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Statement By Commissioner Malmström On The European Parliament's Resolution On The EU-US TFTP Agreement

Date 23/10/2013

We take note of the resolution and of the European Parliament’s request to suspend the Terrorist Finance Tracking Programme Agreement (TFTP). We have already started consultations with the US under the TFTP Agreement to verify the allegations of access to financial messaging data in the EU contrary to TFTP agreement. In the framework of the consultations the US side has provided detailed explanations and assurances. We have no indications that the TFTP Agreement has been violated, but we are still waiting for additional written assurances that the Commission has requested from the US. Following the resolution, we will follow up our request for written assurance with the US without delay and keep the European Parliament fully informed. In the meantime, the provisions of the TFTP Agreement that clearly regulate the transfer of personal data, and that provide effective safeguards to protect the fundamental rights of Europeans, will remain in place.

SEC Issues Proposal On Crowdfunding

Date 23/10/2013

The Securities and Exchange Commission today voted unanimously to propose rules under the JOBS Act to permit companies to offer and sell securities through crowdfunding.
MEPs Call For Suspension Of EU-US Bank Data Deal In Response To NSA Snooping

Date 23/10/2013

The EU should suspend its Terrorist Finance Tracking Program (TFTP) agreement with the US in response to the US National Security Agency's alleged tapping of EU citizens' bank data held by the Belgian company SWIFT, says a non-binding resolution voted by Parliament on Wednesday.
Statement Regarding The Proposing Release On Crowdfunding, SEC Commissioner Kara M. Stein, Washington, D.C., Oct. 23, 2013

Date 23/10/2013

I’d like to echo my fellow Commissioners in thanking the staff. The proposing release before us today reflects excellent and clearly cross-divisional work on an important and challenging topic, and I commend the staff for their careful drafting and exemplary professionalism. I would also like to provide special thanks to one of my counsels, Blair Petrillo, who has spent countless hours wading through these documents, offering insights, and thoughtfully advising me on a number of the complex issues raised by today’s release.
CFTC Announces Schedule For Publication Of Reports Delayed By The Government Shutdown

Date 23/10/2013

The U.S. Commodity Futures Trading Commission (CFTC) announced an anticipated publication schedule today for reports delayed by the recent U.S. Government shutdown.

Statement At An Open Meeting of the Commission To Consider A Proposal To Implement Title III (“Crowdfunding”) Of The JOBS Act - SEC Commissioner Daniel M. Gallagher, Washington, D.C. , Oct. 23, 2013

Date 23/10/2013

I am glad to be able to support today’s proposal, and I want to thank those who have worked so hard to get us to this point. In particular, I want to thank Jonathan Ingram and Sebastian Gomez Abero of the Division of Corporation Finance and David Blass and his team – my old team – in the Division of Trading and Markets. I also want to acknowledge the key role played by FINRA in this rulemaking, so my thanks go out to Rick Ketchum, Bob Colby, and their team.
NYSE Euronext’s U.S. Liquidity Center Wins ‘Gold Award’ From The Uptime Institute - In Recognition Of Three Years Of Continuous Availability Since Coming Online In 2010 - The Second Award For The Liquidity Centers In 2013

Date 23/10/2013

NYSE Euronext today announced that its U.S. Liquidity Center was presented with the Uptime Institute’s ‘Gold Award’ for data centers with three consecutive years of uninterrupted availability. As a Tier IV guided data center designed to support the global trading community with regulated, high-performance access to markets, the U.S. Liquidity Center offers customers significant levels of reliability, redundancy and efficiency with multiple levels of service.
Platts Report: China Oil Demand Fell 2.3% In September Versus A Year Ago - Apparent Demand Decline Reflected In Lower Refinery Utilization, Net Imports

Date 23/10/2013

China's apparent oil demand in September fell by 2.3% to an average 9.66 million barrels per day (b/d) or 39.55 million metric tons (mt) versus year-ago data, according to a Platts analysis of Chinese government data.
SEC Sanctions Three Firms Under Compliance Program Initiative

Date 23/10/2013

Securities and Exchange Commission today sanctioned three investment advisory firms for repeatedly ignoring problems with their compliance programs.
Time Synchronization Critical For High-Speed Trading Firms To Stay Compliant And Profitable In 2014 - Human Error, Technology Limitations And GPS Spoofing Among Major Threats

Date 23/10/2013

To successfully execute on complex trading strategies and to stay in compliance, a firm must know the exact time that events happen, such as ticks, trades, and computed correlations. If a time stamp is off, it could be the difference between a successful trade and a debilitating business challenge. For the last 4 years, FSMLabs, has provided some of the world’s leading financial trading firms software and hardware for high-precision time synchronization and distribution to prevent intentional and accidental time errors, manage compliance, and guard against malicious attacks. However, a large number of financial firms still do not recognize just how easily time can be compromised.