Partner
Norton Rose Fulbright US LLP
Steven Lofchie is a Partner based in New York. He advises financial institutions and corporate clients on the securities laws and the Commodity Exchange Act, with particular focus on the regulation of broker-dealers, swap dealers, investment funds and other market intermediaries. Steven's transactional practice focuses on securities credit and derivative transactions.
Recent Articles & Comments
The SEC continues to send a message that it is utilizing improved technological capabilities to catch sophisticated insider traders.
The relief goes to the procedures associated with the custody rule (for example, the procedures to release assets from the reserve account), as opposed to the substantive requirement to segregate customer assets.
The big open question is this: what are the circumstances under which pre-trade or post-trade reporting to the public will diminish liquidity? Dealers may not want to give away their positions. Institutional customers are concerned about signaling their intent. The report does provide some discussion of these issues (see p. 12), but it does not reach any conclusions.
While the results are far too small to have any statistical validity, the Cabinet news reported a number of other instances of husbands violating their wives' confidences by trading on inside information. (See, e.g., the ""; and the ""). To date, no wives have been prosecuted for doing the same. On that note, here is .