News Centre

SEC Sanctions Direct Edge Electronic Exchanges And Orders Remedial Measures To Strengthen Systems And Controls

Date 13/10/2011

The Securities and Exchange Commission today sanctioned two electronic stock exchanges and a broker-dealer owned by Direct Edge Holdings LLC for violations of U.S. securities laws arising out of weak internal controls that resulted in millions of dollars in trading losses and a systems outage.

Standard & Poor's Announces Changes In The S&P/TSX SmallCap Index

Date 13/10/2011

Standard & Poor's will make the following changes in the S&P/TSX SmallCap Index after the close of trading on Thursday, October 20, 2011:

The shareholders of Zarlink Semiconductor Inc. (TSX:ZL) have accepted the $CDN3.98 cash per share offer from Microsemi Corporation (NASDAQ:MSCC). Zarlink will be removed from the S&P/TSX SmallCap and Equity SmallCap Indices after the close of Thursday, October 20, 2011.

Direct Edge Statement Regarding SEC Proceeding

Date 13/10/2011

Direct Edge Holdings (Direct Edge) today issued the following statement in response to the U.S. Securities and Exchange Commission’s (SEC) censure of the EDGA Exchange, Inc. and EDGX Exchange, Inc. in conjunction with the settlement of an administrative proceeding to resolve issues in connection with two separate systems incidents.

Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index

Date 13/10/2011

Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Thursday, October 13, 2011:

• Macarthur Minerals Limited (TSXVN:MMS) will be removed from the index. The company will graduate to trade on TSX under the same ticker symbol.

U.S. Department Of The Treasury: Remarks By Assistant Secretary Mary J. Miller At The CFA Institute

Date 13/10/2011

Thank you very much for the invitation to join you this afternoon.  It is great to be with a group of fellow CFAs at a fixed-income management conference. The CFA Charter and fixed-income markets have both been important parts of my career, so I feel that I’m back on familiar ground here.

September 2011 FIF Market Share And Market Dynamics Reports – Executive Summary

Date 13/10/2011

U.S. Equities Market Share

• Share volumes traded across Tape A, B, and Creduced 27% monthly but increased 24% annually to 178 billion shares.
• In September 2011, off-exchange trading accounted for 34% of the shares traded in NMS Equity Securities.
• Share volumes in NYSE-listed securities reduced 27% monthly but increased 22% annually to 38 billion shares.
• NASDAQ-listed securities traded over exchange reduced 24% monthly but increased 9% annually to 44 billion shares.

SEC And FSA Hold Strategic Dialogue Meeting

Date 13/10/2011

Securities and Exchange Commission Chairman Mary L. Schapiro and senior SEC staff met today with the UK Financial Services Authority’s (FSA) chief executive Hector Sants and its managing director of the conduct business unit Martin Wheatley as part of the regular, ongoing SEC-FSA Strategic Dialogue to discuss regulatory approaches to current issues.

Hedge Fund Founder Raj Rajaratnam Sentenced In Manhattan Federal Court To 11 Years In Prison For Insider Trading Crimes - Rajaratnam Receives Longest Prison Term In History For Insider Trading

Date 13/10/2011

PREET BHARARA, the United States Attorney for the Southern District of New York, announced that RAJ RAJARATNAM was sentenced today in Manhattan federal court to 11 years in prison stemming from his involvement in the largest hedge fund insider trading scheme in history.RAJARATNAM was the managing member of Galleon Management, LLC (“Galleon”), the general partner of Galleon Management, L.P., and a portfolio manager for Galleon Technology Offshore, Ltd., and certain accounts of Galleon Diversified Fund, Ltd. He was convicted on May 11, 2011, of all 14 counts of conspiracy and securities fraud with which he was charged, following an eight-week jury trial. RAJARATNAM was sentenced today by U.S. District Judge RICHARD J. HOLWELL. It is the longest sentence to be imposed for insider trading in history.

Program Trading Averaged 30.9 Percent Of NYSE Volume During Oct. 3-7

Date 13/10/2011

The New York Stock Exchange, a subsidiary of NYSE Euronext (NYX), today released its weekly program-trading data compiled from member firms’ executed volume from NYSE’s orders database. The report includes trading on the NYSE for Oct. 3-7.

SIFMA Highlights Critical Role Non-U.S. Investors Play In U.S. Housing Sector

Date 13/10/2011

Richard Dorfman, managing director and head of securitization at SIFMA, testified today before the House Committee on Financial Services Subcommittee on International Monetary Policy and Trade at a hearing titled “The U.S. Housing Finance System in a Global Context:  Structure, Capital Sources, and Housing Dynamics”.