SEC to consider if revisions are needed to Regulation NMS

Exchange Shorts

Securities Exchange Commission Chair Mary Jo White said the agency will consider if revisions are needed to Regulation NMS. White mentioned that the Commission “will be considering whether the SEC’s own rules, such as the trade-through rule of Regulation NMS, have contributed to excessive fragmentation across all types of venues.”

SIX, the Swiss exchange group, plans to launch a reporting facility for derivatives trades in conjunction with Swiss banks. Rules will comply with EMIR.

Mexican finance ministry and the central bank will coordinate the standardization of derivatives in a way to reduce counterparty credit risk. It will be required to trade derivatives on exchanges or electronic platforms and to clear them through a central counterparty. The reforms are expected to be enforced by end of 2014, according to Euromoney.

Liquidnet was fined $2m by the SEC for sharing customer trading information between its equity capital markets and dark pool division for marketing purposes, according to the Trade News. The firm was also found to be improperly using confidential trading data for two ATS sales tools.

Warsaw Stocks Exchange: Pawel Tamborski will become Warsaw CEO. Pawel served as Poland deputy treasury minister and investment banker.

TMX will introduce new futures product based on the performance of the FTSE Emerging Markets Index (MX-EMF) on June 13.

Man Group will acquire Pine Grove Asset Management, the US-based fund of hedge fund manager specializing in the management of credit-focused hedge fund portfolios with approximately $1.0 billion of assets under management. Financial terms were not disclosed.

Nasdaq Dubai: Dar Al Arkan of Saudi Arabia listed three Sukuk totaling AED 4.22b ($1.15b).

London Metals Exchange will seek alliances with Chinese exchanges.

U.S. Exchanges: Attorney Michael Lewis filed a class-action lawsuit against 13 stock exchanges over HFT, according to CNBC.

FMC, India’s commodities market regulator, asked SEBI, India’s SEC, to make listed companies disclose their exposure in commodities hedging. This is an step to restore investor confidence after the NSEL crisis in August 2013, reported The Economic Times.

About the Author
Diego J. Padro

Diego J. Padro, Esq., is a graduate of the University of Cincinnati College of Law. He practices primarily in the areas of personal injury and criminal law. Padro is also a contributor to Claims Magazine and

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