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  • European Parliament: Crack Down On Short Selling And Sovereign Debt Speculation

    Date 18/10/2011

    Lead MEPs and the Polish Presidency on Tuesday clinched a deal on the regulation beefing up standards and requirements for the practices of short selling and trading in credit default swaps (CDS), a financial product insuring against default. The rules will impose much more transparency, increase the powers of the EU's financial watchdog and virtually ban certain CDS trades, thereby making speculation on a country's default more difficult.

  • SEC Halts Scheme Involving Investments To Purportedly Help Homeowners Restructure Mortgages

    Date 18/10/2011

    The Securities and Exchange Commission today announced that it has obtained an emergency court order to freeze the assets of a Texas resident and his company charged with falsely telling investors he was using their money to buy and restructure pools of non-performing home mortgages in the wake of the housing market’s decline.

  • Standard & Poor's Announces Changes In The S&P/TSX SmallCap And Global Mining Indices

    Date 18/10/2011

    Standard & Poor's will make the following changes in the S&P/TSX SmallCap and Global Mining Indices:

    Shareholders of Western Copper Corporation (TSX:WRN) approved on October 3, 2011, the Plan of Arrangement whereby the company will spin out certain copper interests to shareholders. For every 2 shares of Western Copper held, shareholders will receive 1 share of a new company named Copper North Mining Corp. and 1 share of a new company named NorthIsle Copper and Gold Inc. Copper North and NorthIsle Copper will trade on TSX Venture Exchange for the first time (the ex-date of the spin-off) on October 20, 2011, under the ticker symbols "COL" and "NCX" respectively. The spun out shares of Copper North and NorthIsle Copper will be added at zero price to the S&P/TSX SmallCap and Equity SmallCap, the S&P/TSX Global Mining and Global Base Metals and the S&P/TSX Equal Weight Global Base Metals Indices after the close of trading on Wednesday, October 19, 2011.

  • SEC Charges Former CEO In Tulsa With Misleading Investors About Liquidity Risks

    Date 18/10/2011

    The Securities and Exchange Commission today charged the co-founder of a Tulsa-based energy company with misleading investors in one of its subsidiaries about liquidity risks they faced from his energy trading.

  • Concurring Statement, Second Extension Of Temporary Exemptive Relief - CFTC Commissioner Scott D. O’Malia

    Date 18/10/2011

    As Yogi Berra famously proclaimed: “It is déjà vu all over again.” Yogi perfectly encapsulates my feelings today. We find ourselves again voting on a proposed order aimed at providing legal certainty in the form “temporary exemptive relief” for swap market participants that extends the soon to expire relief found in the Commission’s July 14, 2011 exemptive order (“July 14 Order”). This temporary relief is necessary because: (1) the Commission has not yet put forth final rules defining such key terms such as “swap” and “swap dealer”; and (2) certain exemptions and exclusions for transactions in exempt and excluded commodities currently relied upon by market participants will be repealed effective December 31, 2011. The proposal states: “[t]he Commission proposes that this further amendment to the July 14 Order is necessary to ensure that the same scope of the exemptive relief available before December 31, 2011 is available to all swaps and extends through July 16, 2012, at the latest.”