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  • Federal Reserve Governor Daniel K. Tarullo: Volcker Rule - Before The Committee On Financial Services, U.S. House Of Representatives, Washington, D.C.

    Date 04/02/2014

    Chairman Hensarling, Ranking Member Waters, and other members of the committee, thank you for the opportunity to testify on the interagency final rule implementing the requirements of section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), commonly known as the Volcker Rule. Section 619 of the Dodd-Frank Act generally prohibits any banking entity from engaging in proprietary trading. It also generally prohibits a banking entity from investing in, or having certain relationships with, a hedge fund or private equity fund (a covered fund). My remarks today will focus on the recent actions taken by the Federal Reserve Board and other agencies responsible for issuing implementing rules under section 619. As I have previously noted in congressional testimony, the goal of the Federal Reserve with respect to this and all other provisions of the Dodd-Frank Act is to implement the statute in a manner that is faithful to the language of the statute and that maximizes financial stability and other social benefits at the least cost to credit availability and economic growth.

  • Federal Reserve Banks Laud Industry Response To Consultation Paper And Highlight Next Steps

    Date 04/02/2014

    Federal Reserve Bank leadership lauded the feedback received from payment system participants to the "Payment System Improvement--Public Consultation Paper," noting that more than half the nearly 200 responses came from non-banks.

  • BOX Options Exchange Price Improvement Activity For January

    Date 04/02/2014

    In the month of January, price improved contracts on BOX Options Exchange (“BOX”) averaged 97,050 per day. Price improvement versus the prevailing NBBO for contracts submitted via BOX’s price improvement auction, PIP, averaged $267,560 per day, while total savings to investors this month was $5.6 MM. With this, BOX has saved investors over $472 MM since its inception in 2004. Overall average daily trading volume on BOX in the month of January was 311,750 contracts, an 11% increase compared to the previous month.

  • TMX Group Consolidated Trading Statistics – January 2014: Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Alpha, Montreal Exchange, NGX

    Date 04/02/2014

    TMX Group Limited today announced January 2014 trading statistics for its diversified group of marketplaces – Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Alpha, Montreal Exchange (MX) and Natural Gas Exchange (NGX).

  • Protecting The Financial Future Of Seniors And Retirees - SEC Commissioner Luis A. Aguilar, The American Retirement Initiative’s Winter 2014 Summit, Washington, DC

    Date 04/02/2014

    Thank you, Keith [Green], for that kind introduction. I am pleased to sponsor The American Retirement Initiative’s Winter 2014 Summit. Protecting our nation’s seniors and retirees has continued to be an important mission for me. They are among the most vulnerable investors in our country. For these reasons, it is imperative to engage in solution-oriented dialogue and raise public awareness of the plight of American seniors and retirees. Before I continue my remarks, however, let me issue the standard disclaimer that the views I express today are my own, and do not necessarily reflect the views of the U.S. Securities and Exchange Commission (“SEC” or “Commission”), my fellow Commissioners, or members of the staff.