CFTC, Foreign Regulators Issue Joint Statement on OTC Derivatives

The U.S. Commodity and Futures Trading Commission (CFTC) issued a joint statement with foreign regulators today that outlines plans for cross-border rules. The joint statement was signed by regulatory leaders from Australia, Brazil, the European Union, Hong Kong, Japan, Canada, Singapore, and...

Global derivatives clearing worries Canadian regulator

In remarks to the Society of Worldwide Interbank Finance in Ontario on Monday, the Bank of Canada’s Deputy Governor Tim Lane outlined the pros and cons of using large global clearing houses to trade OTC derivatives. While large offshore central counterparties (“CCPs”) can bring costs down...

Economy Likely to Improve in 2011, Says Canada Bank

According to predictions by the National Bank of Canada, the economy will improve over 2011. However, just as the U.S. economy starts feeling its oats, a shock from Japan, temporary in nature, could slow the pace of monetary policy normalization in emerging Asia, keeping global liquidity abundant. Thus...

Penalty Hearing for Nott, Sadeghi, Kaplan, Nemy & Poulstrop Set

The Investment Industry Regulatory Organization of Canada (IIROC) will hear the case of Kenneth Nott, Aidin Sadeghi, Christopher Kaplan, Robert Nemy and Jake Poulstrop for purposes of imposing the correct penalty against them on January 26, 2011 (10 am) at the JRP Meeting Rooms in Toronto, ON. The five...

Gateway Securities Inc.’s Offer to Settle Case to be Heard

The Investment Industry Regulatory Organization of Canada (IIROC) is set to hear on January 14, 2011 (10:00 am), at the Reportex Agencies Ltd. in Vancouver, BC, the offer of settlement filed by the Gateway Securities Inc. Gateway Securities Inc. is charged of failing to meet IIROC’s minimum...

CFTC ACTION: Scotia Capital Inc.

The CFTC issued an order filing and simultaneously settling charges against Scotia Capital Inc., for prearranging trades in the natural gas futures contract on the New York Mercantile Exchange (NYMEX) during November and December of 2006. The CFTC order imposes a $250,000 civil monetary penalty on SCI, an...

CFTC ACTION: Pinemore, L.P. and Birchmore, L.P.

The CFTC issued an order filing and simultaneously settling charges against Pinemore, L.P. and Birchmore, L.P. , two Canadian limited partnerships based in Calgary, Alberta, Canada, for engaging in unlawful wash sales in the natural gas futures contract on the New York Mercantile Exchange (NYMEX) during...

New complaint handling standards for IIROC-regulated firms

The new complaint handling rule sets standards and timelines for IIROC- regulated firms to acknowledge, investigate and respond to client complaints about their accounts. Under the new standards the firm has five business days to acknowledge receipt of the client’s complaint. The firm must investigate the...

IIROC invites public comment on arbitration program

IIROC issued a Rules Notice Request for Comments on its Review of IIROC Arbitration Program. Commencing in the fall of 2008, IIROC undertook a comprehensive review and evaluation of the arbitration program. The results are discussed in the Notice. IIROC invites public comment on the matters raised in the...

Request for Comments – Proposed Amendments to the Universal Market Integrity Rules

The Proposed Amendments would: •repeal the rule and policies respecting the “best price” obligation of Participants; •provide that the Order Protection Rule can not be avoided when a Participant is considering a trade on a foreign organized regulated market; •require a Participant or...
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