NFA Chairman Chris Hehmeyer Talks Bankruptcy Reform
Confirmations: NFA and CME’s Financial Match.com
Customer Protection Fund: Building a Better Piggy Bank
With some frequency, Katten attorneys field questions from clients about exchange rules on off-exchange execution of futures and options on futures. This Advisory provides a high-level overview on this topic in connection...more
On June 29, 2022, Grayscale Investments, LLC petitioned the U.S. Court of Appeals for the District of Columbia for review of the U.S. Securities and Exchange Commission’s June 29, 2022 final order disapproving of an October...more
Regulatory Alert! A Joint Audit Committee Reminder to FCM Legal and Compliance Personnel - The Joint Audit Committee (JAC) is a club of futures exchanges, in their capacities as selfregulatory organizations (SROs). Under a...more
Recent Commodity Futures Trading Commission (CFTC) enforcement actions rely on the anti-manipulation provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to punish misstatements made to...more
Bass, Berry & Sims attorney Chris Lazarini reviewed a case in which a putative class of individuals that transacted certain Korean futures contracts on the Korea Exchange through the Chicago Mercantile Exchange’s Globex...more
A proprietary trading firm was sanctioned by a sixth futures-industry regulator for purported spoofing trades by one of three employees many years ago. For the employees’ aggregate alleged misconduct, the firm was first...more
Last week, a senior official of the Securities and Exchange Commission said that Bitcoin and Ether are not securities and that there might be circumstances when a utility token is also not a security. The same official and...more
The Commodity Futures Trading Commission issued guidance to registered trading facilities and clearinghouses related to the listing of new derivatives contracts based on virtual currencies that contained a cryptic warning,...more
In their testimony before the U. S. Senate Committee on Banking, Housing and Urban Affairs (the “Committee”), Chairman Jay Clayton of the Securities and Exchange Commission (SEC) and Chairman J. Christopher Giancarlo of the...more
Major derivatives market operators CBOE Holdings and CME Group have jumped into the digital currency fray within the last two weeks by launching cash-settled bitcoin futures contracts. The exchanges recently cleared de facto...more
The Chicago Mercantile Exchange (CME) and the CBOE Futures Exchange (CFE) on December 1, 2017 self-certified contracts for bitcoin futures products with the U.S. Commodity Futures Trading Commission (CFTC). Additionally, on...more
BROKER-DEALER - FINRA Requests Further Comments on the Effectiveness and Efficiency of Its Payments for Market Making Rule - On November 28, as part a retrospective rule review, the Financial Industry Regulatory...more
On December 1, 2017, the Chicago Mercantile Exchange and CBOE Futures Exchange took the necessary regulatory steps to begin trading new bitcoin futures contracts this month. The Cantor Exchange took similar steps to begin...more
Trading Firm and Broker Affiliate Settle CFTC Enforcement Action for Trading Firm’s Alleged EFRP Transactions With Insufficiently Correlated Futures and Physical Legs: FCStone Merchant Services LLC and INTL FCStone Financial...more
FCM Agrees to Pay US $2.5 Million CFTC Fine for Relying on Affiliate’s Purportedly Misleading Analysis of Block Trades for a CME Group Investigation: Merrill Lynch, Pierce, Fenner & Smith Incorporated agreed to pay a fine of...more
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
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
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
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
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
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
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
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
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
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