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  • Statement By IMF Managing Director Christine Lagarde Following Executive Board Discussion On The Adequacy Of Fund Resources

    Date 17/01/2012

    Managing Director Christine Lagarde of the International Monetary Fund (IMF) today issued the following statement after an Executive Board discussion on the adequacy of Fund resources as part of the ongoing review of Fund resources:

    “Today’s discussion on the adequacy of Fund resources was a welcome opportunity to assess whether they are sufficient for the IMF to fulfill its mandate and to play a full and constructive role in securing global stability. Following the request of our membership last year through the International Monetary and Financial Committee and the general support by the G20 leaders at the Cannes summit, today’s discussion was an important step."

  • FIF Capacity Statistics For December 2011

    Date 17/01/2012

    This month’s bulletin from the Financial Information Forum (FIF) finds that NYSE ARCABOOK OPTIONS was up a record 4% to 1,472,063 mps over the 1 second interval.

  • SEC Inspector General H. David Kotz To Leave Commission

    Date 17/01/2012

    The Securities and Exchange Commission today announced that Inspector General H. David Kotz will leave the agency at the end of January to join a private investigative services firm. Since he was appointed in December 2007, Mr. Kotz directed many important investigations and audits that led to significant improvements of the agency’s operations.

  • ISDA Updates Greek Sovereign Debt Q&A

    Date 17/01/2012

    The possibility of retrospectively applying Collective Action Clauses (CACs) to existing Greek debt has been discussed of late.  Would the inclusion or activation of a CAC trigger a Credit Event?

    The determination of whether any action constitutes a credit event under CDS documentation will be made by ISDA’s EMEA Determinations Committee on the basis of the specific facts and if a market participant requests a decision from the DC. Generally, however, the inclusion of a CAC would not, in and of itself, be expected to trigger a Credit Event. On the other hand, the use of such a clause to effect a reduction in coupon or principal or one of the other events set out in the definition of the Restructuring Credit Event could trigger if the other requirements of the Restructuring Credit Event were met (for example decline in creditworthiness), as its effect would be to bind all holders of the relevant debt.

  • SEC Charges UBS Global Asset Management For Pricing Violations In Mutual Fund Portfolios

    Date 17/01/2012

    The Securities and Exchange Commission today charged an investment advisory arm of UBS with failing to properly price securities in three mutual funds that it managed, resulting in a misstatement to investors of the net asset values (NAVs) of those funds. The misconduct was revealed during the course of an SEC examination, minimizing investor harm.