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Cross-Border Security-Based Swap Rules And Guidance, SEC Commissioner Kara M. Stein, Washington, D.C., June 25, 2014

Date 25/06/2014

I want to begin by thanking Brian Bussey, Richard Gabbert, Joshua Kans, and Margaret Rubin from Trading and Markets; Brooks Shirey and Lori Price from the General Counsel’s office; and Liban Jama from the Chair’s staff for all of their hard work on this rule.
New York Attorney General Eric Schneiderman Announces Fraud Charges Against Barclays In Connection With Marketing And Operation Of Its Dark Pool - Investigation Into Barclays’ Dark Pool And Electronic Trading Business Uncovered An Alleged Pattern Of Fraud And Deceit, Misrepresentations To Investors

Date 25/06/2014

Attorney General Eric Schneiderman today announced a lawsuit against the international bank Barclays, arising from the operation of Barclays’ dark pool and other aspects of its electronic trading division. The complaint alleges Barclays has dramatically increased the market share of its dark pool through a series of false statements to clients and investors about how, and for whose benefit, Barclays operates its dark pool. Contrary to Barclays’ representations that it has implemented special safeguards to protect clients from “aggressive” or predatory high-frequency traders, Barclays is accused of operating its dark pool to favor high-frequency traders.
SEC Announces Fraud Charges Against Three Former Regions Bank Executives In Accounting Scheme

Date 25/06/2014

The Securities and Exchange Commission today announced fraud charges against three former senior managers of Regions Bank for intentionally misclassifying loans that should have been recorded as impaired for accounting purposes. As a result, the bank’s publicly-traded holding company overstated its income and earnings per share in its financial reporting.
FINRA Hearing Panel Expels Success Trade Securities And Bars CEO Fuad Ahmed For Fraudulent Scheme - Ordered To Pay $13.7 Million In Restitution - Majority Of Defrauded Investors Were NFL And NBA Players

Date 25/06/2014

The Financial Industry Regulatory Authority (FINRA) announced today that a FINRA hearing panel has expelled Washington, D.C.-based Success Trade Securities, Inc. from membership and barred its CEO and President, Fuad Ahmed, for the fraudulent sale of promissory notes and for creating a Ponzi scheme. In addition, the firm and Ahmed are jointly and severally ordered to pay approximately $13.7 million in restitution to 59 investors, the majority of whom were current and former NFL and NBA players.
SEC Charges Former Brokers With Trading Ahead Of IBM-SPSS Acquisition

Date 25/06/2014

The Securities and Exchange Commission today announced it has charged two additional brokers with trading on inside information ahead of the $1.2 billion acquisition of SPSS Inc. in 2009 by IBM Corporation.

CBOE, C2 And CFE Trading Schedule For Independence Day Holiday

Date 25/06/2014

CBOE Holdings, Inc. (NASDAQ: CBOE) announced the following trading schedule for Chicago Board Options Exchange® (CBOE®), C2 Options Exchange^SM (C2^SM) and CBOE Futures ExchangeSM (CFE®) in observance of Independence Day holiday:
Final Rules Relating To Cross-Border Security-Based Swap Activities, SEC Commissioner Daniel M. Gallagher, Washington, D.C., June 25, 2014

Date 25/06/2014

Thank you, Chair White. I would like to join my colleagues in thanking the staff for all the hard work that went into preparing today’s final rule. In particular, I would like to acknowledge the dedicated efforts of Brian Bussey, Richard Gabbert, Josh Kans, and Margaret Rubin of the Division of Trading and Markets. I also want to acknowledge the excellent work of the staff of the Division of Economic and Risk Analysis and the Office of General Counsel. And I would be remiss if I didn’t make special mention of Steve Luparello, director of the Division of Trading and Markets. Steve, I am glad you chose to serve the country again in your new role, and you have been off to a terrific start.
Direct Edge Trading Notice #14-24: Holiday Reminder – Independence Day With Early Close Thursday, July 3, 2014

Date 25/06/2014

BATS BYX Exchange, BZX Exchange, EDGA Exchange, EDGX Exchange and BATS Options will be closing 3 hours early on Thursday, July 3, 2014 and will also be closed on Friday, July 4, 2014 in observance of Independence Day. Normal trading will resume Monday, July 7, 2014.
Egyptian Exchange Board Suggests To Set Up An Optional Mechanism For Commercial Arbitration

Date 25/06/2014

EGX Board of Directors discussed in its latest meeting the proposal of optional mechanism for commercial arbitration in order to resolve commercial disputes. The suggested mechanism is to be an available option to all parties to the market to enhance the speed and pace of resolving commercial disputes or private investment market parties optional.
SEC Adopts Cross-Border Security-Based Swap Rules

Date 25/06/2014

The Securities and Exchange Commission today adopted the first of a series of rules and guidance on cross-border security-based swap activities for market participants. The new rules will be key to finalizing the remaining proposals.