News Centre

Shanghai Stock Exchange: Q&A On SSE's Reform Of Delisting System

Date 09/08/2012

On July 27, the Shanghai Stock Exchange (SSE) released the “SSE Detailed Rules (Draft Version) for Trading of Shares with Risk Alert” (the Detailed Rules for short), which marked the materialization and institutionalization of the delisting scheme of the SSE and the "SSE Stock Listing Rules". 

Bursa Malaysia Derivatives Dual Licensing Fast Track Programme - Eligibility Requirement Further Eased With Minimum Years Experience Reduced From 10 To 5 Years

Date 09/08/2012

The eligibility requirement to become futures broker representatives of Bursa Malaysia Derivatives (BMD) under the Dual Licensing Fast Track (DLFT) programme has been further eased from 10 to 5 years of experience, subject to dealer representatives attending an additional 2-day familiarisation program. The extension of the DLFT programme will be for another two years until June 2014. The previous participation criteria requiring candidates to have at least 10 years of experience and attendance of a 4-day familiarisation program will remain, for the more experienced dealer representatives.

New Chair For New Zealand's Financial Adviser Code Committee

Date 09/08/2012

The Code Committee for Authorised Financial Advisers (AFAs) has elected David Ireland as Chair for the next 12 months.

Hong Kong's Securities And Futures Commission Bans Esther Lee Ying Chih For Three Years

Date 09/08/2012

The Securities and Futures Commission (SFC) has banned Ms Esther Lee Ying Chih from re-entering the industry for three years from 9 August 2012 to 8 August 2015.

Osaka Securities Exchange: Disciplinary Action On Transaction Participant: SMBC Nikko Securities Inc.

Date 09/08/2012

Yesterday, Osaka Securities Exchange (hereinafter "OSE") imposed disciplinary action on SMBC Nikko Securities Inc. (hereinafter the "Firm") pursuant to Rule 42(1)(ix) of the Regulations for Transaction Participants as follows.

Additionally, OSE requested the submission of a business improvement report pursuant to Rule 17 of said Regulations.

The business improvement report shall include:

• (1) Reestablishment of business management control system and internal control system, through pursuing the cause of this violation of laws, rules and regulations and introducing preventive measures against recurrence of the violation;
• (2) Implementing training, etc. of all officers and employees in order to foster the proper understanding and compliance with the laws, rules and regulations; and
• (3) Clarification of the locus of responsibility in light of the disciplinary action.

Shanghai Stock Exchange: Possible Ways For Relisting Of B-Share Companies

Date 09/08/2012

How can B-share companies do to relist their stocks?

It aroused wide concern of market participants and all walks of life that some B-share companies were recently confronted with delisting for meeting non-financial indicators. Concerning such kind of questions, the Shenzhen Stock Exchange and the Shanghai Stock Exchange (SSE) successively responded to them through answers to reporters' request. The two exchanges' attitude towards the questions was as follows. Firstly, B shares meeting delisting indicators shall be delisted according to law. Secondly, B-share companies are encouraged to keep listing their stocks in a legal way. Thirdly, the B-share companies meeting relisting requirements after voluntary delisting will be arranged for relisting according to historical factors and their demands.

CME Group Inc. Declares Quarterly Dividend

Date 09/08/2012

CME Group, the world's leading and most diverse derivatives marketplace, today declared a third-quarter dividend of $0.45 per share, payable September 25, 2012, to shareholders of record September 10, 2012.  The amount of the dividend per share reflects the company's five-for-one split of its common stock, effective July 20.

Former Deloitte Partner Pleads Guilty In Chicago To Illegally Profiting $420,000 From Insider Trading Involving Firm’s Clients

Date 08/08/2012

A former partner at a major accounting firm in Chicago pleaded guilty today to engaging in insider trading after he obtained material, non-public information about publicly traded clients and used the information himself and shared it with a relative to make illegal trading profits.  The defendant, Thomas P. Flanagan, a certified public accountant, was a partner in the Chicago office of Deloitte & Touche LLP when he engaged in insider trading between December 2006 and May 2008.

U.S. Federal Reserve Board Extends Comment Period On Three Proposed Capital Rules Rulemakings Until October 22, 2012

Date 08/08/2012

The Federal Reserve Board on Wednesday announced the extension of the comment period until October 22, 2012, on three notices of proposed rulemaking that would revise and replace current capital rules. The proposals by the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency would implement the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

FESE Response To ESMA Consultation Paper On EMIR Technical Standards

Date 08/08/2012

FESE welcomes the opportunity to make suggestions to the draft technical standards proposed by ESMA. On liquidity fragmentation, FESE members believe that ESMA is interpreting its mandate too widely by proposing not only a definition but also the remedies to the potential issues posed by liquidity fragmentation. In addition, our members believe that the definition of liquidity fragmentation proposed is too narrow. With regard to the way in which CCPs should manage their resources, we consider that ESMA should have a more realistic recognition of the fact some CCPs belong to a wider group and may share resources within the group. Finally, FESE members believe that the technical standards should include a minimum liquidation period of 1 day for listed derivatives, rather than 2 days, as this would be well within safety margins and in line with other major jurisdictions.