Tokyo Financial Exchange to introduce BOJ overnight rate futures
The new contract will cover rate moves between policy meetings, as trading in the exchange’s three-month TONA futures declines.
SEC proposes restoring most fixed-income cross trades for registered funds
The proposal would revise pricing and oversight requirements and add aggregate reporting of trading activity.
The Securities and Exchange Commission proposed changes on October 9, 2026, that would again permit registered funds to cross trade most fixed-income securities with certain affiliates. The SEC said the changes could reduce trading costs while strengthening protections for investors.
The proposal concerns Rule 17a-7 under the Investment Company Act of 1940, which allows securities transactions between registered funds and certain affiliates if specified conditions are met. SEC Chairman Paul S. Atkins said appropriately executed cross trades let funds avoid costs incurred in open-market transactions and pass savings to investors.
Funds used the rule for equity and fixed-income trades after its adoption in 1966. But a fund valuation rule adopted in 2020 effectively curtailed cross trading in most fixed-income securities.
The amendments would update pricing requirements and supervision of cross trades. The SEC said the changes would reflect market developments that make pricing more transparent and easier to verify. Participating funds would also have to report their trading activity and cross trades in aggregate.
The public would have 60 days to comment after the proposal appears in the Federal Register. It will also be published on SEC.gov.