Wall Street Letter VOL. XLVI, NO. 7 - July 2014 | Page 3

JULY 2014 NEWS TRADING FIRMS Published by Pageant Media London Thavies Inn House London EC1N 2HA T [phone] F [phone] New York 1441 Broadway Suite 3024, NY 10018 T [phone] F [phone] EDITORIAL Jeanene Timberlake Managing editor [phone] [email protected] COMMERCIAL Lucy Churchill Associate publisher [phone] [email protected] Sean Creamer Reporter [phone] [email protected] Emily-Jane Stapleton Corporate licence manager [phone] [email protected] Gwyn Roberts Group head of content [phone] [email protected] EVENTS Beth Hall Head of events [phone] [email protected] Indira Peters-DiDio Data manager [phone] [email protected] PRODUCTION Claudia Honerjager Head of production c.honerjager@ pageantmedia.com Sub-editor Eleanor Stanley Sub-editor Luke Tuchscherer Sub-editor DISTRIBUTION Fay Muddle Circulation manager [phone] [email protected] PAGEANT MEDIA Charlie Kerr Chief executive Printed by The Manson Group ISSN# 726-98790 © 2014 Pageant Media Ltd. All rights reserved. COPYRIGHT NOTICE: No part of this publication may be copied, photocopied or duplicated in any form or by any means without Pageant Media’s prior written consent. Copying of this publication is in violation of the Federal Copyright Law (17 USC 101 et seq.). Violators may be subject to criminal penalties as well as liability for substantial monetary damages, including statutory damages up to $100,000 per infringement, costs and attorney’s fees. The next WALL STREET LETTER will be available on 07/28/14 The upcoming issue will feature our regular industry news coverage. Until then, news items will be available on our website at www.wallstreetletter.com IIROC to extend lower margin for supranationals The Investment Industry Regulatory Organization of Canada plans to change its rules to give more supranational entities access to lower margin rates, according to its notice submitted to the Ontario Securities Commission. Specifically, it said it would apply lower margin rates – a set of rates that are second only to rates afforded to the Government of Canada, the UK, the US, and other national governments with Aaa or AAA ratings from Moody’s or Standard & Poor’s – to highly-rated supranationals beyond the International Bank for Reconstruction and Development (IBRD). Currently the regulator mandates supranational banks and others with non-commercial bonds and debentures comply with a margin rate of 10% of the market value of its debt obligations. At the same time, it has designed a margin requirements for the IBRD that are tiered such that the rate increases based on maturity with the highest rate being 5% for securities with a maturity schedule of seven years or more. IIROC said its plans follow an increase in debt issues from other supranational entities. It noted that other regulators offer favorable treatment to more supranational entities than IIROC, including the US Finan- 01 CONTINUED... Pragma has been talking to FX-focused firms as well as multi-asset firms, including existing clients, that have an interes Ё