News Centre

Dissenting From An SEC Windfall For Lawyers - Commissioners Daniel M. Gallagher And Michael S. Piwowar, U.S. Securities And Exchange Commission[1]

Date 18/11/2015

A $600 million ‘fair fund’ is likely to benefit only class-action attorneys and the fund’s administrators.

Earlier this month reports circulated that the Securities and Exchange Commission may set up a $600 million “fair fund” to distribute money collected from defendants to purportedly harmed investors in the insider-trading case SEC v. CR Intrinsic Investors.

CFTC Swaps Report Update

Date 18/11/2015

CFTC's Weekly Swaps Report has been updated, and is now available.

Federal Court In Florida Orders Restitution, A Civil Monetary Penalty, And Permanent Trading Bans Against Sentry Asset Group, LLC dba Sentry Asset Management, LLC, And John Pakel For Engaging In Illegal, Off-Exchange Precious Metals Transactions

Date 18/11/2015

The U.S. Commodity Futures Trading Commission (CFTC) today announced that a federal court in Miami, Florida issued a Consent Order against Defendants Sentry Asset Group, LLC d/b/a Sentry Asset Management, LLC (SAG) of Boca Raton, Florida, and its owner, manager, and controlling person John Pakel of Boynton Beach, Florida. The Order, entered by Judge Beth Bloom of the U.S. District Court for the Southern District of Florida, requires SAG and Pakel jointly to pay a $100,000 civil monetary penalty and restitution of $278,767. The Order also imposes permanent trading and registration bans on the Defendants and prohibits them from further violations of the Commodity Exchange Act, as charged.

Nasdaq Requests Comments For Shareholder Approval Rules

Date 18/11/2015

Nasdaq, Inc. (Nasdaq:NDAQ) today announced that The Nasdaq Stock Market (“Nasdaq”) is soliciting public comments as to whether and how to update and improve its shareholder approval rules.

BATS Reports Successful Launch Of EDGX Options - All Multiply-Listed Equity Options Now Available For Trading On EDGX Options

Date 18/11/2015

BATS Global Markets (BATS) today announced the successful launch of its second U.S. options market, EDGX Options, which is based on a customer priority/pro rata allocation model. The new market launched on November 2nd and implemented a phased rollout of symbols, which was completed yesterday, November 17th.

Remarks Of CFTC Chairman Timothy Massad Before The Exchequer Club Of Washington, D.C.

Date 18/11/2015

Thank you so much, and thank you Jerry for that wonderful introduction. I’m delighted to speak to the Exchequer Club – and add my name to the list of distinguished individuals who have done so in the past. These events are a welcome opportunity for a candid exchange of ideas on critical issues facing our society.

Minutes Of The Federal Open Market Committee, October 27-28, 2015

Date 18/11/2015

The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on October 27-28, 2015.

New York State Department Of Financial Services Announces Barclays To Pay Additional $150 Million Penalty, Terminate Employee For Automated, Electronic Foreign Exchange Trading Misconduct - Barclays Used “Last Look” System To Automatically Reject Client Orders That Would Be Unprofitable Because Of Subsequent Price Swings During Milliseconds-Long Latency (“Hold”) Periods - Additional Fine Brings Overall Barclays Foreign Exchange NYDFS Penalty To $635 Million

Date 18/11/2015

Anthony J. Albanese, Acting Superintendent of Financial Services, announced today that Barclays will pay an additional $150 million penalty to the New York State Department of Financial Services (NYDFS) and is terminating its Global Head of Electronic Fixed Income, Currencies, and Commodities (“eFICC”) Automated Flow Trading for misconduct related to automated, electronic foreign exchange (FX) trading through its “Last Look” system.

Statement Of CFTC Commissioner J. Christopher Giancarlo - Swap Dealer De Minimis Exception Preliminary Report

Date 18/11/2015

I compliment the CFTC’s DSIO staff for today’s issuance of the preliminary staff report (Report) regarding which market participants should be regulated as swap dealers under the CFTC rule regime.

Testimony On “Examining The SEC’s Agenda, Operations, And FY 2017 Budget Request” , Chair Mary Jo White, Before the Committee On Financial Services, United States House Of Representatives, Washington, D.C., Nov. 18, 2015

Date 18/11/2015

Chairman Hensarling, Ranking Member Waters, and Members of the Committee:

Thank you for inviting me to testify regarding the recent activities and current initiatives of the U.S. Securities and Exchange Commission (SEC). As you know, the SEC has a three-part mission: to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. Since I last testified before this Committee eight months ago, the SEC has advanced significant rulemakings, continued to bring strong enforcement actions against wrongdoers, and made significant progress on our initiatives involving the asset management industry, equity market structure, and disclosure effectiveness.