Exchange executives, long shielded from legal scrutiny in the U.S., have been put on notice that may be changing after federal regulators fined CBOE Holdings Inc. (CBOE) $6 million for unprecedented lapses in supervision.
The levy, disclosed yesterday in a settlement with the biggest American options venue, marks the third time in nine months the Securities and Exchange Commission has announced financial sanctions against a market operator. Before collecting $5 million from NYSE Euronext (NYX) in September for data dissemination violations, the commission had never imposed a monetary penalty on an exchange.
More than a decade of evolution in the way stocks, options, futures and derivatives trade in the U.S. has raised scrutiny of exchanges, which compete against each other for profits while supervising members as self-regulatory organizations. The role, dating from a period when markets were owned by the firms that used them, has been questioned following lapses in technology and oversight.
Best Financial Companies To Buy Right Now: Unite Group(UTG.L)
The UNITE Group plc engages in the development and management of student residential accommodation in the United Kingdom. It provides accommodation to approximately 40,000 students with 39,739 bed spaces in 129 properties across 24 university towns and cities. The company was founded in 1991 and is based in Bristol, the United Kingdom.
Best Financial Companies To Buy Right Now: Morgan Stanley(MS)
Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals worldwide. It operates in three segments: Institutional Securities, Global Wealth Management Group, and Asset Management. The Institutional Securities segment offers financial advisory services on mergers and acquisitions, divestitures, joint ventures, corporate restructurings, recapitalizations, spin-offs, exchange offers, and leveraged buyouts and takeover defenses, as well as shareholder relations, capital raising, corporate lending, and investments. This segment also engages in sales, trading, financing, and market-making activities, including equity trading, commodities, and interest rates, credit, and currencies, as well as financing services, such as prime brokerage, consolidated clearance, settlement, custody, financing, and portfolio reporting services. The Global Wealth Management Group segment provide s brokerage and investment advisory services covering various investment alternatives comprising equities, options, futures, foreign currencies, precious metals, fixed income securities, mutual funds, structured products, alternative investments, unit investment trusts, managed futures, separately managed accounts, and mutual fund asset allocation programs; education savings programs, financial and wealth planning services, and annuity and insurance products; credit and other lending products; cash management services; retirement services; and trust and fiduciary services. The Asset Management segment offers products and services in equity, fixed income, and alternative investments, such as hedge funds, fund of funds, real estate, private equity, and infrastructure to institutional and retail clients through proprietary and third party distribution channels. This segment also involves in investment and merchant banking activities. The company was founded in 1935 and is headq uartered in New York.
Advisors' Opinion:- [By John Grgurich]
The banking sector is taking more of a hit due in particular due to an announcement from the Federal Reserve that Basel III capital requirements will kick-in beginning in January. The good news here is, both Citi and Bank of America (NYSE: BAC ) are essentially there when it comes to Basel III. Less welcome news for Goldman Sachs (NYSE: GS ) and Morgan Stanley (NYSE: MS ) is that the Fed is expected to ask more in capital reserves of banks that rely on short-term money to fund their day-to-day operations.
Top 10 Cheap Companies To Buy For 2014: City Developments Limited (C09.SI)
City Developments Limited, through its subsidiaries, engages in the development and investment of real estate properties, and ownership and management of hotels, as well as the provision of hospitality solutions. It develops various types of residential properties; develops and leases commercial properties, such as office, industrial, and retail properties; owns and operates 110 hotels in 18 countries; and provides technology solutions for the global hospitality industry. The company also operates and owns clubs; offers property management, project management, and consultancy services; and provides information technology and procurement services. City Developments Limited has operations in Asia, Europe, North America, New Zealand, and Australia. The company was founded in 1963 and is headquartered in Singapore, Singapore.
Best Financial Companies To Buy Right Now: Hardy Underwriting Group(HDU.L)
Hardy Underwriting Bermuda Limited, through its subsidiaries, engages in underwriting insurance and reinsurance products worldwide. It underwrites aviation, marine, and a range of non-marine risks on reinsurance and direct basis. The company underwrites airlines, space, and general aviation risks; marine risks specializing in fishing vessels, harbor craft, and loss of hire; and cargo and specie risks covering the transportation and storage of various products and commodities. It also insures jewellers block and fine art, as well as writes for small motor account specializing in classic cars and other niche areas. In addition, the company underwrites the reinsurance of property risks on a proportional and non-proportional basis; and non-marine property risks. Further, it underwrites a range of accounts comprising financial institutions, terrorism, political risks, conveyancing, and accident and health, as well as traditional medical products, kidnap and ransom, and PA catas trophe treaty. The company was founded in 1975 and is based in Hamilton, Bermuda.
Best Financial Companies To Buy Right Now: IP Group(IPO.L)
IP Group plc, Formerly known as IP2IPO Group plc, is a private equity and venture capital firm specializing in seed, early stage, and mature financing. The firm also provides seed capital financing to spin out companies from the universities. It seeks to invest in the life sciences, physical sciences, energy & renewables, medical equipment and supplies, intellectual property, pharmaceuticals & biotechnology, information technology & communications, and chemicals & materials. It also provides support for its university partners' intellectual property commercialization activities, as well as in the identification of intellectual property and in return takes equity positions in its portfolio companies. IP Group plc was founded in 2001 and is based in London, United Kingdom.
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