by David Schwartz J.D. CPA | Jan 25, 2017 | All
American Depositary Receipts are back in the news. The Wall Street Journal reported on November 8, 2016 that the Securities and Exchange Commission has issued subpoenas to four large banks with expansive ADR businesses seeking information about trading of ADRs. Citing...
by David Schwartz J.D. CPA | May 30, 2015 | All, Change Overview and Rationale, Formal Regulatory Remedies
Amidst the series of legal settlements in recent months by global banks for forex market manipulation, the Bank for International Settlements (BIS) has announced that it will set up a working group under its Markets Committee to study improvements in the foreign...
by David Schwartz J.D. CPA | Apr 19, 2015 | All
JPMorgan Chase & Co has agreed to pay $100 million to settle a U.S. antitrust lawsuit in which investors accused it and 11 other major banks of rigging prices in the $5 trillion-per-day foreign exchange market. Investors sued the 12 banks alleging that traders at...
by David Schwartz J.D. CPA | Oct 15, 2014 | All, Change Overview and Rationale, Formal Regulatory Remedies
The European Securities and Markets Authority is seeking input on its plans for mandatory central counterparty clearing of foreign exchange non-deliverable forwards (FXNDF). FXNDFs are cash-settled foreign exchange forward contracts that cannot result in physical...
by David Schwartz J.D. CPA | Sep 19, 2014 | All, Formal Regulatory Remedies
Since the financial crisis, both FX and money markets have undergone significant changes, driven primarily by increased self-regulation and the introduction of broad-ranging regulatory changes on both sides of the Atlantic. Peter Zöllner, the Head of the BIS Banking...
