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CFTC’s Division Of Swap Dealer And Intermediary Oversight Issues Technical Correction To No-Action Letter Regarding Certain Risk Mitigation Requirements

Date 12/07/2013

The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today announced the issuance of a technical correction to CFTC Staff Letter 13-45 that had been issued earlier today.
SGX Welcomes ISOTeam To Catalist

Date 12/07/2013

Singapore Exchange (SGX) is pleased to welcome the listing of ISOTeam Ltd on Catalist, under the stock code, “5WF”.
CFTC Seeks To Revoke The Registrations Of Joshua Wallace And His Company System Capital, LLC Based On Court’s Permanent Injunction Order Prohibiting Them From Committing Further Fraud And On Wallace’s Conviction For Criminal Commodities Fraud

Date 12/07/2013

The U.S. Commodity Futures Trading Commission (CFTC) today filed a Notice of Intent (Notice) to revoke the registrations of Joshua Wallace and System Capital, LLC (System Capital). System Capital, based in Oregon, is a registered Commodity Trading Advisor. Wallace is an Oregon resident registered as an Associated Person of System Capital and is System Capital’s founder, sole owner, principal, and president.
Addressing Investor Risks In The Retail Forex Business By SEC Commissioner Luis A. Aguilar

Date 12/07/2013

Section 742(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) prohibits a regulated financial institution from entering into certain foreign exchange transactions with retail customers (“Retail Forex”) unless, and until, the financial institution’s regulator has promulgated rules specifically addressing these transactions. In 2010,2 the U.S. Commodity Futures Trading Commission (“CFTC”) adopted rules applicable to such transactions because it had “observed a number of improper practices that have raised concern, among them solicitation fraud, a lack of transparency in the pricing and execution of transactions, unresponsiveness to customer complaints, and the targeting of unsophisticated, elderly, low net worth and other vulnerable individuals.”3 The U.S. Securities and Exchange Commission (“Commission” or “SEC”) by contrast has yet to propose, much less adopt, Retail Forex rules addressing these transactions as mandated by Section 742(c) of the Dodd-Frank Act.
CFTC Staff Issues Four No-Action Letters Providing Relief In Connection With Issues Relating To Swaps Regulation

Date 12/07/2013

Staff of the U.S. Commodity Futures Trading Commission (CFTC) today issued four no-action letters that address certain issues relating to swaps regulation, following the announcement earlier today by European Commissioner Michel Barnier and CFTC Chairman Gary Gensler of a Path Forward regarding their joint understandings on a package of measures for how to approach cross-border derivatives.

FINRA Joins Exchanges In Fining Newedge USA, LLC $9.5 Million For Supervisory, Regulation SHO, And Books And Records Violations

Date 12/07/2013

The Financial Industry Regulatory Authority (FINRA), along with BATS Exchange, Inc.1, New York Stock Exchange LLC2, NYSE Arca, Inc. and The NASDAQ Stock Market LLC, announced today that they have censured and fined Newedge USA, LLC of Chicago $9.5 million for failing to supervise trading by clients that directly accessed U.S. equities markets through Newedge's order routing platform and/or internet service providers (known as "direct market access," or "DMA") or routed orders directly to market centers (known as "sponsored access," or "SA"). In addition, Newedge also violated Regulation SHO (Reg SHO) and SEC Emergency Orders concerning short sales, and failed to obtain and retain books and records.
OCC Announces The Promotion Of James Knoeck To Senior Vice President - Chief Audit Executive

Date 11/07/2013

OCC announced today that James Knoeck has been promoted to Senior Vice President - Chief Audit Executive. Mr. Knoeck joined OCC in September as Vice President – Head of Internal Audit from the State of Wisconsin Investment Board.
Response Submission From AFME And ISDA To The Consultation By The Commission On The Structural Reform Of The Banking Sector

Date 11/07/2013

AFME and ISDA welcome the opportunity to comment on this important consultation on reforming the structure of the EU banking sector. The AFME/ISDA response to the consultation is attached.
FESE European Equity Market Report – June 2013 Figures

Date 11/07/2013

The European Equity Market Report is a piece of analysis that allows for an accurate comparison of trading statistics across European trading venues.
Hedge Fund Association Applauds SEC For Lifting Ban On Hedge Fund Advertising And Modernization Of Securities Laws

Date 11/07/2013

The Securities and Exchange Commission (“SEC”) has now adopted final rules in connection with the Jumpstart Our Business Startups (JOBS) Act, lifting an 80 year old ban on general solicitation and allowing hedge fund managers to advertise. The Hedge Fund Association (“HFA”) and its members throughout the United States applaud the SEC’s decision as a necessary modernization of the securities laws. Fundamentally, we believe that these new rules will: (i) increase public transparency regarding the alternative investment industry, including hedge funds; and (ii) facilitate capital formation and ultimately enhance the capital markets. Though the HFA views this development as generally positive, we await publication of the new rules to determine whether particular requirements impose an unnecessary burden on our members. We are in the process of reviewing the text of the final rules, as well as gathering feedback from our members, at which time we will provide a more comprehensive commentary on behalf of the hedge fund industry. The HFA previously provided valuable comments to and materially influenced relevant provisions of The Dodd–Frank Wall Street Reform and Consumer Protection Act.