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UK's Financial Services Authority Fines Pi Financial Limited £58,300 For Unsuitable Sales Of High Risk Products

Date 20/09/2012

The Financial Services Authority (FSA) has fined Pi Financial Limited (Pi) £58,300 for advising its clients to invest in high risk products which were clearly unsuitable.
Deutsche Börse: DAX Licensed To Hua An Asset Management To Underlie Exchange-Traded Fund In China - Hua An DAX ETF Will Be The First ETF Based On German Blue-Chip Index Available In China

Date 20/09/2012

Deutsche Börse today announced that the DAX index has been licensed to Hua An Asset Management Co. Ltd., one of the longest running fund management companies in China, to serve as the basis for an exchange-traded fund (ETF). This is the first time that DAX will underlie an ETF available in China. The CEOs of STOXX Limited and Hua An Asset Management gathered at an official signing ceremony in Shanghai today to mark this occasion.
Neonet Brings Transparency Into The Dark

Date 20/09/2012

Neonet, the independent execution services provider, today announced a new dark algorithm and additional access to dark venues. The new dark executing algorithm automatically scans connected dark pools using parallel execution strategies through a single simple interface. Enhanced safeguarding mechanisms prevent information leakage as well as unwanted executions, providing further benefit to the user. In addition, Neonet has introduced another two dark pools to its offering, adding up to a total of eleven dark venues. Together with Neonet’s internal and third party provided benchmarking tools, there is significant price improvement to be realized without losing transparency when using dark liquidity.
Hong Kong's Securities And Futures Commission: Court Sets Hearing Date In Ernst & Young Proceedings

Date 20/09/2012

The Court of First Instance today fixed 27 March 2013 (for two days) as the hearing date in the proceedings commenced by the Securities and Futures Commission (SFC) against Ernst & Young in relation to access to accounting records.
Hong Kong's Securities And Futures Commission Explains Financial Planning

Date 20/09/2012

In this issue of InvestEd Intelligence, the Securities and Futures Commission (SFC) explains why financial planning is key in meeting one’s investment objectives, weathering market turbulence and avoiding financial hardship.

Nasdaq Defends Facebook IPO Compensation Plan

Date 20/09/2012

Nasdaq OMX Group defended its USD62 million plan to compensate firms affected by the botched Facebook IPO. In a letter to the SEC, dated September 17, Nasdaq said the proposed compensation "goes well beyond what is required under current Nasdaq rules."
SIFMA Applauds Bi-partisan House Passage Of Rep. Dold Muni Advisor Legislation

Date 20/09/2012

SIFMA today released the following statement from Kenneth E. Bentsen, Jr., executive vice president, public policy and advocacy, after the House of Representatives passed H.R. 2827, legislation clarifying the scope of muni advisor regulations under Dodd-Frank, that was co-sponsored by Representative Dold (R-IL) and Representative Gwen Moore (D-WI).
CFTC Charges Grahame Rhodes Of Missouri With Fraud, Misappropriation, And Commingling Funds In Multi-Million Dollar Commodity Pool Ponzi Scheme

Date 19/09/2012

The U.S. Commodity Futures Trading Commission (CFTC) today filed a federal civil enforcement action in the U.S. District Court for the Eastern District of Missouri, Eastern Division, charging Grahame Rhodes of St. Louis, Missouri, with fraud in connection with operating a decade-long, multi-million dollar commodity pool Ponzi scheme. Rhodes has never been registered with the CFTC in any capacity.
Deutsche Börse: Unscheduled Component Change Made To SDAX - Schuler AG To Be Replaced By SMT Scharf AG On September 24

Date 19/09/2012

Deutsche Börse today announced an unscheduled component change to the SDAX. Schuler AG will be replaced by SMT Scharf AG in the index. Due to the takeover of Schuler AG by Andritz Beteiligungsgesellschaft, the company’s free float has dropped below 10 percent, making it ineligible for inclusion in the index.
CFTC Charges Australian Resident Senen Pousa, U.S. Resident Joel Friant, And Their Company, Investment Intelligence Corp., With Operating A Fraudulent $53 Million Worldwide Off-Exchange Forex Scheme, And Texas-Based Michael Dillard And Elevation Group, Inc. With Registration Violations - Investment Intelligence Does Business As ProphetMax Managed FX - Federal Court Issues Order Freezing Assets Of Defendants Pousa, Friant, And Investment Intelligence, And Prohibiting Destruction Of Books And Records

Date 19/09/2012

The U.S. Commodity Futures Trading Commission (CFTC) filed a civil enforcement action charging Senen Pousa of Australia, Joel Friant of Bellingham, Wash., and their company, Investment Intelligence Corporation (IIC), an Australian corporation, with operating a fraudulent off-exchange foreign currency (forex) scheme. The complaint also charges Michael Dillard and Elevation Group, Inc., both of Austin, Texas, with registration violations. The scheme allegedly accepted at least $53 million from at least 960 clients worldwide, including at least 697 clients in the United States, and clients in Australia, the United Kingdom, Canada, Germany, the Netherlands, and Singapore, among other countries. None of the defendants has ever been registered with the CFTC.