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Federal Court Orders Dante S. Giovannetti And His Companies Emini Experts, LLC And Capital Trading Concepts LLC To Pay Over $2.7 Million In Restitution And Monetary Penalties For Commodity Pool Fraud And Other Violations Of The Commodity Exchange Act - Relief Defendant Capital Futures LLC, Another Company Owned By Giovannetti, Ordered To Disgorge Ill-Gotten Funds - In A Related Criminal Action, Giovannetti Was Sentenced To 63 Months In Prison

Date 22/06/2016

The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge Paul G. Byron of the U.S. District Court for the Middle District of Florida (Orlando Division) entered a Default Final Judgment Order against Defendants Dante S. Giovannetti and his companies Emini Experts, LLC(Emini) and Capital Trading Concepts LLC (Capital Trading) for defrauding clients in connection with the operation of a commodity trading pool. The court’s Order requires Giovannetti, Emini, and Capital Trading jointly to pay $663,975 to defrauded customers as restitution for their losses and jointly to pay a $1,991,926 civil monetary penalty. The Order also separately imposes jointly against Emini and Giovannetti an additional $140,000 civil monetary penalty. The court also ordered Relief Defendant Capital Futures LLC, another company owned by Giovannetti, to disgorge $143,358 of ill-gotten gains.
Saudi Arabia's Capital Market Authority: Announcement In Relation To The Amendment Of The Resolution Of Securities Disputes Proceedings Regulations

Date 22/06/2016

As part of the Capital Market Authority efforts to update the legislative environment of the Capital Market in the Kingdom of Saudi Arabia, and to promote the fairness and transparency principles in securities transactions, and based on the Capital Market Law issued by the Royal Decree Number (M/30) Dated 2/6/1424 H, The Board of the CMA has issued its resolution to amend article (10), article (13), article (32), article (34) and article (35) of the Resolution of Securities Disputes Proceedings Regulations. The amendment shall become effective upon its publication.
FSB Publishes Proposed Policy Recommendations To Address Structural Vulnerabilities From Asset Management Activities

Date 22/06/2016

The Financial Stability Board (FSB) today published for public consultation Proposed Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities.
IOSCO Outlines Its Priorities Regarding Data Gaps In The Asset Management Industry

Date 22/06/2016

The Board of the International Organization of Securities Commissions (IOSCO) today has issued apublic statement outlining its priorities regarding data gaps in the asset management industry. IOSCO considers that more needs to be done to enhance the data collected in this sector and is analysing what data needs should be prioritised. To this end, IOSCO has identified a series of recommendations that will constitute its roadmap in this area. A key priority is to encourage IOSCO members to collect data with a view to better identify systemic risk.
Bank Of Cyprus Selects Dion’s FinCASE For Its Automation Projects

Date 22/06/2016

Dion Global Solutions (Dion) (BSE: 526927), technology partner to the financial services industry, announced that Bank of Cyprus has chosen its case & control management solution, FinCASE, for the automation of payment investigations and bank-to-bank charges.

World Federation Of Exchanges Partners With University Of Cambridge Judge Business School

Date 22/06/2016

The World Federation of Exchanges (“WFE”), which represents more than 200 market infrastructure providers including exchanges and CCPs, has announced an education partnership with University of Cambridge Judge Business School Executive Education (“Cambridge Judge”).
ACER: Consultation On The Definition Of Capacity Calculation Regions

Date 22/06/2016

On 17 May 2016, the Agency was informed by the responsible NRAs that, despite their best efforts, they could not reach a unanimous decision on the common proposal for capacity calculation regions (CCRs) developed by TSOs under Article 15(1) of Commission Regulation (EU) 2015/1222 of 24 July 2015 establishing a Guideline on Capacity Allocation and Congestion Management. The Agency was therefore asked to adopt a decision concerning this CCRs proposal in accordance with Article 9(11) of Regulation (EU) 2015/1222.
Federal Reserve Vice Chairman Stanley Fischer At The Panel Discussion On Resolution Riksbank Macroprudential Conference, Stockholm, Sweden, June 22, 2016, Comments On The Resolution Framework For Banks And Bank Holding Companies In The United States

Date 22/06/2016

I'm grateful to the organizers for inviting me to participate in this conference. I would like briefly to describe the legal frameworks that exist for resolving banking organizations in the United States, the steps that the Federal Reserve and other U.S. regulators have taken to make global systemically important banking organizations (GSIBs) in the United States more resolvable, and a few of the criticisms of U.S. regulatory actions in this area, together with my responses to them.
More Financial Institutions Join Ripple’s Global Network - Leading Banks Conduct Successful Real Money Pilots And Move A Step Closer To Commercial Production

Date 22/06/2016

Ripple, the global provider of financial settlement solutions, today announced the addition of seven financial institutions to its growing network. Santander, UniCredit, UBS, ReiseBank, CIBC, National Bank of Abu Dhabi (NBAD), and ATB Financial are among the latest banks to adopt Ripple to improve their cross-border payments.
IPC Systems Launches Connexus Cloud, A Secure Communications And Data Collaboration Platform Purpose-Built To Empower Financial Markets Innovators - Algomi Among Inaugural Connexus Cloud Partner Collaborators; More Than 6,000 Customer Locations, 700 Cities And 200,000 Users Connected Across Cloud Network

Date 22/06/2016

In a move that marks a milestone in the evolution of its market strategy, IPC Systems, Inc., a leading global provider of secure, compliant communications and networking solutions for the financial markets community, today announced its launch of Connexus Cloud. This innovation progresses one of the industry's largest secure encrypted communications platforms connecting IPC's community of 200,000 users across 6,000 market participant locations in 700 cities.