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Date 04/02/2014
European Commission: Directive On Criminal Sanctions For Market Abuse – Frequently Asked Questions
1. Why are criminal sanctions needed for market abuse?
In recent years financial markets have become increasingly global, giving rise to new trading platforms and technologies. This unfortunately has also led to new possibilities to manipulate these markets. During the LIBOR (London Interbank Offered Rate) scandal, serious concerns were raised about the manipulation of benchmarks which can result in significant losses for consumers and investors or distortion of the real economy. As part of its work to make financial markets sounder and more transparent, the European Commission proposed in 2011 (with amendments in 2012) revised legislation to better tackle market abuse. This included a draft Regulation on insider dealing and market manipulation (market abuse) to update and strengthen the existing rules and a draft Directive to ensure minimum criminal sanctions for market abuse (see IP/11/1217, IP/11/1218 andIP/12/846).
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Date 04/02/2014
European Parliament: Financial Market Manipulators May Face At Least Four Years In Jail
Judges imposing their countries’ maximum penalties for serious offences such as manipulating the LIBOR benchmark interest rate would have to stipulate at least four years in jail under draft rules approved by Parliament on Tuesday. These rules, which aim to restore confidence in the EU's financial markets and improve investor protection, now have to be formally approved by EU member states.
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Date 04/02/2014
Statement By Vice-President Reding And Commissioner Barnier On European Parliament's Vote To Approve Criminal Sanctions For Market Abuse Directive
The European Commission has welcomed today's vote by the European Parliament's plenary to approve the Commission's proposal for a Directive on criminal sanctions for market abuse (IP/11/1218). The vote follows the political agreement reached with the Council in the trilogue on 10 December 2013, which was confirmed by COREPER on 20 December (IP/13/1299).
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Date 04/02/2014
ERI Scientific Beta Announces Availability Of Full Transparency For All Of Its “Smart Beta” Indices
ERI Scientific Beta has announced that all 2,958 smart beta indices available on the www.scientificbeta.com platform are now available with full transparency. This transparency enables all the Scientific Beta indices to be fully compliant with ESMA’s recommendations on the transparency of financial indices, and in addition allows any counterpart in the index market to be able to check and analyse the track records published by ERI Scientific Beta.
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Date 04/02/2014
UBS Successfully Executes Strategy, Increasing Profit And Shareholder Returns - FY Adjusted Profit Before Tax CHF 4.1 Billion, Up 44% Versus Prior Year - FY Net Profit Attributable To UBS Shareholders CHF 3.2 Billion; Diluted EPS CHF 0.83 - Wealth Management Businesses’ FY Net New Money Increased To CHF 54 Billion - Fully Applied CET1 Ratio Up 300 Bps In 2013 To 12.8%, Ahead Of 2013 Target - Fully Applied RWA Reduced To CHF 225 Billion In 2013, Ahead Of 2013 Target - Dividend Increase Of 67% To CHF 0.25 Per Share For 2013
UBS concluded the year with a solid fourth-quarter performance despite continued market volatility and lower client activity towards the end of the quarter. All of UBS’s business divisions posted strong results for the year, demonstrating that its model has the flexibility to adapt and perform well in a variety of market conditions. This enabled the firm to deliver an increased adjusted1 full-year profit before tax of CHF 4.1 billion, up 44% compared with the prior year. On a reported basis, profit before tax was CHF 3.3 billion. The result included charges for provisions of CHF 1.7 billion for litigation, regulatory and similar matters, and a net tax benefit for the year of CHF
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Date 04/02/2014
UK’s Financial Conduct Authority: Interest Rate Hedging Products Redress Scheme - Monthly Update
Clive Adamson, director of supervision at the FCA said:
“Redress is now rapidly flowing to small businesses. However, our focus will remain on ensuring that during the decision process affected business owners are treated fairly and that banks remain on course to get their initial offers of compensation out by the end of May.”
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Date 04/02/2014
Volta’s Data Centre Awarded ISO Recognitions - Volta’s Great Sutton Street Facility Achieves ISO Accreditation For Quality, Environment, Health & Safety And Management Systems
Volta Data Centres, the specialist provider of data centres to the financial, media and content industries, today announced it has been successfully accredited for ISO 9001:2008, ISO 14001:2004, OHSAS 18001:2007 and PAS 99:2012. These accreditations, completed in under nine months, demonstrate Volta’s commitment to providing the highest standards in quality, environment, health & safety, and management systems for their customers and partners.
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Date 04/02/2014
Malawi Stock Exchange Monthly Market Performance Report - January 2014
Click here to download Malawi Stock Exchange's monthly market performance report for January 2014.
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Date 04/02/2014
Lahore Stock Exchange: Holiday On The Occasion Of "Kashmir Day
Lahore Stock Exchange will remain closed on Wednesday February 05, 2014 being a public holiday as declared by the Government of Pakistan on the occasion of “Kashmir Day” .
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Date 04/02/2014
China Consumer Indicator Falls To 95.1 In January From 97.5 In December - Fall In Future Expectations Hits Sentiment
The MNI China Consumer Indicator fell in January from an 18-month high in December, ending a run of five consecutive monthly rises led by a decline in consumers’ expectations for the future.
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