraine. It will also offer you opportunities to have one-to-one meetings with decision makers from the Ukrainian government, international financial institutions and business representatives.

During the conference, EBRD will explore investment opportunities in three fast-growing areas of the Ukrainian economy: energy, manufacturing and ICT.

Special guest speakers and panellists include:

Daniel Bilak, CEO, UkraineInvest / Advisor to Prime Minister
Sevki Acuner, Country Head of Ukraine, EBRD
Ivan Mikloš, Chief Economic Advisor to the Prime Minister of Ukraine and Chairman of the Strategic Advisory Group for Support of Ukrainian Reforms
Natalia Boyko, Deputy Minister of Energy and Coal Industry on European Integration
Oleksandr Sayenko, Minister of the Cabinet of Ministers (tbc)
Sergiy Savchuk, Head, State Agency of Energy Efficiency
Maxim Timchenko, CEO, DTEK
Elias van Herwaarden, EMEA Service Leader, Deloitte Global Location Strategies
Stepan Veselovskiy, Director, Lviv IT Cluster
Volodymyr Zhenchak, CEO, Lviv IT Park

Registration opens at 1500hrs and then the business session will begin punctually at 1530hrs in the Auditorium, with a coffee break at 1710hrs between the panel discussions. Then the event will conclude with a cocktail networking reception starting at 1830hrs.

Looking forward to seeing you at EBRD Headquarters on Monday 09 October!

United Nations Private Sector Forum 2017

The United Nations Private Sector Forum 2017 will focus on the theme of Financing the 2030 Agenda. Achieving the Sustainable Development Goals requires unlocking new forms of financing at an unprecedented scale, and ensuring the UN and its partners makes a strategic pivot to facilitating financial innovation, catalyzing responsible business growth, and increasing private and public investment in the Global Goals.

Each year, the UN Private Sector Forum convenes to bring the voice of business to major inter-governmental debates. CEOs, Heads of State and Government, and leaders from the UN and civil society come together at the Forum to explore partnerships which address global challenges that no single organization or sector can tackle alone.

This event is by invitation only.

Statement from the Department of Commerce on the President’s America First Budget Blueprint

The President’s America First Budget Blueprint begins the important task of streamlining government and making it more efficient. It does this while protecting the Department of Commerce’s core missions and directing tax dollars to where the federal government can have the most impact for all Americans.

The Blueprint prioritizes and protects investments that put America first. 
To that end, it strengthens the International Trade Administration’s (ITA) trade enforcement and compliance functions, including the Anti-Dumping and Countervailing Duty investigations, while rescaling the agency’s export promotion and trade analysis activities. It increases funding for the U.S. Census Bureau to continue preparations for the 2020 Decennial Census, and brings private-sector sensibility to our major capital expenditures.

Starting with the America First Budget Blueprint released today, the Administration will be able to fulfill the key priorities of maintaining our national security, spurring job growth, and creating opportunity for all Americans. The Department looks forward to working with its partners across the government to further realize these goals.

GROW 2016 Economic Development Conference

GROW Conference
October 25, 2016
Discovery Cube Orange County
2500 N. Main Street
Santa Ana, CA 92705
Time: 2:30 PM – 5:30 PM PDT

Once again hundreds of business professionals, developers, and investors will gather for an afternoon of insight and networking. Santa Ana is hitting the GROW button-the thriving cultural and urban center of the OC!

Register Now

Top 3 Ways EXIM Can Grow Your Export Business

Top 3 Ways EXIM CanGrow Your Export Business

1. Protect Against Risk: EXIM insurance safeguards you against nonpayment from foreign buyers. With this protection, you can safely extend credit terms and lock in margins.
2. Unlock Cash Flow: EXIM support can ease your working capital constraints and expand your borrowing base. Our backing empowers businesses to borrow against export-related assets, providing cash flow to build products for foreign buyers.
3. Win on Quality: You might have the best product, but can you match your competitors’ credit terms? With EXIM insurance, you can offer customers credit terms up front, without the uncertainty of repayment, and win the deal.

Are you exporting American-made goods or services and ready to leverage EXIM support?

EXIM have trade finance specialists in 12 regional offices around the country that serve as on-the-ground experts for American exporters. Request a FREE consultation today, and your local specialist will be in touch within two business days to talk through your needs and how EXIM can help you reach your goals.

2016 Midwest ACG Capital Connection

October 17-18, 2016
8:00 AM – 7:00 PM
Navy Pier
600 East Grand Ave
Chicago, Illinois 60611

For the last decade the Midwest ACG Capital Connection has gathered the largest number of Investors, Lenders & Investment Banks hosting one-on-one meetings and proud to be featured as active middle market investors and deal makers.

Drawing from over 40 states and countries, this event brings New Connections from our Global Connections (identifying all the featured deal makers active cross border), more Minority Executives expanding their firms, New Corporate Connection sessions and of course our new location at Navy Pier.

Register

2nd Workshop on Contemporary Issues in Procurement Practice

27 – 28 Sep 2016
Belgrade, Serbia
EBRD
University of Belgrade
Tor Vergata University of Rome

The European Bank for Reconstruction and Development, together with the University of Belgrade’s Faculty of Law, the Chamber of Commerce and Industry of Serbia, the University of Rome Tor Vergata (TVU) International Master in Public Procurement Management (IMPPM) programme, and the IMPPM Alumni Student Association, are organising a “Second Workshop on Contemporary Issues in Procurement Practice” to be held at the University of Belgrade’s Faculty of Law on 27 and 28 September 2016.

Representatives of the public and private sectors from Europe, Asia and Africa, alongside former and current students of the IMPPM programme, as well as procurement experts from international financial institutions (IFIs) will analyse current issues in public procurement, share their experiences, present case studies illustrating good practice and offer recommendations for achieving the most efficient use of public funds.

This workshop represents a unique opportunity for open discussion among procurement professionals and other interested parties.

The event is open to procurement professionals, the students, graduates and professors of the IMPPM programme, EBRD procurement experts and other interested participants from the Bank, IFI representatives and procurement experts in general, whose participation will enrich the event with a variety of perspectives.

The EBRD and TVU are jointly supporting the IMPPM. This Master’s programme, unique among IFIs, enables public procurement officials in the Bank’s countries of operations to complete their academic and practical Master’s-level professional degree while gaining an in-depth understanding of the best procurement practices that is also transferrable to the development of national policy.

Once the class of 2016 has defended its Master’s theses in February 2017, the 28 graduates will join the pool of EBRD-TVU alumni, bringing the total number of alumni to 120 IMPPM professionals from 33 countries and 85 institutions, all partners or clients of the EBRD.

This event is organized together with the “Third Interdisciplinary Symposium on Public Procurement”, to be held in Belgrade on 28-30 September 2016, as part of the Procurement Week Programme co-sponsored by the EBRD.

Annual Asian Small Business Expo

Sept 10th, 2016
Almansor Court Conference
700 S. Almansor St., Alhambra, CA 91801

“Recipes for Growth”
The Asian Small Business Expo is the only business-to-business Expo that engages the Asian business community and brings this growing economic force into the mainstream to connect and utilize your company and its services.

Don’t miss the opportunity to connect with small businesses, market your organization and tap into a network of entrepreneurs, service providers, financial organizations, franchises and governmental and legislative representatives.

FREE Admission, FREE Workshops, FREE Parking, Networking, Business Advice

http://www.apisbp.org/expo
smallbiz@apisbp.org