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  • Statement By Department of Financial Services Superintendent Maria T. Vullo Regarding Pension System Report

    Date 18/10/2016

    Yesterday the Department of Financial Services (DFS) issued a report finding that the New York State Common Retirement Fund (CRF), managed by the New York State Comptroller as sole trustee, for years has invested pension system funds in high-cost underperforming hedge funds, costing the system $3.8 billion over the last eight years. Contrary to the statement by the Comptroller’s communications director, and despite the fact that DFS, as regulator, had no obligation to inform them, the Comptroller’s office was well aware of this review. In a letter sent on September 9, 2016, DFS raised specific questions about the management and investment allocations of the CRF. None of the information provided to DFS in response to the September letter validates the claims being made now. And putting aside all of the bluster, the Comptroller has not contested, because he cannot contest, the fact that he took 8 years to address these significant issues while pension fund managers nationwide have significantly cut or entirely eliminated their hedge fund investments. Prior to the release of our report, I personally called the Comptroller but he has yet to return my call. DFS stands by its report and will continue to exercise its oversight of the pension systems and maintain its obligation to the public to report on these important issues.

  • Treasury International Capital Data For August

    Date 18/10/2016

    The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for August 2016.  The next release, which will report on data for September 2016, is scheduled for November 16, 2016.

  • Statement Of CFTC Chairman Timothy Massad On The Southwest Power Pool Final Order And The Amended RTO-ISO Order

    Date 18/10/2016

    I support this order, which comes after careful review of the issue, including comments from many market participants.

  • SEC Charges Bank Leumi With Conducting Unregistered U.S. Cross-Border Business

    Date 18/10/2016

    The Securities and Exchange Commission today announced that Israeli-based Bank Leumi has agreed to pay $1.6 million and admit wrongdoing to settle charges that it provided investment advice and induced securities transactions for U.S. customers for more than a decade without registering as an investment adviser or broker-dealer as required under U.S. securities laws.

  • CFTC Issues Final Order To Exempt Certain Specified Transactions Of Southwest Power Pool And Amendment To The 2013 Final Order Regarding RTOs And ISOs

    Date 18/10/2016

    The U.S. Commodity Futures Trading Commission (CFTC) today approved a final order in response to a petition from Southwest Power Pool, Inc. (SPP), a Regional Transmission Organization (RTO) regulated by the Federal Energy Regulatory Commission. The Commission agreed unanimously via a seriatim vote.

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