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TSX And TSXV Trading List Leaders By Volume And By Values - November 2013

Date 10/12/2013

Trading List Leaders

The Top 10 brokers chosen by their customers to execute their trades, measured by Volume and Value of securities traded. Compiled from data in the TMX Datalinx Attributed Trading Summary report. All figures as of month-end and do not include post trade-date corrections.

Statement By President Obama On The Volcker Rule

Date 10/12/2013

Five years ago, a financial catastrophe on Wall Street was rapidly fueling a punishing recession on Main Street that ultimately cost millions of jobs and hurt families across the country.  So as we prepared steps to rescue our economy and put Americans back to work, we also put in place tough rules of the road to make sure a crisis like that never happened again – rules that reward sound financial practices, allow honest innovation and strengthen the financial system’s ability to support job creation and durable economic growth. 

Statement Of U.S. Treasury Secretary Lew On The Volcker Rule

Date 10/12/2013

“With today’s approval of the Volcker Rule, regulators have taken a critical step toward completing implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The Volcker Rule will change behavior and practices in our financial markets to safeguard taxpayers from risks created by banks’ proprietary trading and investments in hedge funds and private equity funds."

Dissenting Statement Regarding Adoption Of Rule Implementing The Volcker Rule - SEC Commissioner Daniel M. Gallagher

Date 10/12/2013

Twenty-one months ago, I expressed my grave concerns regarding the rulemaking process for the implementation of the Volcker Rule, stating:

The aggregate impact of the rulemakings we and our fellow regulators are promulgating is massive, the costs are enormous, and we are doing so at a time when our economy is still hopefully limping towards recovery. These factors all argue for an approach that is careful, systematic, but most importantly regulatorily incremental...We must avoid regulatory hubris and should not regulate--particularly where the changes are so novel or comprehensive--with the belief that we completely understand the consequences of the regulations we may impose. In many of these areas, including Volcker, missing the mark could have dire and perhaps irreversibly negative consequences.

US Federal Agencies Issue Final Rules Implementing The Volcker Rule

Date 10/12/2013

Five federal agencies on Tuesday issued final rules developed jointly to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule").

Statement On The Volcker Rule: Reducing Systemic Risk By Banning Excessive Proprietary Trading With Depositors’ Money - SEC Commissioner Luis A. Aguilar

Date 10/12/2013

The recent financial crisis and subsequent events show the dangers that can result when banks trade for their own accounts while disregarding their customers’ interests. During the financial crisis, U.S. taxpayers were forced to cover losses sustained by major financial institutions that resulted from speculative proprietary trading activities.  While several factors combined to cause the financial crisis, proprietary trading by major financial institutions was a key contributor to that crisis.  In particular, proprietary trading by deposit-taking institutions exposed a bank’s capital—and FDIC-insured deposits—to unacceptable risks and saddled taxpayers with massive losses.

Federal Reserve Board Announces Banking Entities Covered By Section 619 Of The Dodd-Frank Act Are Required To Fully Conform Their Activities By July 21, 2015

Date 10/12/2013

The Federal Reserve Board on Tuesday announced that banking entities covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act will be required to fully conform their activities and investments to the statute and regulations by July 21, 2015.

Statement Regarding Adoption Of Rule Implementing The Volcker Rule - SEC Commissioner Kara M. Stein

Date 10/12/2013

I am pleased that the Securities and Exchange Commission (SEC) will today join its fellow federal financial regulators in finalizing important protections against the risks and conflicts of interest inherent in banks’ proprietary trading and relationships with hedge funds and private equity funds. 

"High Roller's Room" - Statement Of CFTC Commissioner Bart Chilton

Date 10/12/2013

I’m pleased to be voting on a final Volcker Rule. Frankly, two-and-a-half weeks ago, I had grave doubts about getting this done in a meaningful fashion. It had become weaker than the original proposal. But, thankfully, and I thank the Chairman for his tireless efforts, we have a rigorous and robust rule before us.

Statement Regarding Adoption Of Rule Implementing The Volcker Rule, Commissioner Michael S. Piwowar, U.S. Securities And Exchange Commission, Dec. 10, 2013

Date 10/12/2013

The Securities and Exchange Commission (“SEC” or “Commission”), the Commodity Futures Trading Commission, the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the “Rulemaking Agencies”) today approved a coordinated rule to implement Section 619 of the Dodd‑Frank Wall Street Reform and Consumer Protection Act (“Dodd‑Frank”), commonly referred to as the “Volcker Rule.”  The final rule adopted today is substantially different from the rule that was proposed over two years ago.[1]  In my view, the extent of these changes necessitates a reproposal of the rule and an opportunity for public comment.  Therefore, I am not able to support the adoption of the rule.