News Centre

US Department Of Justice: Deutsche Bank Agrees To Pay $7.2 Billion For Misleading Investors In Its Sale Of Residential Mortgage-Backed Securities - Deutsche Bank’s Conduct Contributed To The 2008 Financial Crisis

Date 17/01/2017

The Justice Department, along with federal partners, announced today a $7.2 billion settlement with Deutsche Bank resolving federal civil claims that Deutsche Bank misled investors in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) between 2006 and 2007.  This $7.2 billion agreement represents the single largest RMBS resolution for the conduct of a single entity.  The settlement requires Deutsche Bank to pay a $3.1 billion civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA).  Under the settlement, Deutsche Bank will also provide $4.1 billion in relief to underwater homeowners, distressed borrowers and affected communities.

DTCC Appoints Derek West As Chief Compliance Officer For Its European Global Trade Repository Business - West Previously Served As Senior Director Of Derivatives Oversight At The Autorité Des Marchés Financiers In Quebec

Date 17/01/2017

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that Derek West, former Senior Director of Derivatives Oversight at the Quebec Autorité des marchés financiers (AMF), has joined the firm as Executive Director and Chief Compliance Officer for the firm’s European Global Trade Repository[1] (GTR) business. Mr. West will be responsible for ensuring GTR Europe remains in full compliance with European Market Infrastructure Regulation (EMIR) trade repository requirements, as well as other applicable laws and regulations.  In addition, he will coordinate EMIR supervisory activities and examinations, as well as work closely with GTR senior management and the European Securities and Markets Authority (ESMA).

Thomson Reuters Offers Financial Community Exclusive Commentary During World Economic Forum - Global Markets Forum, Available To Eikon Messenger Users, Delivers Comprehensive News, Guest Commentary And Analysis In A Single Location

Date 17/01/2017

Thomson Reuters will host exclusive, live news and commentary during the 2017 World Economic Forum in Davos from January 17-20 for Eikon Messenger users via the Global Markets Forum (GMF), its flagship editorial community for connecting senior global financial market professionals with Reuters news and guest commentary. 

New York State Department of Financial Services Superintendent Vullo Submits Comment Letter To Office Of The Comptroller Of The Currency In Opposition Of Proposed Special Purpose National Bank Charter For “FinTech” Companies - OCC Proposal Ignores Decades Of Experienced State-Based Regulatory Authority For Nonbank Financial Services Companies, Including “Fintech”, Never Before Regulated By The OCC - State Regulators Are Best Equipped To Guard Against Predatory And Abusive Practices Targeting Consumers In Their Borders - The Proposal Lacks Legal Authority And Threatens The Growth Of Small Businesses While Potentially Creating More “Too Big To Fail” Companies With Lax Oversight

Date 17/01/2017

Financial Services Superintendent Maria T. Vullo today submitted a comment letter in opposition to the Office of the Comptroller of the Currency (OCC) proposal to create a new national bank charter for “fintech” companies.  DFS, which was created in 2011 to reform the regulation of financial services in New York to keep pace with the sector’s rapid and dynamic evolution, has been a leader in responding to the regulatory needs of new technologies.  DFS, as successor to the New York State Banking Department, for decades has licensed nonbank financial services companies, including money transmitters, online lenders, and virtual currency exchanges under state law. 

Bats Global Markets Announces Stockholder Approval Of Merger Agreement With CBOE Holdings

Date 17/01/2017

Bats Global Markets, Inc. (Bats: BATS) (“Bats”) today announced that based on a preliminary vote tally  from the special meeting of stockholders held today, Bats stockholders have voted to adopt the previously announced merger agreement pursuant to which (i) CBOE Corporation (“Merger Sub”), a wholly owned subsidiary of CBOE Holdings, Inc. (NASDAQ: CBOE) (“CBOE”), will merge with and into Bats, with Bats surviving as a wholly owned subsidiary of CBOE Holdings (the “Merger”) and (ii) following the completion of the Merger, the surviving corporation will merge with and into CBOE V, LLC, a wholly owned subsidiary of CBOE Holdings (the “Subsequent Merger”), with CBOE V, LLC surviving the Subsequent Merger and continuing as a wholly owned subsidiary of CBOE Holdings.

“The SEC After The Financial Crisis: Protecting Investors, Preserving Markets, Speech By SEC Chair Mary Jo White, The Economic Club Of New York, Jan. 17, 2017

Date 17/01/2017

Thank you, Terry [Lundgren], for that generous introduction.

As always, it is great to be back speaking at The Economic Club of New York.

I especially appreciate the invitation to speak to you today, three days away from completing my term as the 31st Chair of the Securities and Exchange Commission.  I am often asked for my reflections on this period of my public service.  My most frequent response is “never a dull moment.”  My less irreverent observation is how proud I am of what the agency has accomplished for investors and the markets in the last four years.  But I will leave it to others to catalog and assess what we have done.  My topic for today is forward looking.

Bats Listings Closes Strong 2016 With 15 Listings Switches From NYSE Arca - Welcomed 34 ETFs From 13 Issuers In Fourth Quarter

Date 17/01/2017

Bats Inc. (Bats: BATS), the #1 stock market operator for exchange-traded fund trading, today announced that Deutsche Asset Management, ProShares and Cambria have switched a total of 15 ETFs to Bats since late December.

CBOE Holdings Stockholders Approve Share Issuance In Bats Merger

Date 17/01/2017

At a special meeting of stockholders of CBOE Holdings, Inc. (NASDAQ: CBOE) held today, CBOE Holdings stockholders voted in favor of a proposal to approve the issuance of shares of CBOE Holdings common stock pursuant to the previously announced Agreement and Plan of Merger, dated as of September 25, 2016, by and among CBOE Holdings, two wholly-owned subsidiaries of CBOE Holdings and Bats Global Markets, Inc. Also today, Bats stockholders approved the proposal to adopt the Agreement and Plan of Merger at a special meeting of Bats stockholders. Completion of the transaction remains subject to the receipt of certain regulatory approvals and the satisfaction or waiver of customary closing conditions.  CBOE Holdings expects the transaction to close by the end of the first quarter of 2017.    

FTSE Russell Expands China Offering With Two New Indexes

Date 17/01/2017

• FTSE China A Innovative Enterprise Indexes track fast-growing ChiNext stocks listed on Shenzhen Stock Exchange
• FTSE China A Stock Connect Index tracking China mainland listed stocks available through the Shanghai- Hong Kong and Shenzhen-Hong Kong Stock Connect programmes
• FTSE Russell China benchmarks widely recognised as the leading measure of the China equity market

The TASE Analysis Project Expands To Include 20 Companies: Ten additional Biomed And Technology Companies To Be Analyzed By Frost & Sullivan, The Global Consulting & Market Research Firm

Date 17/01/2017

Ten additional biomed and technology companies are joining TASE's analysis project. The project, which now includes 20 companies, has been undertaken with the goal of raising investors' information level regarding both technology and biomed companies and the markets in which the companies operate, thus generating appropriate pricing and increasing the exposure for both domestic and foreign investors.