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FINRA Hearing Panel Expels Success Trade Securities And Bars CEO Fuad Ahmed For Fraudulent Scheme - Ordered To Pay $13.7 Million In Restitution - Majority Of Defrauded Investors Were NFL And NBA Players

Date 25/06/2014

The Financial Industry Regulatory Authority (FINRA) announced today that a FINRA hearing panel has expelled Washington, D.C.-based Success Trade Securities, Inc. from membership and barred its CEO and President, Fuad Ahmed, for the fraudulent sale of promissory notes and for creating a Ponzi scheme. In addition, the firm and Ahmed are jointly and severally ordered to pay approximately $13.7 million in restitution to 59 investors, the majority of whom were current and former NFL and NBA players.
SEC Charges Former Brokers With Trading Ahead Of IBM-SPSS Acquisition

Date 25/06/2014

The Securities and Exchange Commission today announced it has charged two additional brokers with trading on inside information ahead of the $1.2 billion acquisition of SPSS Inc. in 2009 by IBM Corporation.
CBOE, C2 And CFE Trading Schedule For Independence Day Holiday

Date 25/06/2014

CBOE Holdings, Inc. (NASDAQ: CBOE) announced the following trading schedule for Chicago Board Options Exchange® (CBOE®), C2 Options Exchange^SM (C2^SM) and CBOE Futures ExchangeSM (CFE®) in observance of Independence Day holiday:
Final Rules Relating To Cross-Border Security-Based Swap Activities, SEC Commissioner Daniel M. Gallagher, Washington, D.C., June 25, 2014

Date 25/06/2014

Thank you, Chair White. I would like to join my colleagues in thanking the staff for all the hard work that went into preparing today’s final rule. In particular, I would like to acknowledge the dedicated efforts of Brian Bussey, Richard Gabbert, Josh Kans, and Margaret Rubin of the Division of Trading and Markets. I also want to acknowledge the excellent work of the staff of the Division of Economic and Risk Analysis and the Office of General Counsel. And I would be remiss if I didn’t make special mention of Steve Luparello, director of the Division of Trading and Markets. Steve, I am glad you chose to serve the country again in your new role, and you have been off to a terrific start.
Direct Edge Trading Notice #14-24: Holiday Reminder – Independence Day With Early Close Thursday, July 3, 2014

Date 25/06/2014

BATS BYX Exchange, BZX Exchange, EDGA Exchange, EDGX Exchange and BATS Options will be closing 3 hours early on Thursday, July 3, 2014 and will also be closed on Friday, July 4, 2014 in observance of Independence Day. Normal trading will resume Monday, July 7, 2014.

Egyptian Exchange Board Suggests To Set Up An Optional Mechanism For Commercial Arbitration

Date 25/06/2014

EGX Board of Directors discussed in its latest meeting the proposal of optional mechanism for commercial arbitration in order to resolve commercial disputes. The suggested mechanism is to be an available option to all parties to the market to enhance the speed and pace of resolving commercial disputes or private investment market parties optional.
SEC Adopts Cross-Border Security-Based Swap Rules

Date 25/06/2014

The Securities and Exchange Commission today adopted the first of a series of rules and guidance on cross-border security-based swap activities for market participants. The new rules will be key to finalizing the remaining proposals.
CFTC Staff Issues An Extension Of Time-Limited No-Action Relief To LCH And Nodal

Date 25/06/2014

The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) and Division of Market Oversight (DMO) today issued a further extension of time-limited no-action relief to LCH.Clearnet Limited (LCH), a derivatives clearing organization (DCO) registered under Section 5b of the Commodity Exchange Act (CEA), and Nodal Exchange LLC (Nodal), a designated contract market (DCM) under Section 5 of the CEA.
EBA Analyses Impact Of Pension Plans In Capital

Date 25/06/2014

The European Banking Authority (EBA) published today a report analysing the impact that the revised IAS 19 Employee Benefits in conjunction with the deduction of net pension assets under the Capital Requirements Regulation (CRR) and changes in net pension liabilities may have on the volatility of institutions' own funds. The report concluded that in most cases there may be limited volatility of own funds due to changes in the accounting and prudential requirements that derive from the revised IAS 19 Employee Benefits and the CRR.
Beginning To Shine A Light On The Opaque Derivatives Market: Defining Dealers And Major Participants In The Cross-Border Context, SEC Commissioner Luis A. Aguilar, Washington, D.C., June 25, 2014

Date 25/06/2014

Dealers and major participants play a crucial role in the derivatives market, a market that has been estimated to exceed $710 trillion worldwide, of which more than $14 trillion represents transactions in security-based swaps.[ In the United States, the Commodity Futures Trading Commission (“CFTC”) and the SEC share responsibility for regulating the derivatives market. Out of the total derivatives market, the SEC is responsible for regulating security-based swaps. As evidenced in the most recent financial crisis, the unregulated derivatives market had devastating effects on our economy and U.S. investors. In response to this crisis, Congress enacted the Dodd-Frank Act and directed both the CFTC and SEC to promulgate an effective regulatory framework to oversee the derivatives market.