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Federal Court In Illinois Orders Jay C. Nolan And His Company, Lodge Capital Group, LLC, To Pay $825,000 Civil Monetary Penalty For Multi-Million Commodity Pool Fraud Scheme - Nolan Sentenced To 60 Months Imprisonment In A Criminal Proceeding For The Same Fraudulent Scheme

Date 27/07/2011

The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge Charles R. Norgle of the U.S. District Court for the Northern District of Illinois entered a consent order requiring defendants Jay C. Nolan of Wilmette, Ill., and his company, Lodge Capital Group, LLC (Lodge Capital), jointly and severally to pay an $825,000 civil monetary penalty for commodity pool fraud (see CFTC Press Releases 5778-10 and 5785-10). The order also imposes permanent trading and registration bans against Nolan and Lodge Capital, among other sanctions.
SEC Charges Liquor Giant Diageo With FCPA Violations

Date 27/07/2011

The Securities and Exchange Commission today charged one of the world’s largest producers of premium alcoholic beverages with widespread violations of the Foreign Corrupt Practices Act (FCPA) stemming from more than six years of improper payments to government officials in India, Thailand, and South Korea.
ISDA: CDS On US Sovereign Debt Q&A

Date 27/07/2011

The following are responses to the most frequently-asked questions that ISDA has received in connection with a potential CDS Credit Event on US sovereign debt. The following does not constitute legal advice, and is subject in all respects to any determination that the ISDA Americas Credit Derivatives Determinations Committee may make in relation to CDS referencing the United States. ISDA makes no comment on the likelihood of the events described in this Q&A.
SEC Staff Issues Summary Report Of Sweep Examination Of Structured Products Sold To Retail Investors

Date 27/07/2011

The Securities and Exchange Commission staff today issued a report identifying common weaknesses seen in sales of structured securities products and describing measures by broker-dealers to better protect retail investors from fraud and abusive sales practices.
Americas Trading Group Selects NYSE Technologies To Develop And Manage Its High-Performance Execution Platform For Latin America

Date 27/07/2011

Americas Trading Group (ATG) announced today that it has selected NYSE Technologies, the commercial technology division of NYSE Euronext, as a primary technology provider for the development and operation of ATG's new electronic trading platform for the Latin American markets. This broker-neutral, high performance execution platform combines the robustness of NYSE Technologies Managed Transaction Hub infrastructure with ATG´s leading expertise in electronic trading throughout the region.

Speech By SEC Commissioner Kathleen L. Casey: Statement At Open Commission Meeting — Adoption Of Final Rules Relating To Security Ratings

Date 27/07/2011

Thank you, Chairman Schapiro, and thanks to the Division of Corporation Finance and the other Divisions and Offices that contributed to the Security Ratings release. Pursuant to Section 939A of the Dodd-Frank Act, the release removes references to credit ratings from certain rules and forms under the Securities Act and the Exchange Act and I support its adoption.
Buy-side Executives Forecast Agency Broker Consolidation - Bloomberg Tradebook's First Forum Identifies Key Trading Trends

Date 27/07/2011

Buy-side traders, facing lower volatility and volumes, say that the number of agency brokers will decrease over the next year, according to comments released today by Bloomberg Tradebook, a leading global agency broker.
Dow Jones Global Indexes Launches A Global Shipping Industry Index - Dow Jones Global Shipping Index To Measure The Performance Of 25 Leading Dividend-Paying Shipping Companies

Date 27/07/2011

Dow Jones Indexes, a leading global index provider, today announced the launch of the Dow Jones Global Shipping Index, which measures the performance of 25 leading dividend-paying companies in the shipping industry.
Mark E. Van Der Weide, Federal Reserve Senior Associate Director, Division Of Banking Supervision And Regulation - Credit Ratings Agencies - Before The Subcommittee On Oversight And Investigations, Committee On Financial Services, U.S. House Of Representatives, Washington, D.C.

Date 27/07/2011

Chairman Neugebauer, Ranking Member Capuano, and members of the Subcommittee, thank you for the opportunity to discuss section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). To help achieve the important objective of reducing governmental and private sector reliance on credit ratings, section 939A requires all federal agencies to review their regulations for references and requirements related to credit ratings, remove such credit rating references and requirements from their regulations, and replace them with appropriate alternative standards of creditworthiness.
Speech By SEC Commissioner Luis A. Aguilar: Re-designing The Eligibility Criteria For Short-Form Registration

Date 27/07/2011

Today the SEC is considering whether to adopt amendments to the eligibility criteria of its short-form registration process. Up to now, credit ratings have been used to determine whether a securities offering is eligible for the SEC’s streamlined short-form registration process. Under the rules in effect since 1982, a primary offering of debt securities deemed “investment grade” by a nationally recognized statistical rating organization may qualify for short-form registration, regardless of the issuer’s public float. As the Commission stated when it adopted short-form registration eligibility requirements, the goal was to “meet the objective of relating short-form registration to the existence of widespread following in the marketplace.”