In this testimony, Matthew Eichner (Deputy Director of the Fed's Division of Research and Statistics) covered the primary reasons why the smooth functioning and resiliency of the U.S. Tri-Party Repo Market is a priority of the Federal Reserve. Then, more generally, he addressed: Tri-party repos and the financial crisis; The efforts of the Tri-Party Repo Infrastructure Reform Task Force; Federal Reserve use of supervisory authorities; and The problem of Fire Sales. Eichner noted that the Federal Reserve believes supervisory efforts will yield substantial progress in "eliminating the reliance of

FIA Principal Traders Group and FIA European Principal Traders Association issued a joint statement on Friday in response to the disruptions that occurred in the U.S. equity markets on August 1. FIA expressed concern and noted that once it becomes clear what caused the problems at Knight Capital, the FIA will review their recommendations and amend if needed. Their statement cited how quickly the market punishes trading mistakes, and supported the need for market participants to work with regulators to minimize threats to market stability. View joint statement in full here (links externally to

According to the SEC’s complaint, Inofin, Inc., along with Kevin Mann, Sr., Michael J. Cuomo, and Melissa George, materially misrepresented how the Company was using investor money and the Company’s financial performance. The SEC also charged two sales agents, alleging that they promoted the offering and sale of Inofin’s unregistered securities. Without admitting or denying the allegations in the complaint, Cuomo and Mann consented to entry of a permanent injunction against violations of Exchange Act Section 10(b) and Rule 10b-5, and Securities Act Sections 5 and 17(a). Cross Reference(s)

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On August 6, 2012, the New York Department of Financial Services issued an Order against Standard Chartered Bank regarding its alleged failure to comply with OFAC requirements with respect to the processing of Iranian transactions during the period 2001 through 2010. The Order provides, inter alia, for a hearing to be held on August 15, 2012 to enable Standard Chartered Bank to respond to these allegations and demonstrate why its NY branch license should not be revoked.