News & Analysis as of

Wash Trades

Bridging the Week - November 2017

by Katten Muchin Rosenman LLP on

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

Bridging the Week - October 2017 #5

UK-Based Subsidiary of US Bank Fined UK £34.5 Million for Not Reporting Certain Derivatives Transactions As Required: UK-based Merrill Lynch International consented to the imposition of a fine of £34.5 million (the equivalent...more

Bridging the Week - August 2017 #3

Non-US Commodity Firm Settles CFTC Allegations of Wash Trading for US $300,000 Fine: Copersucar Trading A.V.V., an Aruban corporation that engages in the import and export of sugar and related hedging activities, consented to...more

Wash Sales

by Dickinson Wright on

If you own stock that is currently worth less than what you paid for it you might wish to consider selling it and then reacquiring it by purchase -- if you think that the stock has reached its low point but feel that it is...more

Bridging the Week - February 2017 #3

CFTC Postpones Swap Dealer Compliance Date for OTC Swaps Variation Margin Requirements; Other Regulators Likely to Exercise Forbearance: On February 13, the Commodity Futures Trading Commission’s Division of Swap Dealer and...more

2016 CFTC Year-in-Review and a Look Forward

by WilmerHale on

In 2016, the Commodity Futures Trading Commission (CFTC or Commission) continued to pursue high-profile enforcement cases and to test its new enforcement authority under the Dodd-Frank Wall Street Reform and Consumer...more

New ICE Futures U.S. Wash Trade FAQ

Effective February 23, 2016, ICE Futures U.S., Inc. (“ICE” or “Exchange”) issued a revised Wash Trade Frequently Asked Questions (“ICE FAQ”). This ICE FAQ replaces a 2009 ICE Wash Trade FAQ and provides additional guidance...more

Bridging the Week - November 2015 #3

by Katten Muchin Rosenman LLP on

Court Chastises SEC for Causing Unwarranted Collapse of Foreign Bank: A federal judge in New York severely criticized the Securities and Exchange Commission over its handling of a lawsuit against Caledonian Bank Ltd.,...more

Bridging the Week - October 2015 #3

by Katten Muchin Rosenman LLP on

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

Financial Services Weekly News - September 2015 #5

by Goodwin on

Regulatory Developments - SEC Proposes to Amend Administrative Proceedings Rules: On Sept. 24 the SEC announced that it had voted to propose amendments to rules governing its administrative proceedings. The...more

Bridging the Week - August 2015 #2

ESMA Says “No for Now” to Granting Passport Rights to US Fund Managers Under AIFMD - The European Securities and Markets Authority told the European Commission last week that it was premature to grant passport rights to...more

Bridging the Week - August 2015

ESMA Says “No for Now” to Granting Passport Rights to US Fund Managers Under AIFMD: The European Securities and Markets Authority told the European Commission last week that it was premature to grant passport rights to...more

CME Strikes Revisions to Wash Trade Advisory Notice Regarding Block Trades

On January 6, the CME Group Exchanges (CME Group) issued an amended Advisory Notice on wash trades, which removes language prohibiting block trades between accounts with the same beneficial ownership. As reported in the...more

CME Issues Revisions to Wash Trade Advisory Notice

by Katten Muchin Rosenman LLP on

On December 17, the CME Group Exchanges (CME Group) issued Market Regulation Advisory Notice RA1411-5 to provide updated guidance on wash trades. The Advisory Notice revises portions of the frequently asked questions section...more

Illegal “Wash Sales” in Futures Contracts Result in $35 Million Fine

On December 18, the U.S. District Court for the Southern District of New York entered a Consent Order against a foreign bank (the “Bank”), imposing a civil monetary penalty of $35 million and enjoining future violations by...more

Chicago Mercantile Exchange Issues Advisory Notice on Wash Trades

by Katten Muchin Rosenman LLP on

On November 19, the CME Group Exchanges issued Market Regulation Advisory Notice RA0913-5R regarding the prohibition on wash trades. The Advisory Notice defines a “wash trade” as “a form of fictitious trade in which a...more

Corporate and Financial Weekly Digest - Volume VIII, Issue 45

by Katten Muchin Rosenman LLP on

In this issue: - SEC Chair Mary Jo White Outlines Potential Changes to “Accredited Investor” Definition - CFTC Issues Final Rules for Systemically Important Derivatives Clearing Organizations - CFTC...more

CFTC Seeks Public Comment on Wash Trade Advisory

On July 15, the Commodity Futures Trading Commission published a request for public comment on a Market Regulation Advisory Notice related to wash trades that was proposed on July 9 by the Chicago Mercantile Exchange, Chicago...more

Tax Talk -- Volume 6, No. 2 -- July 2013

by Morrison & Foerster LLP on

In This Issue: IRS Leaves Potential REIT Conversions Hanging; IRS Proposes to Relax Wash Sale Rules for Floating NAV Money Market Fund Share Redemptions; IRS Confirms Mexican Land Trust Is Not Trust Under U.S. Tax Law;...more

CFTC Seeks Comment On Guidance Concerning Illegal Wash Trades

On July 15, 2013, the CFTC sought comments on a proposed CME Group Market Regulation Advisory (Advisory) providing guidance and answering frequently asked questions on wash trades....more

Corporate and Financial Weekly Digest - July 19, 2013

In this issue: - SEC Extends Interim Final Temporary Rule for Broker-Dealers Engaging in a Retail Forex Business - FINRA Announces Targeted Examination Letter Regarding High-Frequency Trading - CFTC...more

CFTC Reiterates That “Wash Trades” Are “Grave Violations” In Penalizing Two Experienced Traders For Wash Trading

On Monday, April 29, the Commodity Futures Trading Commission reiterated that wash trades (transactions without intent to take genuine, bona fide positions in the market, such as simultaneous purchases and sales designed to...more

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