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  • Statement Of Support Of CFTC Chairman Timothy Massad On The Final Interpretation Concerning Embedded Volumetric Optionality

    Date 13/05/2015

    I support the staff’s recommendations to finalize a proposal we made in November regarding contracts with embedded volumetric optionality – a contractual right to receive more or less of a commodity at the negotiated contract price.

  • Concurring Statement Of CFTC Commissioner Bowen On The Final Interpretation Concerning Embedded Volumetric Optionality

    Date 13/05/2015

    Today we are approving a final interpretation regarding forward contracts with embedded optionality. This interpretation is improved compared to the proposed interpretation and I am voting in favor of it. However, I am concerned that this interpretation does not provide the clarity that may be required.

  • BOX Options Exchange Price Improvement Activity For April

    Date 13/05/2015

    In the month of April, price improved contracts on BOX Options Exchange (“BOX”) averaged 226,247 per day. Price improvement versus the prevailing NBBO for contracts submitted via BOX’s price improvement auction, PIP, averaged $484,276 per day, while total savings to investors in April was $10.1M. With this, BOX has saved investors over $625M since its inception in 2004. Overall average daily trading volume on BOX in the month of April was 351,608 contracts.

  • Remarks Of CFTC Chairman Timothy Massad Before The Energy Risk Summit USA 2015

    Date 13/05/2015

    Thank you for inviting me today, and I thank Paul for that kind introduction. It’s a pleasure to be here. I say that in particular because I lived here as a child and still have family here. My father worked in the oil industry, and so we lived in many of the well-known oil towns in this country, including Midland, Texas and Morgan City, Louisiana, in addition to Houston. We eventually moved to Connecticut when he started working in New York. And while my parents in their retirement and my siblings all migrated back to Texas, I was the black sheep of the family who mostly stayed in the Northeast.

  • Keynote Speech At New York City Bar 4th Annual White Collar Institute, Andrew Ceresney, Director, SEC Division Of Enforcement, May 12, 2015

    Date 12/05/2015

    1. Introduction

    Thank you for that kind introduction.  At the outset, let me give the requisite reminder that the views I express today are my own and do not necessarily represent the views of the Commission or its staff.

    I am very excited to be here in New York and am honored to be part of this terrific program.  Today I am going to talk about something that I am sure is of interest to this audience, if today's program is any indication – and close to my heart as a trial lawyer and former prosecutor – and that is the SEC’s national litigation program.  I plan to give an overview of the SEC’s litigation program and some of the recent success we’ve enjoyed – including in a few important areas that don’t usually get much exposure – as well as some of the challenges we face in our tougher cases.  I then will then turn to the question of the forum in which we bring our litigated cases, discussing some of the factors that we use in making recommendations to the Commission of a forum for litigation.  As you will see, my bottom line is that the Enforcement Division has been very successful litigating cases, in each available forum, despite the challenges we face at trial,