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Testimony By lMichael S. Gibson, Director, Federal Reserve Division Of Banking Supervision And Regulation - Physical Commodities - Before The Subcommittee On Financial Institutions And Consumer Protection, Committee On Banking, Housing, And Urban Affairs, U.S. Senate, Washington, D.C., January 15, 2014

Date 14/01/2014

Chairman Brown, Ranking Member Toomey, and other members of the subcommittee, thank you for the opportunity to testify at today's hearing. First, I will discuss the history of bank and bank holding company engagement in physical commodity activities. I will then address the Federal Reserve's approach to supervising financial institutions engaged in physical commodities activities. I will close my remarks by discussing the Federal Reserve's ongoing review of the physical commodities activities of the institutions we supervise.

U.S. Federal Agencies Approve Interim Final Rule Authorizing Retention Of Interests In And Sponsorship Of Collateralized Debt Obligations Backed Primarily By Bank-Issued Trust Preferred Securities

Date 14/01/2014

Five federal agencies on Tuesday approved an interim final rule to permit banking entities to retain interests in certain collateralized debt obligations backed primarily by trust preferred securities (TruPS CDOs) from the investment prohibitions of section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, known as the Volcker rule.

Acting CFTC Chairman Mark Wetjen Statement Of Support

Date 14/01/2014

Acting Chairman Mark Wetjen today made the following statement of support on the interim final rule adopted by the CFTC and the other Volcker Rule agencies:

“I support the interim final rule adopted by the CFTC and the other Volcker Rule agencies. The Commission believed it was important to join the other agencies in ensuring community banks are protected, as Congress directed, from restrictions in the Volcker Rule intended to lower the risk of large financial institutions.”

TMX Group Limited To Announce Financial Results For Q4 2013 On Wednesday, February 5, 2014

Date 14/01/2014

On Wednesday, February 5, 2014, TMX Group Limited will announce its financial results for the fourth quarter and year ended December 31, 2013. An analyst conference call to review the results will be held at 8:00 a.m. ET. Phone numbers for the live call are 647-427-7450 or 1-888-231-8191. An audio replay of the conference call will be available at 416-849-0833 or 1-855-859-2056, pass code 32073205.

Ontario Securities Commission: In the Matter Of Conrad M. Black Et Al.

Date 14/01/2014

The Commission issued an Order in the above named matter which provides that:

A motion requested by Black to stay proceedings or, alternatively, for directions regarding the scope of issues to be determined at the hearing will be heard on March 26 and March 27, 2014, commencing at 10:00 a.m., and written materials will be filed according to the following schedule:

        a.     Black shall serve and file a final motion record, including any affidavits to be relied upon, and any additional submissions, by February 7, 2014; and

        b.     Staff shall serve and file any responding materials by March 13, 2014; and

        c.     Black shall serve and file any reply materials by March 21, 2014.

CalPERS Board Re-Elects Feckner As President; Elects Priya Mathur As Vice President

Date 14/01/2014

The California Public Employees' Retirement System (CalPERS) Board of Administration unanimously re-elected Rob Feckner as Board president and elected Priya Mathur as vice president. Feckner will be serving his 10th term as president, while it will be Mathur's first vice presidential term. She replaces George Diehr who has served as vice president for the last six years.

Oaktree Capital Management Opens Dubai Office In DIFC

Date 14/01/2014

Dubai International Financial Centre (DIFC) welcomes Oaktree Capital Management to its growing community of financial and professional services firms. In line with the company’s expansion plans in the region, the addition of this new office will allow Oaktree to now serve clients globally across 15 cities in 12 countries.

Federal Reserve Board Seeks Comment To Help Inform Consideration Of Physical Commodity Activities By Financial Holding Companies

Date 14/01/2014

The Federal Reserve Board on Tuesday sought comment to help inform its consideration of physical commodity activities conducted by financial holding companies, including current authorizations of these activities and the appropriateness of further restrictions.

Acting Chairman Mark Wetjen Statement On CFTC Budget

Date 14/01/2014

Acting Chairman Mark Wetjen today made the following statement on the Commodity Futures Trading Commission’s (CFTC) budget in the omnibus appropriations bill:

“I am pleased that the House and Senate have agreed to an appropriations bill that includes $215 million for the CFTC,” Wetjen said. “This increase means the CFTC will be better equipped to fulfill our mission – ensuring the derivatives markets work for market participants and the public. This funding level is a step in the right direction, and we will continue working with Congress to secure resources that match our new responsibilities to provide oversight for the vast derivatives markets.”

Federal Court In Illinois Orders Chicago-Based Introducing Broker New World Holdings, LLC To Pay $50,000 To Settle Record-Keeping Violation Action

Date 14/01/2014

The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court Order against Defendant New World Holdings, LLC, (NWH) of Chicago, Illinois, requiring NWH to pay a $50,000 civil monetary penalty for destroying business records and failing to diligently supervise employees.