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New York State Department Of Financial Services Announces Commerzbank To Pay $1.45 Billion, Terminate Employees, Install Independent Monitor For Banking Law Violations - Bank Ignored Compliance Staff Warnings Of Potential “Fraud, Asset Stripping, Market Manipulation, And Derivative Tax Offences” - Compliance Personnel Altered Bank Transaction Monitoring System; Calibrated System Based On A Desire Not To Generate “Too Many Alerts” - Commerzbank Employee: Bank’s Lax Compliance “A Time Bomb Ready To Go Off”

Date 12/03/2015

Benjamin M. Lawsky, Superintendent of Financial Services, announced today that Commerzbank will pay a $1.45 billion penalty, terminate individual employees who engaged in misconduct, and install an independent monitor for Banking Law violations in connection with transactions on behalf of Iran, Sudan, and a Japanese corporation that engaged in accounting fraud. The overall $1.45 billion penalty includes $610 million to the Department of Financial Services (DFS); $300 million to the U.S. Attorney’s Office for the Southern District of New York; $200 million to the Federal Reserve; $172 million to the Manhattan District Attorney’s Office and $172 million to the U.S. Department of Justice.

Commerzbank AG Admits To Sanctions And Bank Secrecy Violations, Agrees To Forfeit $563 Million And Pay $79 Million Fine - Combined With Payments To Regulators, Commerzbank To Pay $1.45 Billion

Date 12/03/2015

Commerzbank AG, a global financial institution headquartered in Frankfurt, Germany, and its U.S. branch, Commerzbank AG New York Branch (Commerz New York), have agreed to forfeit $563 million, pay a $79 million fine and enter into a deferred prosecution agreement with the Justice Department for violations of the International Emergency Economic Powers Act (IEEPA) and the Bank Secrecy Act (BSA).  The bank has also entered into settlement agreements with the Treasury Department’s Office of Foreign Assets Control (OFAC) and the Board of Governors of the Federal Reserve System. 

ISDA Statement On Negative Interest Rates And The ISDA 2014 Collateral Agreement Negative Interest Protocol

Date 12/03/2015

The International Swaps and Derivatives Association, Inc. (ISDA) today published the following statement regarding negative interest rates and the ISDA 2014 Collateral Agreement Negative Interest Protocol:

Negative interest rates have become increasingly common in the current environment. The ISDA Board strongly supports the use of market rates, whether positive or negative, for over-the-counter derivatives transactions, reflecting best practice in broader financial markets.

CalPERS Commits $75 Million To Emerging Manager Program Firm Siris Partners - Private Equity Firm Gets First Direct Commitment From CalPERS

Date 12/03/2015

The California Public Employees' Retirement System (CalPERS) today announced that it has committed $75 million to private equity firm Siris Partners. This is the first direct commitment to Siris, who has previously received commitments from CalPERS through the System's emerging manager fund-of-funds.

ICE Futures U.S. Sets Daily Volume And Open Interest Records In ICE U.S. Dollar Index

Date 12/03/2015

Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, announced today that ICE Futures U.S. reported record daily volume and open interest in the ICE U.S. Dollar Index® (USDX®) on March 11, 2015.

Tel Aviv Stock Exchange Weekly Review: 8-12 March 2015

Date 12/03/2015

• Trading on the Tel Aviv Stock Exchange (TASE) during the second week of March was marked by a mix trend in the leading TASE indices;
• Daily record volume in the weekly options on the TA-25 Index;
• Continued offerings in the bond market – Two foreign real estate companies raised US $267 million in an initial bond offering

Federal Reserve Board Announces Civil Money Penalty And Issues Cease And Desist Order Against Commerzbank

Date 12/03/2015

The Federal Reserve Board on Thursday announced a $200 million penalty and consent cease and desist order against Commerzbank AG, of Frankfurt am Main, Germany, relating to violations of U.S. sanctions, the Bank Secrecy Act, and other anti-money laundering laws. The order requires Commerzbank, including its branch in New York, to implement an enhanced program to ensure global compliance with U.S. sanctions and anti-money laundering laws.

New Thomson Reuters Service Brings New Depth To Copper Mine Analytics - GFMS Mine Economics Provides New Levels Of Detailed Data On Two-Thirds Of Global Copper Production

Date 12/03/2015

Thomson Reuters, the world’s leading source of information for businesses and professionals, now offers detailed mine-by-mine analysis of the world’s copper production to users of its flagship desktop, Eikon.

ESMA Chair Steven Maijoor's Speech At The NAPF Investment Conference In Edinburgh

Date 12/03/2015

Steven Maijoor, ESMA Chair, delivered a speech to the NAPF Investment Conference in Edinburg today. His speech focused on the questions how to increase capital availability and support economic growth in the EU.

Bell Ringing By Women In ETFs - SIX Swiss Exchange Hosted The Final Round In A Series Of Opening Bell Ringing Ceremonies On Nine Global Stock Exchanges.

Date 12/03/2015

Today, the initiative Women in ETFs completed its global tour of bell ringing events in Zurich. SIX Swiss Exchangehosted the ninth and final edition together with UBS and MSCI. The tour started on 2 March 2015 in Chicago and visited Sydney, Paris, London, Toronto, Frankfurt, Hong Kong and New York.