DOCSLIB.ORG

Futures Industry Template

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Walt Lukken , the acting chairman of the ing the agency’s implementation of the Commodity Futures Trading Commission, Energy Policy Act of 2005. named Michael Loesch as his chief of staff. Loesch joined the CFTC from the Securities The Financial Industry Regulatory and Exchange Commission where he served Authority, the U.S. securities industry self- as counsel to Chairman Christopher Cox since regulatory body created in July, elected seven January 2007 on legal and policy issues people as industry representatives on its 23- related to the agency’s enforcement and member board of governors. Richard examination programs. Before that he Brueckner , chief executive officer of worked in the SEC’s division of enforcement Pershing; Robert McCann , president of Merrill as branch chief and senior counsel from 2000 Lynch Global Private Client Group; and to 2006. Thomas Russo , vice chairman and chief legal officer of Lehman Brothers were elected as The Commodity Futures Trading Com- representatives of large firms. W. Dennis mission appointed Jeff Harris as chief econo - Ferguson , executive vice president and direc - mist. Harris joined the agency from the tor of clearing, Sterne, Agee & Leach, was University of Delaware where he was a elected as the representative of mid-sized finance professor at the Lerner College of firms. Richard Goble , founder and principal Business and Economics. He also was a visit - shareholder of North American Clearing; G. ing academic scholar at the Securities and Donald Steel , president of Planned Invest- Exchange Commission. ment Company; and Duncan Williams , Prominent President of Duncan-Williams were elected Annette Nazareth formally announced that as representatives of small firms. Richard People she plans to leave the Securities and Ketchum , chief executive officer of NYSE Exchange Commission. Nazareth, who has Regulation, will serve as chairman of the By Kate Rice worked at the SEC for nine years and who Finra board. Mary Schapiro , Finra’s chief has served as SEC Commissioner since executive officer, also will serve on the August 2005, said she plans to return to the board. Finra also announced the following private sector, but did not set a date for her appointed members: Charles Bowsher , former departure. Her departure would leave two U.S. Comptroller General; John Brennan , vacancies out of five commissioner seats at chairman and chief executive officer of The the SEC. Vanguard Group; Ellyn Brown , president of Brown & Associates; James Burton , chief Joseph Kelliher , the chairman of the executive officer of the World Gold Council; Federal Energy Regulatory Commission, Brian Corby , former chairman of Prudential appointed John Moot as chief of staff. Moot Corporation; John Dolan , chief executive offi - served as the agency’s general counsel since cer of the Kellogg Specialist Group; Harvey August 2005. Before that, he was a partner at Goldschmid , Dwight Professor of Law at Skadden, Arps, Slate, Meagher & Flom. Columbia University Law School and former Cynthia Marlette , who served as general coun - SEC Commissioner; William Heyman , vice sel from 2001 to 2005, will replace Moot. chairman and chief investment officer of the Marlette currently is responsible for oversee - Travelers Companies; Shirley Ann Jackson , 68 Futures Industry president of Rensselaer Polytechnic Institute vice president, technology strategy, for Liffe, Screen, a trading technology firm headed by and chair of NYSE Regulation’s board of the global derivatives market of NYSE Philippe Buhannic . Robert Trudeau , general directors; Richard Pechter , former chairman of Euronext, and as associate director, Globex partner of TCV, will join TradingScreen’s DLJ Financial Services Group and DLJ marketing, for the Chicago Mercantile board of directors. Also investing in Direct; Mark Sargent , Dean and Professor of Exchange. Johanik is also a member of the TradingScreen was Continental Investors, a Law at Villanova University School of Law; FIA’s Information Technology Division. Chicago-based investment firm headed by Joel Seligman , president of the University of former Morgan Stanley chief executive offi - Rochester; John Simmers , chief executive Merrill Lynch promoted several people cer Philip Purcell and former Merrill Lynch officer of ING Advisors Network; and Kurt with an energy trading background to investment banker W. Eric Carlborg . Stocker , visiting lecturer at Northwestern higher-level positions in its fixed income, University’s Medill School of Journalism. currencies and commodities group. The bank Trading Technologies International appointed David Sobotka to replace Osman announced that Russ Rausch’s responsibili - The Committee of European Securities Semerci as the global head of the FICC ties have expanded to include the position of Regulators elected Carlo Comporti , a former group. Sobotka, who will be based in New managing director, New York sales. In this Italian regulatory official, as the new secre - York, previously was head of Merrill Lynch capacity, he will lead TT’s sales efforts to tary general, effective Jan. 1. Comporti, who Commodities. He joined Merrill in 2004 Wall Street banks, buy-side firms and other served as CESR’s deputy secretary general for when the firm bought the energy trading professional trading organizations in New the past four years, will replace Fabrice business of Entergy-Koch, where he had been York and the greater East Coast region. Demarigny , who said in May that he intended president. Merrill also appointed David Rausch will continue to serve as executive to step down after six years at CESR. Goodman , formerly global head of commodi - vice president for global buy-side sales. ties trading, and Rob Jones , formerly head of MF Global appointed three independent global energy and power, as co-heads of Calyon Financial hired Simon Underhill to directors to its board, bringing the total num - global commodities. Goodman will be based manage its base metals options business. He ber of directors to eight. The three new in London, Jones in Houston. will be based in London and will report to directors are: Eileen Fusco , an attorney and Michael Frawley , global head of metals. CPA with 25 plus years of experience in Technology Crossover Ventures, a Underhill previously was head of global base financial services, most recently at Deloitte California-based venture capital firm, has metals trading at Bank of America and at & Touche; Lawrence Schloss , a former global made a minority investment in Trading- HSBC. head of private equity at Credit Suisse First Boston and currently the chairman and chief executive officer of Diamond Castle In Memoriam Holdings, a private equity investment firm; The FIA regrets to report that , a former executive director at Morgan and Robert Sloan , a former co-head of OTC Richard Beech derivatives marketing for the Americas at Stanley Dean Witter, passed away on Oct. 1. Beech worked in the futures industry for Credit Suisse First Boston and currently the more than 25 years, and held senior positions at several banks in operations, research, managing partner of S3, a company that pro - managed futures, and sales management. Earlier in his career, he worked at the Chicago vides treasury and liability management serv - Mercantile Exchange as chief agricultural economist. ices to hedge funds. The FIA regrets to report that R.J. Kline , a long-time employee of Trading Greenline Financial Technologies Technologies International, recently passed away after a long illness. Kline developed the first version of the firm’s Autotrader software and worked with several futures exchanges appointed James Johanik as chief marketing officer. Johanik previously worked as senior and many of TT’s customers. November/December 2007 69 outlook 08 Spectrum Global Fund Administration, a NYSE Euronext. He succeeds Olivier Lefebvre , cer, DTN; James Ginsburg , managing partner, hedge fund administrator headed by former who retired after 12 years with the Euronext Vernon & Park Capital; and William Power . Chicago Board of Trade general counsel Carol organization and its predecessors. Colmant The Board elected the following officers: Burke , hired Barbara Lorenzen as director of previously was chief of staff to the Belgian Scott Cordes , Country Hedging, as chairper - quality control and audit. She formerly Minister of Finance and chief financial offi - son; Michael Ricks , Cargill, as first vice chair - worked in the financial surveillance unit of cer of ING Group-Belgium. person; and Carter Ohrt , as second vice the CBOT. NYSE Euronext also announced that chairperson. Nelson Chai , the company’s chief financial Marex Group appointed Simon Heale as a officer, has been appointed to the board of Singapore Exchange appointed Richard non-executive director. Heale was chief the National Stock Exchange of India. Teng as senior vice president, head of issuer executive of the London Metal Exchange NYSE Euronext owns 5% of the NSE. NYSE regulation and chief of staff for risk manage - from July 2001 until May 2006. Euronext also named Edward Boyle as vice ment and regulation. Teng previously was president, NYSE Arca Options. He joined director of the corporate finance division at Todd Petzel , a member of the FIA’s board the exchange from TD Securities, where he the Monetary Authority of Singapore. SGX of directors, joined New York investment was vice president and director, equity deriv - also appointed Andrew Ler as senior vice pres - advisory firm Offit Capital Advisors as chief atives.
Recommended publications

  • September 23–24, 2020

    Wednesday, Thursday, On Demand Sponsors September 23 September 24 Sessions A gathering for regulators and industry professionals to exchange ideas and empower success September 23–24, 2020 Wednesday, September 23 LIVE 10:00 AM – 11:00 AM – LIVE: Virtual Exhibit Hall During this allotted time, visit sponsors, ask questions, and learn from fellow colleagues about industry topics. 11:00 AM – 11:05 AM – LIVE: Welcome Remarks C&L VIRTUAL FORUM CHAIRPERSON Scott Kursman Citi 11:05 AM – 11:35 AM – LIVE: One-on-One Conversation with Robert Cook Robert Cook MODERATOR FINRA Ira D. Hammerman SIFMA 11:45 AM – 12:45 PM – LIVE: COVID-19: Lessons Learned for Compliance & Legal Professionals • Operational capacity – what does this mean for systems access, especially trading businesses • Meeting regulatory obligations for oversight in this COVID-19 environment. Anticipating unique risks in this new operating structure. • Supervisory and management challenges with remote staff and related information security challenges • Discuss today’s challenges of internal and external communications and recordkeeping • Considerations for Return-to-Work plans Michael Broadbery Andy Cadel Kevin H. Dunn Marlon Paz Emily Westerberg MODERATOR Goldman Sachs Citi National Institute for Mayer Brown Russell Amy J. Greer Occupational Safety SEC Baker & McKenzie LLP and Health 12:55 PM – 2:00 PM – LIVE: Leadership Matters: Meaningful, Measured Impact in Diversity and Inclusion This panel will take a deeper dive into how today’s financial industry leadership work must be a matter
  • Credit Suisse First Boston

    Credit Suisse First Boston

    SUPPLEMENTAL LISTING DOCUMENT If you are in doubt as to any aspect of this document, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and Hong Kong Securities Clearing 1 Company Limited (“HKSCC”) take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. Offer of 180,000,000 European Style (Cash Settled) Average Return* Call Warrants in Global Registered Form due May 18, 2005 relating to the existing issued ordinary H shares of RMB1.00 each of Huaneng Power International, Inc. (Stock Code: 9945) issued by Credit Suisse First Boston 7 (incorporated under the laws of Switzerland) 8 Exercise Price: HK$8.88 per Warrant Expiry Date: May 18, 2005 This Supplemental Listing Document is published for the purpose of obtaining a listing of all of the above warrants (the “Warrants”) relating to the existing issued ordinary H shares of RMB1.00 each of Huaneng Power International, Inc. (the “Company”) to be issued by Credit Suisse First Boston (the “Issuer”) on the Stock Exchange, is supplemental to and should be read in conjunction with a base listing document published on April 23, 2003 (the “Base Listing Document”) (as amended or updated from time to time) and contains particulars given 1 in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Rules”) for the purpose of giving information with regard to the Issuer and the Warrants.
  • Large Cap Equity Fund

    Large Cap Equity Fund

    North Carolina Supplemental Retirement Plans Annual Review FEBRUARY 2013 Table of Contents • Defined Contribution Trends – Streamlining Investment Choices – DC Spend Down • Service Provider Disclosures – ERISA 408(b)(2) Regulations • Fee Review – NCSRP Fees – Stable Value Fund Fees • GoalMaker Discussion (Separate Slides) • Considering Other Fund Lineup Options • Fund Performance Review •Disclaimer MERCER 1 Defined Contribution Trends Trends for Large Plan Sponsors • Streamline number and types of investments offered – Combine style-specific (value/growth) choices for participants - Removes need to rebalance among styles - One fund choice that includes multiple underlying strategies across the style spectrum • Focus on retirement income MERCER 3 Streamlining Investment Choices • Research has shown that participants are neither good at making their own investment choices nor happy about this responsibility • Limited participant understanding remains one of the most significant challenges for plan sponsors • Plan sponsors are looking to: – Reduce redundant investment choices – Blend styles and managers – Lower risk for participants • Offering limited options allows clear and simple communication of plan • Allows each participant to create a portfolio that fits their risk tolerance and time horizon MERCER 4 Custom Funds Sample Large Cap Multi-Manager Structure Large Cap Equity Fund • Combining strategies with low or negative excess return correlations are expected to reduce the Index tracking error and increase the fund’s expected 5% information
  • SEC Historical Society Highlights

    SEC Historical Society Highlights

    Securities and Exchange Commission Historical Society o Highlights of 2005 Preserving Investing’s Past WWW. SECHISTORICAL. ORG Exploring Investing’s Future T the virtual museum of sec and securities industry history T Highlights of 2005 Report The Highlights of 2005 is the narrative section of the Securities and Exchange Commission Historical Society’s 2005 Annual Report. The 2005 financial statement and list of donors Letter from the President will be published in the 2005 Annual Report later in 2006. Dear Friends: Carla L. Rosati, CFRE, Editor On December 1st, our virtual museum and archive at www.sechistorical.org Donald Norwood Design, Design and Publication opened its first galleries – 431 Days: Joseph P. Kennedy and the Creation of Scavone Photography and the SEC (1934-35); and William O. Douglas and the Growing Power of the Rob Tannenbaum, Photography SEC (1936-39) – a milestone in the mission of the Securities and Exchange (and images from the virtual museum and archive) Commission Historical Society to preserve and share SEC and securities history for generations to come. Securities and Exchange Commission For those of you who helped to build the Society as a non-profit organiza- Historical Society The Securities and Exchange Commission tion from our founding on September 15, 1999, and those of you who wit- Historical Society, a 501(c)(3) non-profit nessed the opening of the virtual museum and archive on June 1, 2002, this organization, independent of and separate was indeed a proud moment. from the U.S. Securities and Exchange When I met with SEC Chairman Christopher Cox in October, he informed Commission, preserves and shares SEC and me that the museum’s collections were used to prepare for his confirmation securities history through its virtual museum hearings.
  • CORPORATIONS and CAPITAL MARKETS EVOLUTION Sponsored

    CORPORATIONS and CAPITAL MARKETS EVOLUTION Sponsored

    CORPORATIONS AND CAPITAL MARKETS EVOLUTION Sponsored by: Columbia Law School Transactional Studies Program Speaker Biographies Raanan A. Agus Raanan A. Agus is the global head of the Principal Strategies Group in the Equities Division of Goldman Sachs. The Principal Strategies Group is a proprietary, multi-strategy investment arm within Goldman Sachs that engages in equity long/short strategies, convertible arbitrage, volatility strategies, distressed and capital structure arbitrage, tactical trading, and special situation/event-driven strategies. Mr. Agus joined Goldman Sachs in 1993 as an associate in Equities Arbitrage, and became a managing director in 1999 and a partner in 2000. Mr. Agus is also a member of the Equities/FICC Joint Operating Committee and the Firmwide Risk Committee. He is also on the Goldman Sachs chess team. Mr. Agus earned an A.B. degree from Princeton University in 1989 and a joint J.D./M.B.A. degree, specializing in finance, from Columbia University in 1993. Alan L. Beller Alan L. Beller is a partner based in the New York office of Cleary Gottlieb Steen & Hamilton. His practice focuses on a wide variety of complex securities, corporate governance, and corporate matters. Mr. Beller served as the Director of the Division of Corporation Finance of the U.S. Securities and Exchange Commission and as Senior Counselor to the Commission from January 2002 until February 2006. During his four-year tenure, Mr. Beller led the Division in producing the most far-reaching corporate governance, financial disclosure, and securities offering reforms in Commission history, including the implementation of the corporate provisions of the Sarbanes- Oxley Act of 2002 and the adoption of corporate governance standards for listed companies.
  • Amy Liu, Et Al. V. Credit Suisse First Boston Corp., Et Al. 03-CV-20459

    Amy Liu, Et Al. V. Credit Suisse First Boston Corp., Et Al. 03-CV-20459

    ; fL V ~ UNITED STATES DISTRICT COUR ~ 2 0 9 SOUTHERN DISTRICT OF FLORID A Case No. CIV - MARTINE Z AMY LIU on behalf of herself and all others similarly situated, Plaintiff, vs. CREDIT SUISSE FIRST BOSTON CORPORATION, CREDIT SUISSE FIRST BOSTON, INCORPORATED, CREDIT SUISSE FIRST BOSTON-USA, CREDIT SUISSE FIRST BOSTON, CREDIT SUISSE GROUP, FRANK QUATTRONE, GEORGE BOUTROS, WILLIAM BRADY, JOHN M . HENNESSY, ALLEN D . WHEAT, RICHARD THORNBURGH, CHARLES WARD, DAVID A . DENUNZIO, EDWARD COMPLAINT-CLA§S,AGTION NADEL, JOHN HODGE, JACK TEJAVANIJA, JURY TRIAL DEMANDED AIRSPAN NETWORKS, INC ., ERIC D. STONESTROM, JOSEPH J . CAFFARELLI, AT ROAD, INC., KRISH PANU, THOMAS C. HOSTER, OCCAM NETWORKS INC . (formerly "ACCELERATED NETWORKS, INC ."), SURESH NIHALANI, FREDERIC T . BOYER, AVANTGO, INC., RICHARD OWEN, DAVID B . COOPER, JR ., AUTOWEB .COM, INC. (AUTOBYTEL, real party in interest), DEAN A . DEBIASE, SAMUEL M. HEDGPETH III, BSQUARE CORP ., WILLIAM T . BAXTER, BRIAN V. TURNER, BLUE COAT SYSTEMS, INC . (formerly "CACHEFLOW, INC."), BRIAN M. NESMITH, MICHAEL J. JOHNSON, CLARENT CORP. (VERSO TECHNOLOGIES, INC., real party in interest), JERRY SHAW-YAU CHANG, RICHARD J . HEAPS, COMMERCE ONE, INC., MARK B . HOFFMAN, PETER F . PERVERE, CORILLIAN CORP ., TED F. SPOONER, STEVEN SIPOWICZ, CENTILLIUM COMMUNICATIONS, INC., FARAJ AALAEI, JOHN W . LUHTALA, DIGITAL IMPACT, INC ., WILLIAM C. PARK, DAVID OPPENHEIMER, E MACHINES, INC ., \ yV-v STEPHEN A. DUKKER, STEVEN H . MILLER, EFFICIENT NETWORKS, INC., MARK A. FLOYD, JILL S . MANNING, E.PIPHANY, INC ., ROGER S . SIBONI, KEVIN J. YEAMAN, EVOLVE SOFTWARE, INC., JOHN P. BANTLEMAN, DOUGLAS S . SINCLAIR, HANDSPRING, INC., DONNA L. DUBINSKY, BERNARD J . WHITNEY, IMPROVENET, INC ., RONALD B. COOPER, RICHARD G.
  • First Horizon

    First Horizon

    UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK FEDERAL HOUSING FINANCE AGENCY, AS CONSERVATOR FOR THE FEDERAL ___ CIV. ___ (___) NATIONAL MORTGAGE ASSOCIATION AND THE FEDERAL HOME LOAN MORTGAGE CORPORATION, COMPLAINT Plaintiff, JURY TRIAL DEMANDED -against- FIRST HORIZON NATIONAL CORPORATION, FIRST TENNESSEE BANK NATIONAL ASSOCIATION, FTN FINANCIAL SECURITIES CORPORATION, FIRST HORIZON ASSET SECURITIES, INC., UBS SECURITIES, LLC, J.P. MORGAN SECURITIES LLC, CREDIT SUISSE SECURITIES (USA) LLC (f/k/a CREDIT SUISSE FIRST BOSTON LLC), MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., GERALD L. BAKER, PETER F. MAKOWIECKI, CHARLES G. BURKETT, AND THOMAS J. WAGEMAN, Defendants. TABLE OF CONTENTS NATURE OF ACTION ...................................................................................................................1 PARTIES .........................................................................................................................................5 The Plaintiff and the GSEs ...................................................................................................5 The Defendants ....................................................................................................................6 JURISDICTION AND VENUE ....................................................................................................10 FACTUAL ALLEGATIONS ........................................................................................................11 I. THE SECURITIZATIONS ................................................................................................11
  • Barclays Bespoke Disclosure Commodity Futures Trading Commission Rule 1.55(K)

    Barclays Bespoke Disclosure Commodity Futures Trading Commission Rule 1.55(K)

    BARCLAYS BESPOKE DISCLOSURE COMMODITY FUTURES TRADING COMMISSION RULE 1.55(K) Barclays Bespoke Disclosure – v2.0 February 2021 COMMODITY FUTURES TRADING COMMISSION RULE 1.55(K): FCM-SPECIFIC DISCLOSURE DOCUMENT The Commodity Futures Trading Commission (Commission) requires each futures commission merchant (FCM), including Barclays Capital Inc. (BCI), to provide the following information to a customer prior to the time the customer first enters into an account agreement with the FCM or deposits money or securities (funds) with the FCM. Except as otherwise noted below, the information set out is as of December 31, 2019. BCI will update this information annually and as necessary to take account of any material change to its business operations, financial condition or other factors that BCI believes may be material to a customer’s decision to do business with BCI. Nonetheless, BCI’s business activities and financial data are not static and will change in non-material ways frequently throughout any 12-month period. NOTE: BCI is a subsidiary of Barclays Group US Inc. (BGUS), which is a subsidiary of Barclays US LLC (IHC LLC). The IHC LLC is an indirect parent entity of BCI and is a wholly-owned subsidiary of Barclays Bank, PLC (BBPLC and together with its subsidiaries Barclays or the Group). BCI’s FCM business forms part of the Investment Banking division of Barclays Group (together with Barclays). Barclays is an international financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth management. Information that may be material with respect to BCI for purposes of the Commission’s disclosure requirements may not be material to BGUS, IHC LLC or BBPLC for purposes of applicable securities laws.
  • North Carolina Supplemental Retirement Plans Goalmaker Review JANUARY 2013 (REVISED FEBRUARY 2013)

    North Carolina Supplemental Retirement Plans Goalmaker Review JANUARY 2013 (REVISED FEBRUARY 2013)

    North Carolina Supplemental Retirement Plans GoalMaker Review JANUARY 2013 (REVISED FEBRUARY 2013) Jay Love, CFA Agenda • Glidepath Design – “To Retirement” vs. “Through Retirement” • Phase I Proposal – Initial GoalMaker Enhancements – Implementing Phase I • Phase II – Further Enhancements in Process MERCER 1 “To Retirement” vs. “Through Retirement” Automatic asset allocation glidepath to retirement Typical Target Date Fund Glidepath 100% 90% 80% 70% ) Stable Value 60% Fixed Income 50% Equity 40% Allocation (% Inflation Protection 30% 20% 10% 0% 2055 2050 2045 2040 2035 2030 2025 2020 2015 2010 Income 2055 2050 2045 2040 2035 2030 2025 2020 2015 2010 Income Expected Return 7.54% 7.22% 7.18% 7.13% 7.03% 6.81% 6.56% 6.22% 5.87% 5.57% 5.18% Expected Risk 17.60% 16.93% 16.72% 16.40% 15.76% 14.40% 13.03% 11.31% 9.75% 8.51% 7.13% Worst Case: 1 Yr, 2.5% Prob -27.67% -26.65% -26.25% -25.67% -24.48% -22.00% -19.50% -16.41% -13.62% -11.45% -9.08% MERCER 3 “To retirement” vs. “through retirement” • The “to” versus “through” distinction centers around how a glidepath (i.e., the evolving mix of equity and fixed income) should be designed once a target date fund reaches the target year of an individual’s retirement • “To retirement” funds: – Designed primarily to build savings up to an individual’s target retirement date – Generally have more conservative allocations to equity (or other risky assets) at an individual’s target retirement date, typically with a flat or static allocation during later retirement years – Anticipates that participants withdraw
  • Taskforce on Scaling Voluntary Carbon Markets: Consultation Document

    Taskforce on Scaling Voluntary Carbon Markets: Consultation Document

    NOVEMBER 2020 TASKFORCE ON SCALING VOLUNTARY CARBON MARKETS CONSULTATION DOCUMENT REPORT FRONT-PIECE ABOUT THE TASKFORCE The Taskforce on Scaling Voluntary Carbon Markets is a private sector-led initiative working to scale an effective and efficient voluntary carbon market to help meet the goals of the Paris Agreement. The Taskforce was initiated by Mark Carney, UN Special Envoy for Climate Action and Finance Advisor to UK Prime Minister Boris Johnson for the 26th UN Climate Change Conference of the Parties (COP26); is chaired by Bill Winters, Group Chief Executive, Standard Chartered; and sponsored by the Institute of International Finance (IIF) under the leadership of IIF President and CEO, Tim Adams. Annette Nazareth, a partner at Davis Polk and former Commissioner of the US Securities and Exchange Commission, serves as the Operating Lead for the Taskforce. McKinsey & Company provides knowledge and advisory support. The Taskforce’s more than 50 members represent buyers and sellers of carbon credits, standard setters, the financial sector and market infrastructure providers. The Taskforce’s unique value proposition has been to bring all parts of the value chain to work intensively together and to provide recommended actions for the most pressing pain-points facing voluntary carbon markets. The Taskforce is also supported by a highly engaged Consultation Group, composed of subject- matter experts from more than 80 institutions, who contribute additional perspective to the recommendations. ABOUT THE REPORT This report was developed by the Taskforce on Scaling Voluntary Carbon Markets, drawing on multiple sources, including a research collaboration with McKinsey & Company, which is providing knowledge and advisory support to the IIF.
  • Credible Living Wills: the First Generation

    Credible Living Wills: the First Generation

    CREDIBLE LIVING WILLS: THE FIRST GENERATION Davis Polk & Wardwell LLP and McKinsey & Company1 April 25, 2011 Executive Summary The post-financial crisis era has seen a paradigm shift in the regulation of the financial services industry. Systemically important financial institutions are becoming subject to new regulatory requirements in multiple areas including increased capital and liquidity requirements, mandatory stress tests, restrictions on their activities, higher prudential standards and recapitalization or wind-down mechanisms. Enhanced planning for the risk of failure is an important element of the new regulatory paradigm. Supervisors from the United States, the European Union and the Group of Twenty (G20) are developing requirements for systemically important financial institutions to create credible living wills. These plans will include key information about the firm and set forth actions that could be taken to reduce idiosyncratic losses and to mitigate systemic contagion in the event of financial distress, up to and including the insolvency or failure of the firm. In some ways, living wills are analogous to contingency planning for public emergencies that arise when a hurricane, earthquake or other natural disaster strikes. Even though human choices are the underlying causes of financial panics, financial panics are also like natural disasters because they have occurred repeatedly, suddenly, unpredictably and destructively throughout the history of financial markets. The rationale behind the living will is that, like contingency planning for an emergency, pre-planning could reduce the likelihood of future crises or at least enhance the ability of firms and supervisors to respond to a crisis. A concern with the living wills process is that, like a poorly designed contingency plan, it could be used to impose changes that are intended to reduce systemic risk but which are neither risk mitigating nor efficient.
  • SEC Final Judgment

    SEC Final Judgment

    -_I UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK SECURITIES AND EXCHANGE COMMISSION, Plaintiff, Civil Action No. -against- 03 Civ. 2946 (WHP) CREDIT SUISSE FIRST BOSTON LLC, F/K/A CREDIT SUISSE FIRST BOSTON CORPORATION, : Defendant. FINAL JUDGMENT AS TO DEFENDANT CREDIT SUISSE FIRST BOSTON LLC, F/K/A CREDIT SUISSE FIRST BOSTON CORPORATION Plaintiff Securities and Exchange Commission (“Commission”) having filed a Complaint in this action (“Complaint”) and Defendant Credit Suisse First Boston LLC, f/Wa Credit Suisse First Boston Corporation (“Defendant”) having (a) entered a general appearance, (b) consented to the Court’s jurisdiction over Defendant and the subject matter of this action, (c) consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction), (d) waived findings of fact and conclusions of law, and (e) waived any right to appeal from this Final Judgment; and the Commission hauing agreed that, on the basis of this Final Judgment, it will not institute a proceeding against Defendant pursuant to Sections 15(b), 15B, 15C, or 19(h) of the Securities Exchange Act of 1934 (the “Exchange Act”): 1. Injunctive Relief IT IS HEREBY ORDERED, ADJUDGED AND DECREED that: A. Defendant, Defendant’s officers, agents, servants, employees, attorneys, and all persons in active concert or participation with them who receive actual notice of this Final Judgment by personal service or otherwise are permanently restrained and enjoined from violating Section 15(c) of the Exchange Act and Rule 15cl-2 promulgated thereunder [15 U.S.C. 9 78o(c) and 17 C.F.R.