News & Analysis as of

Chicago Mercantile Exchange

Bridging the Week - May 2017 #4

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

Bridging the Week - April 2017 #4

CME Group Revises July 2016 Proposal Authorizing End Customers to Become Direct Clearing Members Without Incurring Liability for Default of Other Members - CME Group submitted amendments to its proposed rule changes...more

Corporate and Financial Weekly Digest - Volume XII, Issue 15

CFTC - CFTC Extends Previously Granted No-Action Relief for Swap Dealers Complying With EU Requirements - On April 18, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight...more

Between Bridges: March 2017 – CME Group Settles Disciplinary Action Alleging That Automatic Liquidation of Under-Margined...

CME Group announced today that Saxo Bank A/S, a member firm, agreed to pay an aggregate fine of US $190,000 to the Chicago Board of Trade and the Chicago Mercantile Exchange to resolve two disciplinary actions against it for...more

New CME enforcement rules for the new year

by Thompson Coburn LLP on

In December 2016, the exchanges (and swap execution facility division) comprising the CME Group enacted changes to Chapter 4 ("Enforcement of Rules") of their respective rulebooks. The changes in Chapter 4 impact both...more

Trading and Markets Enforcement Report - January 2017

by Morgan Lewis on

January 2017 - The last several years have seen law enforcement and regulatory bodies sharpen their focus on trading activity in the securities and derivatives markets. This focus has coincided with the advent of new and...more

Bridging the Week - November 2016 #3

by Katten Muchin Rosenman LLP on

Federal District Court Approves Flash Crash Spoofer’s US $38 Million Settlement; Federal Appeals Court Appears Sympathetic to Michael Coscia’s Claim That Spoofing Prohibition Is Too Vague - The US federal court handling...more

Bridging the Week - October 2016 #4

by Katten Muchin Rosenman LLP on

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

Bridging the Week - October 2016

by Katten Muchin Rosenman LLP on

CME Group Settles With Trading Firm for Spoofing-Type Offenses, Holding It Strictly Liable for Acts of Agents; Orders Disgorgement of Profits - CME Group brought and settled disciplinary actions against Geneva Trading...more

Bridging the Week - August 2016 #4

Nonmember Banned From Trading All CME Group Products for 60 Days Without a Hearing for Alleged Suspicious Trading Activities: Andrey Sakharov, a nonmember, was summarily barred from trading any CME Group product for 60 days...more

Bridging the Week - July 2016 #3

CME Group Proposes New Clearing Member Category to Help Customers Avoid Pro Rata Distribution Risk in Case of FCM Insolvency: CME Group filed proposed rule changes with the Commodity Futures Trading Commission that would...more

Bridging the Week - June 2016 #4

Broker-Dealer Sanctioned US $415 Million by SEC for Violating Customer Protection Requirements: Two Merrill Lynch entities agreed to pay sanctions of US $415 million to resolve charges brought by the Securities and...more

The Financial Report, Volume 5, Number 12 - June, 2016 (Global)

by DLA Piper on

Discussion and Analysis In our last edition, we discussed a recent SEC enforcement action against a private equity fund advisory firm and its owner, who agreed to pay more than $3 million to settle charges that...more

Corporate and Financial Weekly Digest - Volume XI, Issue 25

SEC/CORPORATE - SEC Proposes Rules Updating Mining Registrant Disclosure Requirements - On June 16, 2016, the Securities and Exchange Commission proposed rules (Proposed Rules) to modernize the property disclosure...more

Bridging the Week - March 2016

California Federal Court Refuses to Stop FERC Lawsuit to Uphold the Validity of US $453 Million Penalty for Manipulating Electricity Prices: A federal court in California refused to stop a lawsuit by the Federal Energy...more

Bridging the Week - February 2016

Bank Wins Dismissal of Lawsuit Claiming It Misled FCM About the Appropriateness of an Investment for Customer Segregated Funds: A lawsuit against JPMorgan Chase & Co., and various affiliates and employees (collectively,...more

Bridging the Week - December 2015 #3

by Katten Muchin Rosenman LLP on

Bah Humbug—CME Group Fines Firms for Inadequate Documentation of EFRPs; Additional Firms Cited for Pre-Hedging Block Trades and Other Violations by CME Group and IFUS - Chicago Mercantile Exchange Group exchanges and ICE...more

CME Group Issues Notice Related to Employee Supervision

by Katten Muchin Rosenman LLP on

On November 2, CME Group issued Market Regulation Advisory Notice RA1517-5 (Notice) related to the supervision of employees and agents conducting business on the CME Group Exchanges. The Notice reminds Exchange members that...more

CME Group Issues Notice Regarding Position Limits and Accountability Levels

by Katten Muchin Rosenman LLP on

On November 4, CME Group issued Market Regulation Advisory Notice RA1518-5 (Notice) to provide regulatory guidance to market participants concerning CME Group Exchanges’ rules on position limits and exemptions, and position...more

Bridging the Week - October 2015 #3

by Katten Muchin Rosenman LLP on

Three Individuals Fined and Banned From Trading on CME Group Exchanges for Market Conduct Violations - CME Group business conduct committees permanently banned three traders from trading on CME Group exchanges for market...more

Bridging the Week - October 2015 #2

by Katten Muchin Rosenman LLP on

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

Bridging the Week - October 2015

ESMA Publishes Final Technical Standards for MiFID II - The European Securities and Markets Authority issued the equivalent of final rules (known as “technical standards”) to implement three cornerstones of the European...more

Bridging the Week - September 2015 #2

CFTC Says Virtual Currencies Are a “Commodity” Under Federal Law, Files Charges Against Coinflip for Operating an Unregistered Bitcoin Options Trading Platform - The Commodity Futures Trading Commission filed and...more

Bridging the Week - September 2015

Alleged Flash Crasher's Formal Indictment Provides More Details Regarding His Purported Spoofing - The US Department of Justice filed a formal indictment against Navinder Singh Sarao in a US federal court in Chicago on...more

Bridging the Week - August 2015 #4

CME Group Files Disciplinary Actions for Trading Ahead of Block Trades and Failure to Supervise an Employee Engaging in Disruptive Trading Activities - In two cases of first impression, CME Group exchanges brought and...more

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