As the insider trading trial of a former Goldman director continued in Manhattan, another insider trading probe moved to the playing field, according to a Reuters report. The probe reportedly focuses on a prominent retired baseball player and other athletes. Other items at the top of the news were a suit against the SEC by a rating agency seeking to remove an administrative proceeding filed against it to Federal Court and a new report from the OECD which details methods for calculating ill-gotten gains in bribery cases in various jurisdictions.
SEC enforcement brought an insider trading case against three corporate executives, a proceeding against Oppenheimer and a market manipulation action. The Manhattan U.S. Attorney's Office obtained guilty pleas from another former employee of Bernard Maddoff's defunct operation.
Market plan: The Commission approved proposals from the National Exchanges and FINRA addressed to market volatility. Specifically, one initiative is a limit-up limit- down mechanism to prevent trades in individual exchange listed stocks from occurring outside certain parameters. It replaces the current single stock circuit breakers. The second updates existing market-wide circuit breakers (here).
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For more cutting edge commentary on developing securities issues, visit SEC Actions, a blog by Thomas Gorman.
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