According to Lexology, a district of Massachusetts judge has ruled in favor of Richard Ellington in the Ellington v. Giacoumakis case, denying the defendant’s claim that Dodd-Frank whistleblower protections only apply to those who report violations directly to the SEC.
According to the Wall Street Journal, the Federal Deposit Insurance Corp., Federal Reserve Board, Securities and Exchange Commission, and Commodity Futures Trading Commission have all voted to approve the infamous Volcker Rule. While the vote…
The Volcker rule, which restricts banks from proprietary trading that would put their own capital at risk, can be delayed by the Fed in one year increments, giving banks until July 2015 to comply.
Despite pleas from foreign markets and regulators alike, Gensler refuses to back down. During the address he stated that if a swap dealer, US or non-US, negotiates or executes a swap anywhere in the US, then it falls under Dodd-Frank.
The amendment would allow what some are calling more basic derivatives trading to occur, while not affecting more complex and riskier trades.
Barnier has said that without an agreement over derivatives policy, and an ability to work with each other’s rules, continuing EU-US free-trade negotiations will be very difficult.
Chilton says a main reason for the 2008 crash was the years of deregulation of the market that had occurred before hand, allowing institutions to make enormous and complicated trades that very few people actually understood.
According to bankingtech.com, senior financial industry executives are less than pleased with the US and EU’s inability to work together on the implementation of derivatives reforms and swap execution facilities. While the Dodd-Frank Act was…
Outside of enforcement actions, Mr. Meister enhanced collaborative relationships with the U.S. Justice department, the FBI, and many other domestic and foreign agencies. He also smoothed out the Division’s investigative and management techniques, increasing the speed in which cases were handled, and ensuring consistent enforcement actions across the board.
Beginning his speech, Chairman Gensler recalls the state of the U.S. economy in 2008, putting the majority of the blame for the financial crisis on the swaps market.