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Date 15/11/2011
Direct Edge Update: Direct Edge Updates FIX Short Sale Order Marking Requirements
Overview
As part of our effort to promote unified compliance standards across the industry, Direct Edge will update the order entry requirements for sending short sale orders via FIX on both EDGA and EDGX Exchanges. Effective February 15, 2012, Direct Edge will require firms to populate FIX tag 114. This change will ensure short sale orders are clearly defined before entering the Direct Edge Exchanges. -
Date 15/11/2011
European Commission: Frequently Asked Questions: Legislative Proposal On Credit Rating Agencies (CRAs)
I. GENERAL CONTEXT AND APPLICABLE LAW
1. What is a credit rating?
A credit rating is an opinion issued by a specialised firm on the creditworthiness of an entity (e.g. an issuer of bonds) or a debt instrument (e.g. bonds or asset-backed securities). This opinion is based on research activity and presented according to a ranking system (e.g. AAA, BBB. For full list, please refer to the annex attached to this memo.)
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Date 15/11/2011
Antitrust: European Commission Makes Standard & Poor's Commitments To Abolish Fees For Use Of US International Securities Identification Numbers Binding
The European Commission has made legally binding commitments offered by Standard & Poor's (S&P) to abolish the licensing fees that banks pay for the use of US International Securities Identification Numbers (ISINs) within the European Economic Area (EEA). Moreover, for direct users, information services providers (ISPs) and service bureaus (i.e. outsourced data management service providers), S&P committed to distribute the US ISIN record separately from other added value information, on a daily basis for USD15.000 per year, to be adjusted each year in line with inflation.
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Date 15/11/2011
European Commission Wants Better Quality Credit Ratings
Credit rating agencies (CRAs) are major players in today's financial markets, with rating actions having a direct impact on the actions of investors, borrowers, issuers and governments. For example, a corporate downgrade can have consequences on the capital a bank must hold and a downgrade of sovereign debt makes a country's borrowing more expensive. Despite the adoption of European legislation on credit rating agencies in 2009 and 2010, recent developments in the context of the euro debt crisis have shown our existing regulatory framework is not good enough. So, today the Commission has put forward proposals to toughen that framework further and deal with outstanding weaknesses.
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Date 15/11/2011
FINRA Orders Chase To Reimburse Customers $1.9 Million For Unsuitable Sales Of UITs And Floating-Rate Loan Funds - FINRA Also Fines Chase $1.7 Million
The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered Chase Investment Services Corporation to reimburse customers more than $1.9 million for losses incurred from recommending unsuitable sales of unit investment trusts (UITs) and floating rate loan funds. FINRA also fined Chase $1.7 million.
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Date 15/11/2011
TMX Group Improves Equity Trading Performance With Second Phase Of Enterprise Expansion
TMX Group announced today that it has successfully completed the second phase of its equity Enterprise Expansion project. This initiative was designed to provide customers with significantly improved trading technology and performance across the TSX Quantum® trading enterprise.
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Date 15/11/2011
ICE Reaches $25 Trillion Milestone In Global CDS Cleared
IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, announced that its credit default swap (CDS) clearing houses surpassed $25 trillion in cumulative gross notional value during the week ending November 11, 2011.
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Date 15/11/2011
Chicago-Based Donald Horwitz Consulting Joins Forces With Oyster Consulting - Combined Firms Expand Regulatory - Compliance Consulting Practice With Nationwide Resources
As financial services firms increasingly seek assistance to navigate a complex regulatory and business environment, Richmond-based Oyster Consulting, LLC and Chicago-based Donald Horwitz Consulting, LLC (DHC) announced today that they have joined forces to increase the depth and breadth of their individual service offerings. Led by Donald Horwitz, DHC’s addition to Oyster Consulting enhances the firm’s expertise in commodities, futures and options. Their combined forces also enable DHC clients to benefit from Oyster Consulting’s depth of resourcesand more than 40 consultants in seven cities nationwide.
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Date 15/11/2011
Swedish Financial Supervisory Authority- Finansinspektionen: Risks In The Financial System 2011
Sweden has remained relatively stable in a turbulent period but during this time the risk level in the Swedish financial system has also risen. The uncertainty in surrounding markets has meant that banks’ liquidity risks and the impact of low interest rates on life insurance undertakings remain in focus. Finansinspektionen also believes there is a risk that the sale of complex products to consumers will increase.
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Date 15/11/2011
Hong Kong's Securities and Futures Commission Issues Variation Notice On MF Global Hong Kong Limited
The Securities and Futures Commission (SFC) has issued a Variation Notice on MF Global Hong Kong Limited (MFGHK) which removes the deadline in relation to the close out or transfer of clients’ outstanding positions in the HKFE Clearing Corporation Limited (HKCC).
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