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CFTC Charges Illinois Resident Gerald J. Considine And His Companies, Novo Trading And Considine Trading, With Fraudulent Solicitation And Misappropriating More Than $1.65 Million Of Customer Funds - Considine Allegedly Used Customer Funds For Personal Expenses, Such As Country Club Fees, Automobiles, Dinners, Entertainment, And Health And Pet Care

Date 29/09/2014

The U.S. Commodity Futures Trading Commission (CFTC) today filed a civil enforcement action in the U.S. District Court, Northern District of Illinois, charging Defendants Gerald J. Considine, a/k/a Jerry J. Considine, of Oak Park, Illinois, and his companies, Novo Trading LLC (Novo) and Considine Trading Corp. (CTC), with fraudulently soliciting more than $2.4 million from at least nine customers to open managed commodity futures or foreign exchange (forex) accounts and misappropriating more than $1.65 million of those funds.

CFTC Charges Florida-Based Inter-Global Currency & Precious Metals LLC And Stavros Papastavrou With Engaging In Illegal, Off-Exchange Precious Metals Transactions

Date 29/09/2014

The U.S. Commodity Futures Trading Commission (CFTC) today filed a civil injunctive enforcement action in the U.S. District Court for the Southern District of Florida against Defendants Inter-Global Currency & Precious Metals LLC (IGCPM) of Pompano Beach, Florida, and its owner and manager, Stavros Papastavrou, a resident of Delray Beach, Florida. The CFTC Complaint charges the Defendants with engaging in illegal, off-exchange transactions in precious metals with retail customers on a leveraged, margined, or financed basis. The Complaint further alleges that Papastavrou, as controlling person for IGCPM, is liable for IGCPM’s violations of the Commodity Exchange Act (CEA).

SWIFT Offers Free Access To The KYC Registry For Participating Banks

Date 29/09/2014

SWIFT announces today at Sibos that it will provide access free of charge to its new KYC Registry throughout 2015 to those banks that contribute their own institutional know your customer (KYC) data. SWIFT will be making data consumption free in 2015 for those institutions that contribute their own information, making it easier for banks to work together to reduce the cost and effort related to KYC compliance.

CFTC Staff Issues Time-Limited No-Action Relief Relating To Certain CDS Clearing-Related Swaps Executed Pursuant To A CDS Settlement Price Process

Date 29/09/2014

The U.S. Commodity Futures Trading Commission’s (Commission) Division of Market Oversight (Division) today issued an extension to No-Action Letter 13-86, previously issued December 31, 2013, which provided time-limited relief relating to certain occasional, off-facility, cleared credit default swaps (CDS) that are entered into pursuant to a derivative clearing organization’s (DCO) rules related to its price submission process for determining end-of-day settlement prices for cleared CDSs. [For the purposes of this relief, this settlement price process is referred to as the “CDS Settlement Price Process,” and the swaps associated with this process are referred to as “Clearing-Related Swaps”].

ISE Holdings Files For Third Exchange License To launch ISE Mercury

Date 29/09/2014

• ISE Mercury will service options market segments not covered by ISE and ISE Gemini.

• All three exchanges will run on ISE’s existing T7® technology platform.

• The launch for ISE Mercury is targeted for the first half of 2015.

OneChicago Changes Fee Structure To Reduce Transaction Friction When Opening And Closing Positions -75% Reduction In Execution Fees Of The OCX.NoDivRisk Product Suite

Date 29/09/2014

OneChicago, LLC (OCX), an equity finance exchange, today announced beginning October 1, 2014 OneChicago will reduce execution fees by 75% from the current $20 per $1 million to $5 per $1 million dollar executed notional value for all OCX.NoDivRisk® product suite which is composed of the “1D” contracts and the recently launched OCX.Weekly products.

Michel Barnier, Vice-President Of The European Commission, Responsible For Internal Market And Services - Attack To Win Games And Defend To Win Trophies: Safeguarding Financial Stability In The EU Single Market - Speech At The Worshipful Company Of World Traders, London, 29 September 2014

Date 29/09/2014

1. Introduction

Good afternoon ladies and gentlemen.

I would like to thank the Master of the Worshipful Company of World Traders, Heather McLaughlin for inviting me here today.

My thanks also go to Lord Mayor Fiona Woolf for her kind introduction and insightful words on the relationship between the City of London and the European Union at this time of considerable change.

CREALOGIX Recognized As A Global Top 100 Fintech Provider

Date 29/09/2014

CREALOGIX, an independent Swiss software house and the Swiss market leader for Digital Banking, today announced that the company has been recognized by IDC Financial Insights to the 2014 Fintech Rankings Top 100 of technology companies in the financial services space, marking its inclusion on the list for the first time.

OCC And The U.S. Options Exchanges Announce New Risk Control Standards To Strengthen Industry Protections

Date 29/09/2014

OCC and the U.S. options exchanges announced today the adoption of risk control standards that include price reasonability checks, drill-through protections, activity-based protections and kill-switch protections, pending regulatory approval.

Two Former Wells Fargo Employees Charged With Insider Trading In Advance Of Research Reports Containing Ratings Changes

Date 29/09/2014

The Securities and Exchange Commission today announced insider trading charges against two former Wells Fargo employees involved in an alleged scheme to profit by buying or short selling a stock before research analyst reports were published containing a ratings change.