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Federal Reserve Releases Revised Information Detailing Operational Aspects Of Term Asset-Backed Securities Loan Facility (TALF)

Date 19/12/2008

The Federal Reserve Board on Friday released revised terms and conditions and questions and answers detailing operational aspects of the Term Asset-Backed Securities Loan Facility (TALF). The revised terms and conditions were determined after consultation with asset-backed securities (ABS) issuers, investors, and dealers, and include an extension of the TALF loan maturity from one to three years and additional specification of eligible ABS collateral. In addition, to provide more certain investo
CESR Publishes Prelimary Draft Advice On Access And Interoperability Arrangements

Date 19/12/2008

CESR published today a prelimary draft advice on access and interoperability arrangements. In response to various calls for an opportunity to review CESR's preparation for the draft advice, the prelimary draft is now published for public review for a period of one month, ending 16 January. After this period, the advice will be finalized and submitted to the European Commission. The prelimary draft advice is availabe here.
UK's Financial Services Authority Fines Two Individuals For Market Abuse

Date 19/12/2008

The Financial Services Authority (FSA) has fined Mr Stewart McKegg and Mr Brian Valentine Taylor for market abuse. Mr McKegg was fined £14,411.25 and Mr Taylor was fined £4,642.50. In both cases this was the disgorgement of profits made on transactions where they had inside information. If it were not for their financial circumstances both would have been fined an additional £20,000.
Swedish Financial Supervisory Authority: Partial Report – How Firms Are Managing With The New Securities Regulations, MiFID

Date 19/12/2008

Swedish investment firms have carried on extensive and active efforts to adapt to the new securities regulations MiFID, according to Finansinspektionen's investigation of how investment firms in Sweden have adapted to MiFID's requirements.
CESR Publishes Call For Evidence On The Regulation Of Short-Selling By CESR Members

Date 19/12/2008

CESR Members agreed that a dedicated task force on short-selling should be formed immediately. This decision was taken in the aftermath of the series of regulatory interventions in short-selling taken throughout Europe through the second and third weeks of September 2008.

Connecticut Federal Court Orders Argentine Trader Diego Mariano Rolando To Pay More Than $10 Million In CFTC Anti-Fraud Action - Court Also Orders Release Of More Than $23 Million In Frozen Customer Funds Held At U.S. Clearing Firm

Date 19/12/2008

The U.S. Commodity Futures Trading Commission (CFTC) announced today that the U.S. District Court for the District of Connecticut entered a default judgment order against Diego Mariano Rolando, a citizen of Argentina, finding that he committed commodity futures and options fraud, requiring him to pay more than $10 million in civil monetary penalties and restitution, and ordering a U.S. futures commission merchant (FCM) to release more than $23 million of frozen customer funds to
CESR, CEBS And CEIOPS Update Their Joint Protocol On Coordination

Date 19/12/2008

The three Level 3 Committees (CESR, CEBS and CEIOPS) have updated their protocol coordinating their joint 3L3 activities, in order to take into account the increasing importance attached to the coordination between the three Committees and agreed a formal procedure to facilitate the coordination of joint 3L3 activities.
Warsaw Stock Exchange Indices Quarterly Adjustments - After Close Of Trading Session On 19 December 2008, The WSE Executed Periodic Changes In Main List And NewConnect Indices’ Portfolios

Date 19/12/2008

The composition of WIG20 index remains unchanged. In mWIG40 index, IDMSA, MCI, PGF and SANWIL were replaced by COMARCH, HBPOLSKA, MOSTALWAR and SWIECIE. In sWIG80 index 06MAGNA, ACTION, ALCHEMIA, ASSECOBS, AZOTYTARNOW, IDMSA, MCI and PGF replaced BBICAPNFI, COMARCH, IBSYSTEM, KOLASTYNA, HBPOLSKA, MASTERS, MOSTALWAR and SWIECIE.
US Treasury Secretary Paulson Statement On Stabilizing The Automotive Industry

Date 19/12/2008

Today, we have acted to support General Motors and Chrysler, with the requirement that they move quickly to develop and adopt acceptable plans for long term viability. This step will prevent significant disruption to our economy, while putting the companies on a path to the significant restructuring necessary to achieve long-term viability. At the same time, we are including loan provisions to protect the taxpayers to the maximum extent possible.
DTCC Launches New Global Messaging Service For The Syndicated Loan Market

Date 19/12/2008

The Depository Trust & Clearing Corporation (DTCC) yesterday announced the launch of its Loan/SERV Messaging Service that will provide a secure and automated network for the transmission of standard loan messages between agent banks and lenders in the syndicated loan market.