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CFTC Meeting Scheduled for October 25, 2012, Has Been Cancelled

Date 23/10/2012

The Commodity Futures Trading Commission’s open meeting scheduled for Thursday, October 25, 2012, has been cancelled.

NASDAQ OMX Commodities: Members Trading And Clearing Carbon Contracts Are Advised To Open Trading Account And Trusted Account List Arrangements In The EU ETS Union Registry

Date 23/10/2012

With reference to the upgrades of the EU ETS Union Registry (“Union Registry”) that includes the implementation of a new account type (Trading Account) and a Trusted Account List, NASDAQ OMX Commodities (“NOMXC”) advices all Members to open a Trading Account and a Trusted Account list arrangement in the Union Registry.

Concurring Statement Regarding The Proposed Customer Protection Rulemaking, CFTC Commissioner Jill E. Sommers

Date 23/10/2012

Today the Commission has proposed a new set of rules to, among other things, increase customer protections and disclosures, strengthen risk management programs, and enhance auditing and examination procedures for futures commission merchants (FCMs). In light of the recent events surrounding MF Global and Peregrine, I am, of course, supportive of such steps to the extent that they lead to greater customer protection and increased customer awareness of the risks associated with their futures and swaps accounts.

SIFMA President & CEO Tim Ryan Remarks - SIFMA 2012 Annual Meeting

Date 23/10/2012

I’d like to thank Gary Gensler for starting us off this morning during our breakfast session.   Again, I’m Tim Ryan, President and CEO of SIFMA; to keep things moving on this very busy day, I’ll take care of some official business.

 I now declare the opening of SIFMA’s formal annual business meeting for members.   

Concurring Statement Of CFTC Commissioner Scott D. O'Malia Regarding The Proposed Customer, Protection Rulemaking

Date 23/10/2012

In response to the Peregrine and MF Global failures, the Commission has proposed a new set of rules to enhance the level of protection afforded customers of the futures markets. In particular, the proposal calls for FCMs to maintain adequate capital in their customer accounts to ensure customers are not bearing the credit risk of their fellow customers, implement controls around the risks specific to a particular FCM's business, increase the level of disclosures provided to customers, and create an independent segregation account balance verification system. While these measures are a good start, I believe that it is essential to focus on a comprehensive technological solution that goes beyond what the Commission has proposed in this release. Technology can be a cost effective oversight tool for both customers and the Commission to enhance transparency and improve risk management. Improving our capacity to monitor money flows can serve as a significant deterrent against fraudulent behavior.

Keynote Address At The National Society Of Compliance Professionals National Meeting By SEC Commissioner Daniel M. Gallagher

Date 23/10/2012

Thank you, Lee [Augsburger], for your very kind introduction and for inviting me to speak this morning. I’d like to take a moment to congratulate the NSCP on the occasion of its 25^thanniversary, which I understand you celebrated last night. Coincidentally, tomorrow marks the first anniversary of my Senate confirmation. They say a “dog year” is equal to seven human years. Given the pace and volume of the SEC’s rulemaking in this post-Sarbanes-Oxley, post-Dodd-Frank era, sometimes it feels like my first “Commissioner year” was equal to about 25 years as well.

Statement Of Support: Enhancements For The Protection Of Customers And Customer Funds, CFTC Chairman Gary Gensler

Date 23/10/2012

I support the proposed rules to enhance the protections afforded customers that participate in the futures and swaps markets, including the protection of customer funds held by futures commission merchants (FCMs) and derivatives clearing organizations.

FTSE And Vanguard Discuss Benchmark Switching On Index Universe Webinar - 24th October

Date 23/10/2012

On October 24th, join Joel Dickson, Vanguard's senior ETF strategist; Jonathan Horton, president - FTSE North America; and Jamie Perrett, FTSE's director of Index Research for an in-depth presentation on the benchmark switch, what it means for investors and how the transition will be handled.

CFTC Charges Floridian Christopher Smithers With Fraud In Connection With Commodity-Related Activities And Violations Of A Federal Court’s Prior Orders - Smithers Allegedly Defrauded Customers In Trading Commodity Futures Contracts And In The Purchase Of Gold Bullion

Date 23/10/2012

The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed a federal civil enforcement action in the U.S. District Court for the Southern District of Florida chargingChristopher Smithers of Jupiter, Florida, with fraud in connection with his commodity-related activities in violation of the Commodity Exchange Act (CEA) and CFTC regulations. The CFTC complaint also charges Smithers with violating two prior U.S. District Court orders that, among other things, permanently prohibited Smithers from engaging in any commodity-related activities.

European Commission: Enhanced Cooperation On Financial Transaction Tax – Questions And Answers

Date 23/10/2012

In September 2011, the European Commission tabled a proposal for a Directive on a financial transaction tax (see IP/11/1085). The essence of this proposal was that a low-rate, wide-base tax would be applied on all financial transactions with any economic link to the EU. The estimated revenue yield was €57 billion.