{"id":30114,"date":"2015-08-12T00:03:34","date_gmt":"2015-08-12T05:03:34","guid":{"rendered":"http:\/\/prefblog.com\/?p=30114"},"modified":"2015-08-12T00:03:34","modified_gmt":"2015-08-12T05:03:34","slug":"august-11-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=30114","title":{"rendered":"August 11, 2015"},"content":{"rendered":"

The SEC took down a major trading operation<\/a> today:<\/p>\n

While the SEC has uncovered and successfully litigated hacking and trading schemes in the past, today\u2019s international case is unprecedented in terms of the scope of the hacking at issue; the number of traders involved; the number of securities unlawfully traded; and the amount of profits generated. Over the course of 5 years, the 32 defendants named in this complaint are charged with carrying out a brazen scheme to steal non-public earnings information for hundreds of publicly traded companies, and then placing thousands of trades through a network of U.S. and overseas traders located in the Russian Federation, Ukraine, Malta, Cyprus, France, New York, Pennsylvania and Georgia\u2014geographies electronically connected by this illicit network.<\/p>\n

According to the complaint, these traders located across the globe executed thousands of illicit trades on the basis of this material, nonpublic information, concealing their scheme by spreading the transactions across multiple accounts held in the names of many individuals and entities. And, the traders were market savvy, using equities, options and contracts-for-differences to maximize their profits.<\/p>\n

Two Ukrainian hackers are charged with spearheading the scheme, Ivan Turchynov and Okelsandr Ieremenko. Along with the 30 other defendants, they are collectively alleged to have made more than $100 million in illegal profits by trading based on pre-release corporate earnings announcements stolen from multiple newswire services. We charged these defendants in a complaint unsealed today with multiple securities fraud violations, seeking disgorgement and penalties, and we obtained an asset freeze against the overseas traders, which secured at least $20 million of the defendants\u2019 ill-gotten gains. And the SEC\u2019s investigation continues.<\/p><\/blockquote>\n

Ontario has released some more details of the Ontario Retirement Pension Plan<\/a>:<\/p>\n

Employers and employees who participate in a comparable pension plan will not be required to participate in the ORPP.
…<\/b>
There are considerable differences between DB and DC pension plans. For example, DC plans do not require employer matching. They also do not allow for the pooled longevity and investment risk that provide people the assurance they will not outlive their savings, and protect them from market volatility.<\/p>\n

Actuarial analysis has been conducted to place a value on these differences, and determine a contribution rate that would be able to reliably deliver the same level of retirement income replacement as the ORPP. For this reason, to be considered comparable, a DC plan must:<\/p>\n