US financial regulators determined that the infrastructure of stock and commodity markets remained “resilient” during the volatility in trading seen over the past few weeks.
“The regulators believe the core infrastructure was resilient during high volatility and heavy trading volume,” according to a statement issued by the US Department of the Treasury following a meeting on Thursday convened by US Secretary of the Treasury Janet Yellen.
Officials also agreed that the US Securities and Exchange Commission (SEC) should issue a “timely study of the events.”
Yellen called the confab after surges in stocks including GameStop Corp and sudden trading curbs on smaller, retail investors spurred concerns about consumer protections.
The SEC is investigating for signs of fraud, while key US House of Representative and Senate committees are planning hearings.
The SEC and the US Commodity Futures Trading Commission (CFTC) are also “reviewing whether trading practices are consistent with investor protection and fair and efficient markets,” the department said on Thursday.
The gathering brought together the heads of the Treasury, the Federal Reserve, the SEC, the CFTC and the Federal Reserve Bank of New York, which serves as the central bank’s main monitor of Wall Street.
Yellen “believes it is imperative to uphold the integrity of these markets and ensure investor protection,” the department said.
The meeting gave the administration of US President Joe Biden a chance to demonstrate that itj is attuned to complaints about potential manipulation and unfair investor treatment after two congressional committees moved to hold hearings.
The controversy erupted late last month during a spectacular clash between retail investors and powerful hedge funds that pushed a handful of stocks, including GameStop, in opposite directions. That clash raised concerns over whether some investors were engaged in share-price manipulation.
However, the dust-up escalated when several broker-dealers were forced to post much higher collateral to cover the cash commitments behind massive buy orders in suddenly volatile shares.
That prompted Robinhood Markets Inc and other brokers catering to retail traders to suspend buying in certain shares, enraging customers and bringing accusations of unfair treatment.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
BIG BUCKS: Chairman Wei is expected to receive NT$34.12 million on a proposed NT$5 cash dividend plan, while the National Development Fund would get NT$8.27 billion Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday announced that its board of directors approved US$15.25 billion in capital appropriations for long-term expansion to meet growing demand. The funds are to be used for installing advanced technology and packaging capacity, expanding mature and specialty technology, and constructing fabs with facility systems, TSMC said in a statement. The board also approved a proposal to distribute a NT$5 cash dividend per share, based on first-quarter earnings per share of NT$13.94, it said. That surpasses the NT$4.50 dividend for the fourth quarter of last year. TSMC has said that while it is eager
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
RSS