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BNP Paribas Accredited To Clear NZX Equity Derivatives

Date 01/10/2013

NZX is pleased to announce that BNP Paribas Securities Services SCA (the global custodian and securities services provider under the BNP Paribas Group) has been accredited as a General Clearing Participant, a Legal Title Transfer Depository Participant, and a Depository Participant for NZX’s Equity Derivatives Market.
CFTC’s Division Of Market Oversight Issues An Amendment To Previously Issued Time-Limited No-Action Relief For Temporarily Registered Swap Execution Facilities From Certain Swap Data Reporting Requirements Of Parts 43 And 45 Of The Commission’s Regulations (Letter 13-55)

Date 01/10/2013

The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) today issued an amendment to CFTC No-Action Letter No. 13-55 previously issued by the Division on September 27, 2013 (Letter 13-55). Letter 13-55 provides temporarily registered swap execution facilities (SEFs) with relief from certain swap data reporting requirements of Parts 43 and 45 of the Commission’s Regulations with respect to certain swaps in the equity, foreign exchange (FX) and other commodity asset classes executed on, or pursuant to, the rules of a SEF, and subject to conditions specified in the letter. The relief expires no later than 12:01 a.m. eastern time on October 30, 2013 for swaps executed in the FX asset class, and 12:01 a.m. eastern time on December 2, 2013 for swaps executed in the equities and other commodity asset classes.
CFTC’s Division Of Clearing And Risk And Division Of Market Oversight Provide Time-Limited No-Action Relief for (1) Futures Commission Merchants From Requirement To Comply With Commission Regulations 1.73(a)(2)(i) and (a)(2)(ii); And (2) Temporarily Registered Swap Execution Facilities From Requirement To Comply With Commission Regulation 37.702(b)

Date 01/10/2013

The Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk and Division of Market Oversight (together, “the Divisions”) today announced the issuance of no-action letter providing time-limited and specific relief for futures commission merchants (“FCMs”) from the requirement to comply with Commission Regulation 1.73(a)(2)(i) and (a)(2)(ii), and for temporarily registered swap execution facilities (“SEFs”) from the requirement to comply with Commission Regulation 37.702(b), if the SEFs do not already have the ability to facilitate pre-execution screening. The no-action relief in this letter only applies to entities that have achieved temporary registration status as SEFs as of October 2, 2013.
CFTC Announces Gretchen L. Lowe As Acting Director Of Division Of Enforcement

Date 01/10/2013

Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler today announced Gretchen L. Lowe as Acting Director of the Division of Enforcement. Ms. Lowe, currently the Division’s Chief Counsel, has served the Commission in the Enforcement Division. Ms. Lowe will assume her new role upon the departure of the Division’s current director, David Meister, who will be departing in October.
CFTC’s Division Of Swap Dealer And Intermediary Oversight Issues Time-Limited No-Action Relief Regarding The Treatment Of Swap Transactions By Persons Engaging In Floor Trader Activities, For Purposes Of Making Calculations Under The Swap Dealer Definition

Date 01/10/2013

The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a time-limited no-action letter that provides relief for persons engaging in floor trader activities.

CFTC Announces Departure Of Enforcement Director David Meister

Date 01/10/2013

The Commodity Futures Trading Commission today announced that Division of Enforcement Director David Meister will depart the agency in October. Mr. Meister led the Division in bringing record numbers of enforcement actions covering the full range of the CFTC’s authority, including the first-ever charges under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Mr. Meister, a close counselor to the Chairman on enforcement matters and other significant issues, also led key Dodd-Frank enforcement rulemakings, such as the prohibition against a wide range of manipulative and deceptive conduct, the whistleblower rule, and the Commission’s disruptive practices guidance.
ISDA/IIF/GFMA Response To The BCBS 253 CD: Capital Treatment Of Bank Exposures To CCPs

Date 30/09/2013

This letter contains the response of the International Swaps and Derivatives Association (“ISDA”), the Institute of International Finance (“IIF”), and the Global Financial Markets Association (“GFMA”) (together, the “Associations”) to the BCBS consultative document, Capital treatment of bank exposures to central counterparties issued for comment on 28 June 2013 (“BCBS253”).
CFTC’s Division Of Market Oversight Provides Time-Limited No-Action Relief For Swap Execution Facilities And Designated Contract Markets From The One Business Day Product Review Period Requirement Of Commission Regulation 40.2(A)(2) For Newly-Listed Swap Products

Date 30/09/2013

The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO or Division) today announced the issuance of a time-limited no-action letter providing relief for swap execution facilities (SEFs) and Designated Contract Markets (DCMs) from the one business day product review period requirement of Commission regulation 40.2(a)(2) for newly-listed swap products.
SEC: Public Feedback On OFR Study On Asset Management Issues

Date 30/09/2013

Today, a webpage was opened on the SEC’s website for the public to provide feedback on a study entitled “Asset Management and Financial Stability” published by the Office of Financial Research of the Treasury Department.http://www.treasury.gov/initiatives/ofr/research/Pages/AssetManagementFinancialStability.aspx
CFTC Charges Lions Wealth Holdings, Inc., Lions Wealth Services, Inc., 20/20 Precious Metals, Inc. And Bharat Adatia In Multi-Million Dollar Fraudulent Precious Metals Scheme - CFTC Alleges That Defendants, Who Took In More Than $2.4 Million During The Past Two Years, Defrauded Customers In Connection With Precious Metals Transactions And Engaged In Illegal Off-Exchange Commodity Transactions

Date 30/09/2013

The U.S. Commodity Futures Trading Commission (CFTC) today filed an injunctive enforcement action in the U.S. District Court for the District of Nevada against three Nevada corporations:Lions Wealth Holdings, Inc. and Lions Wealth Services, Inc., both doing business as Lions Wealth Capital (collectively Lions Wealth), and 20/20 Precious Metals, Inc. (20/20 Metals), and their principal Bharat Adatia of San Juan Capistrano, California. The CFTC Complaint charges that the three companies and Adatia took in more than $2.4 million in customer funds between July 2011 and February 2013, while fraudulently marketing illegal, off-exchange trading of precious metals on a leveraged, margined or financed basis.