Lingering questions into the regulation of swaps and fx transactions have revealed vulnerabilities in oversight, leading to speculation that a series of changes may be on the horizon from the CFTC.
Lingering questions into the proper regulation of swaps and Forex transactions have revealed stark vulnerabilities in the oversight of these instruments, leading to speculation that regulatory changes may be on the horizon from organizations such as the Commodity Futures Trading Commission (CFTC).
These feelings were underscored during last week’s release of a detailed questionnaire by the CFTC, seeking clarification on the proper implementation of swap-data reporting under the Dodd-Frank Act rules – the commission hopes to use this feedback to ultimately propose and foster changes for regulators to supervise the swaps market.
CFTC Fortifying Compliance on Multiple Fronts
Indeed, the US regulator has been involved in a number of actions and charges lately, specifically in clamping down on fraudulent forex transactions and other violations. However, the organization has recently cited an inability to fully grapple the oversight of swaps-market data, necessitating a complete overhaul and change in the way financial information and reporting methods are conducted, organizations such as the Depository Trust & Clearing Corp. (DTCC), CME Group Inc., among others.
According to Marisol Collazo, Chief Executive Officer of DTCC’s data repository in a statement on the request, “The DTCC is reviewing the agency’s request for comment and looks forward to continue working with the CFTC to support regulatory and industry efforts to enhance transparency.”
The DTCC is another US regulator whose paramount duty is the regulation and provision of clearing and settlement services across numerous asset classes, including equities, securities and OTC derivatives. CME Group is also an interesting case, given its status as one of the world’s largest derivatives and swaps exchanges – recently the group has aggressively pushed for a comprehensive FX swaps offering as well.
Forex Chatrooms Continue to Draw Ire of Regulators
With regards to the institutional forex realm, regulatory changes also appear to be in the works for the $5.3 trillion-a-day market. To date, a plethora of global regulators have launched probes into the operations of Forex Trading and the potential manipulation of currency rates. Back in October, the Financial Conduct Authority (FCA) launched its own investigation, though noted that it would be unlikely to issue a verdict this year on its findings.
“There should have been controls over bank employees that conduct trades and are allowed to submit rates. It’s incredible that a bank should not know that traders having unmonitored access to private chat rooms to talk to a bunch of mates that they’ve had relationships with or worked with over the years. The surprise for me is that the banks did not check, did not do their homework, and look at how chat rooms were being used,” noted Martin Wheatley, Chief Executive Officer of the FCA in an interview with Bloomberg.
It is thus far unclear how many regulators will choose to tackle this issue. Numerous violations and accusations of collusion have stemmed from the use of private chat rooms, which facilitate outright collusion given the propensity to exchange such sensitive information. With new accusations seemingly being reported every week against banks and traders, the chances for stricter methods of oversight seem high.
Lingering questions into the proper regulation of swaps and Forex transactions have revealed stark vulnerabilities in the oversight of these instruments, leading to speculation that regulatory changes may be on the horizon from organizations such as the Commodity Futures Trading Commission (CFTC).
These feelings were underscored during last week’s release of a detailed questionnaire by the CFTC, seeking clarification on the proper implementation of swap-data reporting under the Dodd-Frank Act rules – the commission hopes to use this feedback to ultimately propose and foster changes for regulators to supervise the swaps market.
CFTC Fortifying Compliance on Multiple Fronts
Indeed, the US regulator has been involved in a number of actions and charges lately, specifically in clamping down on fraudulent forex transactions and other violations. However, the organization has recently cited an inability to fully grapple the oversight of swaps-market data, necessitating a complete overhaul and change in the way financial information and reporting methods are conducted, organizations such as the Depository Trust & Clearing Corp. (DTCC), CME Group Inc., among others.
According to Marisol Collazo, Chief Executive Officer of DTCC’s data repository in a statement on the request, “The DTCC is reviewing the agency’s request for comment and looks forward to continue working with the CFTC to support regulatory and industry efforts to enhance transparency.”
The DTCC is another US regulator whose paramount duty is the regulation and provision of clearing and settlement services across numerous asset classes, including equities, securities and OTC derivatives. CME Group is also an interesting case, given its status as one of the world’s largest derivatives and swaps exchanges – recently the group has aggressively pushed for a comprehensive FX swaps offering as well.
Forex Chatrooms Continue to Draw Ire of Regulators
With regards to the institutional forex realm, regulatory changes also appear to be in the works for the $5.3 trillion-a-day market. To date, a plethora of global regulators have launched probes into the operations of Forex Trading and the potential manipulation of currency rates. Back in October, the Financial Conduct Authority (FCA) launched its own investigation, though noted that it would be unlikely to issue a verdict this year on its findings.
“There should have been controls over bank employees that conduct trades and are allowed to submit rates. It’s incredible that a bank should not know that traders having unmonitored access to private chat rooms to talk to a bunch of mates that they’ve had relationships with or worked with over the years. The surprise for me is that the banks did not check, did not do their homework, and look at how chat rooms were being used,” noted Martin Wheatley, Chief Executive Officer of the FCA in an interview with Bloomberg.
It is thus far unclear how many regulators will choose to tackle this issue. Numerous violations and accusations of collusion have stemmed from the use of private chat rooms, which facilitate outright collusion given the propensity to exchange such sensitive information. With new accusations seemingly being reported every week against banks and traders, the chances for stricter methods of oversight seem high.
TradeStation and Coincheck Drive Monex's 850% Profit Surge
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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