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  • Merrill Lynch, Pierce, Fenner & Smith, Inc. Action - FINRA Fines Merrill Lynch $2.8 Million For Overcharging Customers; $32 Million In Remediation Paid To Affected Customers

    Date 21/06/2012

    The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Merrill Lynch, Pierce, Fenner & Smith, Inc. $2.8 million for supervisory failures that resulted in overcharging customers $32 million in unwarranted fees, and for failing to provide certain required trade notices. Merrill Lynch has provided $32 million in remediation, plus interest, to the affected customers.

  • Testimony On “Perspectives On Money Market Mutual Fund Reforms” By SEC Chairman Mary L. Schapiro Before The Committee On Banking, Housing, And Urban Affairs Of The United States Senate

    Date 21/06/2012

    Thank you for the opportunity to testify about the Securities and Exchange Commission’s regulation of money market funds.[1] The risks posed by money market funds to the financial system are part of the important unfinished business from the financial crisis of 2008. One of the seminal events of that crisis occurred in September, after Lehman Brothers filed for bankruptcy and the Reserve Primary Fund “broke the buck,” triggering a run on money market funds and freezing the short-term credit markets. Although the Commission took steps in 2010 to make money market funds more resilient, they still remain susceptible today to investor runs with potential systemic impacts on the financial system, as occurred during the financial crisis just four years ago. Unless money market fund regulation is reformed, taxpayers and markets will continue to be at risk that a money market fund can “break the buck” and transform a moderate financial shock into a destabilizing run. In such a scenario, policymakers would again be left with two unacceptable choices: a bailout or a crisis.

  • Dubai Mercantile Exchange Appoints CEO

    Date 21/06/2012

    DME (Dubai Mercantile Exchange) the Middle East’s leading energy futures exchange and home to the emerging benchmark for crude oil pricing for the East of Suez markets, has today announced the appointment of former BNP Paribas Head of Marketing for Commodity Futures APAC, Christopher Fix, as Chief Executive Officer.

  • Statement By President Barroso On The Formation Of The New Greek Government

    Date 21/06/2012

    "I warmly welcome today's announcement of the formation of a new government in Greece. I am particularly reassured that the new administration will count on ample and broad-based parliamentary support. I believe that this sends a clear signal of Greece's determination to honour its commitments and stay in the euro.

  • CFTC Will Not Hold June 21, 2012, Meeting

    Date 21/06/2012

    The Commodity Futures Trading Commission will no longer hold a scheduled meeting on June 21, 2012.