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  • Concurrence Statement On The Order Regarding The Effective Date For Swap Regulation - CFTC Commissioner Scott D. O’Malia

    Date 15/07/2011

    I concur with the Commission’s decision to use its exemptive authority under section 4(c) of the Commodity Exchange Act (CEA) to provide temporary relief from certain provisions of the Dodd-Frank Act. This order will provide much needed legal certainty to the market, at least until December 31, 2011, while the Commission continues its efforts to adopt final rules under the Dodd-Frank Act. Whereas I support the Commission in providing legal certainty, albeit limited, I am disappointed in the lack of harmonization between our order and the exemptive relief that the Securities and Exchange Commission (S.E.C.) provided. I am also disappointed that the final order ignored a number of comments from market participants, those that have most at stake in each of the Commission’s decisions. I hope that this order does not foreshadow the direction of final rulemakings to come.

  • Statement Of U.S.A Treasury Under Secretary For Domestic Finance Jeffrey Goldstein On S&P’S Announcement Today

    Date 15/07/2011

    The U.S. Department of the Treasury released the following statement from Under Secretary for Domestic Finance Jeffrey Goldstein on today’s announcement by Standard and Poor’s (S&P):
     
    “Today’s action by S&P restates what the Obama Administration has said for some time: that Congress must act expeditiously to avoid defaulting on the country's obligations and to enact a credible deficit reduction plan that commands bipartisan support.”​

  • CFTC Clarifies Effective Date For Swaps Regulation Under The Dodd-Frank Act

    Date 15/07/2011

    The Commodity Futures Trading Commission (CFTC) today issued an Order clarifying the effective date of the provisions in the swap regulatory regime established by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) as the CFTC continues to implement rules to reduce risk and enhance transparency in the swap markets. The Order provides temporary relief from certain provisions that will become effective as of July 16, 2011, until the CFTC completes the rulemakings specified in the Order. The CFTC’s action will avoid disruption in the markets, and will provide for the orderly implementation of the new comprehensive swap regulatory regime mandated by Congress. This order is temporary, and it will expire upon the effective date of final rules or December 31, 2011.

  • IntercontinentalExchange Announces Strategic Investment With 12.4% Stake In Cetip S.A., Brazil's Leading Clearing House

    Date 14/07/2011

    IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, today announced that it will acquire 12.4% of the shares in Cetip, S.A. (BOVESPA: CTIP3). Cetip is a publicly traded company and is Brazil's largest clearing house, as well as the leading operator of registration and custodial services for securities, fixed-income bonds and OTC derivatives.

  • Program Trading Averaged 29.7 Percent Of NYSE Volume During July 5-8

    Date 14/07/2011

    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 July 5-8.