News Centre

Commissioner Aguilar: Looking Back At The SEC’s Transformation (And A Few Other Things) - Commissioner Luis A. Aguilar, U.S. Securities and Exchange Commission [*]

Date 21/12/2015

I started my tenure as an SEC Commissioner in the late summer of 2008, only a few weeks before the collapse of Lehman Brothers and the financial turmoil that followed, and only a few months before one of the largest financial frauds in U.S. history—the Bernard Madoff Ponzi scheme—was exposed. Beyond their obviously substantial impact on the capital markets and the greater economy, these historical events demonstrated that the Commission needed to change and adapt if it was to continue to be an effective regulator. Indeed, in late 2008 and in 2009, the continuing existence of the Commission was a matter of serious speculation. Thus, whether by coincidence or circumstance—some would say a fate of timing—it is not surprising that my tenure has corresponded with one of the most transformational periods in the SEC’s august history.

FINRA Sanctions Cantor Fitzgerald & Co. $7.3 Million For Selling Billions Of Unregistered Microcap Shares, And For Related Supervisory And AML Violations - Trader And Supervisor Suspended And Fined

Date 21/12/2015

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Cantor Fitzgerald & Co. $6 million and ordered disgorgement of nearly $1.3 million in commissions, plus interest, for selling billions of unregistered microcap shares in violation of federal law. Cantor Fitzgerald & Co. was also sanctioned for failing to have adequate supervisory or anti-money laundering (AML) programs tailored to detect "red flags" or suspicious activity connected to its microcap activity. In addition, two of the firm's business executives were suspended and fined: Jarred Kessler, Executive Managing Director of Equity Capital Markets during the relevant period, was suspended for three months in a principal capacity and fined $35,000 for supervisory failures; and equity trader Joseph Ludovico was suspended in all capacities for two months and fined $25,000.

Industry Steering Committee Publishes Playbook For Implementing T+2 Settlement Cycle In U.S. By The End Of 3Q 2017

Date 21/12/2015

The T+2 Industry Steering Committee (T+2 ISC) today published an Implementation Playbookdeveloped with Deloitte Advisory. The Playbook provides a detailed timeline, milestones and dependencies that impacted market participants should consider in order to migrate to a two-day settlement cycle (T+2) from the current three-day settlement cycle for U.S. equities, corporate and municipal bonds, and unit investment trust (UIT) trades by the end of Q3 2017.  

OneChicago Holiday Schedule

Date 21/12/2015

In observance of the upcoming holiday, OneChicago will follow the schedule below, which is consistent with U.S. equity markets.

ESMA Issues Favourable Opinion Extending Greek HCMC Short Selling Ban

Date 21/12/2015

The European Securities and Markets Authority (ESMA) has issued its official opinion agreeing to an extension of the emergency short selling prohibition by the Hellenic Capital Market Commission (HCMC) on the shares of certain credit institutions under the Short Selling Regulation that expires at 24:00:00 (CET) on Monday 21 December 2015.

EBA Updates On The Status Of Its Final Implementing Technical Standards On Benchmarking Portfolios

Date 21/12/2015

Euronext Announces Removal Of Bank Banif From PSI 20 Index

Date 21/12/2015

Euronext today announced the removal of Banif S.A. from the PSI 20 index, following the announcement of the Portuguese Central bank on 20 December 2015 to sell Banif S.A. in their role as resolution authority1. The removal of Banif S.A. from the PSI 20 Index will be effective from Wednesday 23 December 2015. Banif S.A. will not be replaced directly in the index.

EBA Updates On Risks And Vulnerabilities In The EU Banking Sector

Date 21/12/2015

The European Banking Authority (EBA) published today its eighth semi-annual report on risks and vulnerabilities in the EU banking sector. The report shows that EU banks have continued to strengthen their capital position and to improve asset quality. However, the level of non-performing exposures remains high and profitability is still weak. The report also analyses the exposures towards emerging market (EM) countries and non-bank financial intermediaries.

Office Of The Comptroller Of The Currency Reports Third Quarter Trading Revenue Of $5.3 Billion

Date 21/12/2015

Insured U.S. commercial banks and savings associations reported trading revenue of $5.3 billion in the third quarter of 2015, a drop of 4 percent or $200 million from the previous second quarter, the Office of the Comptroller of the Currency (OCC) reported today in the OCC's Quarterly Report on Bank Trading and Derivatives Activities. Trading revenue in the third quarter was $300 million or 5 percent lower than in the year earlier period.

EBA Publishes Final Guidelines On Sound Remuneration Policies And Its Opinion On The Application Of Proportionality

Date 21/12/2015

The European Banking Authority (EBA) published today its final Guidelines on sound remuneration policies together with its Opinion on proportionality, recommending exemptions from the remuneration principles in the Capital Requirements Directive (CRD IV). The guidelines ensure that institutions calculate correctly and consistently the so called ‘bonus cap' by setting out specific criteria for mapping all remuneration components into either fixed or variable pay and detailing how specific remuneration elements such as allowances, sign-on bonuses, retention bonuses and severance pay are to be recognised over time.