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Federal Court In Nevada Orders My Global Leverage, LLC And Toney Blondo Eggleston To Pay More Than $1.4 Million In Restitution And A Monetary Penalty For Engaging In Illegal, Off-Exchange Precious Metals Transactions

Date 01/09/2016

The U.S. Commodity Futures Trading Commission (CFTC) announced that Judge Andrew P. Gordon of the U.S. District Court for the District of Nevada entered an Order of default judgment (Order) against My Global Leverage, LLC (MGL), which did business in Las Vegas, Nevada, and its owner and managing member Toney Blondo Eggleston, who resided in Las Vegas and Newport Coast, California, for engaging in illegal, off-exchange precious metals transactions.

ISDA SIMM Deployed Today: New Industry Standard For Calculating Initial Margin Widely Adopted By Market Participants

Date 01/09/2016

The International Swaps and Derivatives Association, Inc. (ISDA) today announced the live launch of the ISDA Standard Initial Margin Model (ISDA SIMMTM), an industry standard methodology that is being widely adopted by market participants to calculate initial margin for non-cleared derivatives trades.

CFTC To Hold An Open Commission Meeting On September 8th To Consider System Safeguards Testing Requirements Final Rules And A Comparability Determination For Japan Uncleared Swap Margin Rules For Substituted Compliance Purposes

Date 01/09/2016

U.S. Commodity Futures Trading Commission (Commission) Chairman Tim Massad announced today that the Commission will hold an open meeting on Thursday, September 8, 2016 at 10 a.m. to consider the following:

• Final Rule - System Safeguards Testing Requirements for Derivatives Clearing Organizations (Division of Clearing and Risk) 
  
  
• Final Rule - System Safeguards Testing Requirements (Division of Market Oversight)
  
  
• Comparability Determination for Japan Uncleared Swap Margin Rules for Substituted Compliance Purposes

Canadian Securities Administrators: Regulators Publish Update On Consideration Of Concerns Regarding Reduced Access To Canadian Foreign-Currency Fixed Income Offerings

Date 01/09/2016

The Canadian Securities Administrators (CSA) today published CSA Staff Notice 31-346 –Guidance as to the Scope of the International Dealer Exemption in relation to Foreign-Currency Fixed Income Offerings by Canadian Issuers.

CFTC Wins Fraud Trial Against Florida-Based Precious Metals Traders Robert Escobio, Southern Trust Metals, And Loreley Overseas Corporation - Escobio And His Companies Are Permanently Banned From Commodity Trading And Registration, And Ordered To Pay Approximately $2.5 Million In Restitution And Penalties.

Date 01/09/2016

The U.S. Commodity Futures Trading Commission (CFTC) announced today a victory after trial involving a fraudulent precious metals scheme perpetrated by Robert Escobio of Miami, Florida, through his companies Southern Trust Metals, Inc. (Southern Trust) and Loreley Overseas Corporation(Loreley) (collectively, Defendants). U.S. District Judge James Lawrence King of the U.S. District Court for the Southern District of Florida issued his Findings of Fact and Conclusions of Law (Order) and Final Judgment (Judgment) in favor of the CFTC on August 29, 2016. The Judgment permanently enjoins and prohibits Escobio and the two companies from trading and orders them to pay restitution in the amount of $1,543,892 and a civil penalty of $254,919.66 for an illegal precious metals scheme. The Judgment also orders Southern Trust and Escobio to pay additional restitution of $559,725 and an additional penalty of $120,112.33 for an unregistered futures scheme.

CFTC Issues No-Action Letter To Swap Dealers To Extend Collateral Rule Deadline Due To Limitations With Custodial Accounts - Swap Dealers Given Until October 3rd To Comply

Date 01/09/2016

The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a time-limited, no-action letter stating that it will not recommend an enforcement action against a swap dealer subject to the September 1, 2016 compliance date for the CFTC’s uncleared swap margin rules, subject to certain conditions, for failing to fully comply with the custodial arrangement requirements of CFTC regulation 23.157 prior to October 3, 2016. Due to certain practical and technical limitations, DSIO believes it is appropriate to provide this relief when a swap dealer is making diligent, good faith implementation efforts in this period of transition.

SEC Charges Alabama Attorney And His Companies In Purported Waste-To-Energy Ventures

Date 01/09/2016

The Securities and Exchange Commission today charged Alabama attorney Donald Watkins and companies he controls with defrauding professional athletes and other investors out of millions of dollars, much of which he spent on his girlfriend and to cover personal expenses like alimony, past due taxes and credit card bills.

Statement Of CFTC Chairman Timothy Massad Regarding 30 Day No-Action Relief From Compliance With Custodial Arrangement Requirements Under CFTC Uncleared Swap Margin Rules

Date 01/09/2016

Today is the first compliance date for our rules requiring margin for uncleared swaps, which generally covers transactions between swap dealers. CFTC staff has been made aware that some dealers have not been able to complete all documentation required to comply with the custodial arrangements required by CFTC rules, due to the limited number of providers of such services and the volume of custodial agreements that market participants are requesting. While it is staff's understanding that this situation has improved in the last few days,‎ and that the largest dealers may no longer face significant issues, staff has heard that smaller firms or foreign firms may not have been able to complete all arrangements or test these new facilities.

OneChicago Announces Trading Volume For August 2016 - Year-To-Date Volume Up 2 Percent

Date 01/09/2016

OneChicago, LLC (OCX), a securities finance exchange, today announced its August 2016 volume of 1,025,240, a decrease of 21% year-over-year. OneChicago is a CFTC and SEC regulated exchange offering Single Stock Futures (SSF), a Delta One product, on approximately 1,800 equities, including ADRs and ETFs.   

NYSE Member Firms Report Second-Quarter Results

Date 01/09/2016

New York Stock Exchange member firms that conduct business with the public reported a second-quarter 2016 after-tax profit of approximately $3.8 billion and revenues of approximately $42.4 billion, compared with approximately $3.1 billion after-tax profit on revenues of about $42.5 billion in the second-quarter of 2015.