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Date 23/10/2012
Concurring Statement Of CFTC Commissioner Scott D. O'Malia Regarding The Proposed Customer, Protection Rulemaking
In response to the Peregrine and MF Global failures, the Commission has proposed a new set of rules to enhance the level of protection afforded customers of the futures markets. In particular, the proposal calls for FCMs to maintain adequate capital in their customer accounts to ensure customers are not bearing the credit risk of their fellow customers, implement controls around the risks specific to a particular FCM's business, increase the level of disclosures provided to customers, and create an independent segregation account balance verification system. While these measures are a good start, I believe that it is essential to focus on a comprehensive technological solution that goes beyond what the Commission has proposed in this release. Technology can be a cost effective oversight tool for both customers and the Commission to enhance transparency and improve risk management. Improving our capacity to monitor money flows can serve as a significant deterrent against fraudulent behavior.
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Date 23/10/2012
Keynote Address At The National Society Of Compliance Professionals National Meeting By SEC Commissioner Daniel M. Gallagher
Thank you, Lee [Augsburger], for your very kind introduction and for inviting me to speak this morning. I’d like to take a moment to congratulate the NSCP on the occasion of its 25thanniversary, which I understand you celebrated last night. Coincidentally, tomorrow marks the first anniversary of my Senate confirmation. They say a “dog year” is equal to seven human years. Given the pace and volume of the SEC’s rulemaking in this post-Sarbanes-Oxley, post-Dodd-Frank era, sometimes it feels like my first “Commissioner year” was equal to about 25 years as well.
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Date 23/10/2012
Statement Of Support: Enhancements For The Protection Of Customers And Customer Funds, CFTC Chairman Gary Gensler
I support the proposed rules to enhance the protections afforded customers that participate in the futures and swaps markets, including the protection of customer funds held by futures commission merchants (FCMs) and derivatives clearing organizations.
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Date 23/10/2012
FTSE And Vanguard Discuss Benchmark Switching On Index Universe Webinar - 24th October
On October 24th, join Joel Dickson, Vanguard's senior ETF strategist; Jonathan Horton, president - FTSE North America; and Jamie Perrett, FTSE's director of Index Research for an in-depth presentation on the benchmark switch, what it means for investors and how the transition will be handled.
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Date 23/10/2012
CFTC Charges Floridian Christopher Smithers With Fraud In Connection With Commodity-Related Activities And Violations Of A Federal Court’s Prior Orders - Smithers Allegedly Defrauded Customers In Trading Commodity Futures Contracts And In The Purchase Of Gold Bullion
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed a federal civil enforcement action in the U.S. District Court for the Southern District of Florida chargingChristopher Smithers of Jupiter, Florida, with fraud in connection with his commodity-related activities in violation of the Commodity Exchange Act (CEA) and CFTC regulations. The CFTC complaint also charges Smithers with violating two prior U.S. District Court orders that, among other things, permanently prohibited Smithers from engaging in any commodity-related activities.
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Date 23/10/2012
European Commission: Enhanced Cooperation On Financial Transaction Tax – Questions And Answers
In September 2011, the European Commission tabled a proposal for a Directive on a financial transaction tax (see IP/11/1085). The essence of this proposal was that a low-rate, wide-base tax would be applied on all financial transactions with any economic link to the EU. The estimated revenue yield was €57 billion.
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Date 23/10/2012
Closing Remarks By President Barroso Following The Debate On The Conclusions Of The European Council Meeting Of 18-19 October 2012
Regarding the assessment of this European Council, some of you have probably noted that in my initial statement I mentioned three European Council Summits and I made it on purpose, because this Summit was important in terms of confirming some early decisions and this was already some progress because the reality is that unfortunately there were some doubts about the commitment of some governments regarding the decisions they have taken themselves before. But in fact the final decisions on some of those most important matters will come later, namely regarding the EMU, in December, and regarding the MFF, hopefully in November. So my assessment of this European Council is that it was certainly a progress in terms of the confirmation of previous decisions, but it was not yet the needed comprehensive response for the current challenges in the euro area and in the European Union and I think this is a fair assessment of the results if this European Council.
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Date 23/10/2012
CFTC Proposes New Regulations And To Amend Existing Regulations To Enhance Protections For Customers And Customer Funds Held By Futures Commission Merchants And Derivatives Clearing Organizations - Commission Seeks Public Comment On Proposals
The Commodity Futures Trading Commission (CFTC) yesterday approved for public comment proposed new regulations, and amendments to existing regulations, to enhance protections for customers and to strengthen the safeguards surrounding the holding of money, securities and other property deposited by customers with futures commission merchants (FCMs) and derivatives clearing organizations (DCOs). The proposals are the result of the Commission’s efforts to coordinate and consult with the futures industry on enhancing customer protections, including two public roundtables that were hosted by Commission staff. The proposals also expand upon previous Commission actions to enhance customer protections, including rolling back certain exemptions from investment standards for customer funds under Regulation 1.25 and the adoption of the legal segregation with operational commingling (LSOC model) for cleared swap transactions.
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Date 23/10/2012
Former Tableau Software VP European Sales Bruno Saint-Cast To Boost Panopticon Sales Program In Europe - Saint-Cast Has Held Senior Sales Positions With Data Visualization Vendor Tableau Software And Salesforce.Com - He Will Now Help Panopticon Capitalize On Its Sales Momentum In Europe And In Key Vertical Markets
Panopticon Software, the leading provider of visual data analysis software for real-time and large volume data, today announced that Bruno Saint-Cast has joined the company as a senior vice president. He will be part of the company’s executive management team and will help develop and execute strategies for addressing new market opportunities in telecommunications, energy, transportation, and manufacturing as well as for continued expansion in financial services.
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Date 23/10/2012
European Commission Proposes Green Light For Enhanced Cooperation On Financial Transactions Tax
The 10 Member States that wish to apply an EU financial transaction tax (FTT) through enhanced cooperation should be allowed to do so, because all the legal conditions for such a move are met. This is the conclusion of the proposal for a Council Decision adopted by the Commission today. Moreover, enhanced cooperation on the FTT would not only bring "immediate, tangible advantages" for those countries that participate, but would also contribute to a better functioning Single Market for the Union as a whole, the proposal states.
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