News Centre

Wenchi Hu, Christian Sabella Named Associate Directors In The SEC Division Of Trading And Markets

Date 20/10/2015

The Securities and Exchange Commission today announced that it has named Wenchi Hu and Christian Sabella as Associate Directors in the Division of Trading and Markets’ Office of Clearance and Settlement

Investor Protection Under MiFID II - Speech By David Geale, Director Of Policy, FCA, Delivered At The FCA MiFID II Conference, London

Date 20/10/2015

The key focus of today’s conference is on the impact of MiFID II on the wholesale markets, reflecting the preparations that firms in that sector need to be making now. But, in focusing on the wholesale markets today, we are by no means intending to downplay the importance of the changes that the revised MiFID will bring to the retail sector. My name is David Geale and I am the FCA’s Director of Policy in the Strategy and Competition Division – and implementation of the retail aspects of MiFID II falls to my department. I want to use this speech as an opportunity to highlight key areas of MiFID II for the retail market and touch on the practical steps and preparations that we already know that firms need to make.

ESMA Publishes Responses To The Consultation On Draft RTS Under The ELTIF Regulation

Date 20/10/2015

The European Securities and Markets Authority (ESMA) has published the responses received to the Consultation on draft Regulatory Technical Standards under the ELTIF Regulation.

MiFID II – The Road Ahead, Speech By David Lawton, Director Of Markets Policy And International, FCA, Delivered At The FCA MiFID II Conference, London

Date 20/10/2015

Thank you Nick and welcome everyone to today’s conference. My name is David Lawton, and I’m the Director of Markets Policy and International at the FCA – one of the main areas working on the policy for MiFID II.

ISE Signs Memorandum Of Understanding With Korea Exchange

Date 20/10/2015

The Irish Stock Exchange (ISE) has signed a Memorandum of Understanding (MOU) with the Korea Exchange (KRX) which aims to foster a long term relationship between the exchanges.

Federal Court In Ohio Orders Over $31 Million In Restitution And Civil Monetary Penalties Against John R. Bullar And His Company, Executive Management Advisors L.L.C., For Commodity Pool Operator And Commodity Trading Advisor Fraud And Ponzi Scheme - In A Related Criminal Action, John R. Bullar Was Sentenced To 8 Years 4 Months In Prison And Ordered To Pay Over $6 Million In Criminal Restitution

Date 20/10/2015

The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge Michael R. Barrett of the U.S. District Court for the Southern District of Ohio entered an Order for Final Judgment by Default against Defendant John R. Bullar, a resident of Cincinnati, Ohio, and a Consent Order against his company, Defendant Executive Management Advisors L.L.C. (EMA), imposing restitution on Bullar and EMA of over $6.2 million. In addition, the Orders require Bullar and EMA to pay civil monetary penalties totaling more than $24.8 million for their fraud, misappropriation, embezzlement, and operation of a Ponzi scheme, while illegally acting as Commodity Trading Advisors (CTAs) and Commodity Pool Operators (CPOs) without registering as such with the CFTC.  The Orders also impose permanent trading and registration bans on the Defendants and prohibit them from further violations of the Commodity Exchange Act, as charged.

Reuters: Vitol Sees Oil Struggling To Break Above USD60/BBL By End-2016

Date 20/10/2015

At the Reuters Global Commodities Summit today, Vitol, the world's largest oil trader, said it believes the crude price will struggle to trade above $60 a barrel next year, as the effects of slowing global demand growth could be compounded by a return of Iranian and maybe even Libyan barrels. The price of oil has halved over the last 12 months, mainly as a result of unprecedented levels of production from some major exporting countries, but also as demand from China and other commodity consumers, such as Brazil and Russia, slackened.

Dubai International Financial Centre Signs Strategic Partnership Agreement With du

Date 20/10/2015

• Agreement presents DIFC clients with preferred pricing packages and discounts
• Strategic move aligned with DIFC 2024 growth strategy to build unique, advanced infrastructure

U.S. Department Of The Treasury Under Secretary Secretary For International Affairs Nathan Sheets Travels To London And Frankfurt

Date 20/10/2015

The U.S. Department of the Treasury today announced that Under Secretary for International Affairs Nathan Sheets is traveling to London, England and Frankfurt, Germany October 21-23, 2015.

US Treasury Department Reaches Sanctions-Related Settlement With Crédit Agricole Corporation And Investment Bank For Approximately $329.5 Million - Treasury Settlement Part Of Interagency Investigation Into Apparent Violations Of Sanctions Programs

Date 20/10/2015

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $329,593,585 agreement with Crédit Agricole Corporate and Investment Bank (CA-CIB) to settle its potential liability for apparent violations of U.S. sanctions regulations, as part of a combined $787,300,000 settlement with federal and state government agencies.  Today’s settlement resolves OFAC’s investigation into CA-CIB’s widespread practice of removing, omitting, or obscuring references to U.S.-sanctioned parties in 4,297 financial and trade transactions routed to or through banks in the United States between 2003 and 2008 in apparent violation of primarily the Sudanese Sanctions Regulations, 31 C.F.R. part 538, but also the Cuban Assets Control Regulations, 31 C.F.R. part 515, the Burmese Sanctions Regulations, 31 C.F.R. part 537, and the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560.