The Commodity Futures Trading Commission (CFTC) voted to adopt new rules on position limits (Final Rules) in an open meeting on October 15. Once effective, the Final Rules will implement one of the remaining key provisions of...more
On October 15, the Commodity Futures Trading Commission adopted new rules on position limits. The new rules mark an important step forward in a decade-long journey to enact one of the remaining key provisions of Title VII of...more
Eight years after the Commodity Futures Trading Commission (CFTC or Commission) established a comprehensive swap data reporting and public dissemination regulatory regime, on September 17, the Commission adopted extensive...more
Will the fourth time be the charm? This week, the Commodity Futures Trading Commission will try for the fourth time since 2011 to revise its speculative position limits rules. Details have not been made public, but Heath...more
1/28/2020
/ Aiding and Abetting ,
Blockchain ,
Bona Fide Hedging ,
CBOE Futures Exchange (CFE) ,
CFTC ,
Criminal Prosecution ,
Derivatives ,
Dodd-Frank ,
Enforcement Actions ,
Initial Coin Offering (ICOs) ,
Position Limits ,
Proposed Amendments ,
Proposed Regulation ,
Proposed Rules ,
Securities and Exchange Commission (SEC) ,
Spoofing ,
Swaps
An interdealer broker agreed to pay a fine of US $13 million to the Commodity Futures Trading Commission to resolve charges that it failed to supervise brokers on a swaps desk that allegedly made numerous false or misleading...more
9/16/2019
/ Amended Rules ,
Books & Records ,
Broker-Dealer ,
CFTC ,
Commodity Exchange Act (CEA) ,
Commodity Pool ,
Consolidated Audit Trail ,
Department of Justice (DOJ) ,
Enforcement Actions ,
False Statements ,
Investigations ,
Misleading Statements ,
National Futures Association ,
NYSE ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Spoofing ,
Swaps
Unexpectedly, the Commodity Futures Trading Commission announced a new initiative to encourage non-registrants to self-report foreign corrupt practices, which it claimed might also constitute violations of laws and rules it...more
3/12/2019
/ Anti-Bribery ,
Anti-Corruption ,
Broker-Dealer ,
CFTC ,
Commodities ,
Commodities Traders ,
Commodity Exchange Act (CEA) ,
Cryptocurrency ,
Cybersecurity ,
Department of Justice (DOJ) ,
Enforcement Guidance ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Corrupt Practices Act (FCPA) ,
Proposed Rules ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Swaps ,
Voluntary Disclosure ,
White Collar Crimes
Four related Securities and Exchange Commission-registered investment advisers and/or broker-dealers agreed to pay a collective penalty close to US $100 million to resolve charges related to their purported implementation and...more
Backers of Tezos Initial Coin Offering Named in Prospective Class Action Litigation: On October 25, the promoters of a highly successful initial coin offering to support development of the Tezos blockchain project and other...more
11/13/2017
/ Blockchain ,
CFTC ,
Class Action ,
Consolidated Audit Trail ,
Disclosure Requirements ,
Disruptive Trading Practices ,
Initial Coin Offering (ICOs) ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Swaps ,
Wash Trades
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
Trading Firm and Individual Trader Settle CFTC Allegations of Engaging in Wash Sales to Obtain Exchange Fee Rebates: Rosenthal Collins Capital Markets LLC (now named DV Trading LLC), a proprietary trading firm, settled...more
7/10/2017
/ Automated Systems ,
Bitcoin ,
Books & Records ,
Central Counterparties ,
Clearing Members ,
Enforcement Actions ,
Non-Prosecution Agreements ,
Securities and Exchange Commission (SEC) ,
Spoofing ,
Swaps ,
Wash Sale Rules
FCM Agrees to Pay US $800,000 Fine to CFTC Because of US $1.1 Million in Erroneous Customer Exchange Fees Charges: Barclays Capital, Inc. agreed to pay a fine of US $800,000 to the Commodity Futures Trading Commission to...more
8/9/2016
/ Barclays ,
Cloud Computing ,
Confidential Information ,
Consolidated Audit Trail ,
Default Judgment ,
Enforcement Actions ,
Federal Reserve ,
Goldman Sachs ,
Investment Banks ,
Monetary Authority of Singapore ,
Swaps ,
Transaction Fees
On January 15, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) issued CFTC letter 16-03 (“Letter”) providing a conditional, time-limited extension of the relief provided in CFTC Letter 13-41,...more
Kraft Foods Seeks to Appeal Trial Court Ruling on CFTC Manipulation Theories: Kraft Foods Group, Inc. and Mondelez Global LLC requested permission from the federal court hearing the enforcement action by the Commodity Futures...more
1/26/2016
/ Asset Valuations ,
Canada ,
CFTC ,
European Commission ,
Futures Commission Merchants (FCMs) ,
Kraft ,
Market Manipulation ,
Price Manipulation ,
Securities and Exchange Commission (SEC) ,
SEFs ,
Swaps
SEC/CORPORATE -
SEC Settles With Adviser That Allegedly Overcharged Management Fees and Misled Investors -
On January 19, the Securities and Exchange Commission announced that it had settled with Equinox Fund...more
SEC to Permit Capital Raising Through Crowdfunding: The Securities and Exchange Commission finalized rules that will permit eligible companies to raise money through Internet offerings of their securities—a practice known as...more
11/3/2015
/ Banking Sector ,
Basel Committee on Banking Supervision (BCBS) ,
Broker-Dealer ,
Capital Formation ,
Capital Requirements ,
Clearing Members ,
Crowdfunding ,
Enforcement Actions ,
Excessive Fees ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Goldman Sachs ,
Mutual Funds ,
NYDFS ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Swaps ,
TRACE
Proposed Automated Trading Rule by CFTC Likely to Follow Already Existing Best Practices; SEC Also Contemplating New Measures -
In two speeches last week, Timothy Massad, Chairman of the Commodity Futures Trading...more
10/27/2015
/ Capital Requirements ,
CFTC ,
Commodities ,
Covered Swap Entities (CSE) ,
Electronic Trading ,
Farm Credit Administration ,
FDIC ,
Financial Conduct Authority (FCA) ,
High Frequency Trading ,
International Banks ,
Margin Requirements ,
Regulatory Agenda ,
Sanctions ,
Securities and Exchange Commission (SEC) ,
Spoofing ,
Swaps ,
UK ,
Uncleared Swaps
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
8/25/2015
/ Audits ,
Bank of New York (BNY) Mellon ,
Block Trades ,
Broker-Dealer ,
CFTC ,
Chicago Mercantile Exchange (CME) ,
CME NYMEX ,
Disruptive Trading Practices ,
DMO ,
Employer Liability Issues ,
Enforcement Actions ,
EU ,
Foreign Corrupt Practices Act (FCPA) ,
Internships ,
Investment Adviser ,
Material Nonpublic Information ,
NYDFS ,
OIG ,
Recordkeeping Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Swap Clearing ,
Swaps
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
UK Regulators Implement Tougher Pay Rules for Banking Institutions’ Senior Managers: The United Kingdom Prudential Regulation Authority and Financial Conduct Authority have adopted new rules regarding the remuneration of...more
6/30/2015
/ Banking Sector ,
Banks ,
Broker-Dealer ,
CFTC ,
Compliance ,
Cybersecurity ,
EMIR ,
Financial Conduct Authority (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Fraudulent Wire Transfers ,
Futures ,
Immigration and Customs Enforcement (ICE) ,
IOSCO ,
Monetary Authority of Singapore ,
National Futures Association ,
Scottrade ,
Singapore ,
Swaps ,
UK
NYDFS Issues BitLicense Framework for Regulating Virtual Currency Firms -
The New York State Department of Financial Services issued final regulations requiring a so-called “BitLicense” and establishing minimum...more
6/9/2015
/ Bitcoin ,
BitLicense ,
Capital Requirements ,
CFTC ,
Clearing Agencies ,
Commodities ,
Compulsory Licenses ,
European Commission ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Goldman Sachs ,
Kraft ,
Market Manipulation ,
Merrill Lynch ,
NYDFS ,
Price Manipulation ,
Securities and Exchange Commission (SEC) ,
Short Sales ,
Swaps ,
Virtual Currency
CFTC Commissioner Laments Flawed US Swaps Trading Model -
J. Christopher Giancarlo, the newest commissioner of the Commodity Futures Trading Commission, published a white paper that severely criticized the Commission’s...more
CFTC Commissioner Raises Ghost of HanMag Securities to Discuss Clearinghouse Risk Management Issues…
Invoking the specter of the default of HanMag Securities Corporation on the Korea Exchange (KRX) last December...more
12/9/2014
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Banking Sector ,
Banks ,
Bureau of Industry and Security (BIS) ,
C-Suite Executives ,
CFTC ,
Commodity Trading Advisors (CTAs) ,
CPOs ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Major Swap Participants ,
Risk Management ,
Sanctions ,
Swaps ,
UBS
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
Five Banks Penalized US $3.1 Billion by CFTC and UK FCA for Attempted Manipulation of FX Benchmark Rates; OCC Fines Two of the Banks and One More an Additional US $950 Million -
The Commodity Futures Trading Commission...more
Court Permits Customer and IB Claims to Proceed Against U.S. Bank Over Peregrine Collapse -
A US federal court in Illinois authorized two lawsuits arising from the collapse of Peregrine Financial Group to proceed...more
9/30/2014
/ Banks ,
Barclays ,
CFTC ,
Class Action ,
Derivatives ,
Enforcement Actions ,
Insolvency ,
Peregrine Financial Group ,
Securities and Exchange Commission (SEC) ,
Swaps ,
US Bank