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Opening Statement, Open Meeting To Consider One Final Rule On Core Principles And Other Requirements For Designated Contract Markets - CFTC Commissioner Scott D. O’Malia

Date 10/05/2012

Today, the Commission will consider one final rule on core principles and other requirements for designated contract markets (“DCMs”). First, I would like to thank Nadia Zakir and her team for their hard work in completing this significant rulemaking. I greatly appreciate the cooperation of the team and other Commission staff in accommodating my requests for changes to the final rulemaking.
Financial Stability Board: Formation Of The Enhanced Disclosure Task Force

Date 10/05/2012

The importance to market confidence of useful disclosure by financial institutions of their risk exposures and risk management practices has been underscored in recent years, and the FSB mentioned, in its press release on 20 March 2012, that it will facilitate the formation of a private-sector task force to develop principles for improved disclosures.
Open Commission Meeting For Consideration Of Rules Implementing The Dodd-Frank Act - CFTC Chairman Gary Gensler

Date 10/05/2012

Good morning. This meeting will come to order. This is a public meeting of the Commodity Futures Trading Commission (CFTC) to consider a final rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). I’d like to welcome members of the public, market participants and members of the media, as well as those listening to the meeting on the phone or watching the webcast.
Federal Reserve Chairman Ben S. Bernanke At The 48th Annual Conference On Bank Structure And Competition, Chicago, Illinois (Via Satellite) May 10, 2012 - Banks And Bank Lending: The State Of Play

Date 10/05/2012

I am pleased to speak this morning at what has become, over nearly 50 years, perhaps the most prestigious conference for bankers, academics, and bank supervisors in the United States. The first part of my remarks will highlight the significant progress that has been made over the past several years toward restoring the banking system to good health. I will also talk about some of the challenges banks face as they adapt to the post-crisis economic and regulatory environment. I will then review recent trends in credit conditions, noting that bank lending has generally been improving but remains restrained in some areas.
IMF Executive Board Approves FY13–15 Medium-Term Budget

Date 10/05/2012

The Executive Board of the International Monetary Fund (IMF) has approved the IMF’s financial year (FY) 2013 administrative and capital budgets and endorsed indicative budgets for FY2014–15. The staff paper for the Board is publicly available on the IMF’s website.

SEC Charges Scotland-Based Firm For Improperly Boosting Hedge Fund Client At Expense Of U.S. Fund Investors

Date 10/05/2012

The Securities and Exchange Commission today charged a Scotland-based fund management group for fraudulently using one of its U.S. fund clients to rescue another client, a China-focused hedge fund struggling in the midst of the global financial crisis.
“Lettuce Produce” Statement Of Commissioner Bart Chilton At The CFTC Public Meeting On Dodd/Frank Rulemaking, Washington, Dc

Date 10/05/2012

Good morning. I have two quick points today. First, as we all know, government-wide, there are over 300 rules that are to be promulgated under Dodd-Frank. Most regulators are behind schedule in adopting these rules. Most had a completion date of last July. But for our part, we have been doing our level best to consider all the comments and craft thoughtful rules that make sense for markets, consumers and our economy. I thank the staff, but I particularly want to thank the Chairman for his earnest efforts to keep the trains running on time and getting things done. I don’t know of another agency that has worked so hard and accomplished so much. I heard recently that 67 percent of all the Dodd-Frank rules were NOT finished. At the CFTC, because of the Chairman’s leadership, we have produced well over half of the 50-plus rules that we are charged with completing. This is production number 32.
Dynegy Selects Updata Analytics For Natural Gas And Power Trading

Date 10/05/2012

Dynegy, a leading US power generator, has chosen to use Updata Professional, a suite of advanced analytics, on their power and natural gas trading desks. Updata Professional helps energy traders optimize trading decisions and increase profits by providing advanced technical analysis, strategy backtesting, and the ability to link multiple external and internal data sources.
CFTC Commissioner Jill Sommers Opening Statement Regarding The Twelfth Open Meeting To Consider Final Rules Pursuant To The Dodd-Frank Act

Date 10/05/2012

Thank you Mr. Chairman and thank you to the rulemaking team for the hard work and diligence in crafting these rules. We have before us today final rules relating to the Core Principles for Designated Contract Markets (DCMs). Core Principles were designed to allow DCMs the flexibility to establish compliance regimes that fit with their markets and business models. This flexible approach has been very successful. The proposed DCM Core Principle rules published in late 2010 significantly, and needlessly, strayed from the flexible approach in favor of a prescriptive, one-size-fits-all, rules-based approach. I did not, and still do not, support abandoning the flexible, principles-based approach to regulation. I am pleased, however, that in a number of areas the final rules before us today recognize the value of retaining flexibility and pull back from the overly prescriptive regime set out in the proposed rules. I understand that in a number of areas where we have established specific rules, we have codified the best practices already in place at DCMs today. While on its face this may seem reasonable, I have lingering concerns about whether codifying today’s best practices will prevent exchanges from developing tomorrow’s best practices. Our industry evolves quickly, and we are on the cusp of regulating vast markets and diverse products that we have never regulated before. We must remain vigilant to ensure that our lack of experience in these markets and with these products does not cause us to stand in the way of continued evolution and progress.
FSA Fines Martin Currie £3.5 Million For Failing To Manage A Conflict Of Interests Between Clients

Date 10/05/2012

The Financial Services Authority (FSA) has fined Martin Currie Investment Management Limited and Martin Currie Inc (together, Martin Currie) £3.5 million for failing to manage a conflict of interest between two of its clients. This is the largest fine ever imposed by the FSA in a conflict of interest case. In addition to the fine issued by the FSA, the Securities and Exchanges Commission (SEC) is also fining Martin Currie in the US.