The World Federation of Exchanges (WFE), the global industry group for exchanges and CCPs, has published its response to the European Securities and Markets Authority’s (ESMA) consultation paper proposing amendments to the tick size regime in the EU with reference to third country (or, non-EU) instruments. A summary of the WFE’s response is below: Coordination…
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The UK Financial Conduct Authority (FCA) has put out details of the cloned firm St. James’s Place. Fraudsters are using the details of firms, authorised by the FCA, to try to convince people that they work for a genuine, authorised firm. Fraudsters are using or giving out the following details as part of their tactics…
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UK financial regulator Financial Conduct Authority (FCA) has issued its latest warning against an unregulated financial services provider targeting UK consumers. The FCA’s latest warning is against the company Blue Trading. Canadian securities regulator the British Columbia Securities Commission (BCSC) has also warned against the entity earlier this year. Blue Trading is not authorised by…
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The Securities and Exchange Commission (SEC) has announced that it has charged a group of 10 individuals and 10 associated entities for their participation in long-running fraudulent schemes that generated over $27 million from unlawful stock sales and caused significant harm to retail investors who were left holding virtually worthless stock. According to the SEC’s…
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The Securities and Exchange Commission (SEC) has informed the public that it is awarding $39 million to one whistleblower and $15 million to another whose critical information and continued assistance helped the agency bring an important enforcement action. The $39 million award is the second-largest award in the history of the SEC’s whistleblower program. Whistleblowers…
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The Canadian Securities Administrators (CSA) has just published for comment Proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (the Proposed Instrument), which establishes disclosure requirements for issuers that disclose non-GAAP and other financial measures. These measures often lack standardized meanings, resulting in potentially misleading or confusing disclosure. We are proposing clear and comprehensive…
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New York Stock Exchange Regulation (NYSE Regulation) has announced that ING Financial Markets LLC (ING) has agreed to pay $5 million to settle charges for improperly handling “pre-released” American Depository Receipts (ADRs). This settlement stems from NYSE Regulation’s investigation into improper conduct by ING’s securities lending desk from 2007 into 2015. A former employee on…
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The Monetary Authority of Singapore (MAS) has just issued for consultation proposed requirements for financial institutions (FIs) in Singapore to implement essential cyber security measures to protect their IT systems. These requirements will help FIs strengthen their cyber resilience and guard against cyber attacks. FIs will be required to implement six cyber security measures: address…
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The U.S. Securities and Exchange Commission (SEC) has announced that it has charged two Michigan men with fraud for their roles in a fake accounts scheme perpetrated by a phony day-trading firm, Nonko Trading. The SEC alleges that Jeffrey Goldman of West Bloomfield, Michigan, and Christopher Eikenberry of Birmingham, Michigan, participated in and profited from…
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Open interest in the RUONIA Futures Contract tripled in the first nine months of 2018 to over RUB 66 billion, reaching an all-time high since the launch of interest derivatives on MOEX in autumn 2016. Igor Marich, Managing Director of the Money and Derivatives Markets at Moscow Exchange, commented: We see rising interest in exchange-traded…
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