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  • Thomson Reuters And Blackstone Close Financial & Risk Transaction

    Date 01/10/2018

    Thomson Reuters (TSX/NYSE: TRI) today announced that it has closed the sale of a 55% interest in the company's Financial & Risk business to private equity funds managed by Blackstone. An affiliate of Canada Pension Plan Investment Board and an affiliate of GIC invested alongside Blackstone. The Financial & Risk business is now known as Refinitiv.

  • Blackstone-Led Consortium Completes Partnership Transaction With Thomson Reuters For Financial & Risk Business

    Date 01/10/2018

    A consortium led by Blackstone (NYSE:BX) today announced that private equity funds managed by Blackstone (“Blackstone”) – together with Canada Pension Plan Investment Board (“CPPIB”) and GIC – have completed the previously announced partnership transaction with Thomson Reuters (TSX / NYSE: TRI) for Thomson Reuters’ Financial & Risk (F&R) business. The Blackstone-led consortium now owns 55 percent of the equity in a new corporation created to hold the F&R business, and Thomson Reuters retains a 45 percent equity stake, at an overall valuation of US$20 billion. The Financial & Risk business is now known as Refinitiv.

  • Wolves And Wolverines: Remarks At The University Of Michigan Law School, SEC Commissioner Hester M. Peirce , Ann Arbor, MI, Sept. 24, 2018

    Date 01/10/2018

    Thank you, Professor [Gabriel] Rauterberg, for that kind introduction. I appreciate the opportunity to be here today to talk to you about two issues that have gotten a lot of attention lately—namely arbitration between public companies and their shareholders and digital assets. Before I begin, I must issue my standard disclaimer, which is that the views I express today are my own and do not reflect the views of the Securities and Exchange Commission or my fellow commissioners.

  • CFTC Orders The Bank Of Nova Scotia To Pay $800,000 Penalty For Spoofing In The Precious Metals Futures Markets - Bank’s Penalty Was Substantially Reduced In Recognition Of Its Self-Reporting, Cooperation, And Remediation

    Date 01/10/2018

    The Commodity Futures Trading Commission (CFTC) issued an Order filing and settling charges against the Bank of Nova Scotia (BNS) for engaging in multiple acts of spoofing in gold and silver futures contracts traded on the Chicago Mercantile Exchange (CME).  The Order finds that BNS engaged in this activity by and through traders on its precious metals trading desk (Traders) from at least June 2013 through June 2016.  The Order requires BNS to pay an $800,000 civil monetary penalty and to cease and desist from violating the Commodity Exchange Act’s prohibition against spoofing.  BNS was notified of the misconduct by its Futures Commission Merchant, and when BNS became aware of the misconduct, BNS reported it to the CFTC.

  • Implementation Of The Economic Growth, Regulatory Relief, And Consumer Protection Act, Federal Reserve Vice Chairman For Supervision Randal K. Quarles, Before The Committee On Banking, Housing, And Urban Affairs, U.S. Senate, Washington, D.C.

    Date 01/10/2018

    Chairman Crapo, Ranking Member Brown, and members of the Committee, I appreciate this opportunity to testify on the Federal Reserve's implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA or the Act). The Act calls on the federal banking agencies to aid in promoting economic growth by further tailoring regulation to better reflect the character of the different banking firms that we supervise. While recognizing that the core objectives of the post-crisis regime--higher and better quality capital, stronger liquidity, and increased resolvability--have contributed to reducing the likelihood of another severe financial crisis, the Act also acknowledges that we should be seeking to improve the efficiency with which we achieve these objectives, and gives the federal banking agencies the task of executing the thoughtful detail work necessary to enhance that efficiency.