US SEC chief Schapiro to step down

US Securities and Exchange Commission chief Mary Schapiro announced Monday that she will step down, nearly four years after taking charge of the key markets regulator in the middle of the financial crisis.

Schapiro will depart as SEC chairman on December 14 credited with expanding the SEC's reach into derivatives and hedge funds while helping Wall Street recover both in strength and confidence.

Her record also includes a key role in expanding and deepening regulation, mainly through the Dodd-Frank legislation that has riled her charges in the financial industry.

President Barack Obama quickly designated current SEC commissioner Elisse Walter to fill in for Schapiro. Walter, a Democrat, has been on the SEC board since 2008; before that she worked at the Financial Industry Regulatory Authority (FINRA).

It was not clear whether Obama intended to nominate Walter to replace Schapiro as SEC chairperson, which would require the approval of the Senate.

"It has been an incredibly rewarding experience to work with so many dedicated SEC staff who strive every day to protect investors and ensure our markets operate with integrity," Schapiro said in a statement.

"Over the past four years we have brought a record number of enforcement actions, engaged in one of the busiest rulemaking periods, and gained greater authority from Congress to better fulfill our mission."

Schapiro took over the SEC in January 2009, appointed by Obama just after he took office.

She came in as financial markets were in freefall and numerous investment banks, securities houses and commercial banks were foundering.

She also faced deep hostility from Wall Street and criticism from the financial industry's backers in Congress.

Under her guidance, the SEC took a lead role in rewriting industry regulation via the Dodd-Frank Wall Street Reform and Consumer Protection Act, and has moved to expand its oversight powers into derivatives and over hedge funds.

The SEC also launched a whistle-blower program to encourage and reward informants on major violations of securities laws.

The SEC said that under Schapiro, its enforcement activity has rapidly increased to hit 734 actions in fiscal 2012.

Last week the SEC brought its largest insider trading suit to date, implicating the giant hedge fund manager SAC Capital in charges that one of SAC's managers had obtained secret reports on drug tests by two pharmaceutical companies to rack up $276 million in illicit trading gains.

Under Schapiro the SEC has moved to better oversee program trading that has sparked "flash crashes" in stocks and the markets.

Richard Ketchum, chief executive of FINRA, praised Schapiro's tenure.

"Chairman Schapiro took over the SEC at an extremely challenging time, both for the agency and for the markets," he said.

"She significantly improved the Commission's enforcement division, boosted agency morale and streamlined the Commission's processes."

Duncan Niederauer, chief executive of NYSE Euronext, which operates the New York Stock Exchange, meanwhile said that Walter "brings a wealth of regulatory and financial markets expertise that makes her a strong choice to lead the SEC."

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • Devil's in the details of OPEC deal as Asia buyers remain cautious
    Devil's in the details of OPEC deal as Asia buyers remain cautious Reuters - 5 minutes ago

    SINGAPORE/SEOUL (Reuters) - Asian crude oil buyers remained cautious, eyeing details of an OPEC deal after the oil-producers group agreed for the first time since 2008 to reduce output in an oversupplied market. Global oil prices held onto gains … More »

  • Trump's old military prep school looks overseas for renewal
    Trump's old military prep school looks overseas for renewal Associated Press - 10 minutes ago

    While Donald Trump talks tough about dealing with China, his old military prep school is building bridges to that country. The New York Military Academy began classes this fall with new Chinese backing ... … More »

  • Oil prices retreat as investors wait for clarity on OPEC deal Reuters - 18 minutes ago

    Oil futures retreated on Thursday as the market grew more sceptical on how OPEC would implement a plan to curb oil output a day after the group agreed to limit production. Benchmark prices had initially extended gains made in the previous session … More »

  • Energy-linked currencies lifted in Asia after OPEC deal AFP - 18 minutes ago

    Energy-linked currencies led a rally in high-yielding units Thursday after OPEC's surprise deal to cut oil output sent crude prices soaring. Officials at the Organisation of Petroleum Exporting Countries, ... … More »

  • ICICI Pru Life shares fall on debut after $911 million IPO Reuters - 23 minutes ago

    MUMBAI (Reuters) - Shares in ICICI Prudential Life Insurance Co Ltd (ICIR.NS) fell as much as 1.8 percent in early trade on their market debut on Thursday after the company's $911 million initial public ... … More »

  • Hong Kong Stocks Rise for Third Day as Oil Boosts Energy Shares Bloomberg - 27 minutes ago

    The Hang Seng Index climbed 0.5 percent at the midday-trading break, extending a quarterly rally. Cnooc Ltd. and China Petroleum & Chemical Corp. advanced at least 5 percent, while China Oilfield Services Ltd. jumped the most since October, after … More »

  • Key dates since Russian intervention in Syria
    Key dates since Russian intervention in Syria AFP News - 29 minutes ago

    Russia one year ago carried out its first air strikes in support of Syrian President Bashar al-Assad's forces, in a major turning point in a multi-sided civil war. A timeline: Start of Russian intervention - September 30, 2015: Russia, at the … More »

  • Should You Still Invest In Bonds After The Recent Defaults In The Market? DollarsAndSense.sg - 32 minutes ago

    Is the 2008 global financial crisis happening again? The post Should You Still Invest In Bonds After The Recent Defaults In The Market? appeared first on DollarsAndSense.sg. … More »

  • Gold steady as dollar sags after OPEC deal
    Gold steady as dollar sags after OPEC deal Reuters - 34 minutes ago

    Division between Federal Reserve policymakers on when to raise U.S. interest rates has sapped investor enthusiasm for trading on comments by officials from the central bank. The mixed views from U.S. Fed officials have weakened their credibility … More »

  • In Bali's deaf village, silence is golden
    In Bali's deaf village, silence is golden AFP News - 34 minutes ago

    It appears to be just another show on the Indonesian resort island, known for its ancient culture and rituals, but there is a key difference -- the dancers are all deaf and cannot hear the beat. The village of Bengkala has been home to an unusually … More »

  • China property tycoon warns on real estate bubble
    China property tycoon warns on real estate bubble AFP News - 52 minutes ago

    China's richest man, real estate magnate Wang Jianlin, has warned the country's property market is the "biggest bubble in history" -- the latest alarm bell to be sounded on the faltering giant economy. Wang, the owner of real estate and … More »

  • Relief arrives for U.S. shale firms as OPEC folds in price battle Reuters - 54 minutes ago

    It was a moment U.S. shale oil producers have been waiting on for more than two years: OPEC nations finally agreed to cut production on Wednesday in a move that lifted low prices ravaging their budgets. The agreement effectively establishes a floor … More »

  • Energy firms lead Asia market rally on OPEC deal
    Energy firms lead Asia market rally on OPEC deal AFP News - 55 minutes ago

    Energy firms led a rally in Asian stock markets Thursday, while high-yielding currencies advanced after OPEC's shock agreement to cut oil output sent crude prices soaring. The gains come after OPEC's "historic" announcement late Wednesday of a deal … More »

  • Spotify Brings Online Music Service to $3 Billion Japan Market Bloomberg - 59 minutes ago

    Spotify, the world’s largest music-subscription business, will offer a free, ad-supported service as well as an ad-free version for 980 yen ($9.70) per month, the company said at a press conference in Tokyo. Chief Executive Officer Daniel Ek, who … More »

  • Tokyo shares up by break as energy firms surge AFP - 1 hour 0 minutes ago

    Energy firms soared in Tokyo Thursday, leading a Japanese stock market rally as oil prices were boosted by a surprise OPEC deal to cut crude production. The Organization of Petroleum Exporting Countries, ... … More »

  • A year of bombing in Syria stirs little debate in Russia
    A year of bombing in Syria stirs little debate in Russia AFP News - 1 hour 2 minutes ago

    Veteran Russian opposition activist Sergei Davidis was among 300 people who showed up to a protest in Moscow against the start of the Kremlin's Syria bombing campaign. "As far as I know there haven't been any other events dedicated specifically to … More »

  • SE Asia Stocks-Up on oil price rally; Singapore hits near 3-wk high Reuters - 1 hour 19 minutes ago

    By Suhail Hassan Bhat Sept 29 (Reuters) - Southeast Asian stock markets rose on Thursday, in line with broader Asian shares, led by energy counters across the region as a rally in global oil prices after ... … More »

  • OPEC agrees modest oil output curbs in first deal since 2008 Reuters - 1 hour 19 minutes ago

    OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices. "OPEC made an exceptional decision today ... … More »

  • Malaysia's closing tin prices for Sept 29 Reuters - 1 hour 20 minutes ago

    KUALA LUMPUR, Sept 29 (Reuters) - Following is a table of Kuala Lumpur tin market prices provided by a Malaysian trader. (Prices in $/tonne, and volumes in tonnes unless stated) Date KL Premium/ Spot Bid ... … More »

  • Energy shares lead Asian stocks higher on OPEC output deal
    Energy shares lead Asian stocks higher on OPEC output deal Associated Press - 1 hour 48 minutes ago

    Energy companies led a rally in Asian stock markets Thursday as investors welcomed news that OPEC nations planned to cut oil production for the first time in eight years in an effort to reduce a global ... … More »

  • Deutsche Bank Said to Face Hurdle Moving Huaxia Money From China Bloomberg - 1 hour 55 minutes ago

    The State Administration of Foreign Exchange is reviewing applications to move large amounts of money on a case-by-case basis and its focus is on preserving currency stability, people with knowledge of the matter said. One option the regulator has … More »

  • China Bubble Trouble Risks Missing Lessons from Japan Crash (1) Bloomberg - 1 hour 58 minutes ago

    While the two scenarios aren’t a carbon copy, similarities between China’s record credit boom in recent years and Japan’s bubble era have been made at various times by a number of economists and investors. Now, those voices are being heard more … More »

  • Carmaker expects to break even in 3 years Business Times - 2 hours 1 minute ago

    SHAH ALAM: Proton Holdings Bhd expects to break even in three years by selling 5,000 units of its all-new Proton Saga a month. If we can sell 5,000 units a month, we can break even in three years,” said chief executive officer Datuk Ahmad Fuaad … More »

  • DRB-HICOM looking at 5 proposals for Proton partnership Business Times - 2 hours 2 minutes ago

    SHAH ALAM: DRB-HICOM Bhd has short-listed five global carmakers to be its subsidiary Proton Holdings Bhd’s strategic partner. Group managing director Datuk Seri Syed Faisal Albar said the strategic partner would also own a stake in the national … More »

  • Petronas to review Canada project Business Times - 2 hours 2 minutes ago

    KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) will review a proposed C$36 billion (RM112.4 billion) liquefied natural gas (LNG) plant in Canada that was approved by Ottawa after a three-year wait. Canadian Prime Minister Justin Trudeau’s … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.155+0.004+2.65%
    N21.SI
    0.113+0.004+3.67%
    40E.SI
    0.295+0.020+7.27%
    5ME.SI
    0.127+0.005+4.10%
    A50.SI
    0.1050.0000.00%
    40F.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.35+0.05+16.67%
    AYV.SI
    0.119+0.015+14.42%
    A7S.SI
    0.33+0.04+12.63%
    BJE.SI
    0.27+0.03+12.50%
    AWI.SI
    0.255+0.025+10.87%
    BJD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.09-0.01-14.29%
    42D.SI
    0.25-0.03-10.71%
    F86.SI
    0.15-0.02-10.18%
    5WJ.SI
    0.41+0.02+5.13%
    BTG.SI
    0.525-0.035-6.25%
    AWZ.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3624+0.0035+0.26%
    USDSGD=X
    1.5298+0.0059+0.39%
    EURSGD=X
    1.7735+0.0052+0.29%
    GBPSGD=X
    74.4340+0.322+0.43%
    SGDJPY=X
    5.6906-0.0135-0.24%
    SGDHKD=X
    3.0223-0.0093-0.31%
    SGDMYR=X
    9,516.6475-44.9551-0.47%
    SGDIDR=X
    4.8963-0.0139-0.28%
    SGDCNY=X
    1.0468+0.0022+0.21%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,328.30+4.60+0.35%
    GCZ16.CMX
    19.32+0.19+1.01%
    SIZ16.CMX
    95.67+2.69+2.89%
    ^XAU
    2.20+0.02+0.73%
    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.13+0.02
    ^FVX
    1.57+0.01
    ^TNX
    2.29+0.01
    ^TYX