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derivatives

Fed Issues Proposal to Implement Volcker Rule Conformance Period

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The Federal Reserve Board has requested comment on a proposed rule to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that give banking firms a defined period of time to conform their activities and investments to the so-called Volcker Rule. The Volcker Rule generally prohibits banking entities from engaging in proprietary trading in securities, derivatives, or certain other financial instruments, and from investing in, sponsoring, or having certain relationships with a hedge fund or private equity fund.Click to continue

SEC Charges Two State Street Employees for Misleading Sub-Prime Mortgage Info

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The Securities & Exchange Commission (SEC) has charged a pair of employees at Boston-based State Street Bank and Trust Company with misleading investors about their exposure to sub-prime investments. The SEC's Division of Enforcement claims that John P. Flannery and James D. Hopkins marketed State Street's Limited Duration Bond Fund as an "enhanced cash" investment strategy that was an alternative to a money market fund for certain types of investors.Click to continue

Conference produces progress on financial reform with Dodd-Frank Act

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The conclusion of the House-Senate Conference on the financial reform bill early Friday morning has produced a bill that seeks to revamp the American financial system, and more importantly, bring accountability to Wall Street. Dubbed the Dodd-Frank Act after its primary architects, Senate Banking Committee Chairman Sen. Christopher J. Dodd (D-CT) and House Financial Services Committee Chairman Rep. Barney Frank (D-MA), the bill is expected to be approved by both the House and the Senate some time next week.Click to continue