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  • SIFMA Presents Alfred J. Rauschman Award To Loren Schechter

    Date 19/03/2013

    SIFMA today announced that the Executive Committee of its Compliance & Legal (C&L) Society has presented the Alfred J. Rauschman Award to Loren Schechter, partner in the New York Office at Duane Morris LLP, in recognition of his contributions to the Compliance & Legal community and a career dedicated to the financial services industry.

  • ISDA Response To BCBS & IOSCO With Respect To The Second Consultative Document "Margin Requirements For Non-Centrally Cleared Derivatives"

    Date 19/03/2013

    The International Swaps and Derivatives Association ("ISDA") appreciates the opportunity to respond to the Basel Committee on Banking Supervision ("BCBS") and the International Organization of Securities Commissions ("IOSCO") with respect to the Second Consultative Document "Margin Requirements For Non-Centrally Cleared Derivatives" (the "Paper" or"BCBS 242") of February 2013.

  • SIFMA Acting President & CEO Kenneth E. Bentsen, Jr. Remarks At SIFMA's Compliance & Legal Society Annual Seminar

    Date 19/03/2013

    Thank you Heath for those insightful comments. SIFMA values the close working relationship we have with NASAA and we’re glad you could be with us here today. It is equally an honor to have CFTC Commissioner Scott O’Malia and FINRA CEO Rick Ketchum who we will hear from shortly. Heath, Scott and Rick, your being here adds tremendous value to this conference and our members’ ongoing efforts to build and maintain a strong and compliant market. 

  • CFTC: Federal Court Imposes More Than $57 Million In Sanctions Against Two Mexican Companies, MXBK Group S.A. De C.V. And MBFX S.A., For Defrauding Their U.S. Foreign Currency (Forex) Customers

    Date 19/03/2013

    The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained a federal court judgment against two Mexican companies, MXBK Group S.A. de C.V. (MXBK), and its forex division, MBFX S.A. (MBFX), requiring them jointly to pay restitution of $28,969,059 to defrauded U.S. customers and an equal amount as a civil monetary penalty. The Order, entered on March 7, 2013, by Chief Judge Ted Stewart of the U.S. District Court for the District of Utah, finds that MXBK and MBFX accepted at least $28 million from more than 800 U.S. customers to trade forex transactions in pooled accounts. The Order finds that MXBK and MBFX defrauded their customers, in part, by misrepresenting their historical trading results. The Order also finds that MXBK and MBFX willfully made, or caused to be made, false reports or statements to their customers regarding the profitability of their accounts.

  • Cyprus Stock Exchange Suspension Of Trading

    Date 19/03/2013

    The Cyprus Stock Exchange (CSE) announces that by a decision of the Chairman of the Council and the Director General –CEO of the CSE taken in accordance with Article 183 of the Securities and Stock Exchange Law, which was ratified by the Council of the Stock Exchange at an extraordinary meeting held today in accordance with Article 184 of the Law, the trading of all securities listed on the Stock Exchange is suspended for the purpose of ensuring the proper functioning of the Stock Market and to protect investors.