News Centre

Former Bank CEO Sentenced To 15 Years in Prison For Fraud Scheme

Date 11/09/2012

Joseph M. Braas, 46, of Lititz, Pa., was sentenced today to 180 months in prison for his role in a fraud conspiracy that caused the Bank of Lancaster County, which was chartered in 1863 and is one of the five oldest banking organizations in the country, to cease its independent existence.  As a result of the fraud, hundreds of jobs were lost.  Braas was chief operating officer of Equipment Finance LLC (EFI), when he and his co-defendants—Michael J. Schlager, Mary C. Stankiewicz, Misty L. Kroesen, Curtis A. Kroesen, John Wiley Spann, Harold W. Young and John S. Tomberlin—engaged in a sophisticated loan fraud scheme that caused losses of approximately $53 million at EFI.  In addition to the prison term, U.S. District Court Judge Paul S. Diamond also ordered Braas to pay restitution in the amount of $53 million.

Statement From New York Attorney General Schneiderman On 11th Anniversary Of 9/11 Attacks

Date 11/09/2012

Attorney General Eric T. Schneiderman released the following statement today on the 11^th anniversary of the 9/11 terrorist attacks.

CFTC Seeks Public Comment On Request from ICE Clear Europe For Order Permitting Portfolio Margining Of Futures And Foreign Futures Contracts

Date 11/09/2012

The Commodity Futures Trading Commission (Commission) is requesting public comment on a petition submitted by ICE Clear Europe Limited (ICE Clear Europe) for an order pursuant to Section 4d(a) of the Commodity Exchange Act (Act). The petition requests an order that would permit ICE Clear Europe and its clearing members that are registered futures commission merchants to (1) commingle in an account subject to Section 4d(a) (a futures customer account) positions in futures and options, and foreign futures and foreign options, and related customer money, securities and property; and (2) portfolio margin such futures and options, and foreign futures and foreign options, in the futures customer account.

Regulation And Supervision: Where Europe Is Heading - Presentation By Judith Hardt, Secretary General, FESE To The SFOA Conference

Date 11/09/2012

Click here to download a presentation by Judith Hardt Secretary General to the SFOA Conference, 6th September, Interlaken.

FTSE MIB Index Quarterly Review 11 September 2012

Date 11/09/2012

The FTSE Italia Index Policy Committee has approved the following changes to the FTSE MIB Index which will become effective after the close of business on Friday, 21 September 2012 (i.e. on Monday, 24 September 2012).

CFTC Seeks To Revoke Registrations Of Linda Faye Harris And Her Companies, CDH Forex Investments, LLC And CDH Global Holdings, LLC

Date 11/09/2012

The U.S. Commodity Futures Trading Commission (CFTC) today filed a notice of intent to revoke the registrations of Linda Faye Harris, CDH Forex Investments, LLC (CDH Forex) and CDH Global Holdings, LLC (CDH Global), all of Flower Mound, Texas. CDH Forex is a registered Commodity Pool Operator and Commodity Trading Advisor; CDH Global is a registered Commodity Trading Advisor; and Harris is registered as an Associated Person and is the sole principal of CDH Forex. Harris was an Associated Person and principal of CDH Global.

ISDA Commentary On August 31 Compromise Texts On MiFID2/MiFIR

Date 11/09/2012

This paper has been produced by the International Swaps and Derivatives Association (ISDA) in order to help inform on-going European Council discussions on MiFID2/MiFIR.   Some of these points will be familiar from previous ISDA commentaries; new points are therefore shaded in grey.  In summary, we make the following points:

Pre-trade transparency for non-equities trading venues (MiFIR Articles 7 and 8)

• We strongly welcome the clear link that is now made between the scope of transparency requirements under Article 7 and OTC derivatives contracts that are subject to the derivatives trading obligation.
• We are supportive of the new provisions allowing for suspension of transparency requirements in certain situations.
• There should be a clearer recognition of the importance of Request-For-Quote or voice trading for OTC derivatives markets, in support of the move to exchange and electronic trading.

FESE European Equity Market Report - August 2012 Figures

Date 11/09/2012

FESE European Equity Market Report – August 2012 figures are now available.

AA Finance News Portal To Be Launched At IMKB - Anadolu Agency Aims To Provide Figures And News Pertaining To The Markets With Its Finance News Portal Listing

Date 11/09/2012

''Anadolu Agency's Finance News Portal" will be active at the Istanbul Stock Exchange (ISE) as of Wednesday.
In a statement released Tuesday, the ISE said that an inauguration ceremony would take place at the ISE for Anadolu Agency's Finance News Portal on Wednesday.

CFTC Meeting Scheduled For September 12, 2012, Has Been Cancelled

Date 11/09/2012

The Commodity Futures Trading Commission’s open meeting scheduled for Wednesday, September 12, 2012, has been cancelled.