O'Connor Opzioni Trading

Campbell OConnor amp Società è regolata dalla Banca Centrale d'Irlanda. Campbell OConnor amp Company è un membro delle borse irlandesi e Londra. Si prega di leggere i nostri termini di business e d'accordo qui sotto per accedere al sito. Si prega di prendere tempo per leggere e comprendere questo documento, in quanto costituisce la base del vostro rapporto contrattuale con noi. Come agenti di cambio, ci sono regolati dalla Banca Centrale d'Irlanda, PO Box 559, Dame Street, Dublin 2, Tel: 01 224 6000 o su centralbank. ie. Noi siamo contributori al irlandesi Investors Compensation Fund. Di cosa ho bisogno di sapere prima di trattare con Campbell O'Connor amp impresa Ci sediamo in mezzo (come agente) di un contratto di share tra il client e il mercato. Siamo costretti su una base migliore possibile per accudire i vostri interessi. Il nostro lavoro si tratta di una sola esecuzione del client, è quello di eseguire. stabilirsi. e, se richiesto, per tenere il vostro magazzino. 149 Per eseguire la transazione, ci viene richiesto di avere accesso ai mercati azionari rilevanti. L'adesione di alcune borse valori ci consente di affrontare direttamente su tali mercati. In caso contrario, usiamo gli agenti appropriati. Attualmente teniamo appartenenza delle borse irlandesi e Londra, e gli agenti di uso per europea, degli Stati Uniti e mercati canadese. 149 Per risolvere la transazione, dobbiamo avere i sistemi necessari in atto per garantire che la transazione si deposita in modo appropriato. Insediamento comporta un lato contanti e un lato stock. 149 Per tenere il vostro magazzino, se richiesto, abbiamo un servizio candidato, o il servizio di custodia a disposizione. 149 Per registrare tutte le conversazioni, e tenere altri avvisi scambiati tra di noi, in modo che qualsiasi malinteso tra noi può essere ragionevolmente risolto secondo le regole MiFID. Inoltre, per un client consultivo siamo tenuti a, 149 garantire che qualsiasi consiglio dato a voi è adatto alle vostre esigenze in base alla posizione finanziaria, obiettivo di investimento, e l'esperienza per quanto riguarda i servizi richiesti, che daresti ai sul vostro conoscere il modulo client. In qualità di sola esecuzione client che si abbiamo bisogno di 149 essere chiaro che l'esecuzione è il solo il servizio, e capire che nessun consiglio sarà dato a voi con questo tipo di account. Si farà, e sarà responsabile di tutte le decisioni di investimento. 149 hanno consegnato il riciclaggio di denaro, di richiesta del cliente, e tutti gli altri moduli necessari al nostro ufficio. 149 Dare istruzioni chiare a noi come a ciò che si desidera eseguire. 149 essere in grado di consegnare denaro o buon titolo per i titoli (a seconda dei casi per la transazione). 149 Come un nuovo cliente richiediamo fondi disponibili in anticipo di acquistare magazzino. Da allora in poi il tuo conto di cassa dovrebbe essere in credito in ogni momento da Giorno di regolamento. Inoltre, per un client consultivo ti chiediamo di, 149 garantire che qualsiasi cambiamento di circostanze come precedentemente delineato ci viene comunicata a noi prima di iniziare la vostra prossima transazione. Azioni o titoli possono essere tenuti in certificata (materializzati) o forma non certificata (dematerializzata). Certificato (Materialised) un certificato viene rilasciato dal cancelliere companys per confermare di essere il proprietario legale e benefico di una certa quantità di azioni. Al giorno d'oggi, una forma CREST Trasferimenti o SDRN è stampato sul retro del certificato, e questo deve essere firmata dal socio in caso di vendita di azioni al fine di consentire il possesso di azioni per trasferire al nuovo proprietario. Non certificato (Dematerializzata) stock si svolge sia sotto la proprietà legale ed effettiva del cliente (tramite un account Crest utente pubblico (PMA)), o effettivamente tenuto per conto del cliente (tramite un candidato broker, o di un terzo custodia istituzione). Campbell OConnor amp società offre ai clienti la possibilità di tenere le loro CREST titoli ammissibili in una cresta Personal Stati account tramite Euroclear Crestco. I clienti mantengono i loro stock in formato elettronico dematerializzato in questi conti, contro tenendo magazzino in forma cartacea. I vantaggi di tali conti sono: compare 149 Il tuo nome sul registro delle azioni della società. 149 Il legale amplificatore benefico proprietà dei titoli è investito con voi. 149 ricezione diretta di relazioni e dividendi annuali al vostro indirizzo registrato. 149 ricezione diretta di informazioni evento aziendale al vostro indirizzo registrato. 149 volte di liquidazione ridotti per i commerci, aumentando la flessibilità quando le negoziazioni, ed eliminando multe di insediamento. 149 Nessun certificato da perdere, eliminando in tal modo l'esercizio costoso e perdite di tempo di sostituire i certificati persi e le potenziali perdite dalla fine di insediamento. Una diritti degli investitori derivanti da una partecipazione elettronica di Crest titoli ammissibili sono identici ai diritti di un investitore cartaceo. Un nome di investitori apparirà ancora sul registro delle imprese degli azionisti come prova di proprietà. Un investitore avrà ancora un rapporto diretto con la società le cui azioni in loro possesso, e che continuerà a ricevere i pagamenti di dividendi, relazioni annuali delle società e gli eventuali benefici azionisti direttamente dalla società. Un investitore non deve contenere tutte le loro azioni in CREST e può mantenere alcune posizioni in forma certificata se preferiscono. Essi possono facilmente convertire le azioni di nuovo in forma certificata da una cresta PMA se lo desiderano. Il costo per una cresta PMA viene visualizzato sul calendario oneri sul nostro sito web, forme camocon. ie domanda di Crest PMA sono disponibili presso la nostra sede, oppure online su camocon. ie Per poter utilizzare il nostro servizio di intestazione è necessario compilare e firmare il nostro modulo SC1. Operiamo un servizio di account rappresentante designato per i clienti. Ogni cliente ha una designazione univoco all'interno del conto intestato. Questo servizio consente agli amministratori della Nominee Società di eseguire il trasferimento delle azioni dentro e fuori del conto intestato, per conto dei nostri clienti. Si risparmia clienti il ​​problema di dover firmare e restituire i trasferimenti e di dover organizzare la safecustody di certificati azionari. Il costo per azioni detenute sotto la denominazione all'anno. Noi confermare le partecipazioni come da regolamento di custodia emesse dalla Banca Centrale d'Irlanda. La proprietà legale del titolo rimane con la società prestanome, ma la proprietà effettiva risiede con l'investitore. Il costo per un servizio Nominee viene visualizzato sul calendario oneri sul nostro sito camocon. ie Forniremo occupano di servizi e custodia nei seguenti investimenti a voi - azioni in Irlanda o nel Regno Unito. Canada, degli Stati Uniti o aziende, e alcuni stock europei obbligazionario azionari, prestiti azionari, obbligazioni, titoli, certificati di deposito, commercial paper o di altri strumenti di debito, tra cui il governo, ente pubblico, comunale e societaria. warrant per la sottoscrizione di investimenti che rientrano nel (i) o (ii) certificati di deposito o altri tipi di strumenti relativi agli investimenti che rientrano nel (i), (ii) o (iii) di cui sopra, tra cui Exchange Traded Funds (ETF) fondi comuni di investimento, fondi comuni e schemi simili, Covered Warrant, e qualsiasi altro strumento di investimento a discrezione degli Amministratori Per quanto riguarda le offerte effettuate per conto vostro, ci comportiamo come un agente. In circostanze molto limitate su piccoli commerci di valore possiamo concludere operazioni con voi come un principale e non agire per conto vostro, come agente, in modo che siamo in grado di facilitare il vostro commercio. La tua nota contratto affermare la capacità in cui abbiamo affrontato. Tutti gli ordini vengono distribuite su una prima base arrivato, primo servito in modo da assicurare la parità di trattamento. Gli Amministratori si riservano il diritto di applicare restrizioni che si occupano ove opportuno. conti Advisory saranno aperti solo se abbiamo ricevuto un Know Your modulo client da voi. Le informazioni in esso contenute deve essere tenuto aggiornato in ogni momento. Il nostro modulo di richiesta del cliente ha una sezione chiamata una sezione di nomina per cui è possibile nominare che può impartire istruzioni oltre il tuo account. È possibile inserire due tipi di ordini 149 Ci possono incaricare per comprare o vendere ad un determinato prezzo non saremo comprare sopra di questo prezzo, o vendere sotto di questo prezzo. Questo è indicato come un ordine limite. Il vostro ordine è entrato in una coda per trattare. Nel caso in cui si decide di modificare l'ordine in qualsiasi modo, l'ordine verrà collocato nella parte inferiore di tutte le altre istruzioni a prezzi simili già presenti sul mercato. 149 Ci può indicare a che fare al mercato ci occuperemo subito al prezzo di mercato prevalente. annunci società che si occupa di titoli entro le 24 ore prima, o dopo l'annuncio, da parte della società i cui titoli sono da trattare, è totalmente a proprio rischio, come le nuove informazioni al di fuori del mercato, potrebbero indebitamente influenzare il prezzo di mercato del titolo . Gli ordini possono essere dato da visita. o per telefono. Questi ordini saranno accettate immediatamente. Gli ordini possono essere trasmessi per lettera. fax. o e-mail, ma sarà accettata solo dopo la lettura presso la nostra sede. Gli ordini sono ritenute valide per 90 giorni a meno che non ci viene ordinato altrimenti. Si dovrebbe citare il tuo numero di conto con noi al momento dell'ordine. Chiaramente se si desidera comprare o vendere, seguito dal numero e nome del titolo che si desidera affrontare. Le chiamate telefoniche sono registrate per proteggere tutte le parti in caso di errore. Abbiamo a che fare con i nostri clienti in lingua inglese. Scambi Internazionali Archivio occupano principalmente su un ciclo di giorni lavorativi Trade 3 insediamento, indicati come (T 3). A seconda delle condizioni di mercato, ci può essere una modifica del prezzo per l'insediamento esteso. Al fine di essere in grado di soddisfare i vostri obblighi contanti per gli acquisti il ​​giorno Settlement, abbiamo bisogno di fondi disponibili nel tuo account prima di acquisti in corso di esecuzione per l'insediamento normale. Al fine di soddisfare gli obblighi di liquidazione per le vendite certificati il ​​giorno Settlement, abbiamo bisogno di un certificato valido insieme ad un modulo di trasferimento Crest correttamente firmato per essere nel nostro ufficio dopo di che ci occuperemo T 3. In caso contrario, ci occuperemo esteso insediamento T 10 giorni a per facilitare tempestivo regolamento della transazione. Un Ricorrente è definito come un cliente di essere insoddisfatto con la nostra gestione della loro istruzione. La liberazione di questa insoddisfazione può essere in forma scritta o orale. In caso di voi di essere soddisfatti con il nostro trattamento dei istruzioni vi è un processo di reclami in atto internamente in azienda. La corrispondenza deve essere indirizzata al Compliance Officer, Campbell OConnor amp Company. Nel caso in cui ciò non prova soddisfacente, il reclamo deve essere indirizzata al Financial Services Ombudsman, financialombudsman. ie. Un modulo di denuncia standard è disponibile su questo sito. Il ritrovamento del Financial Services Ombudsman è vincolante per il denunciante e qualsiasi altra parte la denuncia. Quando acquistiamo le vostre azioni, vi invieremo una nota del contratto, che definisce: nome della, quantità distribuite, prezzo delle azioni, bollo, prelievo Commissione, PTM, se del caso, la data di negoziazione tempo amplificatore, e quella di regolamento. Quando si effettua un ordine per l'acquisto di azioni, è importante dare il nome corretto e l'indirizzo che si desidera visualizzare sul registro delle azioni come non possiamo apportare modifiche dopo la data di regolamento. Azienda Registrar si riserva di addebitare una tassa per fare una modifica su un registro quota una volta che è stato registrato. I certificati azionari: Azienda cancellieri possono richiedere fino a quattro settimane per emettere certificati azionari, se richiesto di farlo. Quando inviamo i certificati azionari, abbiamo anche alleghiamo una ricevuta, che deve essere firmato da te, e restituito a noi. I certificati azionari devono essere conservati in un luogo sicuro, in quanto dovranno essere ceduto quando finalmente vendere le azioni. Se i certificati sono persi, si dovrà pagare le tasse di assicurazione, le spese del registro e le nostre tasse per ottenere un duplicato. Quando abbiamo vendere le vostre azioni, vi invieremo una nota del contratto, che definisce: nome della, quantità trattata, Stock prezzo, prelievo Commissione, PTM, se del caso, la data di negoziazione ora amp, data di regolamento. dettagli della registrazione del conto vendita. Quando si sta ponendo un ordine di vendita certificata attraverso di noi, è importante che si identifica chiaramente i proprietari delle azioni, ad esempio, partecipazione singola o congiunta. Per le vendite certificati, abbiamo bisogno di un modulo di trasferimento Crest firmato dai titolari registrati esattamente come sono descritti sul certificato. Il trasferimento e il corrispondente certificato deve essere nel nostro ufficio prima che eseguiamo il vostro commercio certificato, per l'insediamento normale. Nel caso di una società, il modulo di trasferimento deve essere sigillato e firmato da due registi, affermando la loro capacità. magazzino certificato correttamente consegnato al nostro ufficio, o azioni detenute nel nostro conto candidato, un deposito sicuro, o una cresta PMA può essere venduto T 2, altrimenti ci occuperemo T 10 giorni. Usiamo sistemi di terze parti per la negoziazione, liquidazione, le comunicazioni e Baning. Cerchiamo di selezionare partner affidabili in ogni momento per questi sistemi. Noi non potrà essere ritenuto responsabile per non agire sul tuo insegnamento a causa del fallimento di terzi. I dettagli completi di tutte le spese attuali sono disponibili sul nostro sito camocon. ie Le spese indicate di seguito riflettono i livelli di tassa del campione e possono essere soggette a modifiche. Commissione viene caricata su una scala mobile sulla considerazione lordo per contratto, vale a dire la quantità di azioni da parte di prezzo per azione. Le nostre tariffe di commissione per scambi azionari sono: Quando si tratta di azioni non trattati nelle Borse irlandese o di Londra, si dovrà anche pagare una tassa agenti commissione nostri agenti commissioni sono di circa 0,5, soggetto a una commissione minima US50, in cima la nostra commissione normale, per ogni accordo per coprire la loro negoziazione e l'iniziale commissioni di custodia. Emettiamo i nostri appunti di contratto per i commerci agente su base netta per includere queste commissioni. I prezzi lordi sono disponibili su richiesta. Vi è un dovere 1 bollo per l'acquisto delle Azioni irlandese o un dovere 0,5 bollo per l'acquisto del Regno Unito Azioni nominative. C'è un piccolo prelievo di Euro 1 .25 sulle scorte irlandesi oltre 12.500 € di valore o pound1 sulle scorte Sterling oltre pound10,000 di valore per finanziare il Takeover Panel in entrambi i paesi. Le nostre ore di affari sono 8:00-17:00 Lunedi al Venerdì, quando la Borsa irlandese è aperto per il commercio. Nel caso in cui il London Stock Market è aperto su un Bank Holiday irlandese, offriremo trattare servizi solo in quel giorno. Campbell OConnor Company. Miglior Execution Policy Il nostro Best Execution Policy definisce la politica e metodi utilizzati per eseguire gli ordini dei clienti ai sensi delle disposizioni dei regolamenti 97, 98, 106 dei mercati degli strumenti finanziari (MiFID). Il nostro approccio alla Best Execution Come membri degli irlandesi di Londra Borse abbiamo accesso diretto al mercato alle piattaforme di negoziazione delle Borse, che sono regolati gli scambi di investimento. Questo ci permette di trattare elettronicamente o in altro modo per i nostri clienti nel loro migliore interesse. Tutti i nostri clienti sono trattati come clienti retail ai fini della MiFID a meno che la richiesta del client una riclassificazione, tuttavia, è la nostra politica di permettersi tutti i clienti il ​​più alto livello di protezione e, pertanto, si riserva il diritto di non accettare un tale obiettivo request. The generale è per realizzare, su una base costante, il miglior risultato possibile per i nostri clienti. A tal fine, una politica commerciale, la selezione delle sedi di negoziazione, la selezione di agenti, e di una politica di consegna sono state messe in al meglio servire i clienti. La nostra politica commerciale è quello di ottenere il miglior corrispettivo totale attraverso il miglior prezzo possibile in un dato momento per i nostri clienti dai mercati in cui operiamo. Prendiamo in conto, il prezzo, il costo del commercio, velocità di esecuzione, la dimensione del commercio, la liquidità, giorni di insediamento, probabilità di esecuzione e regolamento dimensioni, e tutte le altre considerazioni pertinenti per l'esecuzione di un ordine di un cliente. Luoghi di negoziazione regolamentate Agenzia Campbell OConnor azienda non supporta un numero illimitato di sedi di negoziazione. Lo Studio ha accesso diretto al mercato per le Borse irlandesi e Londra. Altri mercati sono accesed tramite agenti che sono di grande reputazione e sono stati controllati dalla Ditta. La nostra strategia di esecuzione per categorie di strumenti finanziari è la seguente per le seguenti categorie di strumenti finanziari: azioni, obbligazioni, fondi, warrant, ETF: come concordato con il cliente, soggette agli obblighi di custodia di insediamento Gli agenti di cui sopra sono regolati per Conducy di affari in maniche propri regolamenti dello stato di residenza. Gli Amministratori sono del parere che la protezione dei beni client per gli strumenti finanziari da queste aziende regolamentati esteri offrono una protezione che corrispondono o superano quelli disponibili sotto i nostri regolamenti. Classifica dei risultati del miglior risultato del Corrispettivo Totale per i clienti è l'obiettivo primario quando si tratta di clients. However ci possono essere eccezioni a questa regola. Questi includerebbero dimensione del commercio, velocità di esecuzione, il costo di commercio, capacità di riempire un ordine, liquidità del titolo, e il numero di giorni per insediamento. Le operazioni sono normalmente negoziati individualmente per ogni cliente. Nel caso in cui l'aggregazione di ordini è vantaggioso per il cliente, l'azienda ha il diritto di farlo. E 'comune per i Market Maker per aggiungere un premio per i giorni di insediamento in più per finanziare il commercio. Market Maker possono ridurre il prezzo di offerta per le grandi vendite che prendono il rischio principale sulla tenuta dello stock, e possono pagare un sovrapprezzo quando offre magazzino per la vendita, al di fuori di normali dimensioni del mercato. Stato Campbell OConnor impresa nelle loro condizioni generali di contratto che si estendevano insediamento si applicherà a tutti i mestieri che utilizzano i certificati come mezzo di consegna. Compravendite di fuori della striscia gialla si riferiscono a clienti per la loro accettazione, o saranno hanno dato previa autorizzazione a titolo di ordine limite. Nel determinare l'importanza relativa di questi fattori, useremo la nostra propria esperienza professionale e giudizi. Consegna della politica Per offrire il nostro Best Execution Policy, Campbell OConnor società abbonarsi a un servizio migliore esecuzione trattare che unisce l'offerta migliore del mercato e migliore mercato offre dai singoli magazzino. Esso tiene conto, la liquidità, la profondità del mercato, la dimensione del commercio, giorni per la liquidazione. La nostra scelta di migliori servizi di esecuzione non sono in concorrenza tra strumenti, quindi, ulteriormente in corso di classificazione Reg 98.3 non è necessaria. Il servizio di Best Execution prende la striscia gialla (l'offerta del mercato attuale e offerta per qualsiasi quantità di azioni) come il suo prezzo di riferimento di mercato. È importante comprendere che una piccola quantità di azioni potrebbe costituire il prezzo sul Strip giallo, e quindi può non riflettere la profondità del mercato. Gli agenti sono accuratamente selezionati in modo da fornire le nostre esigenze di Best Execution. Una politica di controllo è in atto lo Studio insieme ad un programma di test da parte di terzi. Campbell OConnor Società monitorerà l'efficacia dei suoi migliori modalità di esecuzione, per includere sedi di esecuzione, e la politica di esecuzione almeno una volta all'anno o ogni volta che si verifica un cambiamento materiale che influenza la nostra capacità di ottenere la migliore esecuzione degli ordini su una base costante per identificare, e dove del caso, correggere eventuali carenze. Le eventuali modifiche sostanziali saranno comunicate sul nostro sito camocon. ie. Il Service Provider di vendita al dettaglio (RSP) Best Service L'esecuzione di per sé produrre il miglior prezzo possibile per ogni commercio sulla base di parametri di mercato correnti. Dove abbiamo accesso a più sedi, abbiamo confrontare i locali per prezzo e quantità, il commercio pre. Tutte le operazioni sono verificati quotidianamente da un membro anziano del personale prima vengono emessi contratti. Politica per i clienti vulnerabili L'azienda sostiene una politica in materia, che è disponibile presso la nostra sede su richiesta. Ordine di allocazione e ordine di esecuzione ordini sono trattati al ricevimento, quando possibile. In situazioni in cui si verifica un accumulo di ordini, un first in, first out si applica la politica. Nel caso in cui la dimensione ordine è al di sopra della normale dimensione del mercato (NMS) un blocco di azioni NMS sarà trattata e il brodo rimanente si sposterà verso la parte posteriore della coda. Uno dei nostri amministratori è designato come Responsabile Negoziazione. In virtù di questa posizione sarà a conoscenza dei risultati del servizio di Best Execution. In caso di difficoltà con l'RSP Miglior sistema automatico di esecuzione che informerà immediatamente Compliance e altro personale che si occupa in modo che possano essere ulteriormente vigili fino a quando il servizio di Best Execution è di nuovo in funzione. Nel caso di una query o sfida, abbiamo la possibilità di richiamare i prezzi di mercato da tempo per 21 giorni. L'adeguatezza delle modalità di esecuzione viene rivista annualmente dagli Amministratori, o ogni volta che si verifica una modifica rilevante, che influisce sulla nostra capacità di eseguire operazioni. Società di revisione testare il nostro Piano di conformità. Il test comprende confronto dei risultati conseguiti nei confronti della Best Execution Policy descritto sopra. Le differenze si notano dal capo del Trading. Eventuali tendenze premonitrici vengono notificate al Consiglio in modo che possa prendere i provvedimenti opportuni. Vi informeremo i clienti qualsiasi modifica rilevante alle nostre disposizioni di esecuzione per mezzo di annuncio sul nostro sito camocon. ie. Di cosa ho bisogno di sapere dopo aver affrontato Campbell O'Connor amp Company Tutti i contratti hanno una data di regolamento. insediamenti acquisto dovrebbe consentire di fondi disponibili per raggiungere il nostro conto alla data di regolamento prevista indicato sul vostro biglietto contratto. In caso di ritardo nel pagamento, interesse può essere addebitato l'importo residuo. Si suggerisce che i fondi nel tuo account quando dare le istruzioni per affrontare è il modo migliore per assicurare insediamento pulito. Nota: i controlli di terze parti carta di credito, contanti o non saranno accettati come mezzo di risoluzione di un account. Vendita insediamenti si svolgono alla data di regolamento prevista, a condizione che noi abbiamo ricevuto una buona fornitura di magazzino, in maniera tempestiva da voi. Spediremo un assegno a voi il giorno di insediamento. In caso di ritardo nella consegna, il CREST (il nome dato al sistema di regolamento), automaticamente multe intermediari nel tardo regolamento delle operazioni. Queste multe saranno passati sui clienti i tassi sono visualizzati sul calendario oneri sul nostro sito. Pagheremo i clienti quando il loro commercio si deposita attraverso CREST o il sistema di regolamento interessato. Istruzioni: Agiremo istruzioni caso in cui riteniamo che venga loro dedicata da voi o la persona (s) elencati nel modulo di registrazione (se presente). Dove istruzioni modificati vengono successivamente ricevuti che si differenziano dalle istruzioni iniziali in precedenza indicate, faremo eseguire le istruzioni modificati se non preventivamente eseguito come e dalla data del loro ricevimento, e noi non avranno alcuna responsabilità per eventuali perdite, azioni o altre passività dal istruzioni inital. I nostri dati per quanto riguarda il contenuto di eventuali istruzioni saranno vincolanti e definitive. Tutte le telefonate sono registrate dentro e fuori del nostro ufficio. La registrazione e la registrazione di registrabili e non registrabili Strumenti d'investimento. (Central Bank of Ireland, client Asset Requisiti 6.4) Siamo tenuti a organizzare la registrazione, se del caso, di tutti i titoli o fondi di investimento organizzati attraverso di noi e noi, in assenza di istruzioni al contrario, li (ad eccezione di portatore registro scorte) nel tuo nome o il tuo account Crest PMA, o, previo suo accordo, in un deposito di sicurezza gestiti in conformità con i requisiti della Banca centrale d'Irlanda a condizione che i moduli necessari sono stati completati. In alternativa, è possibile istruire registrazione a nome di un altro partito e ci deve avvisare di questo nome feste al momento dell'ordine. Nel caso di tale nomina si prega di fornire sotto il nome (s) del candidato (s) sulla sezione B del modulo di registrazione. Gli accordi di custodia dei beni: (Central Bank of Ireland, requisiti patrimoniali client 6.3.1 6.3.2) ci viene richiesto di ottenere il previo consenso scritto per la custodia dei beni e le modalità di dare e ricevere istruzioni e come tale possiamo solo prendere istruzioni da voi, se non si vuole nominare un'altra persona (s). Nel caso di tale nomina, si prega di fornire dettagli sulla sezione Nomina del Modulo di Registrazione. della persona (s) autorizzata a dare istruzioni a vostro nome. Se un pegno concesso a terzi, una nuova nomination devono essere iscritti da noi. Si prega di comunicare eventuali limitazioni che possono applicare a tali istruzioni. Le istruzioni scritte ei orali saranno accettate solo dalla persona di cui sopra (s) e se non altrimenti comunicato da voi, si suppone che le istruzioni scritte firmate dalla persona (s) di cui sopra sono validi. (Central Bank of Ireland, client Asset Requisiti 4.3.1) Si richiede il vostro consenso scritto prima di attività sono passati alle parti interessate o custodi ammissibili fuori dell'Irlanda. come nel caso di inadempienza, attività dei clienti possono essere trattati in modo diverso rispetto alla posizione che sarebbe applicabile se si sono svolte le attività in Irlanda. Modulo SC1 soddisfa questo requisito. (Central Bank of Ireland, client Asset Requisiti 4.3.3) Mentre l'azienda ha l'obbligo di garantire che il soggetto rilevante o depositario idoneo selezionato per detenere attività dei clienti è stimabile, le imprese non si assume alcuna responsabilità in caso di un default di uno o più delle parti interessate. Il custode può tenere i vostri beni nei conti aggregati, piuttosto che a conti indicati separatamente. Questo significa che le risorse possono essere detenuti in un conto con altri clienti attivi. Tuttavia custodi che operano conti collettivi sono tenuti a mantenere un rapporto dettagliato di attività detenute e sono tenuti a inviare una comunicazione delle aziende mensile per questa azienda che viene poi riconciliati contro i nostri record. (Central Bank of Ireland, client Asset Requisito 4.5) ci viene richiesto di riconciliarsi con questi conti, almeno una volta al mese. Qualora sia necessario tenere i vostri investimenti al di fuori dell'Irlanda siamo tenuti a informare di quanto segue (Central Bank of Ireland, requisiti patrimoniali client 4.3.9 (a)) che il regime giuridico applicabile alla parte interessata o depositario ammissibili con chi le attività si svolgono possono essere diverso da quello di Irlanda e che, in caso di inadempimento attività dei clienti possono essere trattati in modo diverso rispetto alla posizione che si applicherebbe se le attività sono svolte con un soggetto rilevante o depositario ammissibili in Irlanda. (Central Bank of Ireland, client Asset Requisiti 4.3.9 (c)) che il regime regolamentare relativo al soggetto rilevante o depositario ammissibili con i quali l'account cliente patrimoniale è tenuta può essere diverso da quello dell'Irlanda. Accordi depositaria (Central Bank of Ireland, client Asset Requisiti 6.5) 149 Si prega di notare che alcuni investimenti non possono essere detenute direttamente da noi, ma da uno o più terzi (compresi i sistemi di compensazione e agenti d'oltremare), come le banche. Operiamo questi conti sotto la Banca centrale di regole Irelands. 149 Mentre prendiamo molta cura nomina nostri agenti, non si assume alcuna responsabilità in caso di un default di una o più delle parti in causa, o la loro incapacità di svolgere la nostra istruzione a loro. La registrazione e la registrazione di registrabili e non registrabili Strumenti d'investimento nel nostro conto intestato o con i nostri custodi. (Central Bank of Ireland, Asset client Requisiti 6.3 6.4) ci viene richiesto per ottenere il istruzioni scritte, se si desidera registrare i tuoi strumenti di investimento sia in questa azienda aziende prestanome (Modulo SC1) o in nome di un custode idoneo o di terze parti ( modulo SC1). La nostra società fiduciaria e deposito titoli siano effettuati alle norme stabilite dalla Banca Centrale d'Irlanda. Tutte le azione verrà registrato in una società denominata Ashdale Investment Trust Services Ltd, direttori whos sono gli amministratori di questa azienda, con un unico sub identificazione del conto. Ci riserviamo la proprietà legale del tuo magazzino al fine di gestire il tuo account, ma non la proprietà effettiva. I dividendi, interessi dividendi o pagamenti di interessi corrisposti ai soci da parte della società sono accreditati automaticamente ai proprietari sottostanti. Il diritto di voto non saranno esercitati a meno che così istruire. Tutti gli altri diritti faremo il possibile per contattare l'utente in modo tempestivo in cui sono richieste le decisioni per tutti gli altri diritti, compresi i diritti di conversione, riorganizzazioni di capitale, e acquisizioni. Tuttavia, nel caso in cui non siamo in grado di contattare l'utente, noi esercitare il diritto che produce un'alternativa in contanti. I diritti di sottoscrizione non saranno ripresi, a meno che non ci viene ordinato di farlo. Se prendiamo in azioni a vostro nome si sono tenuti ad avere fondi in luogo due giorni prima del giorno di pagamento. corrispondenza Società non verrà inviato a voi da questo ufficio. Il denaro tenuto a vostro nome Tutte le somme destinate a vostro nome sono tenuti in un conto bancario indicato separatamente da questa imprese fondi, richiesti dalle Banca centrale di Irlanda requisiti patrimoniali client. Questo segrega in modo efficace i fondi dei clienti da quelli dell'impresa. I fondi sono tenuti in un conto con i fondi di uno o più clienti conosciuto come un account cliente in pool e è espressamente segnalata come un conto patrimoniale client. (Central Bank of Ireland, requisiti patrimoniali client 4.2.5)) Nell'ambito delle norme denaro dei clienti che hanno l'obbligo di tenere un registro di base in dettaglio la ripartizione dei clienti i cui fondi sono tenuti in conti collettivi. (Central Bank of Ireland, requisiti patrimoniali client 4.5.1)) Siamo obbligati a conciliare le nostre registrazioni di fondi della clientela detenute in conti collettivi contro i fondi attuali detenuti su base giornaliera. Anche se questo studio ha l'obbligo di garantire che le istituzioni finanziarie selezionate per contenere i fondi dei clienti sono rispettabili, questa ditta non si assume alcuna responsabilità in caso di insolvenza da parte di uno o più istituti finanziari interessati. Quando i fondi sono denominati in una valuta diversa in euro sul conto apriamo può essere al di fuori dell'Irlanda. In tal caso siamo tenuti a informare di quanto segue 149 che il regime giuridico applicabile per l'istituzione finanziaria con la quale i fondi sono detenuti potrebbe essere diverso da quello di Irlanda e che, in caso di inadempimento di una tale istituzione quelli le attività possono essere trattati in modo diverso rispetto alla posizione che sarebbe applicabile se si sono svolte le attività in un istituto finanziario in Irlanda 149 che il regime normativo applicabile alla istituzione finanziaria con il quale si tiene il conto cliente può essere diverso da quello d'Irlanda e in conformità le disposizioni della Investor Compensation Act del 1998, Campbell OConnor amp Company è una parte del Compensation Fund amministrato dalla Investor Compensation Company Ltd. la legge prevede un risarcimento fino a ECU 20.000 o 90 di un investitori idonei perdita netta, a seconda di quale è il minore. Dividendo Ritenuta d'acconto (DWT) verrà detratto su tutti i pagamenti di dividendi, salvo deroga DWT è stato ricercato e registrato con la società in questione. Incasso fiscale vi è un onere per noi di dedurre questa imposta all'aliquota standard su tutti i dividendi esteri e pagamenti di interessi. Esenzione da tale imposta può essere richiesto da voi, dai Revenue Commissioners, se applicabile alle circostanze. Codice per la protezione dei consumatori - Il Codice di protezione dei consumatori (CPC) ha introdotto nel mese di gennaio 2012 è parte integrante di un approccio che Campbell O'Connor Company, tkaes cassaforte in guardia i propri interessi dei clienti. Campbell OConnor Company, promotes a consumer focused ethos within the firm, through strict compliance and training, where the firms strives in all instances to deal in its clietns best interests. Details relating to Consumer Protection can be found at Consumer Protection Dealing in US STOCKS In order to deal in US stocks you must sign Form SC1 which allows for stock to be held outside of Ireland. Stock will be held by our agents at all times. In addition, you must sign a W8-BEN form to allow non Americans to hold US stock. This form is available on the US IRS website. or on our website. Other issues Conflicts of Interest Policy: Our Conflicts of Interest Policy is designed to identify actual or potential conflicts of interest that may arise between: different clients or groups of clients of the firm, staff members and clients, and to detail the procedures we have put in place to manage such conflicts. Conflicts of Interests will be reviewed and actioned upon by the Directors of the firm. A view will be taken by the directors as to whether any transaction should be altered, or not entered into after due consideration of MiFid rules, National laws, or any other relevant contributing factor(s). In the event that we are unable to satisfy ourselves that our procedures and measures for managing conflict or potential conflict will prevent the risk of damage to your interests, we will seek legal advice thereon. We will disclose to you the nature of the potential conflict in order to give you an opportunity to consider whether or not to accept our service. By way of example, in providing investment services to you, or when we recommend a transaction to you or enter into a transaction for you we (or some person connected with the firm) could be: Aggregating your transaction with transactions for other clients, but only where it is unlikely that the aggregation will operate to yours or any other clients disadvantage. Buying investments where we are involved in a new issue, rights issue, take-over or a similar transaction concerning the investment. Buying investments where we, an associate or an affiliate are involved in a new issue, rights issue, take-over or a similar transaction concerning the investment. May have an interest (large holding), relationship (connected party) or arrangement that is material in relation to the investment, transaction or service concerned. We attempt to manage these conflicts by managing Directorships held by staff not creating conflicts with the firms clients, Remuneration and inducements for staff being appropriate, Personal Account dealing rules for staff which place clients transactions ahead of staff, Order flow prioritisation, Staff training for constant affirmation understanding of requirements, Guidelines for Directors on how to handle conflicts of interest. Issuance of clear notifications to clients regarding services and associated fees. Reviewing the Policies to identify any potential new scenarios. The Directors believe these actions will prioritise clients at all times, and provide resolution mechanisms should any conflicts arise. In the event of cross currency trades, the following will apply, unless previously agreed USD amp CND will be bought or sold by us on the day following trade execution, GBP will be bought or sold by us on the intended settlement date or actual settlement date, unless the contract is to be issued in Euro, whereupon the rate on the day of issue will apply. Stocks quoted in other currencies will be dealt converted to Euro, GBP, or USD as requested. If specifically asked to do so, we will retain a settlement in the GBP, US Dollars, Canadian Dollars, or Euro. We do not pay interest on credit balances held in your account. Stock Situations: Where stock is in the course of settlement Dividends, interest payments Any dividends or interest payments paid to shareholders by the company are automatically credited to the underlying owners. Any dividends due to the market on a transaction will be accordingly debited to your account. Voting rights if applicable will not be exercised unless you so instruct. All other rights We will endeavour to contact you in a timely manner where decisions are required for corporate actions, all other rights, including conversion rights, capital reorganisations, and takeovers. However, in the event that we cannot contact you, we will exercise the right that produces a cash alternative. Market practices may protect you in certain circumstances, and these we have to automatically accept. Subscription rights will not be taken up, unless we are instructed to do so, and funds are in place two days prior to payment day. 149 We will, where possible, communicate, with you through email. Your acceptance of these terms will be taken by you supplyinh your email address and ticking the appropriate box on your Registration Form. Should you change the email address which you supply on your Registration Form at any stage in the future, it will be your responsibility to inform us of your new address. 149 All postal correspondence from our office is sent by normal postal service. 149 We send bearer stock to our agents by Registered Post. 149 If specifically requested to do so, we will arrange a courier service, but at your expense. 149 We accept no responsibility for the safe delivery of postal or courier services. We may deal warrants for clients, but as they are a riskier type of investment, we require that a Warrant and Options Agreement form be signed in order for this account to become operative . In the event of default on settlement, we retain the right to close the bargains opened on your behalf, and to pursue for any loss incurred by ourselves. In the event of dispute these Terms of Business shall be interpreted under the laws of the Republic of Ireland . NEW ACCOUNTS An Execution Only account requires 1. Anti-Money Laundering Documentation 2. Client Registration Form 3. PEP Declaration Form 4. FATCA Declararion Form An Advisory account requires 1. Anti-Money Laundering Documentation 2. Client Registration Form 3. Know Your Client Form 4. PEP Declaration Form 5. FATCA Declaration Form 149 For a Personal Account All clients are required to comply with the Criminal Justice Act 2010. Under this Act we are obliged to request from you (One item from the A list and two items from the B list):- Certification of documents can be carried out by A member of the Garda Siochana, A Bank Manager, A Building Society Manager, A Stockbroker, A Chartered or Certified Public Accountant, A Notaries Public or Practicing Solicitors, A manager with An Post, or EmbassyConsular Staff. Cash in advance of dealing is required for your account by way of a cheque drawn on your personal bank account. For a Company account 149 Anti-Money laundering information is required for at least two directors of the company, as for personal accounts above. 149 A certified copy of the Memorandum and Articles of Association of the company should be supplied to us so that these can be given to the Companys Registrar who will ask for them before registering stock into the Company name. 149 A Mandate authorising selected directors to transmit deals on behalf of the company should be supplied. For a Probate account Trustee account (including Club accounts) 149 An original copy of Probate or Trust deed should be sent to us. 149 Anti-Money Laundering information is required for at least two executors trustees, but preferably all beneficiaries, as for personal accounts above. 149 A Mandate authorising selected executors trustees to transmit deals on behalf of the deceased estate trust. Information about the Nature Risks of Financial Instruments This information is provided to you in accordance with the requirements of MiFID Regulation 84. This information does not disclose all the risks and vital characteristics of financial instruments which you may trade, however it is designed to give you an understanding of the major risks and characteristics in sufficient detail to enable you to make informed investment decisions. You should not deal in financial instruments unless you are aware of the transactions you are entering into and you should understand the extent of your exposure to potential loss. The value of financial instruments may go up or down. When investing in financial instruments there is a risk that you may lose some or all of your original investment. You should consider whether investing in financial instruments is suitable for you in light of your individual circumstances and taking account of your investment objectives and financial position. In deciding whether certain financial instruments are suitable investments the following information describing the nature and risks of such instruments should be carefully considered: Non-complex financial instruments Owning shares in a company provides an opportunity to share in a companys profit and performance, in the form of dividends and capital growth. Individual shares and stock markets can be volatile, especially in the short-term. Some shares are likely to be more volatile than others. This will be based, among other things, on the nature and size of the company and the liquidity price of the stock. Potential investors should be familiar with any company they plan to invest in. Share portfolios are at a greater risk of significant loss if there is a lack of diversity (an over reliance on stocks in one particular company industry sector country). Other than the cost of acquiring shares you will not be subject to any margin requirements or financial commitments liabilities. However, as the value of shares may go up or down, when investing in shares there is a risk that you may lose some or all of your original investment. Exchange Traded Funds (ETFs) are investment products that provide investors with an opportunity to invest in a diversified basket of shares through one investment instrument. An ETF will generally track the shares of companies that are included in a selected market index, investing in either all of the shares or a representative sample of the shares of the selected index. The performance of an ETF is likely to be reflective of the performance of the index upon which the ETF is based. ETFs are more liquid than normal funds and can be traded in the same way as any normal share. Like shares, ETFs can be subject to volatility, especially in the short term. Some ETFs are likely to be more volatile than others. This will be based, among other things, on the nature and size of the underlying companies and the liquidity price of the underlying stocks. Potential investors should be familiar with the nature of the underlying companies of any ETF they plan to invest in. Other than the cost of acquiring ETFs, you will not be subject to any margin requirements or financial commitments liabilities. However, as the value of ETFs may go up or down, when investing in ETFs there is a risk that you may lose some or all of your original investment. A bond is a debt instrument in which the issuer promises to pay to the bondholder principal and interest according to the terms and conditions of the particular bond. Although not to the same extent as shares, bonds can be subject to significant price shifts. Bonds can also be subject to default and the non payment of interest and or principal by the lender. As with shares some bonds are considered to be safer than others. In general, Government Bonds are considered to be subject to less risk than Corporate Bonds. Bond ratings give an indication of an issuersprobability of defaulting, based on an analysis of the issuers financial condition and profit potential. Other than the cost of acquiring Bonds, you will not be subject to any margin requirements or financial commitments liabilities. However, as the value of Bonds may go up or down, when investing in Bonds there is a risk that you may lose some or all of your original investment. General risks in relation to financial products Market conditions (e. g. illiquidity) andor the operation of the rules of certain markets may increase the risk of loss by making it difficult or impossible to effect transactions. Transactions in Other Jurisdictions Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade you should enquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade. The profit or loss for transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency. Most open-outcry and electronic trading facilities are supported by computer based component systems for the order-routing execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house andor member firms. Such limits may vary. Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all. In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarise yourself with applicable rules and attendant risks. Foreign markets will involve different risks to Irish markets. In some cases, the risks will be greater. On request, we will provide an explanation of protections which will operate in any relevant foreign markets, including the extent to which we will accept liability for any default of a foreign broker through whom we deal. The potential for profit or loss from transactions on foreign markets or in foreign denominated contracts will be affected by fluctuations in foreign exchange rates. Complex financial instruments The following information does not disclose all the risks and features of trading in derivative products such as warrants, futures and options. The price of derivatives products, are directly dependent upon the value of one or more investment instruments. Volatility in these underlying instruments may have a profound effect on the value of such derivative products. Trading in derivatives is not suitable for many retail clients. You should not deal in derivatives unless you understand the nature of the transactions you are entering into and the extent of your exposure to risk and potential loss. You should carefully consider, and if necessary, seek professional advice to determine whether trading is appropriate for you in the light of your experience, objectives, financial resources and other relevant circumstances. Different instruments involve different levels of exposure to risk, and in deciding whether to trade in such instruments you should be aware of the following information: A warrant is a time limited right to subscribe for shares, debentures, loan stock or government securities, and is exercisable against the issuer of the securities. Warrants often involve a high degree of gearing, meaning that a small movement in the price of the underlying asset, whether favourable or adverse, could result in a larger movement in the price of the covered warrant. The price of a warrant may therefore be volatile. You should be aware that if a warrant does not perform as expected you could lose the whole of your investment plus any commission or transaction charges. Covered warrants have similar characteristics to an option and they give the investor the right but not the obligation to buy (in the case of a call warrant) or to sell (in the case of a put warrant) an underlying asset at a predetermined price (known as the strike or exercise price) on or before a predetermined date (known as the expiry or exercise date). The cost of a warrant is the premium plus transaction costs. A covered warrant which has no leverage is often referred to as a certificate. You should be aware that if a covered warrant does not perform as expected you could lose the whole of your investment. Investors can be subject to large potentially unlimited liability depending on the type of warrant transaction they enter into. This may require the investor to make margin payments. We look forward to doing business for you. Royal Stock Exchange, London, Printed by Daumont ca. 1760. Source: Philographikon Gallery website (accessed Jan. 9, 2009) The European stock exchanges, or bourses. as they were called, were established in the seventeenth century as places where governments could sell their own loans (bonds) and the large mercantile trading companies could raise fresh cash for their overseas adventures. The Dutch developed their bourses first, as early as 1611, with the English following about seventy-five years later. Besides trading commodities vital to the developing mercantilist trade, both bourses began to actively trade new concepts in financingshares and loans or bonds. Governments and the early trading companies began to look upon private investors as sources of capital. Borrowing from investors was preferable to raising taxes. Investors warmed to the idea of share ownership because it limited their risk in an enterprise to the amount actually invested in it. The exchanges developed primarily because both countries were the birthplaces of modern mercantilism and industrial capitalism. Equally, the British and the Dutch exported much capital abroad, in hope of reaping profits from overseas ventures. Charles R. Geisst, PhD Wall Street: A History from Its Beginnings to the Fall of Enron. 2004 US Constitution Gives Congress Self-Discipline Authority for Financial Wrongdoing The authority of Congress to discipline its Members is found in Article I, Section 5, clause 2 of the Constitution, which states in part, Each House may determine the Rules of its proceedings, punish its Members for disorderly Behaviour, and, with the Concurrence of two thirds, expel a Member. Through the years, disorderly behavior has become synonymous with improper conduct such as support of rebellion, disloyalty, corruption, and financial wrongdoing, particularly for personal gain. Birth of US Investment Markets The US federal government refinances all federal and state Revolutionary War debt, issuing 80 million in bonds. These become the first major issues of publicly traded securities, marking the birth of the U. S. investment markets. First Inside Trader Causes the First US Market Crash William Duer portrait. Source: Ohio History Central website (accessed Jan. 9, 2009) In 1789, upon the establishment of the US Department of the Treasury, William Duer was appointed Assistant Secretary, under the first Secretary of the Treasury Alexander Hamilton. William Duer had the distinction of being the first individual to use knowledge gained from his official position to become entangled in speculative trading in effect, he was the first inside trader. Charles R. Geisst, PhD Wall Street: A History from Its Beginnings to the Fall of Enron. 2004 The market first crashed in 1792, soon after the nations birth, thanks to a merchant prince named William Duer. He was a man of wide-ranging business interests who had supported and made money off the Revolution and who then married into the upper reaches of New York society. He thought he could use his insider connections to Alexander Hamilton to make a killing by speculating in the newly issued debt of the infant government. As so many would after him, Duer overreached. Borrowing heavily to finance his illicit schemes, he went bankrupt when the bubble burst. The New York City economy crashed along with him, and Duer was nearly disemboweled by an enraged mob that chased him through the streets. He died in debtors prison a few years later. Steven Fraser, PhD The Genealogy of Wall Street Crime, Los Angeles Times. Jan. 30, 2005 Buttonwood Agreement Sets the Stage for the Creation of the NYSE For market participants, the message of 1792 was clear: Clean up trading practices or risk greater volatility. A number of surviving brokers decided that self-regulation was the answer, so twenty-four brokers gathered on May 17, 1792 and signed what was to become Early trading in the US beneath a buttonwood tree. Source: Wall Street Journal website (accessed Jan. 9, 2009) known as the Buttonwood Agreement. Named after a popular buttonwood tree at 68 Wall Street, the agreement stipulated in writing that the assembled brokers would trade only with each other. In other words, brokers had to be mutually recognized. Consequently, the Buttonwood Agreement began what would be a long history of self-regulation in the U. S. securities markets. With the market now limited to just the recognized market participants, the Buttonwood Group moved to a private room at the Tontine Coffee House on Wall Street to conduct business. From these beginnings, the Buttonwood Group would morph in 1817 into a more formal organization, known as the New York Stock amp Exchange Board. In 1863 the name would finally be changed to the current name, the New York Stock Exchange NYSE. Scott B. MacDonald, PhD , and Jane Elizabeth Hughes, MA, MBA Separating Fools from Their Money: A History of American Financial Scandals. 2006 US President Ulysses Grant portrait. Source: whitehouse. gov (accessed Jan. 12, 2009) . Ulysses S. Grants popularity slipped as his presidency progressed and scandals damaged his reputation. None struck closer to home than Black Friday -- the collapse of the U. S. gold market on September 24, 1869. At the root of the scandal were two well-known scoundrels, Jay Gould and Jim Fisk. They hoped that the government would hold onto its gold. Meanwhile, they would buy up as much gold as they could. When the price of gold got high enough to gain them a huge profit, they would sell. To convince Grant not to sell gold, the two schemers recruited a man named Abel Rathbone Corbin. Corbin, also a financier, had married Grants sister Virginia. Corbin convinced Grant to name General Daniel Butterfield as assistant treasurer of the United States. Part of Butterfields job was to handle government gold sales on Wall Street. In return for a piece of the action, Butterfield agreed to tip the schemers off when the government was ready to sell gold. When he Grant discovered a letter from his sister to his wife discussing the matter, he knew he was being conned. New Yorks Gold Room on Black Friday, Sep. 24, 1869. Source: Project Gutenborg website Soon after, Grant ordered the sale of 4,000,000 in government gold. But when the government gold hit the market, so did panic. Within minutes, the price of gold plummeted, and investors scrambled to sell their holdings. Many investors had obtained loans to buy their gold. With no money to repay the loans, they were ruined. Among those who lost big on Black Friday was Abel Corbin. The wily Gould escaped disaster by selling his gold before the market began to fall. In the Congressional investigation that followed, General Daniel Butterfield was removed from his post. But loyal Republicans refused to allow the testimony of Virginia Corbin and First Lady Julia Grant. Public Broadcasting Service (PBS) People amp Events: Black Friday, Sep. 24, 1869, pbs. org (accessed Jan. 12, 2009) US Supreme Court Rules Insiders Must Disclose Nonpublic Information in Strong v. Repide The illegality of insider trading on non-public information had not been established until the early 20th century. In the United States before 1909, for example, there was no legal obligation for an insider trader to disclose nonpublic information. The only exception was the case of fraud that was not easy to prove. In the leading case of Strong v. Repide in 1909, the U. S. Supreme Court established that a company official is obliged to disclose her identity and nonpublic information when she trades the company stocks. Kansas Adopts the Blue Sky Law to Register Companies and Brokers Selling Securities Kansas adopts the Blue Sky Law, which requires companies issuing securities to file a description of their operations and receive a permit before selling stocks. It also imposes registration requirements on brokers who sell securities. Within two years, 22 other states pass similar laws. An effort to pass a similar law at the federal level fails. JP Morgan amp Co. Exercises Influence in the Government In the late 19th and early 20th centuries, JP Morgan amp Co. was the worlds most powerful bank. It was Americas unofficial central bank, served as international guardian of the gold standard, and halted periodic financial panics (from which it profited). Morgan exerted extraordinary government influence, particularly with the Republican Party. During the administrations of the 1920s, Morgan men routinely represented the U. S. government at international monetary meetings. President Herbert Hoover frequently phoned Morgans CEO before breakfast. Benjamin Strong, governor of the New York Federal Reserve Bank from 1914-28 and Americas most powerful central banker, began his career at a Morgan-associated bank. This Morgan-Fed connection continues today: Before President Reagan named him chairman of the Federal Reserve, Alan Greenspan served as a corporate director for Morgan. Sam Natapoff, PhD Rogue Whale, American Prospect. Mar. 5, 2004 Stock Market Crashes and Great Depression Begins SEC Commission on July 2, 1934 (Right to left: Ferdinand Pecora, George C. Mathews, Robert E. Healy, Joseph P. Kennedy, and James M. Landis). Source: SEC Historical Society website Before the Great Crash of 1929, there was little support for federal regulation of the securities markets. During the 1920s, approximately 20 million large and small shareholders took advantage of post-war prosperity and set out to make their fortunes in the stock market. It is estimated that of the 50 billion in new securities offered during this period, half became worthless. When the stock market crashed in October 1929, public confidence in the markets plummeted. Congress during the peak year of the Depression passed the Securities Act of 1933. This law, together with the Securities Exchange Act of 1934, which created the SEC, was designed to restore investor confidence in our capital markets by providing investors and the markets with more reliable information and clear rules of honest dealing. Monitoring the securities industry requires a highly coordinated effort. Congress established the Securities and Exchange Commission in 1934 to enforce the newly-passed securities laws, to promote stability in the markets and, most importantly, to protect investors. US Securities and Exchange Commission (SEC) The Investors Advocate: How the SEC Protects Investors, Maintains Market Integrity, and Facilitates Capital Formation, sec. gov (accessed Jan. 12, 2009) SEC Rule 10b-5 Extends Prohibition of Fraud to the Purchase of Securities In 1942, the Commission was presented with a situation in which the president of a company was buying shares from the existing shareholders at a low price by misrepresenting the companys financial condition. While Securities Act 17(a)(1) prohibited fraud and misstatements in the sale of securities, there was no comparable provision prohibiting such practices in connection with the purchase of securities. The SECs Assistant Solicitor accordingly lifted the operative language out of 17(a), made the necessary modifications, added the words in connection with the purchase or sale of any security, and presented the product to the Commission as Securities Exchange Act Rule l0b-5. It was unanimously approved without discussion. In the more than 50 years since its adoption, this simple rule has been involved in countless SEC and private proceedings, and applied to almost every conceivable kind of situation. In the 1960s and early 1970s, many federal appellate courts and district courts developed expansive interpretations of Rule 10b-5 (and other antifraud provisions of the securities laws). They applied it to impose liability for negligent as well as deliberate misrepresentations, for breaches of fiduciary duty by corporate management, and for failure by directors, underwriters, accountants and lawyers to prevent wrongdoing by others. Thomas Lee Hazen, JD The Jurisprudence of SEC Rule 10b-5, American Law Institute-American Bar Association Continuing Professional Education (ALI-ABA) website, July 28-29, 2005 US Supreme Court building. Source: supremecourtus. gov (accessed Jan. 22, 2009) In the 1980 case of Chiarella v. United States. the United States Supreme Court reversed the criminal conviction of a financial printer who gleaned nonpublic information regarding tender offers and a merger from documents he was hired to print and bought stock in the target of the companies that hired him. The case was tried on the theory that the printer defrauded the persons who sold stock in the target to him. In reversing the conviction, the Supreme Court held that trading on material nonpublic information in itself was not enough to trigger liability under the anti-fraud provisions and because the printer owed target shareholders no duty, he did not defraud them. In what would prove to be a prophetic dissent, Chief Justice Burger opined that he would have upheld the conviction on the grounds that the defendant had misappropriated confidential information obtained from his employer and wrongfully used it for personal gain. In response to the Chiarella decision, the Securities and Exchange Commission promulgated Rule 14e-3 under Section 14(e) of the Exchange Act. and made it illegal for anyone to trade on the basis of material nonpublic information regarding tender offers if they knew the information emanated from an insider. The purpose of the rule was to remove the Chiarella duty requirement in the tender offer context where insider trading was most attractive and especially disruptive. Thomas C. Newkirk, LLB and Melissa A. Robertson, JD Speech by SEC Staff: Insider Trading - A U. S. Perspective, sec. gov, Sep. 19, 1998 US Court of Appeals 2nd Circuit Upholds Misappropriation Theory in US v. Newman US Court of Appeals, Second Circuit seal. Source: ca2.uscourts. gov (accessed Jan. 22, 2009) The misappropriation theory was tested in court shortly after Chiarella in United States v. Newman. Newman involved employees of an investment banking firm that advised companies with respect to proposed mergers and acquisitions. The defendants misappropriated confidential information entrusted to their employer and conveyed it to securities traders who purchased stock, then shared the profits from the stocks sale with the defendants. The employees owed no duty to the target company or its shareholders and thus could not be prosecuted under the classical theory of insider trading. On appeal, the Second Circuit affirmed defendants convictions. The court stated that in other areas of the law, deceitful misappropriation of confidential information by a fiduciary. has consistently been held to be unlawful. Congress did not intend a less rigorous code of conduct under the Securities Acts. Randall W. Quinn, JD The Misappropriation Theory of Insider Trading in the Supreme Court: A (Brief) Response to the Many Critics of United States v. OHagan, Fordham Journal of Corporate amp Financial Law. May 2003 US Supreme Court Rules 6-3 Against Tippee Liability in Dirks v. SEC Raymond Dirks, a stock analyst, was told by a former corporate officer about a massive fraud at the officers former employer, information which Dirks then relayed to his clients. In Dirks. the Supreme Court premised tippee liability on the motives of the tipper, that is to say, the tippee was only under a duty to disclose or abstain when the tipper sought an improper benefit for his information. Where the tipper acts from altruistic, or at least non personal benefit motives, there could be no liability. The Court in a 6-3 decision found that Dirks did not breach a direct or derivative duty his conduct therefore did not break the law. Linda Chatman Thomsen, JD Speech by SEC Staff: Remarks Before the Australian Securities and Investments Commission 2008 Summer School: U. S. Experience of Insider Trading Enforcement, sec. gov, Feb. 19, 2008 Insider Trading Sanctions Act of 1984 Increases Insider Trading Penalties In the wake of the Chiarella and Dirks decisions, Congress enacted even stronger insider trading penalties available for use by the SEC. The Insider Trading Sanctions Act of 1984 (ITSA) increased civil and criminal penalties for trading while in possession of material nonpublic information. The SEC is authorized to seek disgorgement of profits and a civil penalty of up to three times the profits gained or the loss avoided by the defendant, and the criminal penalty was increased from 10,000 to 100,000. However, while facially applicable to transactions involving misuse of nonpublic material information, ITSA does not define the scope of permissible conduct. Thus it does not alter the availability of a cause of action, merely the penalties that may be imposed. Nevertheless, ITSA has proven to be an effective enforcement weapon. Following its enactment, the SEC has been increasingly vigorous in enforcing insider trading prohibitions and has reached some lucrative settlements. Levine, Boesky, and Milken Insider Trading Scandals The same bullet shattered the takeover craze and the greatest money-making boom in Wall Streets history, and it exposed the greatest criminal conspiracy the financial world has ever known. The Greed Decade may have taken four more years to play itself out, but after May 12, 1986, it was doomed. Dennis Levine. confessed to 12.6 million in insider-trading profits. Ivan Boesky agreed to pay 100 million in forfeitures and penalties no one pretends now that that is anywhere near the total of his illegal gains over the years. And then there is Michael Milken, whose crimes were far more complex. and ambitious than mere insider trading. In 1986, Milken earned 550 million in salary and fx alone from an enterprise that had been tainted with illegal activity for years. When he finally admitted to six felonies, he agreed to pay 600 million--an amount larger than the entire yearly budget of the Securities and Exchange Commission. US Supreme Court Splits 4-4 on Misappropriation Theory Applicability in Carpenter v. US Carpenter v. US involved R. Foster Winans, a reporter for The Wall Street Journal. who worked on Heard on the Street, a financial news column. He would pass information to David Carpenter, who would then pass it along to Kenneth Felis, a stockbroker. Based on the information which would appear in the next days column, Felis would buy or sell stock in the affected companies. The defendants used the non-public information, which the newspaper considered its property, to net 690,000 from the scheme. Since previous cases did not support the proposition that the fiduciary duty an individual owed to his employee could support an action under Rule 10b-5. US Supreme Court Justice Lewis F. Powell argued that Carpenters conduct did not violate the law. This argument swayed Chief Justice Rehnquist and Justice OConnor to join the draft dissent and grant certiorari. However, before the case was argued, Justice Powell retired without Powell, the Supreme Court eventually split 4-4 on whether the misappropriation theory was valid for imposing Rule 10b-5 liability. That issue would not be finally decided by the Supreme Court for another ten years by US v. OHagan in 1997. Securities and Exchange Commission Historical Society Fair to All People: The SEC and Regulation of Insider Trading, sechistorical. org (accessed Jan. 21, 2009) Carpenter v. US (US Supreme Court) (34 KB) , Nov. 16, 1987 US v. Carpenter (US Court of Appeals, 2nd Circuit) (158 KB) , May 27, 1986 Insider Trading and Securities Fraud Enforcement Act of 1988 Expands Insider Trading Penalties After a number of hearings and considerable debate in the 100th Congress, the President signed the Insider Trading and Securities Fraud Enforcement Act of 1988. This Act expanded the scope of civil penalties to control persons who fail to take adequate steps to prevent insider trading increased the maximum jail terms for criminal securities law violations from five to ten years, with maximum criminal fines for individuals to be increased from 100,000 to 1,000,000 and for nonnatural persons from 500,000 to 2,500,000 initiated a bounty program giving the SEC discretion to reward informants who provide assistance to the agency and required broker-dealers and investment advisers to establish and enforce written policies reasonably designed to prevent the misuse of inside information. Executive Order 12674 Prohibits Executive Branch Employee Use of Nonpublic Government Information for Private Gain On Apr. 12, 1989 US President George H. W. Bush signed Executive Order 12674 titled Principles of Ethical Conduct for Government Officers and Employees, applicable to employees of the executive branch. Provisions in the Order dealing with using nonpublic government information for private gain include: (a) Public service is a public trust. requiring employees to place loyalty to the Constitution, the laws, and ethical principles above private gain. (b) Employees shall not hold financial interests that conflict with the conscientious performance of duty. (c) Employees shall not engage in financial transactions using nonpublic Government information or allow the improper use of such information to futher any private interest. European Community Directive Coordinates Member States Regulations on Insider Trading Flag of the European Union (formerly known as the European Community until 1992). Source: europa. eu (accessed Feb. 3, 2009) The European countries have tried to harmonize their insider-trading regulations, which were formalized in the European Community Directive Coordinating Regulations on Insider Trading, adopted Nov. 13, 1989 (The EC Directive). The EC Directive arose out of the 1957 Treaty of Rome establishing the European Economic Community, which mandated creating a single internal European financial market. At the time the directive was passed, however, four of the 12 members of the EC European Community (West Germany, Belgium, Italy and Ireland) had no insider-trading legislation on the books and the remaining eight members (France, England, Luxembourg, the Netherlands, Denmark, Greece, Portugal and Spain) had widely varying statutes. The directive set up a minimum standard of insider-trading regulations and required all member states to follow it. International Securities Enforcement Cooperation Act of 1990 Enlarges SECs International Role The International Securities Enforcement Cooperation Act of 1990 also known as the Securities Act Amendments of 1990 enlarged the US Securities Exchange Commissions ability to address international securities issues in several ways. It amended the securities laws to permit the Commission to institute an administrative proceeding barring, sanctioning, or otherwise placing conditions on a securities professionals ability to engage in Commission-regulated activities if a foreign court or securities authority has found that the professional engaged in illegal or improper conduct. The law also amended the securities laws to provide confidential treatment for records produced under reciprocal arrangement with foreign securities authorities by exempting the documents from the disclosure obligation of the Freedom of Information Act if a good faith representation is made that disclosure would violate that countrys confidentiality requirements. In addition, the law makes explicit the Commissions rulemaking authority to provide access to nonpublic documents and other information to both foreign and domestic authorities. Finally, it authorizes the Commission to accept reimbursement from a foreign securities authority for expenses incurred by the Commission in providing assistance. Thomas C. Newkirk, LLB and Melissa A. Robertson, JD Speech by SEC Staff: Insider Trading - A U. S. Perspective, sec. gov, Sep. 19, 1998 Securities Enforcement Remedies and Penny Stock Reform Act of 1990 Expands SEC Power With the Securities Enforcement Remedies and Penny Stock Reform Act of 1990, amendments to the 1934 Act gave the SEC the power in an administrative proceeding to require disgorgement repayment of illegal insider trading profits. All Public Corporations in the US Switch to Electronic Filing of SEC Documents via EDGAR EDGAR (Electronic Data Gathering Analysis and Retrieval System) began as a model test program in 1984. EDGAR electronically performs automated collection and indexing of required SEC filings and accelerates the receipt and dissemination to the public of such filings. At first, EDGAR access was only through computer terminals located at various SEC offices or through paid proprietary databases. In 1994, a non-profit organization began to provide free Internet access to EDGAR as funding ran low, the SEC took over this project. As of May 1996, all domestic public corporations were required to file SEC documents via EDGAR. In 2002, the SEC began to provide real time Web-based access to EDGAR. National Securities Markets Improvement Act of 1996 Modernizes Federal-State Securities Regulation The National Securities Markets Improvement Act of 1996 (NSMIA) made substantial changes to the dual system of federal-state regulation while preserving state anti-fraud authority. For the first time since the New Deal, Congress modernized the relationship between federal and state securities regulators. Congress sought to make the SEC the regulator of nationally based activities, while preserving the role of states over activities that were truly local in nature. At the same time, NSMIA preserved the right of state regulators to prosecute fraud. Among other things, NSMIA preempts state registration and related requirements in the case of offerings of nationally traded securities and securities of registered investment companies. US Supreme Court Endorses Misappropriation Theory in US v. OHagan OHagan involved an attorney James H. OHagan whose firm represented a client contemplating a tender offer for the shares of the Pillsbury Company. Using nonpublic information he acquired through his law firm, Mr. OHagan loaded up on Pillsbury stock and call options. Pillsburys securities soared in value after the announcement of the tender offer and Mr. OHagan realized a profit of some 4.3 million. He was convicted at the trial stage, but that conviction was overruled by an intermediate appellate court which rejected the misappropriation theory. The government appealed to the Supreme Court. In its 1997 opinion, the Supreme Court reversed the appellate court and expressly endorsed the misappropriation theory of insider trading. In so doing, the Court held that the misappropriator, despite owing no duty to shareholders of the company whose stock he trades, in fact, is engaged in a fraud in connection with his securities trading. It is just a different type of fraud a fraud on the party from whom information was stolen, in breach of the misappropriators duty to the source. It is the breach of this duty that constitutes the deception required by the federal securities laws. Linda Chatman Thomsen, JD Speech by SEC Staff: Remarks Before the Australian Securities and Investments Commission 2008 Summer School: U. S. Experience of Insider Trading Enforcement, sec. gov, Feb. 19, 2008 James H. OHagan was found guilty of mail fraud, violating insider trading law, and violating an SEC tender offer rule. He was convicted on 57 accounts and sentenced to 41 months in prison. SEC Requires Plain English Use in Company Prospectuses and Filings The SEC US Securities Exchange Commission required that plain English - such as short sentences, everyday language, active voice and no legal jargon - be used in prospectuses and filings, in an effort to make documents more readable and informative to the retail investor. Gramm-Leach-Bliley Act Repeals Glass-Steagall Act Glass-Steagall was one of the many necessary measures taken by Franklin Delano Roosevelt and the Democratic Congress to deal with the Great Depression. The policy response was to erect a wall between investment banking and commercial banking. In the 1990s, as another bull market took hold, momentum built to overturn Glass-Steagall. Commercial banks were eager to get into high-margin businesses like underwriting hot tech stocks. Brokerage firms saw commercial banks, with their massive customer bases, as great distribution channels for stocks, mutual funds, and other financial products that they created. Generally speaking, the investment banks were the aggressors. In April 1998, Sandy Weills Travelers, which owned Salomon Smith Barney, merged with Citicorp. The following year, Congress passed and President Clinton signed the Financial Services Modernization Act of 1999, known as the Gramm-Leach-Bliley Act. This law effectively deleted the prohibition on commercial banks owning investment banks and vice versa. Daniel Gross, AM Shattering Glass-Steagall, newsweek, Sep. 15, 2008 Regulation FD Addresses Selective Disclosure Among the regulations issued by the SEC which may concern insider trading, one in particular, Regulation FD adopted by the SEC on Aug. 15, 2000, may be mentioned. Regulation FD, a relatively new disclosure rule, addresses selective disclosure. It provides that, when an issuer or any person acting on behalf of the issuer discloses material nonpublic information to certain enumerated persons (typically securities market professionals and holders of the securities), it must disclose that information to the public. The timing of the required disclosure depends upon various factors which are discussed in the rule. Sarbanes-Oxley Act of 2002 Expedites Access to Insider Trading Information For company researchers, Sarbanes-Oxley is the silver lining in the bubble-bursting blitz of corporate scandals that hit U. S. markets in 2001 and 2002. In late 2001, Enron collapsed into bankruptcy, taking Arthur Andersen down with it. Between then and mid-2002, Xerox, Adelphia, Worldcom, and Tyco were among the companies in the headlines for executive misconduct and multi-billion dollar restatements. The Sarbanes-Oxley Act seeks to strengthen accountability by auditors, executives, and boards of directors and to improve communication of companies activities and financial condition to investors. The law stresses that companies disclose on a rapid and current basis any changes in operations or financial condition. Before Sarbanes-Oxley, access to insider trading information was mediocre. Insider trading must now be filed electronically through the EDGAR system within 2 days of the transaction. Attention by the companies to insider transaction filings should increase the accuracy of the forms. Janet Hartmann The Impact of Sarbanes-Oxley, Online magazine, MayJune 2004 Martha Stewart Is Convicted for Lying About Reasons Behind Stock Trades Alderson Federal Prison Camp, where Martha Stewart served her 5-month prison sentence. Source: New York Times website (accessed Feb. 3, 2009) Martha Stewart received the minimum sentence yesterday -- five months in prison, plus five months of home confinement -- for lying to federal investigators about a stock sale that she called a small personal matter. Ms. Stewart also said she would appeal her conviction on charges related to her conduct surrounding the sale of nearly 4,000 shares of ImClone Systems in late 2001, the stock trade that lies at the heart of her legal troubles. Both she and her former stockbroker, Mr. Peter E. Bacanovic, were convicted of conspiring to hide the reasons behind her ImClone trade, which netted her about 227,000. They told investigators that it took place because they had agreed earlier to sell if the share price fell below 60 a share. But Mr. Bacanovics assistant, Douglas Faneuil, testified that his boss ordered him to tell Ms. Stewart that ImClones top executive and his family were dumping their shares on Dec. 27, 2001. Constance L. Hays 5 Months in Jail, and Stewart Vows, Ill Be Back, New York Times. July 17, 2004 Study Reveals Senators Have Edge in Stock Trades A Georgia State University study reveals that US Senators average annual stock performance from 1993 - 1998 beat the market average by approximately 12.3. Alan Ziobrowski, PhD Abnormal Returns from the Common Stock Investments of the U. S. Senate, Journal of Financial and Quantitative Analysis. Dec. 2004 Corporate insiders on average outperform the market by 7.4 and stock portfolios of the average US household underperform the market by 1.5.Dawn Farms, one of Europes leading suppliers of cooked and fermented meat ingredients to international foodservice chains and food manufacturers has announced plans to create 150 new jobs over the next five years. The investment by Dawn Farms which will amount to over 25m over the period is focussed on enhancing the companys RampD capabilities at its Meat Science amp Innovation Centre in Naas and is supported by the Department of Jobs, Enterprise and Innovation through Enterprise Ireland. Larry Murrin, CEO of Dawn Farms said: Developing new products to meet changing consumer tastes has been at the heart of the growth of this firm for over 30 years. Our Meat Science amp Innovation Centre at our Naas headquarters is the innovation hub where we support our customers in over 40 markets worldwide. Great ingredients make great food and great ingredients come from outstanding food innovation. Consumers tastes are constantly evolving. We are passionate students of the marketplace and closely monitor consumer trends. We are seeing more demand for home-style authentic meats, new flavours and new snacking options as well as on-going interest in health and wellness across the range of meats that we cook. Todays announcement is major vote of confidence in our people, our innovation process and our customers who are involved at every stage. This investment will enhance our capacity to research trends, to develop new products and exciting new production technologies while ensuring that the highest standards of food safety and security are upheld. Typically the new roles will be at least graduate level, with opportunities for more highly qualified food scientists, meat technologists and those with culinary expertise to join the company. The Minister for Enterprise, Jobs and Innovation, Mary Mitchell OConnor said that the Dawn Farms story is a great example for the Irish agri-sector. Dawn Farms success is based on its strong roots in Ireland, using our brightest and best food scientists to innovate new products and developing long term relationships with major international customers. In the 2017 Action Plan for Jobs, which we launched recently, we committed to supporting firms to diversify their trading footprint, enter new markets and grow international sales. The Government, through Enterprise Ireland, have been a consistent partner and supporter of Dawn Farms and today marks the latest step in that relationship. Julie Sinnamon, Chief Executive of Enterprise Ireland, said: Enterprise Irelands strategy is to support Irish companies to build scale and to expand their reach into international markets and we are delighted to support Dawn Farms as they enter into this new phase of growth and expansion. Enterprise Ireland has been working with Dawn Farms since its establishment and weve witnessed first-hand the companys growth and evolution, deepening their presence in the UK as well as diversifying into new markets in the Eurozone region. Dawn Farms is an inspiring example of a company that demonstrates global ambition when it comes to its market export potential and is sending a very positive message to every Irish agri-food business, that it is possible to build an innovative and scalable company that can compete at the highest levels internationally. Ricoh Ireland today announces the opening of its new Irish headquarters on the back of a 6.5million investment. The HQ will welcome an additional 110 team members over the next three years as Ricoh looks to grow its Irish business to 190 people by the end of 2019. The jobs and investment were announced at the official opening of the new Irish base in Airside Business Park, Swords, Co. Dublin, in the presence of Mary Mitchell OConnor TD, Minister for Jobs, Enterprise amp Innovation. The new HQ, combined with the investment and jobs, demonstrates Ricohs ongoing commitment to the Irish market and will help Ricoh Ireland to almost double its revenues from last years 16.4 million to 32 million in the next three years. Ricoh Irelands retained earnings and growing revenue stream will fund the investment. Contributing significantly to the increased revenues and expansion are Ricoh Irelands business process services which enables streamlined document workflow and production print offerings, both of which have been major areas of growth recently. In the last 18 months alone, the company created 30 jobs separate to the 110 new jobs announced today. Over the next three years, Ricoh Ireland will look to fill roles in the areas of technical engineering, software solutions, business development and operations management. In order to attract and retain existing talent, the 4,200ft2 facility was designed with the purpose of being a quality work environment. Ricoh Ireland employees were engaged in the design and planning of the new HQ, which was built to centre on the Four Cs collaboration, contemplation, communication and concentration with designated areas and tools to encourage each element. Showcasing the best in technology, the new HQ provides an opportunity for customers to see a live working environment of the future. With features including interactive whiteboards, unified communications and the best in document workflow, the Irish hub embraces flexible, mobile working and allows business customers to see how digital technologies can transform their workplace. The new HQ will continue to focus on Ricoh Irelands core areas of business: managed document services, communications services, production print, business process services, software solutions and professional services. Speaking about the announcement, Gary Hopwood, general manager, Ricoh Ireland, said: Todays announcement underlines Ricoh Irelands success in embracing digital transformation and helping our customers to do the same. The new HQ truly is the feather in our cap, showcasing how we have used technology to pioneer the workforce of the future. Our revenue stream in Ricoh Ireland continues to grow and we want to continue driving that forward. To achieve that, we needed a new office space that could facilitate a much larger workforce that will be instrumental in Ricoh Irelands future success. We expect to see significant returns on this investment for many years to come. Minister for Jobs, Enterprise amp Innovation, Mary Mitchell OConnor TD, said: The workforce is rapidly changing and Irish businesses must ensure they cater for the younger generations that are currently scaling up the career ladder. Ricoh Irelands new headquarters is an excellent example of how businesses in Ireland can innovate to transform the workplace, attract and maintain talent and maximise employee productivity and engagement. This jobs announcement showcases Irelands attractiveness to global organisations as a business hub. We have an extremely talented, multinational workforce and Ricoh is demonstrating its faith and confidence in our people with this announcement today. Phil Keoghan, CEO, Ricoh UK amp Ireland, said: Ireland is viewed as a key area of growth for Ricoh and we will continue to make significant investments in the companys continued success here. Its strong portfolio of indigenous and global accounts is testament to the outstanding performance of the Irish operation. Ireland has the skilled workforce and international relationships that make it a very attractive location for any organisation with a global presence. This announcement demonstrates Ricohs consistent confidence in and commitment to the Irish market. Ricoh is a global technology company, headquartered in Japan, which specialises in print, document management and visual communications solutions. It has global revenues of more than 18 billion. Ricoh has been operational in Ireland since 1980. It also has a document production centre in Glasnevin, which saw a separate 250K investment in 2016. Minister for Jobs, Enterprise and Innovation Mary Mitchell OConnor TD today announced the creation of 153 new jobs for Dublin from 4 North American and European high growth companies. The investments are supported by the Department of Jobs, Enterprise and Innovation through IDA Ireland. The new jobs are being created by technology companies working in the software-as-a-service (SaaS) area across a range of activities such as software engineering, RampD, sales, customer support. The companies creating the new jobs are: Pressreader (65 jobs) Canadian technology and media company headquartered in Vancouver, British Columbia, PressReader is the worlds leading digital content platform and the pioneer of the all-you-can-read model. Our users get unlimited access to more than 6,000 newspapers, magazines and other media sources from around the world via our apps, available for every smartphone, tablet and laptop. The company intends to create up to 65 new roles over the next few years across a range of functions, including Research amp Development, Multilingual Business Development, Sales and Marketing, Management and Administration. Looker (50 jobs) Looker today announced the expansion of its international operations with the opening of its new European Headquarters in Dublin, Ireland. The newly established headquarters in Dublin allows Looker to better support its ongoing growth and market opportunities across Europe. Lookers Dublin operations will create approximately 50 positions within Sales, Marketing, Professional Services and Support over the next three years. ThinkSmart (20 jobs) 8211 ThinkSmart, the fastest growing provider of powerful Business Process and Workflow Automation software and solutions, announced the opening of its Ireland office today to strengthen the U. S. companys sales, operations and client management efforts in EMEA. The company plans to hire 20 people in Sales, Customer and Support roles. ArtofUs (18 jobs) London based ArtOfUs Ltd today announced its plans to create 18 RampD jobs in Dublin. The company is developing the worlds leading human operating system for the Internet of Things market (IoT). Speaking at todays announcement Minister Mitchell OConnor TD said I warmly welcome these new companies. Ireland has been very successful in attracting investment projects from many of the big international players across a range of sectors. We intend to be just as successful in securing investment from the rising generation of early stage, high growth companies as well. It is terrific news that this group of companies, who are at the forefront of their technologies have decided to locate in Ireland and I look forward to their future expansion here. There are now over 2 million people working in Ireland, the highest number of people at work since Q4 2008. Welcoming todays announcement Martin Shanahan, CEO IDA Ireland said Ireland has been very successful in attracting Software as a Service (SaaS) companies in recent years. Ireland provides SaaS companies with well-educated Multilingual, Customer Support, Sales, Finance and Technical Teams. Ireland has a young, educated amp adaptable workforce strengthened by the free movement of people within the European Unions 200M strong labour market. Dublin is building a reputation as Europes centre for SaaS companies looking to scale with Pressreader, Looker, ThinkSmart, and ArtofUs establishing their EMEA HQ in Dublin. The key differentiator for Ireland over other locations is that the Ireland gives SaaS companies the ability to scale quickly with access to the right talent. The Minister for Jobs, Enterprise and Innovation Mary Mitchell OConnor today (Tuesday) welcomed the latest Quarterly National Household Survey figures from the Central Statistics Office, showing that employment has continued to increase and unemployment is now at 6.8. Approximately 1300 jobs a week were created in 2016 Since the Action Plan for Jobs was launched in Q1 2012 there are now 205,900 more people at work. There are now over 2 million people working in Ireland, the highest number of people at work since Q4 2008. This is the eighteenth quarter in succession where unemployment has declined on an annual basis The figures from the CSO today also show that the numbers in employment increased in all regions during 2016. 70 of the new jobs added in 2016 were outside Dublin. The fastest growing regions in terms of employment during 2016 were the Mid-West (up 7.4), the West (up 5.5) and the South East (up 4.6). Employment grew in all 14 economic sectors during 2016 the largest increases were recorded in construction (increase of 11,800 jobs), the industry sector (increase of 11,100 jobs), professional, scientific and technical activities (increase of 6,600 jobs) Speaking today, Minister Mary Mitchell O Connor said: I8217m delighted with these CSO figures which show our job growth figures increased significantly in 2016. Im especially pleased that 70 of the 66,100 new jobs announced last year were outside Dublin, as bringing jobs to the regions has been, and will continue to be, a key focus for me. Enterprise agencies and Local Enterprise Offices across the country continue to work to bring jobs to every corner of the country. It is also very positive to note that growth was recorded across all 14 economic sectors. This is the 18th successive quarterly report which shows a decline in unemployment, a strong endorsement that our Government8217s policies are working in creating the right environment to support job creation. These are more than statistics. These are real people8217s lives being transformed. Every job created changes lives, the lives of the workers, their families, and their communities. Every job matters. I will continue to work with my Department and its agencies to support companies and entrepreneurs to nurture the environment for further job creation8221. Ireland is selected as the location for a new EMEA Inside Sales Centre with the immediate creation of 500 new roles Recruitment of 100 people across Finance, Operations, Engineering, Sales, also underway Employees at Microsoft rewarded with a range of benefits to support them at work and at home Microsoft today announced that it is to hire 600 people, significantly increasing its commitment to Ireland. Following the selection of Dublin as the location for one of four global Inside Sales Centres, 500 new roles have been created with immediate effect. The Company also announced that it is recruiting a further 100 people across its existing operations with opportunities in a broad range of roles with opportunities available in Operations, Engineering, Data Centre Management, Technical Solutions, Search Account Management and traditional customer sales. These new recruits will join the 1,200 people already working with Microsoft in the Dublin based EMEA Operations Centre, the European Development Centre, the Irish Sales and Marketing Subsidiary and at the Europe, Middle East amp Africa (EMEA) Data Centre. 500 digital inside sales professionals are being recruited immediately to serve customers from the state-of-the-art Inside Sales Centre in Dublin. The establishment of an EMEA Inside Sales Centre supports the evolution of Microsofts interaction with customers and partners 8211 transforming and digitizing the sales experience. The EMEA Inside Sales Centre will enable highly trained sellers to leverage leading-edge technology tools and analytics to better meet customer needs. The approach creates a sales experience for customers which is personalized to address their business challenges or business opportunities, and enables them to engage with Microsoft through their preferred channel. The Inside Sales Centre in Dublin will serve customers across EMEA in over 30 different languages. Speaking at the announcement of the new investment, An Taoiseach, Enda Kenny T. D. said: 8220Ireland and Microsoft have enjoyed a long and prosperous history since their establishment in Ireland in 1985 and I8217m delighted that this relationship continues to bloom with the announcement of 600 new jobs in Dublin. The Government has worked hard in recent years to make Ireland an even more attractive place to invest and growth substantial European operations. Today8217s announcement underlines the strong commitment of Microsoft to its Irish operation and the strength of leadership of its Irish management team. The establishment of their transformational Inside Sale Centre is a testament to the attractiveness of Ireland as a location with our strong commitment to our EU membership, a competitive tax regime, a business-friendly environment and a skilled workforce with high levels of education. Finally, I wish all Microsoft employees every success in the future on their new state of the art campus in Leopardstown.8221 Speaking at the event, Minister for Jobs Enterprise and Innovation, Mary Mitchell O Connor T. D said: Im delighted to be here at Microsoft today to join them in announcing this latest investment in their Irish operations and welcome the creation of an additional 600 jobs. This latest investment, which brings an exciting new multi-skilled business activity to the company8217s Dublin base, further enhances the company8217s presence in Ireland and is vindication of the competitive advantage Ireland can offer. The extensive Microsoft operation in Ireland has grown significantly in recent years and we look forward to our very successful relationship continuing to develop in the years ahead 8220. Cathriona Hallahan, Managing Director, Microsoft Ireland said: Our CEO, Satya Nadella, is creating a culture of innovation and is bringing amazing technology to people with products like HoloLens and Surface Studio, with lots more to come. The team in Ireland has a long track record of helping the company to deliver against its vision and strategy and now there are opportunities for 600 more individuals to play their part in making the vision a reality. I would like to take the opportunity to thank the government and the IDA for helping to bring this investment to fruition. Lisa Dillon, Managing Director, EMEA Inside Sales said: The way we meet our customers needs is changing. We are creating an industry-leading digital marketing and data-driven sales approach to engage customers on their terms. We are looking for people to join us as we create the future of digital selling. The team we hire in Ireland will play a vital role in empowering our customers and partners across EMEA, drawing on the full array of Microsoft products and services in an era of digital transformation. The recruitment process for the newly created Inside Sales roles in Ireland has already started, but truly gets underway today with an ambition to have the organisation fully operational by the middle of the year. While many roles require previous sales or technical experience, the company is also seeking to recruit graduates with a few years experience who have the passion and aptitude necessary for these exciting opportunities. Microsoft is offering an extensive array of benefits in addition to a competitive package for the right candidates. Individuals with the relevant skills are being offered the opportunity to enjoy an exciting and rewarding career with one of the worlds leading technology companies. Microsoft today stated that the successful candidates for Inside Sales and the other roles across the organisation will benefit from a progressive career path, including continuous investments in personalised professional development plans which will include the opportunity to secure additional qualifications and certification to help them become world class digital sellers. For those in Inside Sales, the Microsoft Digital Seller Programme will give the recruits the opportunity to work towards a Diploma in Digital Selling in their first year and to attain a Post-Graduate Diploma in Digital Selling in year two. Managers will have the opportunity to work towards a Post-Graduate Diploma in Digital Sales Leadership. These certifications will be awarded by Dublin Institute of Technology. Those working at Microsoft benefit from Fuel Your Everything, an employee wellbeing programme designed by the company to assist employees in fuelling their mind, body and life. This holistic wellbeing offering is provided in two ways: through a set of Wellbeing Experiences, which aims to develop employee capability or key life skills, including, financial wellbeing, mindfulness, peak performance and a parenting programme. There is also a wide range of Wellness Centre treatments such as a Gym, Spin classes, Yoga classes, health screening, physiotherapy, dental and optical, massage, reflexology, barber and even a nail salon Employees also have access to extensive high end catering facilities to meet all their needs, complimentary private health insurance, three fully paid working days to volunteer for non-profit organisations of their choice and a matching funds program where the company matches employee donations. Lisa Dillon concluded: If you start here with us in Inside Sales, you will have the opportunity to develop your career within the company with almost limitless opportunities both here and abroad. Martin Shanahan, CEO at IDA Ireland said: Microsofts decision to create 600 jobs in addition to its current workforce is testament not only to the companys continued commitment to Ireland but also to the high calibre technical talent that is readily available throughout the country. Microsofts dynamic Irish workforce has facilitated the delivery of the firms global strategy. Microsofts expanding presence in Dublin further strengthens the capital citys international reputation as a leading technology hub. I wish Microsoft every success with their future operations in Ireland. This year will be a milestone year for Microsoft in Ireland. Not only will the company increase its workforce significantly, but it will also move into a new campus in Leopardstown before the end of the calendar year. The 134M investment in the new campus will create an unrivalled workplace for the Dublin-based team, with views of the mountains and race and golf courses, technology embedded throughout the building, state-of-the-art gym and exercise spaces, a range of cuisine at bespoke designed restaurants, and rooftop terraces. The new campus is proving a significant attraction for people who are looking for an airy and modern workplace of the future which facilitates their desire to be close to open spaces while retaining easy access to the city centre, sea and mountains through a range of public transport links. Further details of the available roles can be found at microsoft. ieInsideSalesDublin. Indeed, the worlds largest job site, today announced expansion plans for its Dublin-based headquarters for Europe, the Middle East and Africa (EMEA), adding 500 new employees over the next two years. The company has already started recruiting for sales, client services, HR, business development, marketing, finance, strategy and operations roles, which will help companies across EMEA to maximise the return on their recruitment spend, while continuing to offer the best job search experience for jobseekers. Indeed has sites in more than 60 countries and 28 languages. Unlike most job sites which only show paid listings, Indeed brings together the most job listings from employer career sites, staffing agencies, job boards, and career pages. Every month over 200 million jobseekers visit Indeed to find and apply for jobs through a desktop, tablet, or smartphone with a simple search. Indeed makes it easy for jobseekers to create job alerts which notify them as soon as new jobs are posted meeting their unique criteria. The announcement demonstrates Indeeds ongoing commitment to Ireland and the successful role Dublin has played as Indeeds EMEA HQ for the past five years. Indeed believes that happy employees are productive employees, and offer a variety of perks and benefits to attract and retain the very top talent: Open Paid Time Off (holiday can be taken throughout the year, without a cap) Catered meals, endless snacks amp drink options and weekly happy hours Wellness programmes, fitness classes and family fun days Office leisure including ping pong and pool tables Affinity groups for employees to connect over common interests Healthcare for employees and families Supported by the Department of Jobs, Enterprise and Innovation and the IDA, Indeed opened its Dublin office in March 2012 and currently employs a team of 530 people in its St. Stephens Green office. Commenting on the announcement Chris Hyams, President of Indeed said: Todays announcement is a particularly important one for Indeed. Deciding where to recruit and hire the right people ultimately helps us to fulfil Indeeds mission to help people get jobs. Having our EMEA hub in Dublin is the natural choice given the large pool of high-skilled talent both locally and from the rest of Europe. We now have 530 employees, representing 19 nationalities in our Dublin office. We look forward to growing our presence here in Dublin and continuing to work every day to help even more people get jobs all over the world. Commenting on todays announcement, Taoiseach Enda Kenny TD said: 8220I welcome today8217s announcement of 500 new jobs by Indeed. Their staggering growth since their establishment in Ireland in 2012 is a fantastic endorsement of our strengthening economy and is a reflection of the benefits of doing business in Ireland. The Government8217s Action Plan for Jobs 2017 aims to keep Ireland competitive to new investment by EMEA HQ8217s such as Indeed. Ireland will remain a central and committed member of the EU and the Single Market and growing dynamic companies like Indeed can rest assured we will work continually to promote the opportunities of the European Single Market.8221 The Minister for Jobs, Enterprise and Innovation, Mary Mitchell O8217Connor TD said: Indeed8217s operation in Ireland has been a tremendous success story and the announcement that they are doubling their staff numbers here is very welcome. An additional 500 jobs is a huge economic boost and vote of confidence in Ireland. We are very keen to support the new dynamic Internet-based services sector and Indeed has blazed a trail in this area. We are sure that we can provide the new skills required and create the right environment for the company8217s continued success.8221 Martin Shanahan, CEO IDA Ireland, which supported Indeeds initial move into Ireland said: Indeed first came to Ireland to internationalise its business and to serve its growing customer base. Ireland has proven to be a superb location for the company to source talent and to expand its footprint into the EMEA market. Indeeds drive and ambition has resulted in it being the worlds largest job site and the fact that Ireland plays a very important role in its global operations is a fantastic endorsement of the business environment here. For more information about Indeed and about the positions available, please visit indeed. jobs. Minister for Jobs, Enterprise and Innovation Mary Mitchell OConnor TD today announced that BrowserStack, the industry-leading mobile and web testing platform, has operationalized its state-of-the-art real devise Mobile Data Center in Dublin. The Minister also announced that BrowserStack will expand its Dublin operations and employ world class talent to lead the development of the next generation of mobile and web testing solutions. This expansion will create more than 40 roles within the next 24-36 months and recruitment is already underway. BrowserStack is supported by the Department of Jobs, Enterprise and Innovation through IDA Ireland. The massive popularity of internet browsing combined with the proliferation of browsers, operating systems and devices have resulted in inconsistent website experiences for users worldwide. Developers need to test their website changes across hundreds of possible combinations of mobile devices and platforms. BrowserStack is a cloud based service that allows web developers to perform these tests quickly and eliminates the need for expensive in-house testing infrastructure. BrowserStack currently supports more than 1100 combinations of browsers, operating systems and devices. BrowserStack serves more than 35,000 customers in 130 countries and customers include: Twitter, Microsoft, AirBnB, Mastercard, and more. Minister for Jobs, Enterprise and Innovation, Mary Mitchell O8217Connor welcomed Browserstack8217s announcement saying 8220This is another great win for IDA Ireland and a further vote of confidence for Ireland and what we have to offer. Having BrowserStack8217s International HQ located here adds to our ever expanding expertise in ICT and its presence here will help attract other high growth companies, I wish BrowserStack well in its endeavours.8221 BrowserStack Co-Founder Ritesh Arora said, We are committed to helping our customers solve their most significant problems. Setting up of the real devise Mobile Data Center in Dublin expands our existing cloud capacity. This expansion is an important step towards building a best-in-class global testing infrastructure. This will allow us to provide a better experience to our existing customers and support new product launches. We are also excited to expand our presence in Dublin and look forward to benefitting from its deep talent pool. Welcoming the announcement Martin Shanahan, IDA Ireland said BrowserStack is a rapidly growing company with significant potential given its leading position in the market and the increasing demand for smart devices and availability of wireless internet connectivity. BrowserStack is one of a new generation of dynamic, innovative technology companies. This investment will assist IDA in attracting more Indian technology companies to Ireland. NGINX, Inc. . the engine delivering sites and applications for the modern web, today announced an expanded international presence and new headquarters for EMEA in Cork, Ireland. As substantially more organisations move to the cloud, containers, and microservices, NGINX continues to attract strong worldwide adoption and now powers more than half of the worlds busiest sites and applications. NGINXs flagship commercial offering, NGINX Plus . extends open source NGINX with advanced features such as load balancing, web and mobile acceleration, security controls, application monitoring and management, and award-winning support for an enterprise-ready solution. Currently, NGINX has more than 100 employees worldwide, and is set for continued rapid global expansion with immediate plans for growth across EMEA centred around its new regional headquarters in Cork. The company plans to create over 100 jobs in its Cork office over the next three years in specialties including sales, marketing, finance, business development, software architecture, engineering, and research and development. The EMEA headquarters will serve to better support existing customers in the region, and will provide a base to reach new customers in high growth areas, including the UK, Germany, France, the Netherlands, and across the Nordics. NGINX is supported by Irelands Department of Jobs, Enterprise and Innovation through IDA Ireland. Many of the worlds leading technology firms are expanding their presence in Ireland because of the availability of highly skilled talent, the quality of life, and its strong relationships across Europe and NGINX is no exception, said An Taoiseach (Irish Prime Minister) Enda Kenny TD. We welcome NGINX for both the job and economic advancement it will bring to Ireland. The company is in the midst of incredible growth, with strong brand recognition throughout EMEA, making it a natural fit to have Cork as a launching point to the Irish market, and across the entire region. NGINX CEO Gus Robertson added, With consumer expectations at an all-time high, organisations of all sizes are turning to NGINX to deliver their applications and websites with performance, reliability, security, and scale across cloud and hybrid environments. By launching our EMEA headquarters in Cork well be able to better serve our customers throughout the region, empowering them to deliver the best possible web experience to their end users. He continued, beyond this geographical fit, Cork is strongly aligned in culture and attitude with the values carried over from our global headquarters in San Francisco, and we look forward to bringing in the best and brightest talent in the area. Minister for Jobs, Enterprise and Innovation Mary Mitchell OConnor together with Minister of State for Training, Skills amp Innovation John Halligan today announced that Red Hat, the worlds leading provider of open source solutions, plans to invest 12.7M in a new project, committing to create up to 60 jobs in Waterford over four years. The project is supported by the Department of Jobs, Enterprise amp Innovation through IDA Ireland. Red Hats Waterford office was established in 2014 following its acquisition of the cloud-based mobile software company, FeedHenry, originally a spin-out from Waterford Institute of Technology, and currently serves as the companys global hub for research and development into mobile application development technology. In addition to Waterford, Red Hat has two other offices in Ireland, including Cork and Dublin. Red Hat is at the forefront of developing new open source technologies that support organisations8217 digital transformation projects around the world. This project is an example of Red Hat8217s investment in these technologies and the talent that makes them possible. Headquartered in Raleigh, North Carolina, USA, Red Hat Inc. is the worlds leading open source software solutions provider. Established in 1993, Red Hat has more than 85 offices globally and employs more than 10,000 people. Red Hats RampD global headquarters is in Westford, Massachusetts. As an open source software provider, Red Hat uses a community-driven approach to develop and supply software-based operating systems, virtualisation, middleware, storage and cloud technologies. The company is focused on developing leading-edge open source technologies in areas that include containers, messaging, big data, real-time computing, middleware, management, mobile, security and identity. Making the announcement in Waterford today, Minister for Jobs, Enterprise and Innovation, Mary Mitchell O8217Connor said: 8220This is terrific news for Waterford and the South East and I warmly welcome the creation of up to 60 high value RampD jobs which Red Hat has committed to create here over the next four years. This investment of 12.7m shows the confidence Red Hat has in its Waterford staff and also in its ability to source highly skilled workers. This is a great day for Waterford and the South East region. The Minister of State for Training, Skills and Innovation, John Halligan TD said: This is a really positive development for the South East region. The Government through the Action Plan for Jobs is very focussed on ensuring all of Ireland benefit from job creation. This project today shows that we have the capability to attract big IT projects, which will bring well paid jobs to the region. Dr. Mchel Foghl, CTO, Red Hat Mobile, said: The opening of this new office, and the announcement of the investment, is the result of significant work by all of the staff here in Waterford, most of whom are working on challenging new mobile technologies. We look forward to taking our place as a key pillar in the Information Technology landscape in the region. IDA Ireland CEO Martin Shanahan said: It is great to see Red Hat develop its Waterford office as a strategic site by adding this project. Waterford has a growing software engineering base and this decision by Red Hat, a global software leader, to locate this project here is another excellent endorsement of the region as a prime location for other technology companies to invest in. I wish the company every success with this project. Messaggio di navigazione