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Canadian Securities Administrators: Regulators Publish Update On Consideration Of Concerns Regarding Reduced Access To Canadian Foreign-Currency Fixed Income Offerings

Date 01/09/2016

The Canadian Securities Administrators (CSA) today published CSA Staff Notice 31-346 –Guidance as to the Scope of the International Dealer Exemption in relation to Foreign-Currency Fixed Income Offerings by Canadian Issuers.
CFTC Wins Fraud Trial Against Florida-Based Precious Metals Traders Robert Escobio, Southern Trust Metals, And Loreley Overseas Corporation - Escobio And His Companies Are Permanently Banned From Commodity Trading And Registration, And Ordered To Pay Approximately $2.5 Million In Restitution And Penalties.

Date 01/09/2016

The U.S. Commodity Futures Trading Commission (CFTC) announced today a victory after trial involving a fraudulent precious metals scheme perpetrated by Robert Escobio of Miami, Florida, through his companies Southern Trust Metals, Inc. (Southern Trust) and Loreley Overseas Corporation(Loreley) (collectively, Defendants). U.S. District Judge James Lawrence King of the U.S. District Court for the Southern District of Florida issued his Findings of Fact and Conclusions of Law (Order) and Final Judgment (Judgment) in favor of the CFTC on August 29, 2016. The Judgment permanently enjoins and prohibits Escobio and the two companies from trading and orders them to pay restitution in the amount of $1,543,892 and a civil penalty of $254,919.66 for an illegal precious metals scheme. The Judgment also orders Southern Trust and Escobio to pay additional restitution of $559,725 and an additional penalty of $120,112.33 for an unregistered futures scheme.
CFTC Issues No-Action Letter To Swap Dealers To Extend Collateral Rule Deadline Due To Limitations With Custodial Accounts - Swap Dealers Given Until October 3rd To Comply

Date 01/09/2016

The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a time-limited, no-action letter stating that it will not recommend an enforcement action against a swap dealer subject to the September 1, 2016 compliance date for the CFTC’s uncleared swap margin rules, subject to certain conditions, for failing to fully comply with the custodial arrangement requirements of CFTC regulation 23.157 prior to October 3, 2016. Due to certain practical and technical limitations, DSIO believes it is appropriate to provide this relief when a swap dealer is making diligent, good faith implementation efforts in this period of transition.
SEC Charges Alabama Attorney And His Companies In Purported Waste-To-Energy Ventures

Date 01/09/2016

The Securities and Exchange Commission today charged Alabama attorney Donald Watkins and companies he controls with defrauding professional athletes and other investors out of millions of dollars, much of which he spent on his girlfriend and to cover personal expenses like alimony, past due taxes and credit card bills.
Statement Of CFTC Chairman Timothy Massad Regarding 30 Day No-Action Relief From Compliance With Custodial Arrangement Requirements Under CFTC Uncleared Swap Margin Rules

Date 01/09/2016

Today is the first compliance date for our rules requiring margin for uncleared swaps, which generally covers transactions between swap dealers. CFTC staff has been made aware that some dealers have not been able to complete all documentation required to comply with the custodial arrangements required by CFTC rules, due to the limited number of providers of such services and the volume of custodial agreements that market participants are requesting. While it is staff's understanding that this situation has improved in the last few days,‎ and that the largest dealers may no longer face significant issues, staff has heard that smaller firms or foreign firms may not have been able to complete all arrangements or test these new facilities.

OneChicago Announces Trading Volume For August 2016 - Year-To-Date Volume Up 2 Percent

Date 01/09/2016

OneChicago, LLC (OCX), a securities finance exchange, today announced its August 2016 volume of 1,025,240, a decrease of 21% year-over-year. OneChicago is a CFTC and SEC regulated exchange offering Single Stock Futures (SSF), a Delta One product, on approximately 1,800 equities, including ADRs and ETFs.
NYSE Member Firms Report Second-Quarter Results

Date 01/09/2016

New York Stock Exchange member firms that conduct business with the public reported a second-quarter 2016 after-tax profit of approximately $3.8 billion and revenues of approximately $42.4 billion, compared with approximately $3.1 billion after-tax profit on revenues of about $42.5 billion in the second-quarter of 2015.
OCC Cleared Contract Volume Down 24 Percent In August - Securities Lending CCP Activity Grew 35 Percent In August And 41 Percent Year-To-Date

Date 01/09/2016

OCC, the world's largest equity derivatives clearing organization, announced today that cleared contract volume in August was 331,447,840 contracts, down 24 percent from August 2015 record volume of 434,313,474 contracts. OCC's year-to-date average daily cleared contract volume is down three percent from 2015 with 16,375,448 contracts in 2016.
Singapore Reinforces Position As The Largest FX Centre In The Asia-Pacific And Third Largest Globally

Date 01/09/2016

The Monetary Authority of Singapore (MAS) announced today that Singapore remains the largest foreign exchange (FX) centre in the Asia-Pacific region and third largest globally after London and New York, according to the 2016 Triennial Central Bank Survey1 of the global FX and over-the-counter (OTC) derivatives markets by the Bank for International Settlements (BIS).
Saudi Arabia's Capital Market Authority: An Announcement Of The Issuance Of The Board Of The CMA Resolution Number (1-115-2016) Dated 28/11/1437H To Adopt The Updated FAQs In Relation To The Rules For Qualified Foreign Financial Institutions Investment In Listed Securities And The Relevant Forms

Date 01/09/2016

As part of CMA's continuous efforts to ensure clarity of the Implementing Regulations of the Capital Market Law to help market participants to recognize their duties, responsibilities and rights, which will enhance the level of compliance with the Capital Market Law and its implementing regulations.