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TSX Markets Top 20 Largest Consolidated Short Position Report - July 31, 2013

Date 06/08/2013

Please find below the Top 20 Largest Consolidated Short Position Report Highlights. The report is produced twice monthly, effective the 15th and the end of each month. The report below covers the 2-week period ending July 31, 2013.
CFTC: Federal Court In Illinois Orders Chicago-Based Trader Bradley Scott Schiller To Pay More Than $7.5 Million In Restitution And A Civil Monetary Penalty For A Multi-Million Dollar Commodity Futures Fraud

Date 06/08/2013

The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge Thomas M. Durkin of the U.S. District Court for the Northern District of Illinois entered a Consent Order for Permanent Injunction (Order) requiring defendant Bradley Scott Schiller, of Chicago, Illinois, to pay restitution of approximately $4.565 million and a civil monetary penalty of $3 million for commodity futures fraud. The Order also imposes permanent trading and registration bans, among other sanctions.
SEC Charges Bank Of America With Fraud In RMBS Offering

Date 06/08/2013

The Securities and Exchange Commission today charged Bank of America and two subsidiaries with defrauding investors in an offering of residential mortgage-backed securities (RMBS) by failing to disclose key risks and misrepresenting facts about the underlying mortgages.
USA's Department Of Justice Sues Bank Of America For Defrauding Investors In Connection With Sale Of Over $850 Million Of Residential Mortgage-Backed Securities

Date 06/08/2013

Attorney General Eric Holder and U.S. Attorney for the Western District of North Carolina Anne M. Tompkins announced today that the United States has filed a civil lawsuit against Bank of America Corporation and certain of its affiliates, including Merrill Lynch, Pierce, Fenner & Smith f/k/a/ Banc of America Securities, LLC, Bank of America, N.A., and Banc of America Mortgages Securities, Inc. (collectively “Bank of America”). The complaint alleges that Bank of America lied to investors about the relative riskiness of the mortgage loans backing the residential mortgage-backed securities (RMBS), made false statements after intentionally not performing proper due diligence and filled the securitization with a disproportionate amount of risky mortgages originated through third party mortgage brokers.
Warsaw Stock Exchange Conducts Negotiations To Buy An Equity Stake In Aquis Exchange Limited

Date 06/08/2013

Warsaw Stock Exchange is conducting negotiations to buy an equity stake of up to 30 percent in Aquis Exchange Limited based in the UK.

Direct Edge Experiences Order Processing And Trade Execution Issues

Date 06/08/2013

Direct Edge was unable to accept orders on its EDGX exchange for stocks with symbols ranging from SPYV to TNC.
FINRA Issues New Investor Alert, Cold Calls From Brokerage Firm Imposters—Beware Of Old-Fashioned Phishing

Date 06/08/2013

The Financial Industry Regulatory Authority (FINRA) today issued a new investor alert called Cold Calls From Brokerage Firm Imposters—Beware of Old-Fashioned Phishing to warn investors of cold calls from scammers falsely claiming to be representatives of at least one well-known brokerage firm. In this latest twist on phishing scams, fraudsters are cold calling investors claiming to offer information about certificates of deposit with yields well above the best rates in the market in an attempt to get potential victims to divulge their personal or financial account information. Armed with this information, the fraudsters may attempt to steal the person's identity or money from his or her account.
UBS To Pay $50 Million To Settle SEC Charges Of Misleading CDO Investors

Date 06/08/2013

The Securities and Exchange Commission today charged UBS Securities with violating securities laws while structuring and marketing a collateralized debt obligation (CDO) by failing to disclose that it retained millions of dollars in upfront cash it received in the course of acquiring collateral for the CDO.
Firms Elect Two Industry Governors To FINRA Board Of Governors, New Public Governor Appointed

Date 06/08/2013

The Financial Industry Regulatory Authority (FINRA) today announced the results of voting that took place at its 2013 Annual Meeting today in Washington, DC. In accordance with FINRA By-Laws, firms elected two Governors, one from among the small firms and one from among the large firms. FINRA also named a new public Governor to its Board of Governors. Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.
CFTC’s Division Of Market Oversight Issues An Amendment To Previously Issued No-Action Relief For Certain Commodity Trading Advisors And Investment Advisors From The Prohibition Of Aggregation For Large Notional Off-Facility Swaps

Date 06/08/2013

The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) today issued an amendment to CFTC No-Action Letter No. 13-48 previously issued by the Division on July 30, 2013 (Letter 13-48). Letter 13-48 grants relief from grants relief from the aggregation prohibition in § 43.6(h)(6) for certain commodity trading advisors (CTAs) and investment advisors (IAs) with respect to large notional off-facility swaps. The no-action letter provides that until October 1, 2013 at 11:59 pm EST, the Division will not recommend that the Commission take enforcement action against CTAs and IAs that aggregate orders for the purpose of executing large notional off-facility swaps, provided they meet specified conditions. The letter also grants relief from the aggregation prohibition in § 43.6(h)(6), for CTAs and IAs, subject to similar conditions as laid out in §43.6(h)(6), aggregating orders for swaps that are not listed on a swap execution facility (SEF) or a designated contract market (DCM).