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ISDA/IIF/GFMA Response To The BCBS 254 CD: The Non-Internal Model Method For Capitalising Counterparty Credit Risk Exposures

Date 30/09/2013

On September 27, the International Swaps and Derivatives Association, Inc. (‘ISDA’), the Institute of International Finance (‘IIF’) and the Global Financial Markets Association (‘GFMA’), responded to the Basel Committee on Banking Supervision (‘BCBS’) Consultative Document ‘The non-internal model method for capitalising counterparty credit risk exposures (NIMM)', dated June 2013.
CFTC’s Division Of Market Oversight Issues Time-Limited No-Action Relief For Temporarily Registered Swap Execution Facilities from Commission Regulation 37.6(b) for Non-Cleared Swaps

Date 30/09/2013

The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) issued a letter providing temporarily registered swap execution facilities (SEFs) with relief from the transaction confirmation requirement within CFTC regulation 37.6(b) for swaps that are not intended to be submitted for clearing (Non Cleared Swaps) and subject to conditions specified in the letter. The relief expires no later than 12:01 a.m. eastern time on October 30, 2013 for Non-Cleared Swaps in the foreign exchange (“FX”), interest rate, and credit asset classes, and no later than 12:01 a.m. eastern time on December 2, 2013 for Non-Cleared Swaps executed in the equity and other commodity asset classes.
The NASDAQ Stock Market Leads U.S. Exchanges In IPOs For Q3 2013 - Strong September Brings NASDAQ's Quarterly IPO Total To 38 - 91 IPOs YTD At End Of Third Quarter 2013 - Remains The Leading U.S. Exchange For Technology, Biotechnology And Venture Capital-Backed Listings

Date 30/09/2013

The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced that it welcomed 59 new listings in the third quarter of 2013, including 38 initial public offerings (IPO) – more IPOs than any other U.S. exchange. Combined proceeds raised by NASDAQ's 91 IPOs in 2013 year-to-date total more than $10 billion.
CFTC Orders ADM Investor Services, Inc. To Pay A $425,000 Penalty For Unlawfully Commingling Customer Funds With Funds In Non-Customer Accounts

Date 30/09/2013

The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against ADM Investor Services, Inc. (ADMIS), a CFTC-registered Futures Commission Merchant (FCM), for unlawfully commingling customer funds with funds held in its non-customer accounts. The CFTC Order requires ADMIS to pay a civil monetary penalty of $425,000, to cease and desist from violating Section 4d(a)(2) of the Commodity Exchange Act (CEA) and Commission Regulation 1.20(c), and to implement improved procedures, to the extent that it has not already done so, to ensure the proper classification of such accounts.
BGC Partners, Inc.: BGC Partners Updates Its Outlook For The Third Quarter Of 2013

Date 30/09/2013

BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or "the Company"), a leading global brokerage company primarily servicing the wholesale financial and real estate markets, today announced that it has updated its outlook for the quarter ending September 30, 2013.

U.S. Office Of Financial Research Delivers Report On Asset Management Industry

Date 30/09/2013

The U.S. Department of the Treasury’s Office of Financial Research (OFR) has delivered a report to the Financial Stability Oversight Council (Council) on ways that activities in the asset management industry might create, amplify, or transmit stress through the financial system.
DTCC To Partner With Global Banks To Develop Comprehensive Client Reference Data Service

Date 30/09/2013

The Depository Trust & Clearing Corporation (DTCC) announced today that it has signed a memorandum of understanding (MOU) with a group of large global banks that includes Barclays, Credit Suisse, Goldman Sachs and JPMorgan Chase and others to jointly develop a comprehensive service to collect and manage client entity reference data necessary to meet regulatory requirements and other normal course of business activities.
SEC Charges Three Auditors In Continuing Crackdown On Violations Or Failures By Gatekeepers

Date 30/09/2013

The Securities and Exchange Commission today announced charges against three auditors for violating federal securities laws or failing to comply with U.S. auditing standards during their audits and reviews of financial statements for publicly traded companies.
FXDirectDealer, LLC Ordered To Pay $275,000 Penalty To Settle CFTC Charges Of Violating Minimum Financial Requirement Rules

Date 30/09/2013

The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges that, between November 2010 and December 2012, FXDirectDealer, LLC (FXDD), a CFTC-registered Retail Foreign Exchange Dealer (RFED) and Futures Commission Merchant (FCM) headquartered in New York, New York, failed to comply with minimum financial requirements for RFEDs and FCMs. FXDD has been registered with the CFTC as an FCM since December 10, 2009 and as an RFED since September 2, 2010.
SEC Charges New Jersey-Based Accounting Firm And Founding Partner For Failed Audits Of China-Based Company

Date 30/09/2013

The Securities and Exchange Commission today charged a New Jersey-based audit firm and one of its founding partners for their roles in the botched audits of a China-based company that failed to disclose related party transactions by its CEO and others.