News & Analysis as of

Futures Commission Merchants

Futures Commission Merchants are any individuals, partnerships, corporations or entities soliciting or accepting orders for the purchase or sale of commodities related to the futures contract market and accepting... more +
Futures Commission Merchants are any individuals, partnerships, corporations or entities soliciting or accepting orders for the purchase or sale of commodities related to the futures contract market and accepting payment in connection with those orders.   less -

Bridging the Week - May 2017 #2

Supplemental CFTC Regulation AT Proposal Generally Criticized as Too Prescriptive: The Commodity Futures Trading Commission's November 2016 amended proposed rules to address algorithmic trading and users of algorithmic...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 14

SEC/CORPORATE - SEC Division of Corporation Finance Provides Update on Conflict Minerals Rule - On April 7, the Securities and Exchange Commission Division of Corporation Finance (the Division) issued a statement...more

Bridging the Week - April 2017

Price Protection Is Price Protection Is Price Protection – Unless It’s FCM Activity Says CFTC: Davisco Foods International, Inc., an international cheese and food ingredient company headquartered in Le Sueur, Minnesota,...more

US Commodity Futures Trading Commission Extends Comment Period on Proposed Capital Requirements for Swap Dealers and Major Swap...

by Shearman & Sterling LLP on

The CFTC announced that it was extending the comment period for the proposed rule on capital requirements applicable to swap dealers and major swap participants...more

Bridging the Week - January 2017

Jon Corzine Agrees to US $5 Million Fine and Registration Ban to Settle CFTC Charges Related to Collapse of MF Global; Edith O’Brien to Pay US $500,000: Jon Corzine agreed to resolve charges brought by the Commodity Futures...more

CFTC Adopts Amendments to Position Limit Aggregation Rules

Key Points - - Unless an exemption from aggregation is available, all positions in accounts for which any person controls the trading or holds a 10 percent or greater ownership or equity interest must be aggregated...more

CFTC Finalizes Aggregation of Positions Rule

On December 5, 2016, the Commodity Futures Trading Commission (“CFTC”) unanimously approved a final rule amending the requirements to aggregate positions subject to a CFTC-set speculative position limit (“Final Aggregation...more

Supplemental Proposal to Regulation AT: What Investment Managers Need to Know

Key Points - - The supplemental proposed rulemaking to Regulation AT heightens the procedural mechanisms by which source code is made accessible to the CFTC. - The supplemental proposed rulemaking adds a...more

CFTC Approves Supplemental Proposal to Regulation AT

by Katten Muchin Rosenman LLP on

On November 4, the Commodity Futures Trading Commission (CFTC) approved for publication in the Federal Register a supplemental proposal (the "Supplemental Proposal") to Regulation Automated Trading ("Regulation AT"). The...more

CFTC Revises Proposed Reg AT

by WilmerHale on

The Commodity Futures Trading Commission (CFTC or Commission) on November 3, 2016, proposed revisions (the Supplemental Proposal) to proposed Regulation Automated Trading (Reg AT). Reg AT, if adopted, will broadly affect...more

Bridging the Week - November 2016

Proposed Regulation AT Amended by CFTC; Attempts to Reduce Universe of Most Affected to No More Than 120 Persons - On Friday, the Commodity Futures Trading Commission issued a supplemental notice of proposed rulemaking...more

Bridging the Week - September 2016 #3

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

Can a futures brokerage firm pay trailing commissions to an inactive AP or his estate?

by Thompson Coburn LLP on

Can a futures commission merchant (FCM) or other commodity futures industry registrant pay trailing commissions to a former associated person (AP) whose registration has been revoked? Or who has retired and is no longer...more

CFTC Guidance on FCM and DCO Investments in Money Market Funds

by Dechert LLP on

Divisions of the U.S. Commodity Futures Trading Commission (CFTC) on August 8, 2016 issued letters restricting futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) from investing in money market...more

Bridging the Week - August 2016 #2

Court Refuses to Dismiss Malpractice Claim Against MF Global Accountant: PriceWaterhouseCoopers LLP failed in its effort to have a federal court in New York City dismiss a malpractice claim brought against it by the plan...more

Corporate and Financial Weekly Digest - Volume XI, Issue 31

BROKER-DEALER - FINRA Issues Notice Regarding SEC’s Approval of New NMS Stock Recording and Reporting Requirements Rule - On August 8, the Financial Industry Regulatory Authority issued Regulatory Notice 16-28,...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

CFTC Brings Significant Enforcement Action Against Online Cryptocurrency Exchange

by Latham & Watkins LLP on

The action reflects the CFTC’s expanded jurisdiction and provides further clarity on what constitutes “actual delivery” in cryptocurrency trading. On June 2, 2016, the US Commodity Futures Trading Commission (CFTC)...more

CFTC Holds Roundtable to Consider Proposed Regulation AT

On June 10, 2016, Staff for the Commodity Futures Trading Commission (“CFTC”) held a public roundtable to discuss its proposed Regulation Automated Trading (“Regulation AT”). The CFTC proposed Regulation AT in an attempt to...more

CFTC Asserts Broader Jurisdiction over Digital Asset Exchanges, Levies $75,000 Fine

The CFTC’s recent enforcement against Bitfinex’s financed trading activities demonstrates the Commission’s increasing interest in virtual currency and digital assets. The U.S. Commodity Futures Trading Commission (CFTC)...more

Between Bridges (June 1, 2016): CFTC to Hold Public Roundtable Regarding Regulation AT; Five Topics To Be Discussed Including Who...

The Commodity Futures Trading Commission announced last week that staff will host a public roundtable to discuss five aspects of Regulation Automated Trading, initially proposed in November 2015....more

Bridging the Week - May 2016 #3

Controller of FCM Named in CFTC Complaint, Along with Firm, for Failure to Timely Notify Commission of Segregation Breach: Cunningham Commodities, LLC, a futures commission merchant registered with the Commodity Futures...more

Bridging the Week - May 2016 #2

FiNCEN Finalizes Rules Requiring Banks, Broker-Dealers, FCMs, Mutual Funds and IBs to Help Verify Beneficial Owners of Certain Accounts: The Financial Crimes Enforcement Network finalized rules requiring banks,...more

Bridging the Week - April 2016 #2

CFTC Again Extends Deadlines for New OCR Compliance; Puts Pressure on FCM Clients Who Will Not Provide Adequate Information Regarding Trading Control - Late last week, staff of the Division of Market Oversight of the...more

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