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CFTC’s Division Of Swap Dealer And Intermediary Oversight Provides No-Action Relief To Swap Dealers And Major Swap Participants From Compliance With Statutory Disqualification Prohibition With Respect To Their Association With Certain Persons

Date 07/12/2012

The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) announced the issuance of limited no-action relief to Swap Dealers and Major Swap Participants (collectively, Swap Entities) from compliance with the prohibition in Regulation 23.22(b) against permitting a person who is subject to a statutory disqualification to effect or be involved in effecting swaps on behalf of the Swap Entity. The Division issued this relief with respect to: (1) non-domestic associated persons (APs) of Swap Entities who deal only with non-domestic swap counterparties; and (2) persons employed in a clerical or ministerial capacity (Employees) by Swap Entities. As the Division explains in the letter, the purpose of this relief is to align the treatment of these APs and Employees with the treatment of all other APs and Employees under the Commodity Exchange Act and the CFTC’s regulations.
SEC Charges Prominent Entrepreneur In Miami-Based Scheme

Date 07/12/2012

The Securities and Exchange Commission today charged a prominent Miami-based entrepreneur with defrauding investors by grossly exaggerating the financial success of his company that purportedly produced housing materials to withstand fires and hurricanes. Claudio Osorio stole nearly half of the money raised from investors to pay the mortgage on his multi-million dollar mansion and other lavish highlife expenses.
Commissioner Bart Chilton Concurring In part And Dissenting In Part To The Settlement In The Matter Of Goldman, Sachs & Co., Respondent, CFTC Commissioner Bart Chilton

Date 07/12/2012

While I concur in the terms of the settlement in this matter with regard to the findings of violations, the undertakings to improve deficient compliance systems and procedures, and the imposition of a cease and desist order, I respectfully dissent as to the amount of the civil monetary penalty (CMP). In this instance, given the egregious nature of the failure to supervise adequately, combined with the high number of violative transactions, I believe that the monetary penalty should be significantly higher in order to represent a sufficient punishment, as well as to denote a meaningful deterrent to future illegal activity.
BM&FBOVESPA Announces November Market Performance

Date 07/12/2012

BM&FBOVESPA announced November 2012 market performance. Check the highlights:
- After Market turns over BRL 1.6 billion, the highest volume since October 2009
- Real Estate Funds handle second consecutive record at BRL 452.47 million in 33,150 transactions.
- Number of individual investor accounts in the stock market at 594,117 in November, up almost 4% on October
Urs Widmer Reinforces SIX Swiss Exchange As COO - By Aligning Its Client-Oriented Units In A Joint Department, SIX Swiss Exchange Further Increases Its Ability To Cater To Its Clients' Needs

Date 07/12/2012

As of 1 December 2012, Urs Widmer is a member of the Executive Board of SIX Swiss Exchange. As the new Chief Operating Officer (COO), he is responsible for the area of Business & Market Development. In this function, he is in charge of Business Engineering, Issuer Relations, Marketing Communications and Member Relations.

CFTC Orders Goldman, Sachs & Co., A Commission Registrant, To Pay $1.5 Million For Supervision Failures - By Exploiting Goldman’s Internal Control Failures, A Former Goldman Employee Hid An $8.3 Billion Trading Position - Goldman Lost In Excess Of $100 Million Unwinding The Position

Date 07/12/2012

The U.S. Commodity Futures Trading Commission (CFTC) today announced that Goldman, Sachs & Co. (Goldman), a registered futures commission merchant (FCM) based in New York, N.Y., has been ordered to pay a $1.5 million civil monetary penalty to settle CFTC charges that it failed to diligently supervise its employees for several months in late 2007. The CFTC Order also requires Goldman to cease and desist from violating a CFTC regulation requiring diligent supervision.
US Futures Industry Announces Insurance Study

Date 07/12/2012

CME Group, Futures Industry Association, the Institute for Financial Markets and National Futures Association today announced that they have jointly commissioned a firm to study the costs and benefits of adopting an insurance regime for the U.S. futures industry. The four sponsoring organizations have selected a team of experts brought together by Compass Lexecon to conduct the study under the leadership of Dr. Christopher Culp, an expert in derivatives, risk management, insurance and clearing.
TOM MTF Statistics Week 49 2012

Date 07/12/2012

Click here to download the weekly statistics update of TOM MTF for week 49 - 2012.
SEC Charges Florida-Based Lawyer With Forging Attorney Opinion Letters For Microcap Stocks

Date 07/12/2012

The Securities and Exchange Commission today announced charges against a Florida-based securities lawyer for issuing fraudulent attorney opinion letters that resulted in more than 70 million shares of microcap stock becoming available for unrestricted trading by investors.
Market Abuse: Justice Ministers Agree EuropeanCommission Proposals On Criminal Sanctions

Date 07/12/2012

In the recent LIBOR scandal, serious concerns have been raised about the manipulation of benchmarks, which can result in significant losses to consumers and investors, or distort the real economy. The integrity of financial markets is also undermined by market manipulation and insider dealing. European justice ministers meeting in the Council of the European Union have today reached agreement on the Commission's proposals for a Directive on insider dealing and market manipulation that will criminalise such behaviour (see IP/11/1218 and IP/12/846). As the European Parliament Economic and Monetary Affairs Committee adopted its first reading opinion on the proposals on 9 October 2012, negotiations between the co-legislators and the Commission for their final adoption can now begin.