News Centre

HKEx 2015 First Quarter Results

Date 13/05/2015

The board of directors (Board) of Hong Kong Exchanges and Clearing Limited (HKEx or the Company) is pleased to submit the unaudited consolidated results of the Company and its subsidiaries (collectively, the Group) for the three months ended 31 March 2015.

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, 

TMX Group Announces Election of Directors

Date 12/05/2015

TMX Group today announced that the nominees listed in the management proxy circular for the 2015 Annual and Special Meeting of Shareholders were elected as directors of TMX Group Limited. Detailed results of the vote for the election of directors held at the Annual and Special Meeting on Tuesday, May 12, 2015 in Toronto are set out below.

CFTC Releases Final Interpretation On Forward Contracts With Embedded Volumetric Optionality

Date 12/05/2015

The U.S. Commodity Futures Trading Commission (CFTC) today released its Final Interpretation on Forward Contracts with Embedded Volumetric Optionality. The interpretation identifies when an agreement, contract, or transaction would fall within the forward contract exclusions from the “swap” and “future delivery” definitions in the Commodity Exchange Act, notwithstanding that it allows for variations in the delivery amount (i.e., contains “embedded volumetric optionality”). The unanimous vote was conducted via seriatim.

FINRA's NAC Strengthens Sanction Guidelines For Fraudulent Conduct

Date 12/05/2015

The Financial Industry Regulatory Authority (FINRA) today announced that the National Adjudicatory Council’s (NAC) review of its Sanction Guidelines has resulted in a number of significant revisions. In particular, the NAC is amending the overarching principles that apply to sanctions determinations and is revising the Sanction Guidelines to call for tougher sanctions against those who commit fraud or make unsuitable recommendations to customers. The revised Sanction Guidelines now advise FINRA adjudicators to strongly consider barring an individual respondent, or expelling a firm, for cases involving fraud. For individuals who violate FINRA’s suitability rule, the range of the suspension has increased from one year to two years, and adjudicators are advised to strongly consider barring an individual respondent where aggravating factors predominate over mitigating ones.

ESMA Chair Steven Maijoor Delivers Keynote Address On Capital Markets Union At The Luxembourg Stock Exchange Day

Date 12/05/2015

Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA), delivered a keynote speech at the Luxembourg Stock Exchange Day this evening on the topic of Capital Markets Union.