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December 15, 2020 Chairman Jay
December 15, 2020 Chairman Jay Clayton U.S. Securities and Exchange Commission 100 F Street NE Washington, D.C. 20549-5990. Re: Request for Investigation of Senator Kelly Loeffler Dear Chairman Clayton, I respectfully request that the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) immediately investigate potential violations of federal securities law and SEC regulations by Senator Kelly Loeffler and notify the public of the investigation. Recent transaction reports and company statements demonstrate that United States Senator Kelly Loeffler may have used nonpublic information related to COVID-19 economic relief legislation for her own financial gain in violation of federal law. Under federal securities law, members of Congress owe a duty “arising from a relationship of trust . to the Congress, the United States Government, and the citizens of the United States,” with respect to material nonpublic information obtained through a Member’s public service.1 It is difficult to imagine a more profound violation of the public trust than the use of nonpublic information on Congress’s emergency response to a global pandemic in order to enhance a Senator’s own personal wealth. Senator Loeffler has been mired in allegations and investigations related to her and her husband’s extraordinarily well-timed financial investments at the start of the pandemic. While her constituents faced an unprecedented threat to their health and welfare, Senator Loeffler profited off the pandemic in the stock market. Recent reports and transactional analysis provide strong evidence to suggest that Senator Loeffler used nonpublic information acquired through her official Senate duties to inform financial security transactions that she personally benefited from. -
The Role of Regulation in Shaping Equity Market Structure and Electronic Trading
S. HRG. 113–478 THE ROLE OF REGULATION IN SHAPING EQUITY MARKET STRUCTURE AND ELECTRONIC TRADING HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED THIRTEENTH CONGRESS SECOND SESSION ON EXAMINING THE INFLUENCE OF REGULATION ON THE GROWTH OF MARKET STRUCTURE, THE SYSTEMS AND OPERATION OF MARKET PARTICIPANTS AND THE DEVELOPMENT OF BUSINESS PRACTICES RE- LATED TO HIGH-FREQUENCY TRADING, ELECTRONIC MARKETS AND AUTOMATED TRADING JULY 8, 2014 Printed for the use of the Committee on Banking, Housing, and Urban Affairs ( Available at: http://www.fdsys.gov/ U.S. GOVERNMENT PUBLISHING OFFICE 91–300 PDF WASHINGTON : 2015 For sale by the Superintendent of Documents, U.S. Government Publishing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate 0ct 09 2002 11:05 Mar 18, 2015 Jkt 000000 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 S:\DOCS\91300.TXT SHERYL BANKI-41578DSA with DISTILLER COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS TIM JOHNSON, South Dakota, Chairman JACK REED, Rhode Island MIKE CRAPO, Idaho CHARLES E. SCHUMER, New York RICHARD C. SHELBY, Alabama ROBERT MENENDEZ, New Jersey BOB CORKER, Tennessee SHERROD BROWN, Ohio DAVID VITTER, Louisiana JON TESTER, Montana MIKE JOHANNS, Nebraska MARK R. WARNER, Virginia PATRICK J. TOOMEY, Pennsylvania JEFF MERKLEY, Oregon MARK KIRK, Illinois KAY HAGAN, North Carolina JERRY MORAN, Kansas JOE MANCHIN III, West Virginia TOM COBURN, Oklahoma ELIZABETH -
New Developments in Clearing and Settlement Arrangements for OTC Derivatives
Committee on Payment and Settlement Systems New developments in clearing and settlement arrangements for OTC derivatives March 2007 Copies of publications are available from: Bank for International Settlements Press & Communications CH-4002 Basel, Switzerland E-mail: [email protected] Fax: +41 61 280 9100 and +41 61 280 8100 This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2007. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited. ISBN 92-9131-738-1 (print) ISBN 92-9197-738-1 (online) Foreword Since the publication by the BIS in 1998 of a report on OTC derivatives: settlement procedures and counterparty risk management, the markets for OTC derivatives have continued to expand and develop rapidly, while risk management practices have evolved and significant changes in market infrastructures have occurred. In early 2006, the CPSS set up a Working Group, comprising representatives of its member central banks and prudential supervisors of major derivatives dealers, to analyse existing arrangements and risk management practices in the broader OTC derivatives market and evaluate the potential for risks to be mitigated by greater use of, and enhancements to, market infrastructure. This project complemented an earlier supervisory initiative that at the time was focused primarily on confirmation backlogs in the credit derivatives markets. The Working Group conducted interviews with some 35 major dealers in OTC derivatives in the G10 countries and Hong Kong SAR. It also met with industry groups and providers of post-trade processing services. Finally, upon completion of the report, it discussed its findings in a roundtable with these entities. -
Chair Mary Jo White, April 10, 2013 to December 31, 2013
Chair Mary Jo White Public Calendar April 10, 2013 to December 31, 2013 Wednesday, April 10 2013 9:00 am Oath of Office 10:00 am Open Commission Meeting 11:30 am Meeting with staff 12:30 pm Meeting with job applicant 1:30 pm Meeting with staff 2:30 pm Meeting with staff 3:30 pm Meeting with staff 4:00 pm Meeting with staff 4:30 pm Meeting with staff Thursday, April 11 2013 9:00 am Meeting with staff 9:30 am Meeting with staff 10:00 am Meeting with staff 11:30 am Meeting with Commissioner Parades 12:30 pm Meeting with Commissioner Gallagher 1:40 pm Meeting with staff 2:00 pm Closed Commission Meeting 3:30 pm Meeting with staff 4:00 pm Meeting with staff Friday, April 12 2013 9:00 am Meeting with staff 10:00 am Meeting with Commissioner Walter and staff 10:30 am Swearing‐in Ceremony 12:00 pm Meeting with Russell Golden, Chair, Financial Accounting Standards Board (FASB) 1:00 pm Meeting with staff Monday, April 15 2013 9:30 am Meeting with staff 10:30 am Meeting with staff 11:00 am Meeting with staff 1 11:15 am Phone call with staff 11:30 am Meeting with staff 12:00 pm Phone call with Jim Doty, Chairman, Public Company Accounting Oversight Board (PCAOB) 12:45 pm Phone call with staff 1:00 pm Meeting with staff 2:00 pm Meeting with staff 3:00 pm Meeting with staff 4:00 pm Meeting with staff 4:30 pm Meeting with staff 5:00 pm Meeting with staff 5:05 pm Phone call with Gary Gensler, Chairman, Commodity Futures Trading Commission (CFTC) 5:45 pm Phone call with Congressman Scott Garrett Tuesday, April 16 2013 9:00 am Meeting with staff 10:00 -
ISDA Fpml Survey January 2011
ISDA FpML Survey January 2011 ISDA® INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC. INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION ISDA, which represents participants in the privately negotiated derivatives industry, is among the world’s largest global financial trade associations as measured by number of member firms. ISDA was chartered in 1985, and today has over 800 member institutions from 54 countries on six continents. These members include most of the world’s major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Since its inception, ISDA has pioneered efforts to identify and reduce the sources of risk in the derivatives and risk management business. Among its most notable accomplishments are: developing the ISDA Master Agreement; publishing a wide range of related documentation materials and instruments covering a variety of transaction types; producing legal opinions on the enforceability of netting and collateral arrangements (available only to ISDA members); securing recognition of the risk-reducing effects of netting in determining capital requirements; promoting sound risk management practices, and advancing the understanding and treatment of derivatives and risk management from public policy and regulatory capital perspectives. About FpML FpML (Financial products Markup Language) is the freely licensed business information exchange standard for electronic dealing and processing of privately negotiated derivatives and structured products. It establishes the industry protocol for sharing information on, and dealing in, financial derivatives and structured products over the Internet. FpML is based on XML (Extensible Markup Language), the standard meta-language for describing data shared between applications. -
The Role of Market Speculation in Rising Oil and Gas Prices: a Need to Put the Cop Back on the Beat
1 109th Congress S. PRT. " ! 2nd Session SENATE 109–65 THE ROLE OF MARKET SPECULATION IN RISING OIL AND GAS PRICES: A NEED TO PUT THE COP BACK ON THE BEAT STAFF REPORT PREPARED BY THE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS OF THE COMMITTEE ON HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS UNITED STATES SENATE JUNE 27, 2006 U.S. GOVERNMENT PRINTING OFFICE 28–640 WASHINGTON : 2006 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2250 Mail: Stop SSOP, Washington, DC 20402–0001 VerDate 0ct 09 2002 09:54 Aug 01, 2006 Jkt 028640 PO 00000 Frm 00001 Fmt 5012 Sfmt 5012 C:\DOCS\28640.TXT SAFFAIRS PsN: PAT congress.#13 COMMITTEE ON HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS SUSAN M. COLLINS, Maine, Chairman TED STEVENS, Alaska JOSEPH I. LIEBERMAN, Connecticut GEORGE V. VOINOVICH, Ohio CARL LEVIN, Michigan NORM COLEMAN, Minnesota DANIEL K. AKAKA, Hawaii TOM COBURN, Oklahoma THOMAS R. CARPER, Delaware LINCOLN D. CHAFEE, Rhode Island MARK DAYTON, Minnesota ROBERT F. BENNETT, Utah FRANK LAUTENBERG, New Jersey PETE V. DOMENICI, New Mexico MARK PRYOR, Arkansas JOHN W. WARNER, Virginia MICHAEL D. BOPP, Staff Director and Chief Counsel JOYCE A. RECHTSCHAFFEN, Minority Staff Director and Chief Counsel TRINA DRIESSNACK TYRER, Chief Clerk PERMANENT SUBCOMMITTEE ON INVESTIGATIONS NORM COLEMAN, Minnesota, Chairman TED STEVENS, Alaska CARL LEVIN, Michigan TOM COBURN, Oklahoma DANIEL K. AKAKA, Hawaii LINCOLN D. CHAFEE, Rhode Island THOMAS R. CARPER, Delaware ROBERT F. BENNETT, Utah MARK DAYTON, Minnesota PETE V. DOMENICI, New Mexico FRANK LAUTENBERG, New Jersey JOHN W. -
O'brien Financial Advisors
Del Principe | O’Brien Financial Advisors LLC Vol. VI No. III: X.MMXX October 2020 Dear Fellow Investors, “Just keep in mind: the more we value things outside our control, the less control we have.” –Epictetus In times like these, it’s easy to let volatility and uncertainty get the best of us. It’s tempting to look for ways to make short-term gains in order to take the sting out of previous losses. But this kind of thinking pulls us away from our value investing fundamentals and distracts us with shiny objects. What kind of shiny objects? How about the top 5 largest stocks in the S&P 500. The top 5 – Apple, Microsoft, Amazon.com, Alphabet (Google), and Facebook – account for approximately 23% of the index’s market value. That leaves 495 or so other companies in the index, many of which are worthy of investment based not on their index position but on other analyzable criteria. Let’s not forget that the S&P is weighted by float-adjusted market capitalization, which is why the top 5 stocks affect the index so profoundly and are watched and talked about like they are the only players in the game. We value investors shouldn’t fall for the trap of index funds. We know to avoid the pitfall of correlating the weighted index position of a stock with the quality of the business behind it. We know that largest does not always mean strongest or best value. In this letter, you can read about companies in our portfolio that are demonstrating their strength and intrinsic value. -
The Limits of Private Ordering Within Modern Financial Markets Dan Awrey
2014-2015 LIMITS OF PRIVATE ORDERING 183 THE LIMITS OF PRIVATE ORDERING WITHIN MODERN FINANCIAL MARKETS DAN AWREY Abstract From standardized contracts for loans, repurchase agreements, and derivatives, to stock exchanges and alternative trading platforms, to benchmark interest and foreign exchange rates, private market structures play a number of important roles within modern financial markets. These market structures hold out a number of significant benefits. Specifically, by harnessing the powerful incentives of market participants, these market structures can help lower information, agency, coordination, and other transaction costs, enhance the process of price discovery, and promote greater market liquidity. Simultaneously, however, successful market structures are the source of significant and often overlooked market distortions. These distortions—or limits of private ordering—stem from positive network externalities, path dependency, and power imbalances between market participants at the core of these market structures and those at the periphery. Somewhat paradoxically, these limits can erect substantial barriers to entry, insulate incumbents from vigorous competition, and undermine the emergence of new and potentially more desirable substitutes, thus entrenching less efficient market structures. Using the London Interbank Offered Rate (“Libor”) and the International Swaps and Derivatives Association determination committee (“DC”) mechanism as case studies, this Article seeks to better understand the limits of private ordering. It also explores how relatively modest changes to the public regulatory regimes governing these market structures could, in some cases, yield significant improvements. Associate Professor of Law and Finance, Oxford University. 184 REVIEW OF BANKING & FINANCIAL LAW Vol. 34 Table of Contents I. Introduction ....................................................................... 184 II. The Logic and Limits of Private Ordering ....................... -
Rebellionat Themercby MATTHEW LEISING and JOHN
By MATTHEW LEISING REBELLION at the MERCand JOHN LIPPERT 76 BLOOMBERG MARKETS AUGUST 2008 CME floor traders moved to the Board of Trade building after the merger. CHICAGO HEDGE FUNDS AND NEW YORK BANKS HAVE FOUNDED A NEW EXCHANGE TO BREAK CME’S MONOPOLY ON FINANCIAL FUTURES. THEY’RE UP AGAINST AN INSTITUTION THAT HAS SPENT 160 YEARS STRENGTHENING ITS POSITION. Photograph by Michael Abramson Rubio, center, with Citadel’s Faraz Javaid, left, and Misha Malyshev, want ELX to keep CME in check. HICAGO HEDGE FUND MANAGER TOM RUBIO NEVER considered himself a rebel. He used to stay out of the limelight, quietly developing software to buy and sell interest-rate derivatives and building his 100-person firm, Breakwater Trading LLC. Infatuated with trading technology for 20 years, he once Creprogrammed a scientific calculator to figure out options prices. Rubio, 44, dates his emergence as leader of a revolt to October 2006, when the ON S Chicago Mercantile Exchange, known as the Merc, agreed to buy the Chicago Board of Trade. By combining two rivals that competed for more than a century, the acquisition would put 98 percent of exchange-traded U.S. interest-rate MICHAEL ABRAM 78 BLOOMBERG MARKETS AUGUST 2008 contracts—and 87 percent of all futures— to wrest away from CME are growing fast- from less than 10 cents to more than $1 a under one roof. Rubio’s Breakwater and er than ordinary stock trading. Invest- trade, added up to $1.8 billion, and the funds like it rely on the Merc and CBOT for ment banks and hedge funds are finding company isn’t finished growing. -
GFMA Submits Comments on the Consultation Paper P010-2014
Global Foreign Exchange Division St Michael’s House 1 George Yard London EC3V 9DH By Email TO: Macroeconomic Surveillance Department Monetary Authority of Singapore 10 Shenton Way MAS Building Singapore 079119 7 August 2014 Re: Consultation Paper P010-2014 (Consultation Paper on Draft Regulations for Reporting of Foreign Exchange Derivative Contracts) The Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA) welcomes the opportunity to comment on behalf of its members on the Consultation Paper issued by the Monetary Authority of Singapore (MAS) on 9 July 2014. The GFXD was formed in cooperation with the Association for Financial Markets in Europe (AFME), the Securities Industry and Financial Markets Association (SIFMA) and the Asia Securities Industry and Financial Markets Association (ASIFMA). Its members comprise 23 global Foreign Exchange (FX) market participants,1 collectively representing more than 90% of the FX inter-dealer market.2 Both the GFXD and its members are committed to ensuring a robust, open and fair marketplace and welcome the opportunity for continued dialogue with global regulators. ************** Introduction The FX market is the world’s largest financial market. Effective and efficient exchange of currencies underpins the world’s entire financial system. Many of the current legislative and regulatory reforms have had, and will continue to have, a significant impact upon the operation of the global FX market, and the GFXD wishes to emphasise the desire of our members for globally co-ordinated regulation which we believe will be of benefit to both regulators and market participants alike. The global FX market presents some unique challenges for trade reporting when compared with other asset classes. -
Part 45 - Swap Data Recordkeeping and Reporting Requirements
Part 45 - Swap Data Recordkeeping and Reporting Requirements SDR Regulatory Summary SDR Regulation Description Definitions and Swap Recordkeeping Definitions and Swap Recordkeeping Swap data reporting: creation data Swap data reporting: creation data Swap data reporting: continuation data Swap data reporting: continuation data USIs Unique Swap Identifiers LEIs Legal Entity Identifiers UPIs Unique Product Identifiers Determination of reporting party Determination of which counterparty must report Third-party data reporting Third-Party facilitation of data reporting Unacceptable Swaps Data reporting for swaps in a swap asset class not accepted by any SDR Voluntary Supp. Reporting Voluntary supplemental reporting Required data standards Required data standards Errors and Omissions Reporting of errors and omissions in previously reported data Compliance Dates Compliance Dates Definitions and Swap Recordkeeping Rule Ref. Definitions and Swap Recordkeeping §45.2 Definitions. Swap Recordkeeping - Recordkeeping by SEFs, DCMs, DCOs, SD & MSPs - these entities must keep full, complete and systematic records, §45.2(a) together with all pertinent data and memoranda, of all activities relating to the business of such entity or person with respect to swaps. Recordkeeping by Non-SDs and Non-MSPs - must keep full, complete and systematic records, together with all pertinent data and memoranda, §45.2(b) with respect to each swap in which they are a counterparty (note: this is more limited than for the entities listed in §45.2(a). Record Retention and Retention Form - all records kept pursuant to this section must be kept throughout the life of the swap and for a period of at least 5 years following the final termination of the swap. -
2015 Year-End Issue
YEAR-END ISSUE 2015 NOVEMBER DECEMBER2015 JAMESAN INSIDE VIEW INTO GEORGIA’S NEWS, POLITICS & CULTURE ON THE COVER Along with photos of the new Atlanta Braves and Falcons stadiums under construction are pictures of prominent 2015 Georgia newsmakers. From bottom left (by the Georgia Tech yellow jacket) are state House Majority Leader John Burns; ICE executives Jeff Sprecher and his wife Kelly Loeffler (the James “Influential Georgians” of the Year); Miss America Betty Cantrell of Warner Robins; former DeKalb County CEO Burrell Ellis, jailed for corruption; U.S. Senator Johnny Isakson, running for re-election; state Rep. Allen Peake, DEPARTMENTS author of a medical cannabis oil law; DeKalb CEO Lee May, who replaced Ellis; Atlanta attorney Linda Klein, president- Publisher’s Message 4 elect of the American Bar Association; and University of Georgia head football coach Mark Richt. Floating Boats 6 FEATURES JAMES Staggering Figures Show Wall Street P.O. BOX 724787 “Knew” Attacks Were Coming ATLANTA, GEORGIA 31139 by Matt Towery 404 • 233 • 3710 8 A Look Back at 2015 PUBLISHED BY INTERNET NEWS AGENCY LLC by Phil Kent 19 Interviewing U.S. Senator Johnny Isakson by Jim Kingston 21 CHAIRMAN MATTHEW TOWERY CEO & PUBLISHER PHIL KENT [email protected] COLUMNS CHIEF OPERATING OFFICER LOUIE HUNTER Gubernatorial Candidates Waiting in the Wings ASSOCIATE EDITOR GARY REESE by Randy Evans 11 ADVERTISING OPPORTUNITIES PATTI PEACH [email protected] “True Blue” Alumna Keeps Georgia in the Black MARKETING REPRESENTATIVE MELANIE DOBBINS by