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CFTC Orders Florida Resident Sean F. McCabe And His Company WorldPMX, Inc. To Pay Restitution And A Civil Monetary Penalty Of More Than $1.1 Million For Engaging In Illegal, Off-Exchange Precious Metals Transactions

Date 17/09/2014

The U.S. Commodity Futures Trading Commission (CFTC) today announced that it entered an Order filing and simultaneously settling charges against Sean F. McCabe, a resident of Sunny Isles, Florida, and his company, WorldPMX, Inc. (WorldPMX), for engaging in illegal, off-exchange precious metals transactions and for operating WorldPMX as an unregistered Futures Commission Merchant (FCM). The CFTC Order requires McCabe and WorldPMX jointly to pay restitution totaling $1,048,807 and a civil monetary penalty of $140,000. In addition, the Order imposes permanent registration and trading bans on McCabe and WorldPMX.
City Expects A No Vote In The Scottish Referendum And A Smooth Ride For The Pound

Date 17/09/2014

After 2 years of heated debate, fractious discussion and considerable angst, the Scottish Independent Referendum is finally here and according the TradeNext, the Pound is in for rough and turbulent ride, especially if the Yes wins.
ICE Futures US Sets Daily Volume And Open Interest Record In Mini MSCI Complex And Daily Volume Record In Mini MSCI Emerging Markets

Date 17/09/2014

Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, announced today that ICE Futures U.S. achieved a daily volume and open interest record in the mini MSCI Index futures complex and a second consecutive daily volume record in the mini MSCI Emerging Markets Index future on Tuesday, September 16, 2014.
SEC Charges N.Y.-Based High Frequency Trading Firm With Violating Net Capital Rule For Broker-Dealers - $16 Million Penalty Is Largest Ever For Net Capital Rule Violations

Date 17/09/2014

The Securities and Exchange Commission today charged a New York-based high frequency trading firm with violating the net capital rule that requires all broker-dealers to maintain minimum levels of net liquid assets or net capital. The firm’s former chief operating officer is charged with causing the extensive violations.
R.J. O’Brien & Associates Appoints Paul Goodhew As Head Of Global Markets At R.J. O’Brien (UK) Limited Affiliate

Date 17/09/2014

R.J. O’Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, announced the appointment of industry veteran Paul Goodhew, 45, as Senior Vice President and Head of Global Markets at its London-based R.J. O’Brien (UK) Limited affiliate. In that role, he will focus on expanding the operation’s institutional commodity brokerage business, including energy, as well as fixed income, rates and equity derivatives.

REDI Expands Boston Presence

Date 17/09/2014

REDI Holdings LLC (“REDI”), the independent, industry-backed provider of the REDIPlus® execution management system (EMS), today announced the strengthening of its sales, account management and development capabilities in the New England region with the hiring of Sean Graham and Roseann Hoffman Woodford, two seasoned equity trading professionals, and Jeremy Warburg, a veteran buy-side software developer.
Comment On Alibaba IPO By Warwick Business School's Professor Qing Wang

Date 17/09/2014

Commenting on the Alibaba IPO, Warwick Business School Professor Qing Wang said: “Alibaba’s IPO could well be the end of US dominance in the world technology sector. Alibaba’s annual growth rate of more than 30 per cent shows that the gap between the Chinese companies, Alibaba and Tencent, and US companies is getting ever closer."
IOSCO Consults On Risk Mitigation Standards For Non-Centrally Cleared OTC Derivatives

Date 17/09/2014

The International Organization of Securities Commissions today published the consultation reportRisk Mitigation Standards for Non-centrally Cleared OTC Derivatives, which proposes nine standards aimed at mitigating the risks in the non-centrally cleared OTC derivatives markets.
HKFE Announces Revised Margins For China Mobile Futures

Date 17/09/2014

Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has announced that with effect from the commencement of trading on Friday, 19 September 2014, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contract will be as outlined in the table below. The adjustments are based on the clearing company’s normal procedures and standard margining methodology.
University Of Chicago Booth School Of Business: Euro Creates Unified Pricing Across Countries, Study Finds - Prices For Electronics, Furniture, Clothing Virtually Same Across Eurozone Countries

Date 17/09/2014

When the price of the same item varies significantly from country to country – a sandwich that’s the equivalent of £1.54 in India may be as much as £7.80 in Norway, for instance – it’s easy to attribute the price discrepancy to transportation costs, taxes, or variations in culture and income.