News & Analysis as of

Swaps Futures

Proskauer Rose LLP

Proskauer's Hedge Start: When Is CFTC Registration Necessary?

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An initial question faced by a new hedge fund manager is whether or not registration with the U.S. Commodity Futures Trading Commission (CFTC) will be required. Limited Trading Exemption - CFTC Rule 4.13(a)(3), which...more

WilmerHale

CFTC Anti-Fraud and Anti-Manipulation Authority: A Focus on Intermediaries

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The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), significantly expanded the Commodity Futures Trading Commission’s (“CFTC” or “Commission”) anti-fraud and anti-manipulation statutory...more

Cadwalader, Wickersham & Taft LLP

CFTC Extends OCR Final Rule Relief

On September 22, 2023, the Commodity Futures Trading Commission’s (the “CFTC” or the “Commission") Division of Market Oversight extended its no-action position regarding certain large trader reporting (“LTR”) obligations for...more

Cadwalader, Wickersham & Taft LLP

SVB and Signature Bank Resolution – CFTC-Related Implications

Many of the transactions involving qualified financial contracts (“QFC”) with Silicon Valley Bank (“SVB”) and Signature Bank constitute Commodity Futures Trading Commission (“CFTC”) jurisdictional transactions that may be...more

Katten Muchin Rosenman LLP

Key Takeaways: CFTC's FY 2021 Swap Dealers Enforcement Actions

In Fiscal Year 2021 (FY 2021), the Commodity Futures Trading Commission (CFTC) brought and settled five enforcement actions against swap dealers for alleged reporting, disclosures and supervision failures. Historically, the...more

Jones Day

The Long Arm of the CFTC: What Stakeholders in Brazil and Latin America Should Know

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Established in 1974 in Washington, D.C., the CFTC was originally responsible for overseeing and regulating the commodity futures and options markets in the United States. Initially, its primary focus was to regulate trading...more

Orrick, Herrington & Sutcliffe LLP

The CFTC Issues Advisory Regarding an FCM's Risks of Accepting Virtual Currency into Segregation

Virtual currency presents risks to futures commission merchants (FCMs) when deposited by futures customers or cleared swaps customers to margin futures, options on futures, or cleared swap transactions, according to an...more

Latham & Watkins LLP

CFTC Adds Another Building Block to its Digital Asset Framework

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The CFTC issues stringent guidelines for FCMs seeking to custody digital assets in connection with physically delivered futures contracts or swaps. The US Commodity Futures Trading Commission’s (CFTC’s) Division of Swap...more

Tonkon Torp LLP

The Future(s) Of Water

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How much will water be worth in the future? We may soon find out. For years, investors have traded “futures” contracts in corn, soybeans, crude oil, silver, and gold. A futures contract is simply an enforceable agreement...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Clarifies Meaning of ‘Actual Delivery’ in Margined, Leveraged or Financed Retail Transactions in Virtual Currencies

On March 24, 2020, the Commodity Futures Trading Commission (CFTC or Commission) voted unanimously to adopt an interpretation of the term “actual delivery” with respect to retail virtual currency transactions (2020 Guidance)....more

Morgan Lewis

CFTC No-Action Relief for Registrant and Market Participant COVID-19 Response

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Many Commodity Futures Trading Commission registrants and other market participants are responding to the coronavirus (COVID-19) pandemic by implementing business continuity plans that move personnel from their “normal...more

Skadden, Arps, Slate, Meagher & Flom LLP

COVID-19: CFTC Issues No-Action Relief for Market Participants

On March 17, 2020, in response to the COVID-19 (coronavirus) pandemic, the Commodity Futures Trading Commission (CFTC) Division of Market Oversight (DMO) and Division of Swap Dealer and Intermediary Oversight (DSIO) issued...more

Hogan Lovells

Energy and metals companies and funds beware: Your trading positions may be "limited"

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On 30 January 2020 the Commodity Futures Trading Commission (CFTC) approved on a 3-2 vote proposed rules addressing position limits on speculative derivatives (Position Limits Proposal). The Position Limits Proposal has a...more

Latham & Watkins LLP

The Yellow Brick Road for Consumer Tokens: The Path to SEC and CFTC Compliance - An Update

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Developing a framework for consumer tokens - With the rapid growth in the development of blockchain technology, virtual currencies and token sales (sometimes referred to as initial coin offerings, or ICOs), token...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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CBS isn’t the only large company with insider trading worries. In complaints made public yesterday, the SEC has accused Gene Levoff, Apple’s former senior director of corporate law and corporate secretary, of “repeatedly”...more

Goodwin

A Second Federal Court Decides Virtual Currencies are Commodities Subject to Federal Regulation

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On September 26, 2018, a federal judge in Massachusetts agreed with the Commodity Futures Trading Commission’s (“CFTC”) view that virtual currencies are commodities under the Commodity Exchange Act (“CEA”) and subject to...more

Dechert LLP

NFA Publishes New Disclosure Requirements for Virtual Currency and Virtual Currency Derivatives Trading

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The National Futures Association (NFA), the U.S. self-regulatory organization of the futures and swaps trading industry, has published a new Interpretive Notice entitled “Disclosure Requirements for NFA Members Engaging in...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC and DOJ File a Flurry of Spoofing Actions

On January 29, 2018, the Commodity Futures Trading Commission (CFTC) announced the filing of eight anti-spoofing enforcement actions: three settlements with financial institutions and five complaints filed in federal district...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - CFTC Proposes to Amend Rules Governing Chief Compliance Officer Duties and Annual Reports for Certain Registrants - On May 3, 2017, the U.S. Commodity Futures Trading Commission...more

Skadden, Arps, Slate, Meagher & Flom LLP

"CFTC Seeks Public Input on Decreasing Burdens of Existing Rules"

On May 3, 2017, the Commodity Futures Trading Commission (CFTC) voted to seek public input on simplifying and modernizing the agency’s rules (Project KISS, 82 Fed. Reg. 21494 (May 9, 2017)). CFTC Acting Chairman J....more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Re-Proposal of Position Limits Regulation - On December 5, 2016, the U.S. Commodity Futures Trading Commission ("CFTC") unanimously approved to re-propose rules that...more

Cadwalader, Wickersham & Taft LLP

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

Cadwalader, Wickersham & Taft LLP

[Webinar] Not Your Grandmother's Form 40 - Nov. 22nd, 2:00 pm EDT

Tuesday, November 22, 20162:00 PM – 3:00 PM EDT A common tool that the Commodity Futures Trading Commission (“CFTC” or the “Commission”) relies upon to conduct market surveillance, including monitoring compliance with...more

Cadwalader, Wickersham & Taft LLP

CFTC Unanimously Approves Supplemental Proposal on Position Limits

On May 26, 2016, the Commodity Futures Trading Commission (“CFTC”) unanimously approved a proposed supplement (“Supplemental Proposal”) to its December 2013 proposal to establish position limits on futures and economically...more

WilmerHale

CFTC Updates Position Limits Rule

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On September 22, 2015, the Commodity Futures Trading Commission (CFTC or Commission) unanimously approved the publication of a “supplemental” proposed rule on position limits. The supplemental proposal would modify the...more

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