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Dalian Commodity Exchange Holds Night Trading Emergency Drill
Date 26/06/2014
To ensure the smooth operation of the night trading to be introduced and prevent and deal with the possible unexpected risks, on June 21, Dalian Commodity Exchange (DCE) organized the emergency drill for the technical system of the night trading.
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Activate Existing Assets, Facilitate The Region Development - First Shandong Asset Securitization Products Listed On Shenzhen Stock Exchange
Date 26/06/2014
Approved by China Securities Regulatory Commission recently, ‘Guotai 1st Tranche Special Asset Management Plan’ (hereinafter referred as Guotai 1st Tranche), launched by Qilu Securities Co., Ltd., will be transferred by listing on Shenzhen Stock Exchange Comprehensive Trading Platform on June 25, 2014. With the creditor’s right of leasing contracts signed by Guotai Leasing Limited Company with the lessees as basic assets, the product falls into 4 prior classes and 1 subordinated class of asset-backed securities, raising CNY1.196 billion in total.
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SIFMA Statement On SEC Approval Of Cross-Border Swaps Rules
Date 25/06/2014
SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO following the Securities and Exchange Commission's unanimous decision to adopt cross-border security-based swaps rules and guidance:
"We appreciate the SEC moving forward through the appropriate rulemaking process to adopt cross-border rules. Given the global nature of the swaps market, it is essential that we have clarity on jurisdictional lines and that we continue to work with regulators in other jurisdictions to promote coordination in the oversight of our markets. As the SEC moves forward with its Title VII rulemaking, we encourage rulemakers in the U.S. and abroad to coordinate in implementing rules governing the swaps market, in furtherance of the goals of the G20 and Dodd-Frank." -
SEC Announces Order For Tick Size Pilot Plan - Pilot To Assess Impact Of Tick Size On Market Quality For Small Cap Companies
Date 25/06/2014
The Securities and Exchange Commission today announced that it has ordered the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) to act jointly to develop and file with the Commission a national market system plan to implement a targeted 12 month pilot program that will widen minimum quoting and trading increments (tick sizes) for certain small capitalization stocks. The Commission plans to use the program to assess whether these changes would enhance market quality to the benefit of U.S. investors, issuers, and other market participants.
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SIFMA Statement On Passage Of National Cybersecurity And Communications Integration Center Act Of 2014 by Senate Committee
Date 25/06/2014
SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO on the passage of the National Cybersecurity and Communications Integration Center Act of 2014 by the Senate Committee on Homeland Security and Governmental Affairs:
"SIFMA and its members applaud Chairman Carper and Ranking Member Coburn for their leadership in pushing forward important legislation which could lead to enhanced cybersecurity. The National Cybersecurity and Communications Integration Center (NCCIC), along with the Financial Services - Information Sharing and Analysis Center (FS-ISAC), is an integral part of the financial services sector's information sharing processes. We applaud the legislation's codification of the NCCIC and its recognition of the capabilities that the NCCIC provides to the financial services sector as well as the critical infrastructure sectors that we rely on to operate."
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Barclays PLC: Complaint Filed By New York State Attorney General
Date 25/06/2014
Barclays notes the Complaint filed by the New York State Attorney General this afternoon in the New York State Courts. The Complaint relates to the Attorney General’s investigation of LX Liquidity Cross, which is Barclays’ SEC-registered Alternative Trading System and which provides alternative liquidity to market participants. The Complaint makes a number of allegations, including fraud and deceptive practices. Amongst other relief, the Complaint seeks unspecified monetary damages and injunctive relief.
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Cross-Border Security-Based Swap Rules And Guidance, SEC Commissioner Kara M. Stein, Washington, D.C., June 25, 2014
Date 25/06/2014
I want to begin by thanking Brian Bussey, Richard Gabbert, Joshua Kans, and Margaret Rubin from Trading and Markets; Brooks Shirey and Lori Price from the General Counsel’s office; and Liban Jama from the Chair’s staff for all of their hard work on this rule.
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New York Attorney General Eric Schneiderman Announces Fraud Charges Against Barclays In Connection With Marketing And Operation Of Its Dark Pool - Investigation Into Barclays’ Dark Pool And Electronic Trading Business Uncovered An Alleged Pattern Of Fraud And Deceit, Misrepresentations To Investors
Date 25/06/2014
Attorney General Eric Schneiderman today announced a lawsuit against the international bank Barclays, arising from the operation of Barclays’ dark pool and other aspects of its electronic trading division. The complaint alleges Barclays has dramatically increased the market share of its dark pool through a series of false statements to clients and investors about how, and for whose benefit, Barclays operates its dark pool. Contrary to Barclays’ representations that it has implemented special safeguards to protect clients from “aggressive” or predatory high-frequency traders, Barclays is accused of operating its dark pool to favor high-frequency traders.
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SEC Announces Fraud Charges Against Three Former Regions Bank Executives In Accounting Scheme
Date 25/06/2014
The Securities and Exchange Commission today announced fraud charges against three former senior managers of Regions Bank for intentionally misclassifying loans that should have been recorded as impaired for accounting purposes. As a result, the bank’s publicly-traded holding company overstated its income and earnings per share in its financial reporting.
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FINRA Hearing Panel Expels Success Trade Securities And Bars CEO Fuad Ahmed For Fraudulent Scheme - Ordered To Pay $13.7 Million In Restitution - Majority Of Defrauded Investors Were NFL And NBA Players
Date 25/06/2014
The Financial Industry Regulatory Authority (FINRA) announced today that a FINRA hearing panel has expelled Washington, D.C.-based Success Trade Securities, Inc. from membership and barred its CEO and President, Fuad Ahmed, for the fraudulent sale of promissory notes and for creating a Ponzi scheme. In addition, the firm and Ahmed are jointly and severally ordered to pay approximately $13.7 million in restitution to 59 investors, the majority of whom were current and former NFL and NBA players.
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