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  • CFTC Commissioner Jill Sommers Opening Statement Regarding The Twelfth Open Meeting To Consider Final Rules Pursuant To The Dodd-Frank Act

    Date 10/05/2012

    Thank you Mr. Chairman and thank you to the rulemaking team for the hard work and diligence in crafting these rules.  We have before us today final rules relating to the Core Principles for Designated Contract Markets (DCMs).   Core Principles were designed to allow DCMs the flexibility to establish compliance regimes that fit with their markets and business models.  This flexible approach has been very successful.  The proposed DCM Core Principle rules published in late 2010 significantly, and needlessly, strayed from the flexible approach in favor of a prescriptive, one-size-fits-all, rules-based approach.  I did not, and still do not, support abandoning the flexible, principles-based approach to regulation.  I am pleased, however, that in a number of areas the final rules before us today recognize the value of retaining flexibility and pull back from the overly prescriptive regime set out in the proposed rules.  I understand that in a number of areas where we have established specific rules, we have codified the best practices already in place at DCMs today.  While on its face this may seem reasonable, I have lingering concerns about whether codifying today’s best practices will prevent exchanges from developing tomorrow’s best practices.  Our industry evolves quickly, and we are on the cusp of regulating vast markets and diverse products that we have never regulated before.  We must remain vigilant to ensure that our lack of experience in these markets and with these products does not cause us to stand in the way of continued evolution and progress.

  • FSA Fines Martin Currie £3.5 Million For Failing To Manage A Conflict Of Interests Between Clients

    Date 10/05/2012

    The Financial Services Authority (FSA) has fined Martin Currie Investment Management Limited and Martin Currie Inc (together, Martin Currie) £3.5 million for failing to manage a conflict of interest between two of its clients. This is the largest fine ever imposed by the FSA in a conflict of interest case. In addition to the fine issued by the FSA, the Securities and Exchanges Commission (SEC) is also fining Martin Currie in the US.

  • NYSE Amex LLC To Be Renamed NYSE MKT LLC - NYSE Amex Options Market Will Retain Its Current Name

    Date 10/05/2012

    NYSE Euronext (NYX) today announced that NYSE Amex LLC, the  self regulatory organization, will be renamed NYSE MKT LLC effective  May 14, 2012, subject to SEC filing. NYSE MKT is the  premier U.S. equities market for listing and trading of small growth companies.  NYSE MKT’s associated options market will continue to do business under the name  NYSE Amex Options.

  • Burgundy Launches Competitive Clearing

    Date 10/05/2012

    Burgundy is pleased to announce launch of a competitive clearing service from 11 May 2012. Competitive clearing enables Burgundy’s customers to choose between EMCF and SIX x-clear, both leading European clearinghouses.

  • United Kingdom's Financial Services Authority Publishes Recovery And Resolution Plan (RRP) Update

    Date 10/05/2012

    The Financial Services Authority (FSA) has published a feedback statement setting out the approach being taken by the FSA to ensure firms develop appropriate recovery plans and resolution packs.

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