DOCSLIB.ORG

United States

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
United States IMF Country Report No. 15/91 UNITED STATES FINANCIAL SECTOR ASSESSMENT PROGRAM April 2015 DETAILED ASSESSMENT OF IMPLEMENTATION ON THE IOSCO OBJECTIVES AND PRINCIPLES OF SECURITIES REGULATION This Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation on the United States was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time it was completed in March 2015. Copies of this report are available to the public from International Monetary Fund Publication Services 700 19th Street, N.W. Washington, D.C. 20431 Telephone: (202) 623-7430 Telefax: (202) 623-7201 E-mail: [email protected] Internet: http://www.imf.org Price: $18.00 a copy International Monetary Fund Washington, D.C. © 2015 International Monetary Fund UNITED STATES DETAILED ASSESSMENT OF March 2015 IMPLEMENTATION IOSCO OBJECTIVES AND PRINCIPLES OF SECURITIES REGULATION Prepared By This Detailed Assessment Report was prepared in the Monetary and Capital context of an IMF Financial Sector Assessment Markets Department Program (FSAP) mission in the United States during October-November 2014, led by Aditya Narain, IMF and overseen by the Monetary and Capital Markets Department, IMF. Further information on the FSAP program can be found at http://www.imf.org/external/np/fsap/fssa.aspx. UNITED STATES CONTENTS GLOSSARY _________________________________________________________________________________________ 3 EXECUTIVE SUMMARY ___________________________________________________________________________ 8 INTRODUCTION ________________________________________________________________________________ 10 INFORMATION AND METHODOLOGY USED FOR ASSESSMENT _____________________________ 10 INSTITUTIONAL AND MARKET STRUCTURE—OVERVIEW ___________________________________ 11 A. Regulatory Structure __________________________________________________________________________ 11 B. Market Structure ______________________________________________________________________________ 12 PRECONDITIONS FOR EFFECTIVE SECURITIES REGULATION _________________________________ 17 MAIN FINDINGS ________________________________________________________________________________ 18 SUMMARY IMPLEMENTATION OF THE IOSCO PRINCIPLES __________________________________ 21 RECOMMENDED ACTION PLAN AND AUTHORITIES' RESPONSE ____________________________ 31 C. Authorities’ Response to the Assessment _____________________________________________________ 33 DETAILED ASSESSMENT ________________________________________________________________________ 34 TABLES 1. Key Equity Market Information ________________________________________________________________ 12 2. Investment Company Total Net Assets by Type _______________________________________________ 14 3. Institutional and Retail Ownership of Mutual Funds ___________________________________________ 15 4. Number of Commodity Pool Operators and their AUM _______________________________________ 15 5. Registered Broker-Dealers _____________________________________________________________________ 16 6. SEC Registered Investment Advisers ___________________________________________________________ 16 7. Derivatives Market Intermediaries Registered with the CFTC __________________________________ 17 8. Summary Implementation of the IOSCO Principles—Detailed Assessments __________________ 21 9. Recommended Action Plan to Improve Implementation of the IOSCO Principles _________________________________________________________________________________________ 31 10. Detailed Assessment of Implementation of the IOSCO Principles ____________________________ 35 2 INTERNATIONAL MONETARY FUND UNITED STATES Glossary ABS Asset-Backed Security AICPA American Institute of Certified Public Accountants ALJ Administrative Law Judge AML Anti-Money Laundering ANC Alternative Net Capital AP Associated Person APA Administrative Procedure Act ARP Automation Review Policy ASB Auditing Standards Board ATS Alternative Trading System AUM Assets under Management BCP Business Continuity Plan BD Broker-Dealer CAT Consolidated Audit Trail CBOE Chicago Board Options Exchange CCO Chief Compliance Officer CCP Central Counterparty CD&A Compensation Disclosure and Analysis CDO Collateralized Debt Obligation CDS Credit Default Swap CEA Commodity Exchange Act CF SEC’s Corporation Finance Division CFMA Commodity Futures Modernization Act of 2000 CFTC Commodity Futures Trading Commission CHX Chicago Stock Exchange CIP Customer Identification Program CIS Collective Investment Scheme CMBS Commercial Mortgage-Backed Security CME Chicago Mercantile Exchange CP Commodity Pool CPA Certified Public Accountant CP&P Compliance Policies and Procedures CPO Commodity Pool Operator CRA Credit Rating Agency CRARA Congressional Review of Agency Rulemaking Act CSD Central Securities Depository CTA Commodity Trading Advisor DCM Designated Contract Market DCO Derivatives Clearing Organization INTERNATIONAL MONETARY FUND 3 UNITED STATES DCR Division of Clearing and Risk DEA Designated Examining Authority DERA SEC’s Division of Economic and Risk Analysis DFMU Designated Financial Market Utility DGCL Delaware General Corporation Law DMO Division of Market Oversight DOE Division of Enforcement DOJ Department of Justice DSIO Division of Swap Dealer and Intermediary Oversight DSRO Designated Self-regulatory Organization DTC The Depository Trust Company ECN Electronic Communications Network ECP Eligible Contract Participant EDGAR Electronic Data Gathering, Analysis, and Retrieval System ERA Exempt Reporting Adviser ETF Exchange Traded Fund FAF Financial Accounting Foundation FASB Financial Accounting Standards Board FATF Financial Action Task Force FBI Federal Bureau of Investigation FBOT Foreign Board of Trade FCM Futures Commission Merchant FDIC Federal Deposit Insurance Corporation FERC Federal Energy Regulatory Commission FESC Front End Systemic Capture FHFA Federal Housing Finance Agency FHFOB Federal Housing Finance Oversight Board FICC Fixed Income Clearing Corporation FinCEN Financial Crimes Enforcement Network FINRA Financial Industry Regulatory Authority FMU Financial Market Utility FOIA Freedom of Information Act FSB Financial Stability Board FSOC Financial Stability Oversight Council FTC Federal Trade Commission Federal Employees Liability Reform and Tort Compensation FTCA Act of 1988 GAAP Generally Accepted Accounting Principles GAAS Generally Acceptable Auditing Standards GAO Government Accountability Office GLBA Gramm-Leach-Bliley Act of 1999 HF Hedge Fund 4 INTERNATIONAL MONETARY FUND UNITED STATES IA Investment Adviser IAC Investor Advisory Committee IASB International Accounting Standards Board IB Introducing Broker ICA Investment Company Act of 1940 ICE Intercontinental Exchange ICEEU ICE Clear Europe IFRS International Financial Reporting Standards IM SEC’s Division of investment Management (Office of) Independent Oversight and Performance IOPA Assurance IOSCO International Organization of Securities Commissions IPO Initial Public Offering IRS Internal Revenue Service ISG Intermarket Surveillance Group ISV Independent Software Vendor JAC Joint Advisory Committee JOBS Act Jumpstart Our Business Startups Act LLC Limited Liability Company LULD Limit-Up Limit-Down MD&A Management’s Discussion and Analysis MIDAS Market Information Data and Analytics System MLWG Money Laundering Working Group MMF Money Market Fund MMOU Multilateral Memorandum of Understanding MOU Memorandum of Understanding MRAC Market Risk Advisory Committee MSBSP Major Security-Based Swap Participants MSP Major Swap Participant MSPPU Municipal Securities and Public Pensions Unit MSRB Municipal Securities Rulemaking Board NASD National Association of Securities Dealers NAV Net Asset Value NBB National Best Bid NBBO National Best Bid and Offer NEP National Examination Program NFA National Futures Association NMS National Market System NRSRO Nationally Recognized Statistical Rating Organization NSCC National Securities Clearing Corporation NSMIA National Securities Markets Improvement Act of 1996 NYSE New York Stock Exchange OATS Order Audit Trail System INTERNATIONAL MONETARY FUND 5 UNITED STATES OCA SEC’s Office of the Chief Accountant OCC Office of the Comptroller of the Currency OCE Office of the Chief Economist OCIE SEC’s Office of Compliance Inspections and Examinations OCR SEC’s Office of Credit Ratings OEC SEC’s Office of the Ethics Counsel OFR Office of Financial Research OGC Office of the General Counsel OGE Office of Government Ethics OIA Office of International Affairs OIG Office of the Inspector General OMB Office of Management and Budget OTC Over-the-counter PCAOB Public Company Accounting Oversight Board PRA Paperwork Reduction Act RAUM Regulatory Assets Under Management RER Rule Enforcement Review RFA Registered Futures Association RFPA Right to Financial Privacy Act RMBS Residential Mortgage-Backed Security ROOR Risk Oversight and Operational Regulation RSA Regulatory Service Agreement RSD Regulatory Services Division RSG CFTC’s Risk Surveillance Group SAI Statement of Additional Information SAR Suspicious Activity Report SB SEF Security-Based Swap Execution Facility SBS Security-Based Swap SBSD Security-Based Swap Dealer SCI Systems Compliance and Integrity SD Swap Dealer SDR Swap Data Repository SEC Securities and Exchange Commission SEF Swap Execution Facility SFP Securities Futures Product SIDCO Systemically Important Derivatives Clearing Organization SIP Securities Information Processor SIPA Securities Investor Protection Act SIPC
Load more

Recommended publications
  • Central Treasury Rules
    CENTRAL TREASURY RULES VOLUME I MAIN RULES PART I – GENERAL PRINCIPLES AND RULES Short Title 1. These rules may be called the “Treasury Rules of the Central Government”. Application 11-A. These shall apply to - - (a) Union Territories of Chandigarh, Lakshadweep and Dadra and Nagar Haveli; (b) Payments of pensionary benefits to the Government pensioners in the Central Government and Union Territories; and (c) An office authorized to hold and operate and a Departmental Treasure Chest. 1-B. If the Government considers it necessary or expedient so to do for avoiding any hardship or removing any difficulty that may arise as a result of the application of these rules, it may, subject to such restrictions and conditions, if any, as it may think fit to impose, dispense with or relax the provisions of any of these rules in any case or class of cases. Definitions 2. In these rules, unless the context otherwise requires; the following expressions have the meaning hereby assigned to them, that is to say:- (a) “Accountant General” means the Head of an Office of Accounts and Audit subordinate to the Comptroller and Auditor-General of India. When used in relation to a treasury, this expression refers to the authority to whom the accounts of the treasury are rendered. 1 | P a g e (b) “Accounts Officer” means the Head of an Office of Accounts set up under the scheme of departmentalization of Government Accounts. Chief Accounts Officer in relation to accounts of Railways means the Head of a Railway Accounts Office. (c) “Administrator” means the Administrator of a Union Territory specified in the First Schedule to the Constitution.
    [Show full text]
  • The Future of Computer Trading in Financial Markets an International Perspective
    The Future of Computer Trading in Financial Markets An International Perspective FINAL PROJECT REPORT This Report should be cited as: Foresight: The Future of Computer Trading in Financial Markets (2012) Final Project Report The Government Office for Science, London The Future of Computer Trading in Financial Markets An International Perspective This Report is intended for: Policy makers, legislators, regulators and a wide range of professionals and researchers whose interest relate to computer trading within financial markets. This Report focuses on computer trading from an international perspective, and is not limited to one particular market. Foreword Well functioning financial markets are vital for everyone. They support businesses and growth across the world. They provide important services for investors, from large pension funds to the smallest investors. And they can even affect the long-term security of entire countries. Financial markets are evolving ever faster through interacting forces such as globalisation, changes in geopolitics, competition, evolving regulation and demographic shifts. However, the development of new technology is arguably driving the fastest changes. Technological developments are undoubtedly fuelling many new products and services, and are contributing to the dynamism of financial markets. In particular, high frequency computer-based trading (HFT) has grown in recent years to represent about 30% of equity trading in the UK and possible over 60% in the USA. HFT has many proponents. Its roll-out is contributing to fundamental shifts in market structures being seen across the world and, in turn, these are significantly affecting the fortunes of many market participants. But the relentless rise of HFT and algorithmic trading (AT) has also attracted considerable controversy and opposition.
    [Show full text]
  • Business Despite Borders
    Business Despite Borders Santiago Iñiguez de Onzoño Kazuo Ichijo Editors Business Despite Borders Companies in the Age of Populist Anti-Globalization Editors Santiago Iñiguez de Onzoño Kazuo Ichijo Instituto de Empresa Graduate School of International Corporate Madrid, Spain Strategy Hitotsubashi University Tokyo, Japan ISBN 978-3-319-76305-7 ISBN 978-3-319-76306-4 (eBook) https://doi.org/10.1007/978-3-319-76306-4 Library of Congress Control Number: 2018944600 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or informa- tion storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
    [Show full text]
  • Evidence from the Toronto Stock Exchange
    The impact of trading floor closure on market efficiency: Evidence from the Toronto Stock Exchange Dennis Y. CHUNG Simon Fraser University and Karel HRAZDIL* Simon Fraser University This draft: July 1, 2013 For the 2013 Auckland Finance Meeting Abstract: We are the first to evaluate the impact of the trading floor closure on the corresponding efficiency of the stock price formation process on the Toronto Stock Exchange (TSX). Utilizing short-horizon return predictability as an inverse indicator of market efficiency, we demonstrate that while the switch to all electronic trading resulted in higher volume and lower trading costs, the information asymmetry among investors increased as more informed and uninformed traders entered the market. The TSX trading floor closure resulted in a significant decrease in informational efficiency, and it took about six years for efficiency to return to its pre-all-electronic-trading level. In multivariate setting, we provide evidence that changes in information asymmetry and increased losses to liquidity demanders due to adverse selection account for the largest variations in the deterioration of the aggregate level of informational efficiency. Our results suggest that electronic trading should complement, rather than replace, the exchange trading floor. JEL Codes: G10; G14 Keywords: Electronic trading; Trading floor; Market efficiency; Toronto Stock Exchange. * Corresponding author. Address of correspondence: Beedie School of Business, 8888 University Drive, Simon Fraser University, Burnaby, B.C., V5A 1S6, Canada; Phone: +1 778 782 6790; Fax: +1 778 782 4920; E-mail addresses: [email protected] (D.Y. Chung), [email protected] (K. Hrazdil). We acknowledge financial support from the CA Education Foundation of the Institute of Chartered Accountants of British Columbia and the Social Sciences and Humanities Research Council of Canada.
    [Show full text]
  • Quantitative Easing and the Independence of the Bank of England
    QUANTITATIVE EASING AND THE INDEPENDENCE OF THE BANK OF ENGLAND William A. Allen, NIESR )] NIESR Policy Paper. 001 Policy papers are written by members of the National Institute of Economic and Social Research to specifically address a public policy issue. These may be evidence submitted to a public or parliamentary enquiry or policy research commissioned by a third party organisation. In all circumstances the NIESR authors have full editorial control of these papers. We will make all policy papers available to the public whether they have been supported by specific funding as a matter of course. Some papers may be subsequently developed into research papers. Date: January 2017 About the National Institute of Economic and Social Research The National Institute of Economic and Social Research is Britain's longest established independent research institute, founded in 1938. The vision of our founders was to carry out research to improve understanding of the economic and social forces that affect people’s lives, and the ways in which policy can bring about change. Seventy-five years later, this remains central to NIESR’s ethos. We continue to apply our expertise in both quantitative and qualitative methods and our understanding of economic and social issues to current debates and to influence policy. The Institute is independent of all party political interests. National Institute of Economic and Social Research 2 Dean Trench St London SW1P 3HE T: +44 (0)20 7222 7665 E: [email protected] niesr.ac.uk Registered charity no. 306083 This paper was first published in January 2017 © National Institute of Economic and Social Research 2017 Quantitative easing and the independence of the Bank of England William A.
    [Show full text]
  • Appendix F. List of Questionnaires and Record Books, with Selected Facsimiles
    Appendix F. List of Questionnaires and Record Books, With Selected Facsimiles Page Page General Forms Census of Construction Industries NC-9901 Report of Organization ---------------------- 2 CC-1509 Building Construction—General NC-9926 Classification Report ------------------------ 5 Contractors and Operative Builders ----------------102 NC-9923 General Schedule --------------------------- 6 CC-1609 Heavy Construction Other Than Building Census of Retail Trade Construction—Contractors --------------------------106 CB-5202 Paint, Glass, Wallpaper --------------------- 8 CC-1729 Painting and Paper Hanging Special Trade Contractors ----------------------------------- 110 CB-5302 General Merchandise------------------------ 11 Census of Manufactures CB-5400 Food ------------------------------------------ 15 MA-1000(L) 1992 Annual Survey of Manufactures--- 114 CB-5504 Gasoline Service Stations------------------- 19 MC-2002 Meat Processing Plants--------------------- 118 Census of Wholesale Trade MC-2004 Dairy Products-------------------------------127 CB-5001 Short Form ----------------------------------- 23 Census of Mineral Industries CB-5012 Motor Vehicles ------------------------------- 25 MC-1001 Iron, Ferroalloy, Uranium, and CB-5013 Motor Vehicles Parts and Supplies --------- 29 Miscellaneous Metal Ores --------------------------138 CB-5099 Miscellaneous Durable Goods -------------- 33 MC-1301 Oil and Gas Field Operations --------------146 Census of Service Industries MC-1401 Stone, Sand, and Gravel -------------------153 CB-7001 Hotels
    [Show full text]
  • George T. Brennan, Ph.D. 5793 Sibley Lane, the Colony, TX 75056 214-385-7865 - [email protected]
    George T. Brennan, Ph.D. 5793 Sibley Lane, The Colony, TX 75056 214-385-7865 - [email protected] SUMMARY George Brennan has led the transformation of leadership development and learning in leading corporations for more than 25 years, including Leadership Development Director at MassMutual, and Chief Learning Officer roles at NCR, McAfee, and Intel. With deep expertise in leadership development, talent management, and enterprise-wide learning, he has consistently improved leadership capability and learning effectiveness with demonstrated business impact. Dr. Brennan has broad expertise in learning, leadership and organization development with strong change management, coaching, and leadership capability. In-depth skills: Leadership development strategy and program design; executive coaching and mentoring; learning strategy, technology, and innovation; enterprise learning organization and system management; organization development; and global management. EXPERIENCE INTEL CORPORATION – Santa Clara, CA 2012-2013 Director/Chief Learning Officer, Intel Learning & Development Led enterprise Learning & Development team with 50+ staff and $10M+ budget. Championed the development of a more effective and integrated Intel-wide learning capability. • Streamlined and re-focused leadership development strategy and curriculum, leveraging custom business simulation and targeted content from BTS, Kouzes & Posner, Harvard Business School, and Center for Creative Leadership, Stanford University. Enterprise courses delivered to 6000 leaders across Intel in
    [Show full text]
  • List of Certain Foreign Institutions Classified As Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms
    NOT FOR PUBLICATION DEPARTMENT OF THE TREASURY JANUARY 2001 Revised Aug. 2002, May 2004, May 2005, May/July 2006, June 2007 List of Certain Foreign Institutions classified as Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms The attached list of foreign institutions, which conform to the definition of foreign official institutions on the Treasury International Capital (TIC) Forms, supersedes all previous lists. The definition of foreign official institutions is: "FOREIGN OFFICIAL INSTITUTIONS (FOI) include the following: 1. Treasuries, including ministries of finance, or corresponding departments of national governments; central banks, including all departments thereof; stabilization funds, including official exchange control offices or other government exchange authorities; and diplomatic and consular establishments and other departments and agencies of national governments. 2. International and regional organizations. 3. Banks, corporations, or other agencies (including development banks and other institutions that are majority-owned by central governments) that are fiscal agents of national governments and perform activities similar to those of a treasury, central bank, stabilization fund, or exchange control authority." Although the attached list includes the major foreign official institutions which have come to the attention of the Federal Reserve Banks and the Department of the Treasury, it does not purport to be exhaustive. Whenever a question arises whether or not an institution should, in accordance with the instructions on the TIC forms, be classified as official, the Federal Reserve Bank with which you file reports should be consulted. It should be noted that the list does not in every case include all alternative names applying to the same institution.
    [Show full text]
  • US Treasury Markets: Steps Toward Increased Resilience
    U.S. Treasury Markets Steps Toward Increased Resilience DISCLAIMER This report is the product of the Group of Thirty’s Working Group on Treasury Market Liquidity and reflects broad agreement among its participants. This does not imply agreement with every specific observation or nuance. Members participated in their personal capacity, and their participation does not imply the support or agreement of their respective public or private institutions. The report does not represent the views of the membership of the Group of Thirty as a whole. ISBN 1-56708-184-3 How to cite this report: Group of Thirty Working Group on Treasury Market Liquidity. (2021). U.S. Treasury Markets: Steps Toward Increased Resilience. Group of Thirty. https://group30.org/publications/detail/4950. Copies of this paper are available for US$25 from: The Group of Thirty 1701 K Street, N.W., Suite 950 Washington, D.C. 20006 Telephone: (202) 331-2472 E-mail: [email protected] Website: www.group30.org Twitter: @GroupofThirty U.S. Treasury Markets Steps Toward Increased Resilience Published by Group of Thirty Washington, D.C. July 2021 G30 Working Group on Treasury Market Liquidity CHAIR Timothy F. Geithner President, Warburg Pincus Former Secretary of the Treasury, United States PROJECT DIRECTOR Patrick Parkinson Senior Fellow, Bank Policy Institute PROJECT ADVISORS Darrell Duffie Jeremy Stein Adams Distinguished Professor of Management and Moise Y. Safra Professor of Economics, Professor of Finance, Stanford Graduate School of Harvard University Business WORKING GROUP MEMBERS William C. Dudley Masaaki Shirakawa Senior Research Scholar, Griswold Center for Economic Distinguished Guest Professor, Aoyama-Gakuin University Policy Studies at Princeton University Former Governor, Bank of Japan Former President, Federal Reserve Bank of New York Lawrence H.
    [Show full text]
  • Providing the Regulatory Framework for Fair, Efficient and Dynamic European Securities Markets
    ABOUT CEPS Founded in 1983, the Centre for European Policy Studies is an independent policy research institute dedicated to producing sound policy research leading to constructive solutions to the challenges fac- Competition, ing Europe today. Funding is obtained from membership fees, contributions from official institutions (European Commission, other international and multilateral institutions, and national bodies), foun- dation grants, project research, conferences fees and publication sales. GOALS •To achieve high standards of academic excellence and maintain unqualified independence. Fragmentation •To provide a forum for discussion among all stakeholders in the European policy process. •To build collaborative networks of researchers, policy-makers and business across the whole of Europe. •To disseminate our findings and views through a regular flow of publications and public events. ASSETS AND ACHIEVEMENTS • Complete independence to set its own priorities and freedom from any outside influence. and Transparency • Authoritative research by an international staff with a demonstrated capability to analyse policy ques- tions and anticipate trends well before they become topics of general public discussion. • Formation of seven different research networks, comprising some 140 research institutes from throughout Europe and beyond, to complement and consolidate our research expertise and to great- Providing the Regulatory Framework ly extend our reach in a wide range of areas from agricultural and security policy to climate change, justice and home affairs and economic analysis. • An extensive network of external collaborators, including some 35 senior associates with extensive working experience in EU affairs. for Fair, Efficient and Dynamic PROGRAMME STRUCTURE CEPS is a place where creative and authoritative specialists reflect and comment on the problems and European Securities Markets opportunities facing Europe today.
    [Show full text]
  • Metal Men Metal Men Marc Rich and the $10 Billion Scam A
    Metal Men Metal Men Marc Rich and the $10 Billion Scam A. Craig Copetas No part of this publication may be reproduced or transmitted in any form or by any means, electronic, or mechanical, including photocopy, recording, scanning or any information storage retrieval system, without explicit permission in writing from the Author. © Copyright 1985 by A. Craig Copetas First e-reads publication 1999 www.e-reads.com ISBN 0-7592-3859-6 for B.D. Don Erickson & Margaret Sagan Acknowledgments [ e - reads] Acknowledgments o those individual traders around the world who allowed me to con- duct deals under their supervision so that I could better grasp the trader’s life, I thank you for trusting me to handle your business Tactivities with discretion. Many of those traders who helped me most have no desire to be thanked. They were usually the most helpful. So thank you anyway. You know who you are. Among those both inside and outside the international commodity trad- ing profession who did help, my sincere gratitude goes to Robert Karl Manoff, Lee Mason, James Horwitz, Grainne James, Constance Sayre, Gerry Joe Goldstein, Christine Goldstein, David Noonan, Susan Faiola, Gary Redmore, Ellen Hume, Terry O’Neil, Calliope, Alan Flacks, Hank Fisher, Ernie Torriero, Gordon “Mr. Rhodium” Davidson, Steve Bronis, Jan Bronis, Steve Shipman, Henry Rothschild, David Tendler, John Leese, Dan Baum, Bert Rubin, Ernie Byle, Steven English and the Cobalt Cartel, Michael Buchter, Peter Marshall, Herve Kelecom, Misha, Mark Heutlinger, Bonnie Cutler, John and Galina Mariani, Bennie (Bollag) and his Jets, Fredy Haemmerli, Wil Oosterhout, Christopher Dark, Eddie de Werk, Hubert Hutton, Fred Schwartz, Ira Sloan, Frank Wolstencroft, Congressman James Santini, John Culkin, Urs Aeby, Lynn Grebstad, Intertech Resources, the Kaypro Corporation, Harper’s magazine, Cambridge Metals, Redco v Acknowledgments [ e - reads] Resources, the Swire Group, ITR International, Philipp Brothers, the Heavy Metal Kids, and .
    [Show full text]
  • HM Treasury Departmental Report CM 6540
    Cm 6540 DEPARTMENTAL REPORT June 2005 This is part of a series of departmental reports (Cm 6521 to Cm 6548) which, along with the Main Estimates, the document Public Expenditure: Statistical Analyses 2005, and the Supply Estimates 2005-06: Supplementary Budgetary Information, present the Government's expenditure plans for 2005-2008. The complete series of Departmental Reports and Public Expenditure Statistical Analyses 2005 is also available as a set at a discounted price. Departmental Report 2005 Presented to Parliament by the Chancellor of the Exchequer and the Chief Secretary to the Treasury by Command of Her Majesty June 2005 Cm 6540 £26.00 © Crown copyright 2005 The text in this document (excluding the Royal Arms and departmental logos) may be reproduced free of charge in any format or medium providing that it is reproduced accurately and not used in a misleading context. The material must be acknowledged as Crown copyright and the title of the document specified. Any enquiries relating to the copyright in this document should be addressed to: The Licensing Division, HMSO, St Clements House, 2-16 Colegate, Norwich, NR3 1BQ. Fax: 01603 723000 or e-mail: [email protected] Cover Photo: Terry Moore HM Treasury contacts Comments on the coverage or presentation of this report should be sent to: Sara Rowden HM Treasury 1 Horse Guards Road London SW1A 2HQ E-mail: [email protected] For enquiries about the Treasury and its work, contact:Treasury Public Enquiry Unit: Tel: 020 7270 4558 Fax: 020 7270 4574
    [Show full text]