News Centre

FINRA Hearing Panel Dismisses Two Of Three Causes Of Action In Complaint Against Charles Schwab & Company - Panel Orders Schwab To Pay $500,000 Fine And Correct Language In Account-Opening Documents

Date 21/02/2013

The Financial Industry Regulatory Authority (FINRA) announced today that a FINRA hearing panel has dismissed two of three causes in a February 2012 complaint against Charles Schwab & Company. The panel concluded that the amended language used in Schwab's customer agreements to prohibit participation in judicial class actions does violate FINRA rules, but that FINRA may not enforce those rules because they are in conflict with the Federal Arbitration Act (FAA).

ISE Elects Hauke Stars To Board Of Directors

Date 21/02/2013

The International Securities Exchange (ISE) today announced that Hauke Stars was elected to ISE's Board of Directors.  Mrs. Stars, who was recently named Member of the Executive Board and Chief Information Officer of Deutsche Börse AG, will begin serving her term with the ISE Board of Directors effective immediately.  

CFTC Charges CME Group’s New York Mercantile Exchange And Two Former Employees With Disclosing Material Nonpublic Information About Customer Trades

Date 21/02/2013

The U.S. Commodity Futures Trading Commission (CFTC) today filed an enforcement action charging the New York Mercantile Exchange, Inc. (CME NYMEX), which is owned and operated by the CME Group, and two former CME NYMEX employees, William Byrnes and Christopher Curtin, with violating the Commodity Exchange Act and CFTC Regulations through the repeated disclosures of material nonpublic customer information over of period of two and one-half years to an outside commodity broker who was not authorized to receive the information.

CME Group Statement In Response To CFTC Complaint

Date 21/02/2013

CME Group released the following statement in response to the CFTC's complaint filed today against NYMEX Holdings:

Each of CME Group's exchanges, including the New York Mercantile Exchange (NYMEX), places an extremely high priority on preserving the confidentiality of customer information, and we expect our employees to abide by this guiding principal without exception.  For this reason, when we discover that any CME Group employee has acted contrary to this principle we take decisive action to reinforce our values and protect against the disclosure of confidential information.  Our policies and procedures designed to protect against the disclosure of confidential information are sound, and we continue to emphasize the importance of our values with our employees every day.

CFTC Staff And IOSCO Board Level Task Force to Host Public Roundtable To Discuss IOSCO Consultation Report On Financial Benchmarks

Date 21/02/2013

The staff of the Commodity Futures Trading Commission (CFTC) and the International Organization of Securities Commissioners (IOSCO) will hold a public roundtable on Tuesday, February 26, 2013, from 1:00 p.m. to 4:00 p.m., to discuss the IOSCO Consultation Report, “Financial Benchmarks,” which was published in January 2013. This roundtable, along with the written comment letters and the roundtable discussion held in London on February 20, will inform the IOSCO Final Report containing principles of best practices for benchmark methodologies and governance.

SEC Charges Virgin Islands-Based Investment Adviser With Defrauding Clients

Date 21/02/2013

The Securities and Exchange Commission today charged an investment adviser located in the U.S. Virgin Islands with defrauding clients from whom he withheld the fact that he was receiving kickbacks for investing their money in thinly-traded companies. When he faced pressure to pay clients their returns on those investments, he allegedly used money from other clients in a Ponzi-like fashion to make payments.

Potential For Modified Delivery And Settlement Procedures For CME Livestock & Dairy Contracts

Date 21/02/2013

CME Customer Letter

As you are aware, on March 1, 2013 a series of automatic federal spending cuts, known as sequestration, are set to begin.  As a valued customer, we wanted you to be aware this is an issue we are closely monitoring, as it’s possible mandatory spending cuts – should they begin on March 1 – could have an impact on the physical delivery and cash settlement mechanisms of certain CME livestock and dairy products. In addition, the budget cuts could result in the disruption of USDA reports that are used in the daily calculation of the CME Feeder Cattle Index and CME Lean Hog Index and the monthly calculations used to determine settlement prices for CME Dairy futures products.

MIAX Options Exchange System Issue – Improper Classification Of Certain Options As Long-Term Options

Date 21/02/2013

The MIAX Options Exchange has identified a system issue that caused options with an expiration date of10/19/2013 to be improperly classified on February 19, 2013 as Long-Term Options (LTOs) within theMIAX Options trading system.  The incorrect classification only occurred on the trade date of February19, 2013.

FESE‐CFA Institute Joint Seminar On Long‐Term Growth: European Exchanges Call For EU Action To Increase SME Listings In Europe

Date 21/02/2013

The Federation of European Securities Exchanges (FESE) has organised a seminar with CFA Institute on 21st February 2013 in Brussels, focusing on the actions needed to improve the EU capital markets’ ability to  finance long‐term economic growth. FESE’s partnership with CFA  Institute in  this  joint seminar underscores the common ideal shared by stock exchanges and investors, which is fair, safe, and liquid markets that enable growth. The seminar is aimed at contributing to the EU discussion being launched by the European Commission’s upcoming Green Paper on long‐term investment and specifically focuses on investments in smaller companies. In recognition of the increasing constraints on bank lending available to SMEs, participants discussed how Europe can help SMEs get better access to both private and public equity and public bonds for SMEs.

GETCO And Knight Announce Management Team For Combined Firm

Date 21/02/2013

GETCO Holding Company, LLC ("GETCO") and Knight Capital Group, Inc. (NYSE: KCG, "Knight") yesterday announced the management team of the new public company that will own GETCO and Knight upon completion of their pending transaction. As previously disclosed, the combined firm will be led by Daniel Coleman, Chief Executive Officer of GETCO. Thomas M. Joyce, currently Knight's Chairman and Chief Executive Officer, will serve as Executive Chairman of the Board of Directors.