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FINRA Fines J.P. Morgan Securities LLC, $1.1 Million For Failing To Timely Disclose 89 Allegations Of Misconduct Over A Six-Year Period - Prevented Numerous Regulatory Investigations; Prevented Other Member Firms And Public From Learning About Allegations Including Misappropriation Of Funds

Date 16/09/2019

FINRA today announced it has censured and fined J.P. Morgan Securities LLC (JPMS) $1.1 million for failing to timely disclose 89 internal reviews or allegations of misconduct by its registered representatives and associated persons spanning a six-year period. FINRA also required an undertaking by the firm to certify within 60 days that it has taken appropriate corrective measures.

Statement Of CFTC Commissioner Quintenz In Support Of Amendments To The Volcker Rule

Date 16/09/2019

I support today’s targeted amendments to the Volcker Rule, which I believe will simplify firms’ compliance with the statutory ban on proprietary trading and improve the agencies’ supervision of banking entities.  Based upon the agencies’ implementation experience since 2013, it has become apparent that the rule as originally adopted has resulted in ambiguity over permissible activities, an overbroad application, and unnecessarily complex compliance processes.  The revised rule before us today tailors and simplifies the rule to enable banking entities to effectively provide traditional banking services to their clients in a manner that is consistent with the statute.

Bank For International Settlements: Senior Officials From Public Authorities Meet On Stablecoins

Date 16/09/2019

Senior officials from public authorities worldwide met in Basel on Monday to discuss policy and regulatory issues posed by the emergence of "stablecoin" initiatives backed by financial institutions and large technology companies.

Dubai Islamic Economy Development Centre Collaborates With DIFC, DFM, And The Climate Bonds Initiative To Grow Green Sukuk Market

Date 16/09/2019

Dubai Islamic Economy Development Centre (DIEDC) today signed a memorandum of understanding (MoU) with the Dubai International Financial Centre (DIFCA), the Dubai Financial Market (DFM), and Climate Bonds Initiative (CBI) to collaborate on growing the green sukuk sector and stepping up the exchange of knowledge and expertise in the field.

Statement Of CFTC Chairman Heath Tarbert In Support Of Revisions To The Volcker Rule

Date 16/09/2019

I have voted to approve revisions to the Volcker Rule, among the most well-intentioned but poorly designed regulations in the history of American finance.  My involvement with the Volcker Rule started nearly a decade ago when I served as special counsel to the Senate Banking Committee before the passage of the Dodd-Frank Act.  In fact, I was the staff member responsible for arranging for former Federal Reserve Chairman Paul Volcker to testify before the committee on the original version of the rule that now bears his name.  Having had the opportunity to interact with Chairman Volcker at various points throughout my career, I have always had immense respect for him.  He had a clear-cut vision: banks should be barred from speculating in the markets (a practice known as proprietary trading) and from running hedge funds and private-equity firms.  “If you are doing this stuff,” he would say, “you should not be a commercial bank.”

Moscow Exchange: Risk Parameters Change On Securities Market

Date 16/09/2019

CCP NCC sets the following risk parameters on Securities market starting from September 17, 2019:

In CFTC Action, Former Precious Metal Trader Admits To Engaging In Spoofing At Two New York Banks

Date 16/09/2019

The U.S. Commodity Futures Trading Commission today issued an order filing and settling charges against Christian Trunz, a former precious metals trader at two financial institutions who entered into a formal cooperation agreement with the CFTC’s Division of Enforcement and admitted to spoofing in the futures markets. This case was brought in connection with the Division’s Spoofing Task Force. 

Pirelli Confirmed World Sector Leader On The Dow Jones Sustainability Indexes

Date 16/09/2019

Pirelli is confirmed the world leader in Sustainability in the Automobiles and Components sector on the Dow Jones Sustainability World and Europe Indexes. This was the result of the review of the indexes, the variations of which will apply from September 23, which is conducted annually by RobecoSam and S&P Dow Jones.

CFTC Charges Traders At Major U.S. Bank With Manipulating The Precious Metals Futures Markets

Date 16/09/2019

The U.S. Commodity Futures Trading Commission today filed a civil enforcement action in the U.S. District Court for the Northern District of Illinois against Michael Nowak, of New Jersey, and Gregg Smith, of New York, charging them with spoofing, engaging in a manipulative and deceptive scheme, and attempting to manipulate prices in the precious metals futures markets while employed at a major U.S. bank. This case was brought in connection with the CFTC Division of Enforcement’s Spoofing Task Force. 

Refinitiv Announces The 2019 D&I Index Top 100 Most Diverse & Inclusive Organizations Globally

Date 16/09/2019

• D&I Index measures relative performance against multiple factors that define diverse and inclusive workplaces.
• Industries leading this year’s index include 13 pharmaceutical firms; 11 banking, investment services & insurance; 9 telecommunications services; 7 personal & household products & services.
• United States leads the Top 100 list with 25 firms followed by United Kingdom 10 and Australia 9.
• BlackRock - first to launch an ETF based on the D&I Index. The Matterhorn Group at Morgan Stanley - first advisory team to use the D&I Index as an investment tool.