US Regulator Collates Industry Experts to Assess Bitcoin and NDFs
Wednesday,08/10/2014|22:24GMTby
Adil Siddiqui
The CFTC has launched a new advisory group to assess the feasibility of NDFs and bitcoins. The group commences its first discussion on the 9th of October as market dynamics change.
The popularity of emerging market currencies and the recent surge in bitcoin Volatility has triggered US derivatives regulator to discuss the two asset classes in an open forum. The US watchdog, the Commodity Futures Trading Commission (CFTC), has set up a new committee that explores the framework behind the clearing of NDFs and the pricing and structure of bitcoin derivatives. The move signifies the changing landscape of financial markets amid new technologies and product types.
The CFTC has issued a notification that described its new initiative that aims to clarify a number of key points relating to the two instruments. NDFs were mandated by authorities last year and officially traded on the newly formed, Swap Execution Facility. At the same time, Bitcoins have yet to get any formal regulatory approval, however the current move gives the virtual currency a much needed boost as it battles to gain recognition as a global viable financial instrument.
The new committee, that consists of industry experts from a range of financial institutions in the broking, banking and fund management world, will commence its discussion on the 9th of October. The committee includes: Steven Cho, Founder and Chief Information Officer, Kings Peak Asset Management; Richard Kerschner, Chief Corporate Development Officer, EBS; Dino Kos, Head of Global Regulatory Affairs, CLS; Troy Rohrbaugh, Co-Head of Global Rates, FX, Commodities and Emerging Markets, JP Morgan; Jill Sigelbaum, Global Head of FX and Alliances, Traiana; Jason Vitale, Global Head of FX Prime Brokerage, Deutsche Bank; Phil Weisberg, Global Head of FX, Thomson Reuters and Gavin Wells, Global Head of ForexClear, LCH.Clearnet.
The meeting will be open to the public and consists of two panels, with the first panel assessing NDF related issues and the second on bitcoin. The CFTC provided details in its notification: "The first panel will discuss whether a clearing mandate is appropriate for NDFs, with a particular focus on how such a mandate would impact foreign exchange contracts. The second panel will discuss CFTC’s jurisdiction with respect to derivatives contracts that reference the digital currency bitcoin."
The move by the CFTC follows on from a recent report which shows the possibility of regulations by New York City's council. The CFTC's proposals could alter the current landscape of bitcoin trading if it gains approval as a regulated asset class. However, with only a handful of authorized FX brokers in the USA, the move could position the region as a Liquidity hub for virtual currency derivatives.
Emerging market currencies have seen an uptake in activity over the last twenty four months, in particular the Indian rupee suffered a 20% decline against the dollar after the US tapering took the charm out of emerging market economies.
The meeting will be broadcasted online via the CFTC website.
The popularity of emerging market currencies and the recent surge in bitcoin Volatility has triggered US derivatives regulator to discuss the two asset classes in an open forum. The US watchdog, the Commodity Futures Trading Commission (CFTC), has set up a new committee that explores the framework behind the clearing of NDFs and the pricing and structure of bitcoin derivatives. The move signifies the changing landscape of financial markets amid new technologies and product types.
The CFTC has issued a notification that described its new initiative that aims to clarify a number of key points relating to the two instruments. NDFs were mandated by authorities last year and officially traded on the newly formed, Swap Execution Facility. At the same time, Bitcoins have yet to get any formal regulatory approval, however the current move gives the virtual currency a much needed boost as it battles to gain recognition as a global viable financial instrument.
The new committee, that consists of industry experts from a range of financial institutions in the broking, banking and fund management world, will commence its discussion on the 9th of October. The committee includes: Steven Cho, Founder and Chief Information Officer, Kings Peak Asset Management; Richard Kerschner, Chief Corporate Development Officer, EBS; Dino Kos, Head of Global Regulatory Affairs, CLS; Troy Rohrbaugh, Co-Head of Global Rates, FX, Commodities and Emerging Markets, JP Morgan; Jill Sigelbaum, Global Head of FX and Alliances, Traiana; Jason Vitale, Global Head of FX Prime Brokerage, Deutsche Bank; Phil Weisberg, Global Head of FX, Thomson Reuters and Gavin Wells, Global Head of ForexClear, LCH.Clearnet.
The meeting will be open to the public and consists of two panels, with the first panel assessing NDF related issues and the second on bitcoin. The CFTC provided details in its notification: "The first panel will discuss whether a clearing mandate is appropriate for NDFs, with a particular focus on how such a mandate would impact foreign exchange contracts. The second panel will discuss CFTC’s jurisdiction with respect to derivatives contracts that reference the digital currency bitcoin."
The move by the CFTC follows on from a recent report which shows the possibility of regulations by New York City's council. The CFTC's proposals could alter the current landscape of bitcoin trading if it gains approval as a regulated asset class. However, with only a handful of authorized FX brokers in the USA, the move could position the region as a Liquidity hub for virtual currency derivatives.
Emerging market currencies have seen an uptake in activity over the last twenty four months, in particular the Indian rupee suffered a 20% decline against the dollar after the US tapering took the charm out of emerging market economies.
The meeting will be broadcasted online via the CFTC website.
Retail Trading & Prop Firms in 2025: Five Defining Trends - And One Prediction for 2026
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Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
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In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
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Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
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We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
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Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
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Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
