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  • 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.

  • Direct Edge Updates FIX Short Sale Order Marking Requirements Effective February 15, 2012

    Date 17/01/2012

    Overview 

    As part of our effort to promote unified compliance standards across the industry, Direct Edge will update the order entry requirements for sending short sale orders via FIX on both EDGA Exchange and EDGX Exchange. Effective February 15, 2012, Direct Edge will require Members to populate FIX tag 114. This change will ensure short sale orders are clearly defined before entering the Direct Edge Exchanges. Please be advised that FIX tag 114 should be used both for short sale and short sale exempt orders. 

  • Bloomberg Vault Adds Cloud Archiving For IBM Message Software

    Date 17/01/2012

    Bloomberg announced today that financial services firms using IBM's messaging and collaboration software can reduce costs and streamline e-mail archiving and compliance by using Bloomberg Vault.


     

     

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