News Centre

FIA Special Alert - District Court Overturns CFTC Position Limit Rule

Date 28/09/2012

Today the US District Court for the District of Columbia struck down the CFTC's position limit rule, which was scheduled to go into effect on October 12, 2012.

Former Hedge Fund Research Analyst Pleads Guilty In New York Federal Court To Insider Trading Charges

Date 28/09/2012

Jon Horvath, 42, of San Francisco, a former research analyst at a hedge fund in New York, pleaded guilty today in New York City federal court to charges arising from his involvement in a $61.8 million insider trading scheme, announced Preet Bharara, the U.S. Attorney for the Southern District of New York.  The alleged scheme involved multiple analysts and portfolio managers at different hedge funds and investment firms who allegedly exchanged material, nonpublic information (inside information) about publicly traded technology companies, including Dell Inc. and NVIDIA Corp. Horvath was arrested and charged by complaint in January 2012, and was further charged in a superseding indictment in August 2012.  He pleaded guilty before U.S. District Judge Richard J. Sullivan.

SIFMA Supports Important District Court Ruling On ISDA/SIFMA Position Limits Lawsuit

Date 28/09/2012

The International Swaps and Derivatives Association, Inc. (ISDA) and the Securities Industry and Financial Markets Association (SIFMA) are pleased with today’s ruling vacating the Commodity Futures Trading Commission’s (CFTC) final rule limiting the positions that investors may own in certain commodities. 

Statement Regarding District Court Ruling On ISDA/SIFMA Position Limits Lawsuit

Date 28/09/2012

“ISDA and SIFMA are pleased with today’s ruling by the D.C. District Court in their suit against the Commodity Futures Trading Commission’s (CFTC) final rule that limits the positions that investors may own in certain commodities. The Court’s ruling today vacates the rule and remands it back to the CFTC.  The position limits rule would adversely impact commodities markets and market participants, including end-users, by reducing liquidity and increasing price volatility. On behalf of our members in the U.S. and around the world, we are pleased that the rule has been vacated and sent back to the CFTC for reconsideration. We are committed to working with the Commission and other regulators to promote safe, efficient markets.”

NYSE Announces Fourth-Quarter 2012 Circuit-Breaker Levels

Date 28/09/2012

The New York Stock Exchange will implement new circuit-breaker collar trigger levels for fourth-quarter 2012 effective Monday, October 1, 2012.

Response To BCBS Consultative Document, Fundamental Review Of The Trading Book

Date 28/09/2012

ISDA’s Risk Management Team works with members, regulators and policy makers to develop rules which ensure that appropriate, prudent and risk sensitive capital charges are applied uniformly to the various financial risks faced by the industry. The group continually seeks to define best practice in each area and assist all stakeholders in achieving this.

Statement Of CFTC Chairman Gary Gensler On Position Limits

Date 28/09/2012

• “As part of the Dodd-Frank Act, Congress directed the Commission to impose limits on speculative positions in physical commodity futures and options contracts and economically equivalent swaps. The Rule addresses Congress’ concern that that no single trader is permitted to obtain too large a share of the market, and that derivatives markets remain fair and competitive. I believe it is critically important that these position limits be established as Congress required. I am disappointed by today’s ruling, and we are considering ways to proceed.”

ISDA Response To BCBS And IOSCO Consultative Document On Margin Requirements For Non-Centrally-Cleared Derivatives

Date 28/09/2012

Click here to download ISDA's response to BCBS and IOSCO consultative document on Margin requirements for non-centrally-cleared derivatives.

SEC Charges Financial Executive In Minnesota With Diverting Company Dollars To Pay Unauthorized Entertainment Expenses

Date 28/09/2012

The Securities and Exchange Commission today charged the former chief financial officer of a Minnetonka, Minn.-based manufacturer of computer networking devices for secretly diverting company funds to cover unauthorized personal expenses and other employees’ entertainment expenses that lacked any legitimate business purpose.

CFTC.Gov Commitments Of Traders Reports Update

Date 28/09/2012

The current reports for the week of September 25, 2012 are now available.