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  • "The Plan, Stan—Moving Forward On A Futures Insurance Fund" - Statement Of Commissioner Bart Chilton On The Futures Investor And Customer Protection Act (FICPA) Proposal

    Date 09/08/2012

    Last November, in the wake of the MF Global debacle, I called for a futures insurance fund. It made no sense to me that banking customers had insurance (up to $250,000) through the Federal Deposit Insurance Corporation (FDIC) and that security customers had similar protections up to $500,000 through the Securities Investor Protection Corporation (SIPC). The support for such a futures insurance fund, at the time, was essentially zero. Nobody said they liked it. A few folks said they didn't like it. Perhaps it would only encourage risky behavior by firms if they knew there was insurance, one Member of Congress suggested to me. That's a good point, which is why such a fund (if it were to exist) should never pay out for trading losses or losses as a result of a downturn in the economy. Some suggested, without much detail, that such a fund for futures customers would be excessively expensive. I don't agree. Ask those who lost money if they would have wanted such a fund and there will be unanimous support of such a concept.

  • TMX Group To Offer Equity Pre-Trade Risk Management Solution - First To Market With A Comprehensive Market-Wide Solution

    Date 09/08/2012

    TMX Group today announced that it will be providing its equity trading clients with a comprehensive pre-trade risk solution. The TMX Pre-trade Risk Management Solution will provide clients with the seamless connectivity and technology needed for high performance pre-trade risk-filtered access to all Canadian equity marketplaces.

  • CISI And FINRA Announce Cooperation On Exams And Membership

    Date 09/08/2012

    The Chartered Institute for Securities & Investment (CISI) and the Financial Industry Regulatory Authority of the USA (FINRA) have announced the signing of a Memorandum of Understanding (MoU) which will provide FINRA member UK-based retail investment advisers a program to meet the new UK exam standards to continue to be able to advise on securities and derivatives in the UK market and be entitled to CISI membership.

  • Polish Broker Alior Bank Selects SunGard’s Valdi Solution

    Date 09/08/2012

    Biuro Maklerskie Alior Banku (Alior Bank), the brokerage house of Polish Alior Bank, part of Italy’s Carlo Tassara Group, has selected SunGard’s Valdi trading solution for connectivity to the Warsaw Stock Exchange (WSE).

     

  • Press Conference By Tadahiro Matsushita, Japan’s Minister For Financial Services

    Date 09/08/2012

    (Excerpt)

    (Friday, August 3, 2012, from 9:26 a.m. to 9:38 a.m.)

    [Questions & Answers]

    Q.

    First, regarding insider trading related to public offerings of new shares,  the Securities and Exchange Surveillance Commission (SESC) recommended that the  Financial Services Agency (FSA) take administrative action against Nomura  Securities. Could you comment on the recommendation and tell me about the  schedule for taking administrative action?

    A.

    I would like to refrain from commenting on a specific administrative action  that may be taken against an individual securities company. In any case, the FSA  will consider what administrative action to take in light of the SESC's  recommendation, the results of the series of internal investigations conducted  by Nomura Securities and corrective measures adopted by the company. For the  moment, I have nothing more to add.

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