Both the Commodity Futures Trading Commission and the Chicago Mercantile Exchange brought and settled charges against a CFTC-registered floor broker, claiming he engaged in spoofing trading activity on the CME. The two...more
8/6/2019
/ Anti-Money Laundering ,
Broker-Dealer ,
CFTC ,
Cryptoassets ,
Cybersecurity ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
Final Guidance ,
Financial Conduct Authority (FCA) ,
Insider Trading ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Spoofing ,
UK
Last week the Securities and Exchange Commission filed an enforcement action against nine defendants related to its 2017 discovery that its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system used for receiving...more
1/23/2019
/ Canada ,
CPOs ,
Criminal Convictions ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Digital Assets ,
Dodd-Frank ,
EDGAR ,
Enforcement Actions ,
Hackers ,
Indictments ,
Insider Trading ,
Securities and Exchange Commission (SEC) ,
Spoofing
The Commodity Futures Trading Commission brought and resolved multiple enforcement actions alleging manipulation and attempted manipulation, coordinating such actions with parallel disciplinary proceedings by relevant...more
The chief executive officer of a major worldwide banking group agreed to pay the equivalent of US $870,000 as fines to two United Kingdom regulators, and had the equivalent of US $677,000 of prior pay clawed back by his...more
The chief executive officer of a major worldwide banking group agreed to pay the equivalent of US $870,000 as fines to two United Kingdom regulators, and had the equivalent of US $677,000 of prior pay clawed back by his...more
5/15/2018
/ Barclays ,
CFTC ,
Corporate Fines ,
Criminal Conspiracy ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Futures ,
Indictments ,
Initial Coin Offering (ICOs) ,
Insider Trading ,
Price-Fixing ,
UK ,
Whistleblower Protection Policies ,
Whistleblowers
Former Portfolio Manager’s Conviction for Insider Trading Upheld by Federal Appeals Court Despite Same Court’s Prior Contrary Reasoning:
Last week, a three-judge panel of the federal appeals court in New York upheld the...more
New SEC Chairman Previews Governing Principles; Stresses Commitment to Working With CFTC: Last week, Jay Clayton, newly appointed Chairman of the Securities and Exchange Commission, enumerated eight “guiding principles” that...more
CFTC Inspector General Strongly Criticizes Cost-Benefit Analysis Underlying Commission’s Rule Establishing Margin for Uncleared Swaps: The Office of Inspector General of the Commodity Futures Trading Commission said that the...more
Innocuous Changes in CME Group Globex Rule Could Inadvertently Increase Potential FCM Liability Bigly: CME Group announced amendments to its rule related to Globex order entry that will affirmatively require all persons that...more
SEC/CORPORATE -
Supreme Court Rules on Insider Trading Involving Family and Friends -
In its first insider trading decision in nearly two decades, the US Supreme Court ruled unanimously to uphold an insider trading...more
Non-Member Tipper and Tippee Fined by CME Group for Insider-Trading Type Offenses; Two Member Firms Fined for Algo System Gone Wild -
Two apparently related non-members of the Chicago Mercantile Exchange agreed to be...more
Alleged Flash Crasher Navinder Sarao Loses Final Effort to Avoid US Extradition: Navinder Sarao, the London-based futures trader who in April 2015 was criminally charged with contributing to the May 2010 “Flash Crash,” is now...more
Ex-Airline Employee Sued by CFTC for Insider Trading of Futures Based on Misappropriated Information: The Commodity Futures Trading Commission brought and settled charges against Jon Ruggles, a former trader for Delta...more
Advantage Futures LLC, Joseph Guinan, its majority owner and chief executive officer, and William Steele, who until May 2016 was Advantage’s chief risk officer, settled charges brought by the Commodity Futures Trading...more
SEC Overturns CBOE Determination That Individual Traders of Two Omnibus Accounts Were Customers Requiring Application of Customer Identification Rule -
The Securities and Exchange Commission set aside a determination by...more
6/20/2016
/ Block Trades ,
CBOE ,
CIP ,
Compliance ,
Confidential Information ,
Criminal Prosecution ,
Enforcement Actions ,
Hedge Funds ,
Insider Trading ,
Public Comment ,
Spoofing
Two Related Broker-Dealers To Pay US $17 Million for Widespread AML Compliance Failures; Former AML Compliance Officer Also Sanctioned:
Raymond James & Associates, Inc. (RJA), Raymond James Financial Services, Inc....more
CFTC Brings First Insider Trading-Type Enforcement Action Based on New Anti-Manipulation Authority:
Last week the Commodity Futures Trading Commission brought and settled its first enforcement action sounding in the...more
12/8/2015
/ Algorithmic Trading ,
Anti-Money Laundering ,
Barclays ,
Bitcoin ,
CFTC ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Flash Boys ,
Insider Trading ,
Interest Rate Swaps ,
Ponzi Scheme ,
Spoofing ,
UK
SEC-Sanctioned Trader Began Alleged Spoofing After Complaining About Spoofing by Others to NYSE -
Eric Oscher and Briargate Trading, LLC, a company 50 percent owned by Mr. Oscher, agreed to pay an aggregate fine of US...more
10/13/2015
/ Bitcoin ,
Broker-Dealer ,
Brokers ,
CFTC ,
Chicago Mercantile Exchange (CME) ,
Conflicts of Interest ,
Criminal Prosecution ,
Disruptive Trading Practices ,
Dodd-Frank ,
Enforcement Actions ,
European Securities and Markets Authority (ESMA) ,
Failure To Disclose ,
Financial Conduct Authority (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
High Frequency Trading ,
Hillary Clinton ,
Insider Trading ,
Investment Adviser ,
Material Nonpublic Information ,
Sanctions ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Spoofing ,
US v Newman ,
Volcker Rule
Et tu, CFE? CBOE Futures Proposes Amended Disruptive Practices Rules and New Related Policies and Procedures:
CBOE Futures Exchange became the latest designated contract market to propose specific rules to ban disruptive...more
7/21/2015
/ Australia ,
CBOE ,
CFTC ,
Chicago Mercantile Exchange (CME) ,
Chief Compliance Officers ,
Cross-Border Transactions ,
Disruptive Trading Practices ,
Dodd-Frank ,
Enforcement Actions ,
Flash Crash ,
Insider Trading ,
Nasdaq ,
Securities and Exchange Commission (SEC) ,
Swaps ,
U.S. Treasury
CME Group Reminds Members of Regulatory Requirements for EFRPs and Block Trades Through Disciplinary Actions: The CME Group brought and resolved multiple disciplinary actions against various members and non-members related to...more
2/24/2015
/ Anti-Money Laundering ,
Block Trades ,
Broker-Dealer ,
Chicago Mercantile Exchange (CME) ,
Compliance ,
Disciplinary Proceedings ,
EFRP ,
Financial Conduct Authority (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
Insider Trading ,
MiFID II ,
Red Flags Rule ,
Securities and Exchange Commission (SEC) ,
UK
US Judge Says Sentinel 2007 Transfers to BNY Mellon Cannot Be Reversed as Made in Good Faith -
The Bank of New York Mellon Corporation (formerly Bank of New York) was absolved of having engaged in “egregious...more
12/16/2014
/ Banks ,
Basel Committee on Banking Supervision (BCBS) ,
Broker-Dealer ,
CFTC ,
EU ,
Financial Industry Regulatory Authority (FINRA) ,
Hedge Funds ,
Insider Trading ,
Investment Management ,
Liquidation ,
Personal Benefit ,
Securities and Exchange Commission (SEC) ,
Transfers
Broker-Dealer and Two Senior Officers Fined US $2.5 Million for Market Access Violations -
Wedbush Securities Inc. and two senior officers resolved an enforcement action previously filed against them during June 2014...more
11/25/2014
/ Alternative Trading System (ATS) ,
Banking Sector ,
Basel Committee on Banking Supervision (BCBS) ,
Broker-Dealer ,
Commodity Futures Contracts ,
Corporate Officers ,
ETFs ,
FinCEN ,
Insider Trading ,
Internal Controls ,
IOSCO ,
Legislative Committees ,
Market Access Rule ,
Regulation SCI ,
Securities and Exchange Commission (SEC) ,
Swaps
High-Frequency Trading Firm Pays US $1 Million for Serving Too Much “Gravy” on the Close From June to December 2009 -
Athena Capital Research, LLC, a New York City-based high-frequency trading firm, settled charges...more