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Sep 6, 2013

U.S. regulators in talks with EU on energy price probe

LONDON/WASHINGTON (Reuters) – U.S. regulators are in talks to join European officials in their investigation of the oil markets, a European politician said, as both sides hunt for signs that trading benchmarks have been compromised.

But while the European Union has already raided the offices of major oil companies and price publisher Platts, the U.S. derivatives regulator has yet to launch a formal probe, two people familiar with the matter said.

Sep 3, 2013

London’s ICAP next to plan U.S. swaps trading platform

WASHINGTON, Sept 3 (Reuters) – Britain’s ICAP Plc
said on Tuesday it planned to set up a trading platform for
swaps, satisfying a requirement from regulators who are
rewriting the rules for the derivatives that helped cause the
2007-09 credit crisis.

Wall Street banks trade swaps in privately negotiated deals,
largely over the phone, through a handful of brokers such as
ICAP, but regulators want to shed more light on the lucrative
$630 trillion market.

Aug 30, 2013

Regulators agree on global swap rules ahead of G20 summit

WASHINGTON (Reuters) – Finance watchdogs on Friday laid out joint rules for the $630 trillion derivatives industry that was at the core of the 2007-09 credit meltdown, in a report to the G20 most powerful economies of the world.

The high-level agreement comes ahead of a G20 summit next week in St Petersburg, Russia, where world leaders will discuss progress they have made to tighten the rules for banks and prevent a repeat of the devastating crisis.

Aug 27, 2013

Regulator reviews Nasdaq as rivals blame each other for outage

NEW YORK/WASHINGTON (Reuters) – Regulators are questioning how robust Nasdaq OMX Group’s (NDAQ.O: Quote, Profile, Research) systems are after last week’s massive trading outage, while shrugging off a spat with NYSE Euronext (NYX.N: Quote, Profile, Research) as a distraction, a source familiar with the matter said on Tuesday.

The U.S. Securities and Exchange Commission has asked the rival exchange operators to come up with a blow-by-blow account of the trading disruption, but the two disagree on the details, other sources familiar with the situation said.

Aug 27, 2013

SEC reviews Nasdaq as rivals blame each other for outage

NEW YORK/WASHINGTON (Reuters) – Regulators are questioning how robust Nasdaq OMX Group’s systems are after last week’s massive trading outage, while shrugging off a spat with NYSE Euronext as a distraction, a source familiar with the matter said on Tuesday.

The U.S. Securities and Exchange Commission has asked the rival exchange operators to come up with a blow-by-blow account of the trading disruption, but the two disagree on the details, other sources familiar with the situation said.

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.

    • 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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