News Centre

SEC Charges Four Long Island Men With Perpetrating $2 Million “Free-Riding” Scheme

Date 31/10/2023

The Securities and Exchange Commission today announced fraud charges against Eduardo Hernandez, Christopher Flagg, Daquan Lloyd, and Corey Ortiz, all currently or formerly of Long Island, New York, for perpetrating a multi-year “free-riding” scheme that generated more than $2 million in illicit profits.

SIFMA Statement On DOL Rule On Retirement Savings Advice

Date 31/10/2023

SIFMA issued the following statement from president and CEO Kenneth E. Bentsen, Jr. regarding a release today from the Department of Labor (DOL) related to retirement savings advice:

“Since the Department of Labor (DOL) first proposed a change to the definition of fiduciary, the landscape has changed greatly, most notably with the introduction of the Regulation Best Interest (Reg BI). Reg BI implemented a best interest standard that did not exist at the time of the 2015 DOL re-proposal and foundationally improved the protections in place for retirement savers. SIFMA long supported a best interest standard of care for brokers. That standard is now in place – it is robust and expansive with significant duties and obligations imposed on broker-dealers that unquestionably enhances investor protection. Upon initial review, we are concerned that the Department’s newest proposal may go too far, inconsistent with existing federal regulations such as Reg BI and as a result could limit access to advice and education while also limiting investor choice in advisors.”

Nadex Self-Certifies SHIB Cryptocurrency Touch Bracket Contracts

Date 31/10/2023

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and Section 40.2(a) of the regulations promulgated by the Commodity Futures Trading Commission (the “Commission”) under the Act (the “Regulations”), North American Derivatives Exchange, Inc. (“Nadex”, the “Exchange”), Nadex self-certified the terms and conditions for its new SHIB Cryptocurrency Touch Bracket Contracts. These contracts will be listed on or after trade date November 3, 2023.

Ontario Securities Commission Launches Investing Academy During Financial Literacy Month

Date 31/10/2023

The Ontario Securities Commission (OSC) today announced a new interactive feature on its recently relaunched Get Smarter About Money investor education website and its programming for Financial Literacy Month.

Canadian Securities Administrators: Don’t Be “Finfluenced” When Making Investment Decisions

Date 31/10/2023

In recognition of Investor Education Month in October and Financial Literacy Month in November, the Canadian Securities Administrators (CSA) is encouraging all Canadians to prioritize their financial well-being and verify their sources of investment information.

SwapsInfo Third Quarter Of 2023 And Year-To-September 30, 2023 Review

Date 31/10/2023

The latest ISDA SwapsInfo Quarterly Review shows that interest rate derivatives (IRD) traded notional and trade count increased in the third quarter of 2023 compared to the third quarter of 2022, while index credit derivatives trading activity declined over the same period.

NGX Group Unaudited Financial Statement For Q3

Date 31/10/2023

Nigerian Exchange Group Plc (“NGX Group” or “The Group”) announces its unaudited results for nine months ended 30 September 2023.

ISDA Letter On Vision For UK As A Global Finance Center

Date 31/10/2023

On October 25, ISDA CEO Scott O’Malia wrote to Chris Hayward, policy chairman of the City of London Corporation, in response to its report with Oliver Wyman, Vision for Economic Growth, a roadmap to prosperity. The report captures the critical outcomes required to ensure the UK’s position as a leading global finance center. The letter proposes how the City of London Corporation, in partnership with UK authorities, can leverage ISDA’s work on digitization in the derivatives industry and the expansion of the voluntary carbon market.

Finansinspektionen: Protect Consumers’ Access To Payment Accounts

Date 31/10/2023

Banks restrict consumers’ access to payment accounts more than is necessary to manage money laundering risks. We want to see stricter requirements on banks to make assessments of consumers on an individual basis. Banks should also consider whether they can offer a more limited range of services instead of closing a customer’s account.

MIAX Exchange Group - Options And Equities Markets - FINRA Proposal To Amend The Codes Of Arbitration Procedure And Code Of Mediation Procedure To Revise And Restate The Qualifications For Representatives In Arbitrations And Mediations

Date 31/10/2023

FINRA is proposing to amend the Code of Arbitration Procedure for Customer Disputes, the Code of Arbitration Procedure for Industry Disputes, and the Code of Mediation Procedure to revise and restate the qualifications for representatives in arbitrations and mediations in the forum administered by FINRA Dispute Resolution Services (‘‘DRS’’). The proposed amendments would disallow compensated non-attorney representatives from representing parties in the DRS forum and clarify the circumstances in which any person would be prohibited from representing a party in the DRS forum. In addition, the proposed amendments would codify that a student enrolled in a law school participating in a law school clinical program or its equivalent and practicing under the supervision of an attorney may represent investors in the DRS forum.