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In this letter to House Financial Services Committee Chairman Spencer Bachus, the IIB expressed its support of legislative alternatives to the Volcker Rule (Dodd-Frank Section 619). While expressing support for certain financial reforms ("increased transparency; stronger capital and liquidity st andards; and reduced risk to financial stability and to the taxpayer"), the IIB asserted that the U.S. and global economies would be damaged should the Volcker Rule be implemented. Lofchie Comment : The letter from IIB follows a recent letter from SIFMA which also asks that Volcker be revisited

SIFMA has released a comment letter addressed to Spencer Bachus, Chairman of the House Financial Services Committee, expressing support for the Chairman's initiative to explore a "less burdensome legislative alternative" to the Volcker Rule. SIFMA cautions that the Volcker Rule could have substantial adverse effects on the U.S. and global economies, and that it targets activities which did not contribute meaningfully to the 2008 financial crisis. The letter makes three main arguments: (i) Congress should reevaluate the statutory text of Volcker, as the legislative process surrounding it was

New rules, rule proposals and a withdrawal from FINRA, NYSE Arca, OCC and Phlx: FINRA: Proposed Rule - Amend the By-Laws of FINRA Dispute Resolution, Inc. to Clarify That Services Provided by Mediators Should Not Cause Them to Be Classified as Industry Members under the By-Laws NYSE Arca: Final Rule - Amend NYSE Arca Equities Rule 7.31(h) to Add a PL Select Order OCC: Final Rule - Amend OCC's By-Laws to Allow the Corporation to Approve OCC's Form of Clearing Member Application and Form of Clearing Agreement Phlx: Proposed Rule Withdrawal - Change to Modify Exchange Rule 3307 to Institute a

The UK government commissioned a survey (linked below, though I had some trouble opening the link without help from my help desk) to consider the benefits of various types of regulation of computerized algorithmic trading. Among the regulatory requirements considered in the study were (i) order to execution ratios, (ii) minimum resting times for orders, (iii) changes to tick size, (iv) circuit breakers, (v) requiring algo traders to act as market makers (providing continuous bid offers) and (vi) requiring traders to provide their algos to the regulators. The linked working paper presents

The SEC Division of Enforcement instituted administrative proceedings against LatAm Investments LLC's former president Angelica Aguilera, pursuant to Section 15(b) of the Exchange Act, for failing to oversee two brokers in connection with the markups and markdown on structured products charged to the Brazilian Funds and another foreign institutional customer. Aguilera was the direct supervisor of the brokers, but had delegated compliance responsibility for reviewing markups and commission to the firm's chief compliance officer (who lacked supervisory authority over the brokers). Accordingly