CFTC
Despite the Regulatory Rigmarole, It’s All Just Business for FX Riggers and the Market Triggers
- The 'Trifecta' of regulatory agencies has missed one thing: front-office bankers are working in a savagely competitive environment founded on a performance-ranked hierarchy that breeds the desire to cheat.
Thursday, 13/11/2014 | 20:49 GMT by
George Tchetvertakov
US OCC Adds $1 Bln to Forex Fines, City & JPMorgan Chase Bills Surpass One Billion
- The U.S. Office of the Comptroller of the Currency announced fines against the Bank of America, Citibank and JPMorgan Chase today totaling to $950 million in relation to “unsafe or unsound practices” related to FX.
Wednesday, 12/11/2014 | 20:01 GMT by
Victor Golovtchenko
US CFTC Obtains Orders for a Record $3.27 Bln in Monetary Sanctions for Fiscal 2014
- However, the U.S. Commodity Futures Trading Commission is not providing data about the actual number in collected fines, an effort which is led by the U.S. Department of Justice and the U.S. Department of Treasury.
Tuesday, 11/11/2014 | 13:42 GMT by
Victor Golovtchenko
FXCM Increases US Market Share by 3% after IBFX MT4 Acquisition, FCM Data Reveals
- Total retail forex funds shed another 2% in September as volatility goes up, CFTC data shows. IBFX's MT4 accounts contributed between $15-20 million to FXCM's book, bringing its U.S. market share to 36%.
Tuesday, 11/11/2014 | 09:41 GMT by
Victor Golovtchenko
Owner of S&P 500 Futures Trading System Website Gets $210,000 Penalty
- The U.S. Commodity Futures Trading commission has previously charged Neal E. Hall with failing to register as a commodity trading advisor (CTA) and failure to post cautionary statements on his website.
Tuesday, 28/10/2014 | 00:57 GMT by
Victor Golovtchenko
Financial Robotics Ordered by CFTC to Pay $3 Mln for 'Risk Free' Forex Fraud
- Mark E. Rice and his company Financial Robotics get another fine, however chances are slim that these hefty fines will be ever paid back since Mr Rice has already to pay $1.5 million from a January 2014 order.
Friday, 24/10/2014 | 16:25 GMT by
Victor Golovtchenko
CFTC FCM Data: US Retail Forex Funds Drop 2% in August, Interactive Brokers Steady
- GAIN Capital lost the most and FXCM kept increasing its market share, now firmly holding a third of the total U.S. foreign exchange market, while IB’s market share rose by a full percentage point to 7%.
Wednesday, 15/10/2014 | 22:10 GMT by
Victor Golovtchenko
CFTC Taps Industry Experts to Discuss Bitcoins as an Asset Class
Monday, 13/10/2014 | 10:25 GMT by
Ron Finberg
IFG Markets, Wilson Cheng Permanently Barred from NFA Following Settlement
- Following an earlier compliant and allegations of illicit recordkeeping practices and fraud by the NFA, IFG Markets LLC and Wilson Cheng have been permanently banned from membership, reaching a settlement.
Thursday, 09/10/2014 | 18:29 GMT by
Jeff Patterson
U.S Watchdog Charges Forex Monthly Income Fund with Fraud for Misappropriating over $1 Mln
- A firm that guaranteed senior citizens monthly returns on their investment based on profits earned from trading allegedly never traded but rather misappropriated more than $1 million of the pool participants’ funds.
Tuesday, 07/10/2014 | 16:19 GMT by
Avi Mizrahi
ASIC and CFTC Sign off on Mutual Oversight Measures for Regulated Entities
- Australian and U.S authorities square their lines on information sharing and oversight measures; even leaving room for "on-site visits" if deemed required. Regulatory agencies are becoming multinational to combat cross-border threats.
Wednesday, 01/10/2014 | 05:55 GMT by
George Tchetvertakov
Bitcoin Picks: Huobi Asset Rumors Swirl, PayPal Embraces Bitcoin for Purchases
- The world of cryptocurrencies faced another interesting and stimulating week, including a Huobi leak of client assets, a potentially watershed discussion of Bitcoin-based derivatives, and other developments.
Saturday, 27/09/2014 | 08:10 GMT by
Jeff Patterson
CFTC Announces Public Discussions About Derivatives Contracts Based on Bitcoin
Friday, 26/09/2014 | 20:36 GMT by
Victor Golovtchenko
Canadian Regulators Approve Trade Repositories, CME Group Provides Exclusive Insight
- For the first time, the company has implemented the FpML (Financial products Markup Language) open source XML standard for electronic dealing and processing of OTC derivatives, resulting in lower integration costs.
Wednesday, 24/09/2014 | 21:31 GMT by
Victor Golovtchenko
FXDD Slapped with Another $600,000 Related to More Undercapitalization Discoveries
- Forex Magnates reported earlier this month about a National Futures Association (NFA) complaint which was served to the company and its CEO Joseph Botkier, which was related to more undercapitalization occurrences.
Wednesday, 24/09/2014 | 18:40 GMT by
Victor Golovtchenko
CFTC Charges Executive Management Advisors LLC with Running an $8.3 Mln Ponzi Scheme
- According to the charges by the regulator, John R. Bullar who is the owner of the company has been involved in operating an $8.3 Million Commodity Pool and a Ponzi Scheme Alleging to trade Futures and Options.
Tuesday, 23/09/2014 | 23:31 GMT by
Victor Golovtchenko
Hedge Fund SAC Capital Guilty of Insider Trading - Loses Fund Management License
- Leading hedge fund found guilty of insider trading in 2013 has license revoked by the CFTC. SAC Capital has paid $1.2 billion in fines and will no longer be offering fund management services.
Tuesday, 16/09/2014 | 23:30 GMT by
Adil Siddiqui
Morgan Stanley Settles to Pay $280,000 to CFTC, Relating to Faults in KYC Procedures
- The regulator also established failures relating to enforcement of imposed trading limits, lack of timely and accurate response to a CFTC document request, and failure to maintain adequate customer records.
Monday, 15/09/2014 | 23:03 GMT by
Victor Golovtchenko
Tera Exchange's bitcoin derivative platform approved by CFTC
Sunday, 14/09/2014 | 12:32 GMT by
Leon Pick
Hedge Funds Allowed to Advertise Freely Pending a Notice to the CFTC
- The decision permitting private funds to advertise has been unveiledIn in a letter by the CFTC , acting as a harmonization effort to put outdated rules in sync with a 2012 law mandating the SEC to lift ads limits.
Friday, 12/09/2014 | 13:49 GMT by
Victor Golovtchenko
July CFTC FCM Data Reveals Retail Forex Funds Growing at GAIN Capital, OANDA and FXCM
- Total Retail Forex Funds rose by $41,413,312 in July when compared to the previous month, with the top three retail forex brokerages in the US GAIN Capital, FXCM and OANDA registering substantial rises.
Thursday, 11/09/2014 | 19:43 GMT by
Victor Golovtchenko
ZuluTrade Fined $350,000 for Opening Accounts for Individuals from US Sanctioned Countries
- The CFTC found that for at least three years from October 2010 to October 2013, Zulutrade opened approximately 400 accounts for account holders from OFAC targeted countries (primarily Iran, Sudan, and Syria).
Tuesday, 09/09/2014 | 20:02 GMT by
Avi Mizrahi
CFTC Fines Merrill Lynch $1.2 Million for Charging Clients Excess Fees for over Two Years
- Merrill Lynch did not provide any meaningful training to employees regarding how to conduct fee reconciliations until 2013 and the procedures until that time were ”not fit for purpose” and “fundamentally flawed."
Wednesday, 27/08/2014 | 12:02 GMT by
Avi Mizrahi
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