JONES DAY TALKS®: CFTC and DOJ Target Derivatives Trading Across Industries
FERC: A Discussion on its Mission, Market Manipulation Investigations, and Common Violations
The U.S. Commodity Futures Trading Commission (CFTC) filed a complaint on Jan. 9, 2023, in the U.S. District Court for the Southern District of New York against Avraham Eisenberg. The U.S. Securities and Exchange Commission...more
On October 21, Commodity Futures Trading Commission (“CFTC”) Commissioner Caroline D. Pham issued a concurring statement to the CFTC’s amended complaint originally filed on April 27, 2022 in the U.S. District Court for the...more
Glencore’s settlement with DOJ and the CFTC revealed a plethora of manipulative, deceptive and corrupt conduct, which spanned from at least 2007 to 2018 and occurred in the United States and global oil markets, including...more
In an effort to pursue unlawful trading in the derivatives markets, the U.S. Commodity Futures Trading Commission ("CFTC") and U.S. Department of Justice ("DOJ") have in recent years engaged in unprecedented levels of...more
The McClatchy Company (MNI) Mellows Out - For a name on which $380 million was written at the time of the credit event and that had attracted some publicity in 2018, the scarcity of unsecured bonds (only around $15...more
On 6 February 2020, Mark Steward, Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority (“FCA”), spoke at the 19th Annual Institute on Securities Regulation in Europe. His speech,...more
In 2019, the Commodity Futures Trading Commission (CFTC or Commission) experienced significant changes in leadership, including the appointment of Dr. Heath P. Tarbert as the Commission’s 14th Chairman. The Division of...more
The CFTC’s Division of Enforcement (Division) released its Annual Report on November 25, 2019, summarizing the Division’s activities over the past year.1 In FY 2019, the CFTC filed 69 enforcement actions, down from 83 in FY...more
On November 30, 2018, nearly two years after the trial concluded, the US District Court for the Southern District of New York found in favor of Defendants Donald R. Wilson (Wilson) and his derivatives trading firm DRW...more
China is answering the White House’s latest tariff announcement with another $60 billion in levies on US goods of its own....more
A mix of corporate tax cuts and a strong economy helped propel US corporate profits to a 16.1% year-over-year gain, the best figure in 6 years...more
On March 6, 2018, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York ruled that virtual currencies are commodities under the Commodity Exchange Act (CEA) and therefore subject to the...more
The U.S. District Court in the Southern District of New York recently dismissed a class action lawsuit alleging, among other claims, that a large number of entities and individuals in the market for producing, refining and...more
So what happens when traders attempt to manipulate the index that’s meant to measure fear in the stock market itself? Well, we might just be finding out. Two UT Austin researchers think that we’re seeing efforts to mess with...more
In remarks before the International Futures Industry Conference, Acting Chairman J. Christopher Giancarlo—who was just nominated by President Trump to be permanent Chairman—talked about the future of the Commodity Futures...more
RBS has agreed to pay $85 million to the CFTC to resolve allegations that its traders “manipulated the ISDAfix benchmark rate over a period of five years to benefit the bank’s derivatives positions”....more
On July 5, 2016, investors filed a federal class action in the Southern District of New York alleging defendant banks had manipulated the Singapore Interbank Offered Rate (SIBOR) “and/or” Singapore Swap Offer Rate (SOR)...more
Eye on the Courts—Recent Opinions and Rulings of Note - Why it matters: From a white collar and securities fraud standpoint, there has been a lot of noteworthy activity in the courts of late. The Supreme Court granted...more
The Commission announced its largest whistleblower action this week – an award to a person overseas of over $30 million. The agency also filed a series of actions this week....more