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VAT: The European Commission Proposes To Modernise The Current Legislation For Financial Services And Insurances

Date 28/11/2007

(see MEMO/07/519) The European Commission has adopted today a proposal for a Directive aiming at modernising and simplifying the complex VAT rules for financial and insurance services and securing a level playing field in the pan-EU market for these services as far as VAT is concerned. These services are generally exempt f
Central Japan Commodity Exchange: Error Setting Of The Trading In Oil And Aluminum Markets For January 2008 Contract Month

Date 28/11/2007

The contracts for January 2008 Contract Month in Oil and Aluminum Markets were traded today with the daily price fluctuation limits shown in the below because of the error setting of price fluctuation. (These contracts should have been traded without fluctuation limit.)In accordance with the Article 122 of the Market Administrative Bylaws, the Board Meeting resolved that the above contracts were deemed as traded with the below price fluctuation limits as exceptional treatment only on
UK’s Financial Services Authority Calls For All Firms To Ensure Their Promotional Websites Are Fair, Clear And Not Misleading

Date 28/11/2007

A Financial Services Authority (FSA) review of advertising on financial firms' websites has found that three-quarters met the standards required. However, the findings, published today, also show that a significant minority of the websites sampled failed to present information in a fair, clear and not misleading way.
FINRA Fines Wachovia Capital Markets $300,000 For Deficient Disclosures In Research Reports - Wachovia Omitted Numerous Required Conflict Of Interest Disclosures, Used Inadequate Disclaimer Language

Date 28/11/2007

The Financial Industry Regulatory Authority (FINRA) announced today that it has censured and fined Wachovia Capital Markets, LLC $300,000 for violations of FINRA's research analyst conflict of interest disclosure rules.
NYMEX Sets Daily Volume Record For Metals Futures Contracts

Date 28/11/2007

The New York Mercantile Exchange, Inc., a subsidiary of NYMEX Holdings, Inc. (NYSE: NMX), announced that it set daily volume records yesterday for its gold contract on the CME Globex ® electronic trading platform, overall gold futures, and total metals futures for COMEX.

Financial Services Authority Encourages Growth Of Islamic Finance In The UK

Date 28/11/2007

The Financial Services Authority (FSA) has today published a paper setting out its role in the development of the UK as the major European financial centre for Islamic financial products and services.
Disciplinary Committee Of OMX Nordic Exchange Stockholm Fines Carnegie Heavily

Date 28/11/2007

The listed company D. Carnegie & Co AB (Carnegie) and its subsidiary Carnegie Investment Bank AB (the Bank) have contravened the rules applying at OMX Nordic Exchange Stockholm. With respect to the Bank, brokers have manipulated market prices to conceal intentional incorrect valuations previously undertaken within the Bank’s derivative trading portfolio (trading portfolio). Due to this, the Disciplinary Committee has decided to fine the Bank SEK 5 million. The fine that the Bank will have to
ICE Futures U.S. Announces Christmas And New Years Holiday Trading Schedule

Date 28/11/2007

ICE Futures U.S.(sm), a wholly-owned subsidiary of IntercontinentalExchange (NYSE: ICE), announced today its 2007 Christmas and New Years holiday trading schedules:
Xetra - 10 Years Of Successfully Setting Industry Standards - Trailblazer For Electronic Stock Exchange Trading - More Than 65 Percent Of Transactions With International Clients - Next Xetra Generation Set For Launch In Spring 2008

Date 28/11/2007

: Exactly ten years ago, Deutsche Börse launched the electronic trading system Xetra, which matched securities orders on a fully automated basis for the first time. The advantages then were the same as they are today: fair, market-oriented execution prices, lower transaction costs, access regardless of location and the fastest execution at the lowest prices. Xetra quickly became an industry standard for securities trading and has become a synonym for stock exchange electronization. More than
Bundesverband Der Wertpapierfirmen An Den Deutschen Börsen e.V. (bwf) Joins The European Financial Markets Federation

Date 28/11/2007

The European Financial Markets Federation (EFMF) is pleased to announce that Bundesverband der Wertpapierfirmen an den deutschen Börsen e.V. (bwf) - the Federal Association of Securities Trading Firms at the German Stock Markets – has joined join the alliance of six major national and international associations which are existing members of EFMF. The bwf is a nationwide association of securities trading firms, authorised stockbrokers and market specialists in Germany. In the banking domin