business Archives - Page 3 of 12 - The Industry Spread

LME Welcomes Chinese Vice Premier

July 2, 2019

Chinese Vice Premier, Hu Chunhua, yesterday (Tuesday) visited the London Metal Exchange (LME), a member of Hong Kong Exchanges and Clearing Limited (HKEX), during his trip to the United Kingdom (UK) for the 10th UK-China Economic and Financial Dialogue (EFD).

CFTC Orders Merrill Lynch Commodities, Inc. to Pay Approximately $25 Million for Spoofing, Manipulation, and Attempted Manipulation in Precious Metals Futures

June 30, 2019

The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Merrill Lynch Commodities, Inc. (MLCI), a provisionally registered swap dealer, for spoofing, manipulation, and attempted manipulation over a six-year period with respect to certain precious metals futures contracts traded on the Commodity Exchange, Inc. (COMEX). 

SEC Charges New Defendant in $43 Million Tribal Bonds Scheme

June 29, 2019

The Securities and Exchange Commission today charged a Los Angeles man for his role in a fraudulent tribal bonds scheme to gain undisclosed control over two registered investment advisers so that he, his partner, and their associates could steal $43 million of client funds they purported to invest in Native American tribal bonds. 

SEC Names Vanessa Countryman to Lead the Office of the Secretary

June 28, 2019

The Securities and Exchange Commission today announced that Vanessa Countryman has been appointed as the agency’s Secretary. The Secretary is responsible for overseeing the administrative aspects of Commission meetings, rulemakings, and procedures.  Ms. Countryman has served as Acting Secretary since March 2019. 

ICE Data Indices Recognized As Third Country Benchmark Administrator By The UK’s Financial Conduct Authority

June 25, 2019

Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that ICE Data Indices, LLC has been recognized as a third country benchmark administrator under Article 32 of the European Union’s Benchmarks Regulation (BMR). Recognition was granted by the UK’s Financial Conduct Authority (FCA) on May 24, 2019.

Wedbush to Pay More Than $8.1 Million for Improper Handling of ADRs

June 25, 2019

The Securities and Exchange Commission today announced that Wedbush Securities Inc. will pay more than $8.1 million to settle charges for improper handling of “pre-released” American Depositary Receipts (ADRs). This is the SEC’s 11th action against a bank or broker resulting from the SEC’s ongoing investigation into abusive ADR pre-release practices, which, thus far, has resulted in monetary settlements exceeding $422 million.

KPMG Paying $50 Million Penalty for Illicit Use of PCAOB Data and Cheating on Training Exams

June 23, 2019

The Securities and Exchange Commission today charged KPMG LLP with altering past audit work after receiving stolen information about inspections of the firm that would be conducted by the Public Company Accounting Oversight Board (PCAOB).  The SEC’s order also finds that numerous KPMG audit professionals cheated on internal training exams by improperly sharing answers and manipulating test results. 

Fullerton Markets Provides Fund Safety and Education Services to Fund Manager

June 23, 2019

Fullerton Markets, the ASIC-regulated foreign exchange broker, has partnered with fund management company Colossus Securities to provide them with fund safety and financial literacy services.

Colossus Securities leverage its team’s years of experience in the forex and equity markets – with stock market analysis and investment planning being their core strenghts – to assist the firm’s global clients in establishing their financial plans and maximizing their benefits.