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  • Remarks At SEC Speaks: Increasing Product Complexity: What’s At Stake? - SEC Commissioner Kara M. Stein, Washington D.C., Feb. 23, 2018

    Date 23/02/2018

    Good morning. Thank you, Bill [Hinman] for that kind introduction.

    As always, it is a pleasure to be with you today at SEC Speaks.

    Before I continue, I will remind you that the views I express here today are my own and may not necessarily reflect those of my fellow Commissioners, or of the staff of the Commission.

    It’s my understanding that this is the 47th year of SEC Speaks. Much has changed in our capital markets since 1972. Computers now allow investors to access a myriad of investment options from common equity to complex financial instruments within minutes. Both large and small investors have more investment options at their fingertips—and I mean that literally—than ever before. Computers also allow financial products to be developed and sold more quickly than ever before. This high rate of financial innovation and engineering can be beneficial, but it also can present challenges. I still remember the ashen faces of the Secretary of the Treasury and the Chair of the Federal Reserve when they came to the Senate Banking Committee seeking authorization for a massive federal government intervention during the financial crisis. Financial engineering of complex institutional investment products (such as credit default swaps and collateralized debt obligations) were at the heart of the financial crisis.

  • Office Of The Comptroller Of The Currency Finalizes Technical Changes To Annual Stress Test Rule

    Date 23/02/2018

    The Office of the Comptroller of the Currency (OCC) today finalized a rulemaking amending the OCC’s Annual Stress Test Rule. The final rule makes several technical revisions to the stress testing regulation and becomes effective 30 days after publication in the Federal Register.

  • CFTC’s Division Of Clearing And Risk Extends No-Action Relief For Shanghai Clearing House

    Date 23/02/2018

    The Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) announced today that it has issued a no-action letter extending the relief originally provided to Shanghai Clearing House (SHCH) in CFTC Letter 16-56. The relief, as extended by CFTC Letters No. 17-26 and 17-62, expires February 28, 2018. The new extension will last until the earlier of February 28, 2019 or the date on which the CFTC exempts SHCH from registration as a derivatives clearing organization (DCO).

  • ETFGI Reports Assets Invested In ETFs Listed In Latin America Reach Record High Of US$7.65 Billion At The End Of January 2018

    Date 23/02/2018

    According to ETFGI’s January 2018 Latin America ETF and ETP industry insights report, a monthly report included in an annual paid-for research subscription service, assets invested in ETFs listed in Latin America reached a record high of US$7.65 billion at the end of January 2018, shattering the previous record of US$6.80 billion set at the end of 2017. (All dollar values in USD unless otherwise noted.)

  • Quayle Munro Advises Lombard Risk Management Plc On Its Sale To Vermeg Group N.V.

    Date 23/02/2018

    Quayle Munro is pleased to announce that it has acted as lead financial adviser and Rule 3 adviser to Lombard Risk Management plc (“Lombard Risk” or the “Company”) on its sale to Vermeg Group N.V. (“Vermeg”), a European leader in insurance management solutions and a financial software provider, for 13 pence per share, valuing the entire existing issued ordinary share capital of Lombard Risk at approximately £52m.