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SEC: Office Of The Chief Accountant Issues Statement On Fannie Mae Accounting

Date 16/12/2004

Donald T. Nicolaisen, Chief Accountant for the Securities and Exchange Commission (Commission), issued the following statement regarding the compliance of the Federal National Mortgage Association's (Fannie Mae) accounting practices for deferred purchase price adjustments and for derivatives and hedging activities with Statement of Financial Accounting Standards No. 91, "Accounting for Nonrefundable Fees and Costs Associated with Originating or Acquiring Loans and Initial Direct Costs of Leases"
SEC, NASD Sanction Knight Securities $79 Million For Fraudulent Sales To Institutional Customers - Includes $25 Million In Fines, $41 Million In Ill-Gotten Gains, $13 Million In InterestNASD Investigation Into Activities Of Individuals Involved In Scheme

Date 16/12/2004

The Securities and Exchange Commission (SEC) and NASD announced today that Knight Securities, L.P., now known as Knight Equity Markets, L.P. will pay over $79 million to settle charges that it defrauded its institutional customers. Under this joint settlement, Knight will pay a $12.5 million fine to NASD and a $12.5 million civil penalty to the SEC. Knight is also ordered to pay $41 million in ill-gotten profits and $13 million in prejudgment interest into a Fair Fund established by the SEC fo
SEC Establishes Advisory Committee To Examine Impact Of Sarbanes-Oxley Act On Smaller Public Companies

Date 16/12/2004

Securities and Exchange Commission Chairman William H. Donaldson today announced the establishment of an advisory committee to assist the Commission in examining the impact of the Sarbanes-Oxley Act and other aspects of the federal securities laws on smaller public companies.
SEC Chief Accountant Statement On FASB Statement No. 123(R), Share-Based Payment

Date 16/12/2004

Earlier today, the Financial Accounting Standards Board (FASB) issued its Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based Payment (Statement 123R), which addresses the accounting for employee stock options. The Commission's Chief Accountant, Donald T. Nicolaisen, issued the following comments on Statement 123R:
SEC And NASD File Fraud Case Against Knight Securities, L.P. - Knight Settles And Agrees To Pay $79 Million In Disgorgement And Penalties

Date 16/12/2004

The Securities and Exchange Commission today announced the settlement of civil fraud charges against Knight Securities, L.P. The Commission issued an Order that found that Knight defrauded its institutional customers by extracting excessive profits out of its customers' orders while failing to meet the firm's duty to provide "best execution" to the institutions that placed those orders. Without admitting or denying the SEC's findings, Knight, now known as Knight Equity Markets, L.P., agreed to p

Program Trading Averaged 54.1 Percent Of NYSE Volume During Dec. 6-10

Date 16/12/2004

The New York Stock Exchange today released its weekly program-trading data submitted by its member firms. The report includes trading in all markets as reported to the NYSE for Dec. 6-10.
OneChicago: Product Listing -- Futures On Dow Jones MicroSector Indexes<SUP>SM</SUP>

Date 16/12/2004

Trading will be suspended on the Dow Jones MicroSector Index futures at the MAR05 contract expiration. MAR05 MicroSectors that have zero open interest will be delisted at the conclusion of DEC04 expiration. JUN05 contracts and beyond will not be listed.
OMX: Announcement Of Prospectus And Offer To The Shareholders Of Copenhagen Stock Exchange

Date 16/12/2004

On November 15, 2004, OMX AB (publ) (“OMX”) and Copenhagen Stock Exchange A/S (“CSE”) announced plans to combine the operations of the two companies. The Board of Directors of both OMX and CSE have now, for its respective parts, approved the prospectus setting forth the terms and conditions of the offer being made to the shareholders of CSE (the “Offer”).
New York Mercantile Exchange To Amend Listing Schedule For Natural Gas Futures, Swap Futures, And Options

Date 16/12/2004

The New York Mercantile Exchange, Inc., announced today that it amended the listing schedule for its natural gas futures, Henry Hub swap futures, Henry Hub penultimate swap futures, natural gas options, and European–style natural gas options contracts.
Industry Report On The Financial Services Authority 's Regulatory Performance

Date 16/12/2004

The Financial Services Authority has welcomed the latest biennial report into its regulatory performance by the independent Financial Services Practitioner Panel, published today.