About this solution:
The fraud at Peregrine Financial Group was uncovered in July 2012 by the National Futures Association (NFA) which used an electronic bank account confirmation system. (See Confirmations: Plugging Into Electronic See more +
The fraud at Peregrine Financial Group was uncovered in July 2012 by the National Futures Association (NFA) which used an electronic bank account confirmation system. (See Confirmations: Plugging Into Electronic Confirmations)
In November 2012, the NFA and CME Group announced they would implement an electronic confirmation system for futures brokers. The system, operated by AlphaMetrix, provides a comprehensive check and match of what FCMs say they have in customer funds with what banks say they have.
Chris Hehmeyer, CEO of HTG Capital Partners and chairman of the NFA, says the new system will help regulators and customers assure such a fraud does not occur again. See less -
Topics: CME, Electronic Confirmations, FCMs, Fraud, NFA, Segregated Funds
Finance & Banking Updates, Securities Law Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
Raj Mahajan, Allston Trading CEO, Talks HFT and the Business of Prop Trading
NFA Chairman Chris Hehmeyer Talks Bankruptcy Reform
An Update on SEF, IDB and Swap Regulation from Chris Ferreri of ICAP
Jill Sommers Reflects on the CFTC, Dodd-Frank, and Her Future
Confirmations: Plugging Into Electronic Confirmations
CFTC Proposal Poses “Monumental” Challenge to FCMs
Daily Reports: Tell Us Where The Money Is
Regulation 2013: Dodd-Frank Position Limits, CFTC Reuthorization, Regulatory Harmonization
Customer Protection Fund: Slip it to SIPC
Customer Segregation: Keep It Separate
HFT Rules: Rules for the Algo Highway
HFT Rules: Three Part HFT Harmony
Customer Protection Fund: Building a Better Piggy Bank
Ratings: How Does Your Broker Rate?
Third-Party Custodians: Here, Hold On To This
Segregated Fund Confirmations: Made in China
Ryan Baccus of Sapient on Dodd-Frank Compliance and the Clearing Connectivity Standard
Customer Segregation: A Clear View
Regulatory Changes: A Pretty Picture For Gross Margining
JD Supra gets your content noticed, increases your visibility and makes your marketing efforts hassle free...
Learn More or Schedule a demo