Activists Rally for Financial Speculation Tax

Occupy Wall Street is back, and this time their target is high frequency trading. On the second anniversary of the Occupy Wall Street movement, protesters will be gathering in New York City to demand Congress pass the “Robin Hood Tax.” The Robin Hood Tax, also known as the Financial Speculation (or...

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...

CFTC Inundated With Swap Rule Comments

As the comment period for a rule on the extraterritorial application of Dodd-Frank-mandated swap rules draws to a close, the CFTC is receiving a large volume of comments on the rule, the majority of them critical. Although the agency issued interpretive guidance on June 29 that waters down the rule by...

Lawyers tussle over ‘financial conspiracy’ evidence in McCrudden case

Defense counsel for disgruntled former hedge-fund manager and commodities trader Vincent P. McCrudden will argue before a judge that he should be allowed to show evidence of financial conspiracy theories at his trial next week. McCrudden has been charged with “transmission of threats to injure”...

CFTC settles case against fictitious trading scheme

The Commodity Futures Trading Commission (CFTC) today announced that it obtained $615,000 in disgorgement and a civil monetary penalty in a federal court consent order against defendant Kuen Cheol Song for engaging in an illegal, fictitious trading scheme. Song has never been registered with the CFTC. The...

Bill on Deposit Insurance and Policy Owner’s Protection Now on Its First Reading In Singapore Parliament

The Deposit Insurance and Policy Owner’s Protection Schemes Bill (DI-PPF Bill) and the Insurance (Amendment) bill have been moved for their initial reading in the parliament of Singapore. The bill will cover both depositor protection and policy owner protection. Under the depositor protection provisions of...

Speech by Singapore MAS Senior Minister Goh Chok Tong

Text of speech: Good evening.  I am glad that the Singapore Corporate Awards has gained in reputation since its inauguration in 2006.  However, I cannot say the same for the global financial industry.  Even now, the Greek sovereign debt crisis threatens to spread its contagion effects to the international...

MAS reviews the regulatory regime for financial intermediaries

The Monetary Authority of Singapore is reviewing the regulatory regime for financial intermediaries conducting fund management activities and the exemption regime for financial intermediaries engaged in leveraged foreign exchange trading.  A consultation paper has been issued to seek comments from the...

CFTC ACTION: Kuen Cheol Song

The CFTC announced that it charged Kuen Cheol Song, a citizen of Singapore, with engaging in fictitious transactions and trading noncompetitively in violation of the Commodity Exchange Act and CFTC regulations. Song has never been registered with the CFTC. The CFTC complaint alleges that, since at least...

Consultation Paper on Review of the Deposit Insurance Scheme in Singapore

From the Release: The Monetary Authority of Singapore (MAS) is consulting the public on recommendations to amend and enhance various features of the Deposit Insurance (DI) Scheme in Singapore. 2. As part of our regular review, MAS and the Singapore Deposit Insurance Corporation (SDIC) which administers the...
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