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Wall Street regulator proposes to expand the definition of broker-dealers

The U.S. flag is seen on a building on Wall St. in the financial district in New York, U.S., November 24, 2020. REUTERS/Brendan McDermid

WASHINGTON, March 28 (Reuters) – The U.S. Securities and Exchange Commission (SEC) on Monday proposed expanding the definition of broker-dealers and mandating that Principal Trading Firms (PTFs) must register with the agency in a bid to enhance market resiliency and help level the playing field.

The Wall Street regulator said its proposal, which is subject to public consultation, aims to expand the definition of a dealer as “one that engages in a routine pattern of buying and selling securities that has the effect of providing liquidity to other market participants,” which would capture a range of activities it sees as critical to the agency’s monitoring of systemic risk.

“In recent years, we’ve seen a number of high-profile events in markets with significant participation by PTFs. Tremors in the Treasuries markets in 2014, 2019, and at the beginning of the COVID crisis in 2020 demonstrate the importance of the SEC’s oversight of dealers,” said SEC Chair Gary Gensler in a statement.

Monday’s proposal specifies that broker dealers who routinely make comparable purchases and sales of the same or substantially similar securities in a day must register with the regulator.
Dealers who “routinely express trading interests that are at or near the best available prices on both sides of the market and that are communicated and represented in a way that makes them accessible to other market participants” must also be registered, the SEC said, in addition to mandating that a dealer must register with the agency if she earns revenue primarily from capturing bid-ask spreads, by buying at the bid and selling at the offer.

The regulator also seeks to scrutinize dealers who capture any incentives offered by trading venues to liquidity-supplying trading interests.

Regulators have long argued that high-frequency trading, a computerized strategy that can move billions of dollars in fractions of a second, carries risks in the U.S. government bond market that threaten the ability of the market to function, as well as the ability of investors to fairly value assets.

The SEC, as the U.S. market’s regulator, should require that such trading firms comply with capital and record-keeping rules and be subject to periodic exams, much like equities and corporate bond markets, Gensler has argued.

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Washington-based reporter covering U.S. regulation at the Securities and Exchange Commission and the Consumer Financial Protection Bureau, previously e3xperience in Ecuador, alumnus of Morehouse College and Northwestern University’s Medill School of Journalism.

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US women’s basketball dominates on international stage – KRQE News 13

KRQE NEWS 13 – Breaking News, Albuquerque News, New Mexico News, Weather, and Videos
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by: DOUG FEINBERG, Associated Press
Posted: Oct 1, 2022 / 12:54 PM MDT
Updated: Oct 1, 2022 / 01:04 PM MDT
by: DOUG FEINBERG, Associated Press
Posted: Oct 1, 2022 / 12:54 PM MDT
Updated: Oct 1, 2022 / 01:04 PM MDT
SYDNEY (AP) — A’ja Wilson and Breanna Stewart are keenly aware of the legacy of success they are part of with the U.S. women’s basketball team.
They don’t plan on letting the incredible run end any time soon.
“I don’t think we’re showing signs of stopping, that’s for sure,” Stewart said. “We have a lot of people are entering their prime or are in their prime.”
Wilson and Stewart helped the U.S. to a fourth consecutive World Cup championship Saturday with an 83-61 win over China, setting a record margin for a gold-medal game.
“Everyone knows that when you come here, when you wear USA across your chest the (pressure) that comes with it,” Stewart said. “It’s just embracing that. All the legends before us and what they’ve done, how they’ve won. Each team is different and we need to make our imprint on history.”
This team left its mark on the World Cup as one of the most dominant teams in the Americans’ storied history, winning four straight gold medals and 30 games in a row in the tournament. Next up for this group is the 2024 Olympics in Paris. The Americans will be trying for an eighth consecutive gold medal there.
“This is something that’s special to us. It’s not lost on us what’s been done since 1996. I hear about it all the time,” U.S. coach Cheryl Reeve said. “What I wanted to do is make sure this journey was fun. Because I think there’s some times when you have pressure to win or the perceived pressure, it takes the enjoyment out of it.”
What started with Sue Bird and Diana Taurasi has now been passed down to Wilson and Stewart. With Alyssa Thomas the oldest player at 30, the domination could continue for years to come.
“It’s been an incredible journey just to continue to lay that foundation down like so many of the greats in front of us have,” Wilson said. “Now it’s our turn to step up and be in that situation.”
The U.S. (8-0) finished the World Cup averaging 98.8 points — just short of the mark held by the 1994 team that averaged 99.1. They won by an average of 40.8 points, topping the amount by the 2010 team.
“Maybe around the world they kind of looked at it and said, ‘Hey now’s the time to get the USA,’” Reeve said. “I think what we showed is that our league, the WNBA and professional basketball players in the United States are really, really good.”
As they’ve done all tournament, the Americans did it on both ends of the court, playing stellar defense as well as using a high-powered offense.
The game was a sellout with nearly 16,000 fans — the biggest crowd to attend a women’s World Cup game since the inaugural tournament in 1953 in Chile.
“You can’t say people don’t support women’s basketball,” Stewart said of the crowd. “If you look at all these people in this arena tonight. There was a lot of people cheering for us and against us, but they’re here watching women’s basketball.”
While the U.S. will be the heavy favorite to win the gold in Paris, there are new teams emerging. China won its first medal since the 1994 World Cup, and Canada reached the medal round for the first-time since 1986.
“I think every team will learn from this experience. You gain a lot of knowledge in the World Cup,” Reeve said.
___
More AP women’s basketball: https://apnews.com/hub/womens-basketball and https://twitter.com/AP_Sports
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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New York Liberty, WNBA players populate World Cup rosters – The Associated Press – en Español

SYDNEY (AP) — New York has long been known as a melting pot, a city of diversity.
That moniker also works for the city’s WNBA franchise, the New York Liberty, which has seven players competing in the women’s World Cup for five different countries.
Overall, there are 27 players in Sydney who competed this season in the WNBA, plus a few others like Lauren Jackson, who either played in the past or were drafted but haven’t competed in the league yet.
Before the U.S.-China game, Betnijah Laney and Han Xu exchanged a hug. The two Liberty players are on opposite teams a few weeks after their WNBA season ended with a playoff loss to Chicago in the opening round.
“That’s one of my favorite parts about the New York team, we are so international and we’ve got such great talent from all over the world,” Australian Sami Whitcomb said. “I think that represents our fan base as well. It’s really amazing to come here and still get to see your teammates.”
Laney and Sabrina Ionescu are with the U.S. Han is playing for China. Bec Allen and Whitcomb are with Australia along with New York coach Sandy Brondello and her husband Olaf Lange, who lead the host nation. Draftee Sika Kone is on Mali and fellow draftee Marine Fauthoux plays for France.
“It’s really cool to have teammates here and compete against each other. It’s a great experience for all of us,” Laney said. “It’s definitely something that’s pretty cool to have the diversity and to come together. It does extend to our fan base.”
Whitcomb said that the Liberty players talked about the potential of them all coming to Sydney for the World Cup.
“How fun it would be to have so many of us over here and we were all going to see each other,” she said. “We didn’t know how many people would make the teams, so it’s amazing.”
All the teams are staying in the same hotel near the arena. Whitcomb said the Liberty teammates have been getting coffee with each other in between games.
“It just goes to show we’re very international that’s for sure,” Brondello said. “To get two players on the USA team that’s always hard to break into but I’m proud of those two. They’ve worked so hard to get there and you know the Aussies go without saying but Han is doing a great job as well.”
There’d be an eighth Liberty player in the tournament, but Marine Johannes got hurt right before it began.
New York isn’t the only WNBA team well represented in Sydney: Seattle has five active players as well as Jackson. The Storm’s coach, Noelle Quinn, is an assistant with Canada. The Chicago Sky and Las Vegas Aces have four players each.
The players all also share a common dining room for meals, giving them chances to interact off the court.
“I’m happy to see my teammates playing in the World Cup,” Han said. “Before I only had two teammates but now I have a lot of them on different teams and it’s nice to see them around.”
___
More AP women’s basketball: https://apnews.com/hub/womens-basketball and https://twitter.com/AP_Sports

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Zelenskyy calls Russia a state sponsor of terrorism; Biden calls on U.N. to stand with Ukraine – CNBC

Zelenskyy calls Russia a state sponsor of terrorism; Biden calls on U.N. to stand with Ukraine  CNBC
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