Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘SEC’

A significant Trump nominee for the Fed

Posted by hkarner - 16. Juli 2017

Date: 13-07-2017
Source: The Economist
Subject: Wall Street: A new approach to financial regulation

DONALD TRUMP promised to unshackle America’s financial firms from mounds of stultifying regulation and the grip of bureaucrats with little practical experience of capitalism. One way to put that pledge into practice is to appoint officials with business backgrounds and deregulatory agendas. This element of the Trump strategy was on show this week, with a presidential nomination for a critical job at the Federal Reserve and the first public address by the new head of the Securities and Exchange Commission (SEC), another financial regulator.

Buried in the voluminous pages of the Dodd-Frank act, an Obama-era law passed in response to the financial crisis, was the creation of a new supervisory job at the Fed. Thus far, this powerful post has been informally delegated to an existing Fed board member, first Daniel Tarullo and, since his departure, Jerome Powell. That is set to change. Randal Quarles was formally nominated for the job—technically a vice-chairmanship with a brief covering financial supervision—on July 11th.

Mr Quarles has held a number of jobs—as a lawyer for financial institutions at Davis Polk, a leading law firm; as a senior official in the Treasury; working on bank investments at Carlyle, a private-equity firm; and most recently, as head of Cynosure, a firm investing on behalf of wealthy families. If approved by the Senate, Mr Quarles will have his new office in a building named after Marriner Eccles, chairman of the Fed from 1934 to 1948, and a relative of his wife, Hope.

Mr Quarles is described by former associates as being in favour of policies administered through transparent and direct rules. If so, this would mark a shift from the Obama administration’s approach to finance. It oversaw a profusion of complex, and sometimes conflicting, directives; supervisors kept banks on a tight leash through stress tests that lacked clear criteria. That created vast uncertainty for financial institutions. It also gave regulators great discretionary power (to say nothing of lucrative job opportunities helping financial institutions to navigate their way through the murk). Den Rest des Beitrags lesen »

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Wall-Street-Anwalt wird Chef der US-Börsenaufsicht

Posted by hkarner - 3. Mai 2017

US-Präsident Donald Trump hat seinen Wunschkandidaten für die Börsenaufsicht SEC durchgesetzt.

Der von Trumps Republikanern dominierte US-Senat billigte am Dienstag den Topanwalt Jay Clayton als neuen Chef der Behörde. Der Experte für Finanzmarktregeln wurde mit 61 zu 37 Stimmen bestätigt. Die SEC ist für die Kontrolle des Wertpapierhandels in den Vereinigten Staaten zuständig. Clayton ist Partner der Kanzlei Sullivan & Cromwell, die sich auf Fusionen und Börsengänge spezialisiert hat.

Er war unter anderem am milliardenschweren Börsengang des chinesischen Onlinehändlers Alibaba beteiligt. Auf dem Höhepunkt der Finanzkrise arbeitete er nach Angaben seiner Kanzlei beim Verkauf von Bear Stearns an JPMorgan Chase mit. Zudem war er daran beteiligt, dass Barclays Teile der Pleitebank Lehman Brothers kaufte und die US-Regierung Geld in die Investmentbank Goldman Sachs steckte.  Den Rest des Beitrags lesen »

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Short-Selling: SEC ermittelt gegen Banken

Posted by hkarner - 8. November 2016

08.11.2016 | 18:07 |  (Die Presse)

Die US-Börsenaufsicht hat mehrere Banken wegen unerlaubter Geschäfte im Visier. Erneut betroffen ist die Deutsche Bank.

Wien. Wieder einmal führt die US-Börsenaufsicht (SEC) Untersuchungen wegen des Verdachts auf unerlaubte Geschäfte von Großbanken durch. Und wieder einmal ist neben den US-Branchengrößen Bank of New York, Citigroup und JP Morgan Chase auch die Deutsche Bank davon betroffen, berichtet das „Wall Street Journal“. Konkret geht es darum, ob die Banken Geschäfte mit Hinterlegungsscheinen genutzt haben, um unerlaubtes Naked Short Selling zu betreiben.

Hinterlegungsscheine sind ein hierzulande nur wenig bekanntes Vehikel, mit dem US-Investoren ausländische Aktien kaufen können. Da das direkte Investment in ausländische Aktien für US-Bürger aufwendig ist und höhere Kosten verursacht, hat JP Morgan bereits 1927 das Modell mit den Hinterlegungsscheinen entwickelt. Den Rest des Beitrags lesen »

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US-Aufsicht erwägt harte Strafe gegen Ratingagentur S&P

Posted by hkarner - 9. Dezember 2014

09.12.2014 | 06:45 |  (DiePresse.com)

Die Aufsicht SEC könnte die härteste Strafe aller Zeiten gegen eine Ratingagentur beschließen.

Die US-Börsenaufsicht SEC erwägt nach einem Medienbericht drastische Schritte gegen die Ratingagentur Standard & Poor’s (S&P). Die Behörde plane, das Unternehmen von Kreditbewertungen für durch Gewerbeimmobilien besicherte Anleihen auszuschließen, meldete der Finanzdienst Bloomberg am Montag unter Berufung auf eine eingeweihte Quelle. Den Rest des Beitrags lesen »

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The Wizard of Lies: Bernie Madoff and the Death of Trust

Posted by hkarner - 18. Mai 2011

Business Week, 5/5

Book Review: The Wizard of Lies: Bernie Madoff and the Death of Trust by Diana B. Henriques

The Ponzi-scheming sociopath finally opens up. How’d he do it? Lots of practice

The Wizard of Lies:
Bernie Madoff and the Death of Trust

By Diana B. Henriques
Times Books; 448 pp, $30

 

People are greedy,“ Bernard Madoff tells Diana B. Henriques in a jailhouse interview. „I told everyone, ‚Don’t put more than half of your money with me—you don’t know, I could go crazy.'“ Den Rest des Beitrags lesen »

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Why No One on Wall Street Goes to Jail

Posted by hkarner - 20. Februar 2011

 Yves Smith, Feb 17, 2011 6:58PM

There’s a fine new piece by Matt Taibbi on the utter lack of criminal prosecutions on Wall Street, particularly of the big perps. He goes through a series of well known instances of actual (to everyone save the prosecutors) cases of chicanery, ranging from Freddie Mac accounting fraud, the protection of Morgan Stanley CEO from insider trading charges, Lehman’s misleading reporting of restricted stock payments, and gives the sordid details of how whistleblowers were ignored and aggressive SEC staff like Gary Aguirre were fired.

Den Rest des Beitrags lesen »

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S.E.C. Starts Crackdown on ‘Flash’ Trading

Posted by hkarner - 5. August 2009

aus der heutigen NYT:

The Securities and Exchange Commission has begun a widespread effort to crack down on stock trading techniques that regulators worry are giving sophisticated financiers, armed with lightning-fast computers, an edge that everyday investors cannot match.

The S.E.C. chairwoman, Mary L. Schapiro, said on Tuesday that she would push to eliminate a controversial high-frequency trading technique known as “flash orders,” which allow traders to peek at other investors’ orders before they are sent to the wider marketplace. Den Rest des Beitrags lesen »

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Short Selling: SEC Makes the Naked Short Selling Ban Permanent

Posted by hkarner - 30. Juli 2009

  • On July 27, 2009 the Securities and Exchange Commission (SEC) made permanent the temporary rule, adopted in the fall of 2008, banning „naked“ short selling. The SEC deemed naked short selling „potentially abusive“. Naked short selling, in short, is the sale of stock which an investor has not made provisions to obtain. (SEC)
  • In all, the SEC took three distinct measures. First, it made permanent Rule 204T, which was the initial temporary rule passed in the fall of 2008. The new rule is called „Rule 204“, and „requires broker-dealers to promptly purchase or borrow securities to deliver on a short sale.“ As well, the SEC is working with numerous Self Regulatory Organizations (SRO) „to make short sale volume and transaction data available through the SRO Websites“. Finally, the SEC plans to hold a public round table on September 30, 2009 „to discuss securities lending, pre-borrowing, and possible additional short sale disclosures. (SEC)

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‚Flash‘ Orders and Dark Liquidity Pools: Regulators Start Asking Questions

Posted by hkarner - 29. Juli 2009

  • July 28, 2009: „Flash orders have come under increasing scrutiny recently as U.S. securities regulators look for ways to regulate ‚dark pools.‘ These anonymous electronic trading venues, which do not display public quotes for stocks, have flourished in recent years.“ In June, both the SEC and the European Commission announced reviews of the impact of off-exchange equity trading platforms with respect to market access, price transparency and liquidity deepening or fragmentation. One important difference: „dark pools are currently exempted from certain obligations under special ‚pre-trade transparency waivers‘.“ (Financial Times)
  • In a July 27 letter to the SEC, Senator Charles E. Schumer requested that the SEC „act to prohibit the use of so-called ‚flash orders‘ in connection with optional display periods currently permitted by Direct Edge’s Expedited Liquidity Program, NASDAQ’s Flash order program and BATS’s Bolt Optional Liquidity Program.“

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This Is Outrageous

Posted by hkarner - 12. Juli 2009

Aus John Mauldin’s Newsletter

I want to direct the attention of those in the US finance industry to a white paper written by Themis Trading, called „Toxic Equity Trading Order Flow on Wall Street.“ Basically, they outline why volume and volatility have jumped so much since 2007; and it’s not due to the credit crisis. They estimate that 70% of the volume in today’s markets is from high-frequency program trading. They outline how large brokers and funds can buy and sell a stock for the same price and still make 0.5 cents. Do that a million times a day and the money adds up. Or maybe do it 8 billion times. It requires powerful computers, complicity of the exchanges (because the exchanges get paid a lot), and highly proximate computer connections. Literally, the need for speed is so important that to play this game you have to have your servers physically at the exchange. Across the river in New Jersey is too slow. Forget Texas or California. This is a game played out in microseconds. Den Rest des Beitrags lesen »

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