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Beige Book: 2011 Summary Of Commentary On Current Economic Conditions By Federal Reserve District

Date 19/10/2011

Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis.

CFTC Obtains Permanent Injunction Against California Resident Scott Bottolfson And His Two Companies For Defrauding Customers In Multi-Million Dollar Commodity Pool Ponzi Scheme - Court Order Requires Defendants To Pay A Civil Monetary Penalty Of More Than $6.8 Million And Permanently Bars Them From The Commodities Industry

Date 19/10/2011

The U.S. Commodity Futures Trading Commission (CFTC) today announced today that Judge Anthony J. Battaglia of the U.S. District Court for the Southern District of California entered a consent order of permanent injunction against Scott Bottolfson and Spirit Investments, Inc. (Spirit), both of Encinitas, Calif., and Increase Investments, Inc. (Increase) of Reno, Nev., requiring them jointly and severally to pay a civil monetary penalty of $6,813,462.51. The order also imposes permanent trading and registration bans against the defendants.
Citigroup To Pay $285 Million To Settle SEC Charges For Misleading Investors About CDO Tied To Housing Market - Former Citigroup Employee Separately Charged For His Role In Structuring Transaction

Date 19/10/2011

The Securities and Exchange Commission today charged Citigroup’s principal U.S. broker-dealer subsidiary with misleading investors about a $1 billion collateralized debt obligation (CDO) tied to the U.S. housing market in which Citigroup bet against investors as the housing market showed signs of distress. The CDO defaulted within months, leaving investors with losses while Citigroup made $160 million in fees and trading profits.
CME Group Begins Clearing Euro-Denominated Interest Rates Swaps, Announces New IRS Clearing Record

Date 19/10/2011

CME Group, the world's leading and most diverse derivatives marketplace, today announced that it has begun clearing Euro-denominated interest rate swaps (IRS). The company also announced that it set a new daily record for IRS clearing on October 18, 2011, with $8 billion in U. S. customer volume cleared.
José Manuel Durão Barroso, President Of The European Commission - Remarks By President Barroso At The Farewell To Jean-Claude Trichet

Date 19/10/2011

Cher Jean-Claude,

Chancellor,

Presidents

Excellencies, Ladies and Gentlemen,

We are here today to pay tribute to Jean-Claude Trichet's leadership of the European Central Bank.

BOX VP Tapped For Security Traders Association Board - Patty Kevin-Schuler Named As National Governor

Date 19/10/2011

The BOX Options Exchange (BOX) announced that Patty Kevin-Schuler, Vice President of Sales & Marketing, has been named by the Security Traders Association (STA)-National as a two-year term governor. Kevin-Shuler is also the 2011-2012 president of the Security Trader Association of Chicago (STAC). The Board appointment is effective January 1, 2012.
European Commissioner Michel Barnier Welcomes Trilogue Agreement By Council And Parliament On New Rules For Short Selling And Credit Default Swaps

Date 19/10/2011

"Last night's agreement by the European Parliament and the Council represents a significant step towards greater transparency, stability and responsibility in short selling transactions and sovereign Credit Default Swap (CDS) markets. It will now need to be formally endorsed by the European Parliament, Council and Commission. When this regulation enters into force, regulators will be able to respond in a more coordinated and effective way when short selling poses a risk to the stability of markets.
MGEX Board Appoints Public Directors, Officers, Committee Assignments

Date 19/10/2011

At its October 18, 2011 Organizational Meeting, MGEX (Exchange) announced its Board of Directors (Board), named 2011-2012 public directors, Board officers and approved committee representatives.
European Commission: Regulation On Short Selling And Credit Default Swaps - Frequently Asked Questions

Date 19/10/2011

What is short selling?

Short selling is the sale of a security that the seller does not own, with the intention of buying back an identical security at a later point in time in order to be able to deliver the security. Short selling can be divided into two types:

1."Covered" short selling is where the seller has borrowed the securities, or made arrangements to ensure they can be borrowed, before the short sale.

2."Naked" or "uncovered" short selling is where the seller has not borrowed the securities at the time of the short sale, or ensured they can be borrowed.
CME Group Statement Regarding Position Limits

Date 19/10/2011

CME Group, the world's leading and most diverse derivatives exchange, today released the following statement regarding the Commodity Futures Trading Commission (CFTC)'s rule making on position limits:

"CME Group commends the Commission and staff of the CFTC for their efforts to respond to the more than 13,000 comment letters filed on the CFTC's position limits proposal. We also appreciate the Commission's recognition of the need to establish equivalent position limits in the important spot month for physically-settled futures and those cash-settled futures and swaps which are based on the daily and final settlement prices of the primary physically-delivered price discovery contracts. With the lone exception of natural gas, the CFTC's interim final rule will appropriately limit opportunities for inter- market manipulation and abuse in the spot month where the risk of misconduct and artificial prices is most acute."