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FINRA Working Paper: High Broker-Affiliated ATS Order Routing Associated With Lower Fill Rates, Higher Costs

Date 28/01/2019

Institutional orders routed by brokers that send a relatively high percentage of such orders through affiliated alternative trading systems (ATSs) tend to receive lower order fill rates and higher execution costs, according to a new working paper by FINRA’s Office of the Chief Economist.

CFTC Chairman Giancarlo: Bipartisanship, Goodwill And Common Sense Guided CFTC Through Government Shutdown

Date 28/01/2019

U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo issued the following statement regarding the CFTC’s return to operations:

“Following the Friday evening announcement of the continuing resolution to reopen the government, the CFTC resumed operations.  Today, we enthusiastically welcomed back hundreds of employees to our offices in Washington, Kansas City, Chicago and New York.  We are grateful for the professional manner in which they handled the uncertainty of the shutdown."

CFTC Financial Data For Futures Commission Merchants Update

Date 28/01/2019

Futures commission merchants (FCMs) and retail foreign exchange dealers (RFEDs) must file monthly financial reports with the CFTC's Division of Swap Dealer and Intermediary Oversight (DSIO) within 17 business days after the end of the month. Selected financial information from these reports is published below. The most recent month-end information generally is added within 12 business days after FCMs and RFEDs file their reports, but occasionally may be added later. For example:  The 17th business day filing “due date" for February 28, 2015 financial reports was March 25, 2015.  The 12 business day target for posting these data was April 10, 2015.

Shamoil T. Shipchandler, Regional Director Of The SEC’s Fort Worth Regional Office, Has Left The Agency

Date 28/01/2019

The Securities and Exchange Commission today announced that Shamoil T. Shipchandler, Director of the Fort Worth Regional Office, left the agency on Friday, January 25.  Under Mr. Shipchandler’s leadership, the Fort Worth office has brought numerous significant enforcement actions and has conducted examination activities that have strengthened compliance in the industry, including filing novel cases involving accounting fraud and cryptocurrency, and providing transparency to regional registrants.

Court Orders $1 Billion Judgment Against Operators Of Woodbridge Ponzi Scheme Targeting Retail Investors - Former Owner Robert H. Shapiro Fined $100 Million

Date 28/01/2019

The Securities and Exchange Commission today announced that a federal court in Florida ordered Woodbridge Group of Companies LLC and its former owner to pay $1 billion in penalties and disgorgement for operating a Ponzi scheme that targeted retail investors.

Federal Reserve Board Will Host Public Research Conference On Its Stress Testing Framework In July

Date 28/01/2019

The Federal Reserve Board in July will host a public research conference on its stress testing framework. The conference will bring together academics, regulators, bankers, and other stakeholders to discuss the transparency and effectiveness of the Board's stress tests and how the stress tests can remain a dynamic and useful tool of large bank supervision.

Remarks Of CFTC Commissioner Dan M. Berkovitz At The Commodity Markets Council State Of The Industry 2019 - Competition, Concentration, And Cartels In The Swaps Market

Date 28/01/2019

Good afternoon.  Thank you Kevin, Jim, and the Commodity Markets Council for inviting me here to speak with you.

I’m going to talk today about free, fair, and competitive markets.  These concepts are the foundation of our economic system.  In the same year the American colonies declared their independence, Adam Smith observed in The Wealth of Nations, “In general, if any branch of trade, or any division of labor, be advantageous to the public, the freer and more general the competition, it will always be the more so.”  Just as our principles of political liberty have endured, the principles of economic liberty have endured as well.  More recently, the U.S. Supreme Court declared, “The heart of our national economic policy long has been faith in the value of competition.”

Bank Of England: Minutes Of The UK Money Markets Code Committee - October 2018

Date 28/01/2019

The UK Money Markets Code Committee meets regularly to review and update the UK Money Markets Code.

FINRA Launches New Initiative For Member Firms To Self-Report 529 Savings Plan Violations - Fines To Be Waived For Firms Notifying FINRA By April 1 - Initiative Stresses Restitution And Rapid Remediation

Date 28/01/2019

FINRA today announced via Regulatory Notice 19-04 a self-reporting initiative to promptly compensate harmed investors and promote firms’ compliance with the rules governing the recommendation of 529 savings plans. Under the 529 Plan Share Class Initiative (529 Initiative), broker-dealers are encouraged to review their supervisory systems and procedures governing 529 plan share-class recommendations, self-report supervisory violations and provide FINRA with a plan to remediate harmed customers. In response, FINRA’s Department of Enforcement will recommend that FINRA accept a settlement that includes restitution for the impact on affected customers and a censure, but no fine.

Bank Of England: Minutes Of The UK Money Markets Code Committee - May 2018

Date 28/01/2019

The UK Money Markets Code Committee meets regularly to review and update the UK Money Markets Code.