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Aug 27, 2013

Exclusive: Nasdaq pricing system focus of SEC outage review – source

WASHINGTON (Reuters) – The U.S. securities regulator is focusing its investigation into the Nasdaq outage on why a system for distributing stock prices and quotes was not robust enough, and believes a spat between exchanges is a distraction, a source familiar with the matter said on Tuesday.

Nasdaq, a unit of Nasdaq OMX Group Inc (NDAQ.O: Quote, Profile, Research, Stock Buzz), halted trading in the thousands of shares listed on its platforms on Thursday, after finding that a system that consolidates stock prices – the Securities Information Processor, or SIP – wasn’t working properly.

Aug 27, 2013

Nasdaq pricing system focus of SEC outage review -source

WASHINGTON, Aug 27 (Reuters) – The U.S. securities regulator
is focusing its investigation into the Nasdaq outage on why a
system for distributing stock prices and quotes was not robust
enough, and believes a spat between exchanges is a distraction,
a source familiar with the matter said on Tuesday.

Nasdaq, a unit of Nasdaq OMX Group Inc, halted
trading in the thousands of shares listed on its platforms on
Thursday, after finding that a system that consolidates stock
prices – the Securities Information Processor, or SIP – wasn’t
working properly.

Aug 27, 2013

U.S. SEC to meet exchange heads September 12 over Nasdaq outage

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission will meet with heads of the major exchanges on September 12 to discuss last week’s Nasdaq trading outage, the regulator said on Tuesday.

The meeting with SEC Chairwoman Mary Jo White would address “the market dissemination system involved in last week’s halt, as well as other critical market systems and infrastructure issues,” the SEC said.

Aug 26, 2013

Peregrine accountant barred from working for firms overseen by CFTC

WASHINGTON (Reuters) – The U.S. futures regulator on Monday barred Jeannie Veraja-Snelling from working as an accountant for firms it oversees after she failed to detect the massive fraud at failed brokerage Peregrine Financial Group.

Peregrine’s longtime auditor Veraja-Snelling, who ran her tiny accounting firm from a Chicago suburb, lacked the expertise to audit a futures brokerage, the Commodity Futures Trading Commission said in an order.

Aug 16, 2013

Analysis: Wall Street clashes with regulators over repo market reforms

WASHINGTON/NEW YORK (Reuters) – Wall Street banks are arguing that a proposal from U.S. regulators intended to rein in risk taking could severely hurt the $7 trillion repurchase market, a critical source of short-term loans in the financial system.

A new rule, known as the supplemental leverage ratio, is being proposed by the Federal Reserve, but also globally, as regulators seek to control a market they see as unstable enough to cause a new financial crisis.

Aug 16, 2013

Wall St clashes with regulators over repo market reforms

WASHINGTON/NEW YORK, Aug 16 (Reuters) – Wall Street banks
are arguing that a proposal from U.S. regulators intended to
rein in risk taking could severely hurt the $7 trillion
repurchase market, a critical source of short-term loans in the
financial system.

A new rule, known as the supplemental leverage ratio, is
being proposed by the Federal Reserve, but also globally, as
regulators seek to control a market they see as unstable enough
to cause a new financial crisis.

Aug 13, 2013

Senate panel kicks off broad look at Bitcoin

WASHINGTON (Reuters) – A powerful Senate Committee has started an inquiry into Bitcoin and other virtual currencies, asking a range of regulators to list what safeguards are in place to prevent criminal activity.

The Senate Committee on Homeland Security and Government Affairs in an August 12 letter to Secretary of Homeland Security Janet Napolitano also said it had started interviewing people about the risks – and promises – of virtual currencies.

Aug 12, 2013

U.S. regulator opposes fast-track CFTC markets policing

WASHINGTON (Reuters) – The U.S. derivatives regulator needs to better explain how it goes about cracking down on wrongdoers, one of its commissioners said on Monday calling on Congress to conduct a full review.

Scott O’Malia, the only Republican member of the Commodity Futures Trading Commission, wants Congress to review the regulator’s internal policies and procedures in enforcement.

Aug 5, 2013

U.S. CFTC’s Chilton to Fed: Cut banks’ ties to commodities

WASHINGTON, Aug 5 (Reuters) – The U.S. Federal Reserve
should reverse its policy of allowing investment banks to own
metals warehouses and commodity infrastructure assets, a top
U.S. derivatives regulator said on Monday.

Banks potentially have a conflict of interest when they
trade commodities while also controlling supply, said Bart
Chilton, a Democratic member of the Commodity Futures Trading
Commission.

Aug 5, 2013

U.S. CFTC’s Chilton says Fed should cut banks’ ties to commodities

WASHINGTON, Aug 5 (Reuters) – The U.S. Federal Reserve
should reverse its policy of allowing investment banks to own
metals warehouses and commodity infrastructure assets, a top
U.S. derivatives regulator said on Monday.

Bart Chilton, a Democratic member of the Commodity Futures
Trading Commission, said banks potentially had a conflict of
interest when they trade commodities while also controlling
supply.

    • About Douwe

      "I head up the Financial Services team in London. We're 20 journalists, covering M&A, IPOs, restructuring, banking, real estate, investment management, hedge funds and private equity. I've worked for Reuters in Zurich, Frankfurt and Amsterdam."
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