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Dubai Mercantile Exchange And Abu Dhabi Securities Exchange Sign MoU To Drive Development Of UAE & Regional Capital Markets - Leading Regional Exchanges To Develop New Financial Products To Further Attract Investors

Date 09/07/2015

The Dubai Mercantile Exchange (DME) and Abu Dhabi Securities Exchange (ADX) today signed a Memorandum of Understanding (MoU) in a move that will see two of the leading regional exchanges collaborate on several fronts to further drive the growth and development of capital markets in the UAE and the wider Middle East region.

Notice Of Releasing “Shanghai Stock Exchange Detailed Rules For Implementation Of Margin Trading And Securities Lending (Revised In 2015)”

Date 09/07/2015

The Shanghai Stock Exchange (SSE) has revised the existing “SSE Detailed Rules for Implementation of Margin Trading and Securities Lending” (the “Rules” for short) in a bid to cement risk management on the business of margin trading and securities lending, propel steady growth of the business and protect investors’ legitimate rights and interests. The SSE hereby releases the revised “Rules”, which shall take effect on the release date. Considering that the whole-market business and technology will need some time for preparation, Paragraph 3 of Article 12 in the revised “Rules” will not be implemented temporarily, with the implementation time subject to further notification by the SSE.

SIFMA Expresses Concern With The IMF’s Financial System Stability Assessment That Targets The Asset Management Industry

Date 09/07/2015

SIFMA today issued the following statement after the International Monetary Fund (“IMF”) released a Financial System Stability Assessment (“the Assessment”) that focuses on investment funds such as mutual funds, exchange traded funds and pension funds:

Kenneth E. Bentsen, Jr., SIFMA president and CEO, said:
“We are concerned that the IMF’s Assessment makes assertions about risk posed by mutual funds, exchange traded funds and pension funds that are not backed by empirical evidence or analysis. Further, the Assessment is at odds with recent direction from the International Organization of Securities Commissions that asset management activities and products should be the immediate focus of international efforts to identify potential systemic risks and vulnerabilities. As demonstrated by SIFMA and numerous others in comments to regulators, asset managers and the funds they manage do not present systemic risk. Speculative and unsubstantiated reports that target asset managers and disregard basic facts about the industry could hamper managers’ ability to serve investors, and disrupt the broader capital markets system.”

Nasdaq June 2015 Volumes, 2Q15 Est. Revenue Capture

Date 09/07/2015

Nasdaq (NASDAQ:NDAQ) today reported monthly volumes for June 2015, as well as quarterly volumes and estimated revenue capture for the quarter ending June 30, 2015, on its investor relations website. 

BOX Options Exchange Price Improvement Activity For June

Date 09/07/2015

In the month of June, price improved contracts on BOX Options Exchange (“BOX”) averaged 204,457 per day. Price improvement versus the prevailing NBBO for contracts submitted via BOX’s price improvement auction, PIP, averaged $342,513 per day, while total savings to investors in June was $7.53M. With this, BOX has saved investors over $639M since its inception in 2004. Overall average daily trading volume on BOX in the month of June was 332,146 contracts.

Investment Company Executives Indicted For $1.5 Billion Ponzi Scheme

Date 08/07/2015

The president and chief executive officer and two former Asia-based executives of a Las Vegas investment company were indicted today for their roles in an alleged $1.5 billion Ponzi scheme. 

NYSE Outage Not The Result Of A Cyberattack

Date 08/07/2015

The outage at NYSE which began shortly after 11:30 EDT and lasted until 15:10, was not the result of a cyberattack. 

Greek Banks Will Remain Closed For The Rest Of The Week

Date 08/07/2015

Greek state television reported that Greek banks will remain closed for the rest of the week and a 60-euro per day ATM withdrawal limit will remain in force.

Office of Financial Research Update - Financial Markets Monitor For June/July

Date 08/07/2015

The OFR released today its Financial Markets Monitor for June/July. The monitor says developments in Greece, a sharp equity market correction in China, and Puerto Rico’s announcement of a potential debt restructuring have driven risk sentiment in financial markets. The key market focus has been the negotiations between Greece and its official creditors to secure needed government financing. Uncertainty increased significantly in late June, when the Greek government broke off negotiations, called a referendum on the official creditors’ proposal, established capital controls, and missed a payment to the International Monetary Fund. To date, there have been only moderate spillovers to other euro area periphery markets and safe-haven assets. Developments remain fluid; a more disorderly outcome in Greece than market participants expect may test the stability of broader euro area markets.

Deputy Assistant Attorney General David Bitkower Delivers Testimony Before Senate Judiciary Subcommittee On Crime And Terrorism’s Hearing Entitled “Cyber Crime: Modernizing Our Legal Framework For The Information Age”

Date 08/07/2015

Good afternoon, Chairman [Lindsey] Graham, Ranking Member [Sheldon] Whitehouse and members of the subcommittee.  Thank you for the opportunity to be here today to discuss legislative proposals that will enhance our ability to combat cybercrime and protect the privacy and security of the American people.  In particular, I would like to thank the chair and ranking member for their continued leadership on these important issues.