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Regulation

Futures Broker Jeffrey Gustaveson To Pay $1.2M Penalty for CPO Fraud Uncovered by CFTC

  • Federal Court orders California man permanent ban from CFTC/NFA, and to provide $410K in restitution and $1.2M penalty in connection with fraud, misappropriation and issuing false statements in a $2.5M commodity pool.
Tuesday, 29/10/2013 | 22:50 GMT by Steven Hatzakis
Regulation

CFTC Issues $400,000 Penalty For FX Fraud and Misappropriation of Funds

  • The US Commodity Futures Trading Commission has today announced the citation of three individuals and their associated firms for committing FX fraud and misappropriating customer funds.
Tuesday, 29/10/2013 | 17:53 GMT by Andrew Saks McLeod
Brokers

Twin Fines From CFTC and FCA Hit Rabobank, Ordered To Pay $643 Million, CEO to Resign

  • Part of an ongoing investigation into LIBOR price manipulations among major global broker’s and banks; the CFTC and FCA have announced the issuing of an Order against Rabobank, requiring them to pay $643 million.
Tuesday, 29/10/2013 | 13:52 GMT by Ron Finberg
Brokers

August Forex Obligations Held by FCMs Little Changed Over July for Retail Foreign Exchange Dealers

  • Last month data from the CFTC revealed that Futures Commission Merchants who act as Retail Foreign Exchange Dealers had a combined $629 million in forex obligations which hovered steady over the previous month.
Friday, 25/10/2013 | 20:37 GMT by Steven Hatzakis
Regulation

CFTC Enforcements in FY2013 Totaled a Record $1.7Billion in Monetary Sanctions Across 82 Actions

  • The regulatory agency responsible for overseeing the U.S. commodities futures markets and that recently received new authority under the Dodd-Frank Act, has reported record totals from its enforcement division.
Friday, 25/10/2013 | 14:01 GMT by Steven Hatzakis
Brokers

CFTC Provides Relief to SEF applicants GTX SEF LLC and LatAm LLC Until November 19th

  • Relief extended by CFTC to recent swap execution facility applicants who requested to buy time via no-action letters, in wake of October deadline and overlapping government shutdown which delayed processing.
Friday, 18/10/2013 | 11:23 GMT by Steven Hatzakis
Regulation

FBI Steps In: United States Launches Criminal Investigation On FX Manipulation

  • Following recent investigations by the FCA and FINMA relating to FX LIBOR benchmark manipulation by financial institutions, the US has opened a criminal investigation on the matter involving the FBI.
Monday, 14/10/2013 | 08:17 GMT by Andrew Saks McLeod
Regulation

Effects of US Government Shutdown on FX Industry: CFTC Asks NFA to Update Members

  • The CFTC is currently operating with limited scope following the governmental shutdown, and has informed NFA to send a message on its behalf to members. Antideficiency Act provides relief for CFTC & SEC Continuity.
Tuesday, 08/10/2013 | 14:10 GMT by Steven Hatzakis
Technology

Playing It SEF: ICE Swap Trade Goes Live In Anticipation of Approaching CFTC Deadline

  • Subsequent to last week's approval by the CFTC of ICE Swap Trade's application to register as an SEF, the company has today announced that its swap execution facility has gone live.
Thursday, 03/10/2013 | 13:23 GMT by Andrew Saks McLeod
Regulation

CFTC Loses Chief of Enforcement Responsible For Bringing Hundreds of Cases in Recent Years

  • The CFTC says goodbye to Chief of Enforcement David Meister, who during his three year tenure was responsible for a plethora of enforcement actions. Ms. Gretchen L. Lowe is to succeed his position.
Tuesday, 01/10/2013 | 09:29 GMT by Steven Hatzakis
Regulation

CFTC Issues FXDD With $275,000 Penalty For Violating Capital Adequacy Rules

  • Regulatory authorities in the United States are becoming notorious for insistance that FX firms maintain sufficient net capital. Today, the CFTC issued FXDD a $275,000 penalty for contravening such rules.
Monday, 30/09/2013 | 20:20 GMT by Andrew Saks McLeod
Analysis

ICAP & Thomson Reuters Announce CFTC Approval of Swap Execution Facilities

  • The CFTC continues to demonstrate its efficiency in approving SEFs, with the applications of two major instititutional firms, ICAP and Thomson Reuters being granted temporary SEF status on the same day.
Monday, 30/09/2013 | 13:50 GMT by Steven Hatzakis
Regulation

CFTC Orders R.J. O'Brien To Pay $125,000 For Misuse Of Omnibus Account

  • The US Commodity Futures Trading Commission has issued R.J. O'Brien with a $125,000 fiscal penalty for violation of customer protection regulations, in this case due to funds transferred between omnibus accounts.
Sunday, 29/09/2013 | 14:35 GMT by Andrew Saks McLeod
Regulation

CFTC Censures Daniel K. Steele For $1.7 Million FX Fraud

  • The US Commodity Futures Trading Commission has today issued proceedings against mid-western FX firm Champion Management International and its owner Daniel K. Steele for carrying out a $1.7 million FX fraud.
Thursday, 26/09/2013 | 20:12 GMT by Andrew Saks McLeod
Regulation

CFTC Orders ICAP To Pay $65 Million Penalty For Manipulating Yen LIBOR

  • Interdealer broker ICAP has been issued with a $65 million civil monetary penalty by the CFTC today for manipulation, false reporting and attempting to manipulate the Yen LIBOR rate.
Wednesday, 25/09/2013 | 13:18 GMT by Andrew Saks McLeod
Brokers

CFTC Fines IB Foremost Trading $400,000 For Supervision Shortcomings

  • American introducing broker Foremost Trading has been issued with a $400,000 civil monetary penalty by the CFTC as a result of deficiencies in its supervision of the handling of trading accounts.
Monday, 23/09/2013 | 10:21 GMT by Andrew Saks McLeod
Regulation

Pay Up, Says Uncle Sam! FXDD Ordered To Pay Penalties As Case Draws To A Close

  • After over a year's worth of legal pursuit by the US authorities, the NFA and CFTC's cases against FXDD have today drawn to a close with FXDD liable for substantial fines and $1.8 million in restitution.
Wednesday, 18/09/2013 | 20:14 GMT by Andrew Saks McLeod
Executive Moves

Regulatory Veteran Vincent A. McGonagle Appointed Director of CFTC Division of Market Oversight

  • Continuing his 16 year career at the US Commodity Futures Trading Commission, it was yesterday announced that Vicent A. McGonagle has been appointed Director of the CFTC's Division of Market Oversight.
Tuesday, 17/09/2013 | 09:21 GMT by Andrew Saks McLeod
Exchanges

SEF Deluge Continues: CFTC Approves Application of Three Institutional Firms

  • The US Commodity Futures Trading Commission has approved the applications of SwapEx, , GFI Swaps Exchange, and MarketAxess SEF Corporation for temporary registration as SEFs in accordance with the Dodd-Frank Act.
Sunday, 15/09/2013 | 10:34 GMT by Andrew Saks McLeod
Brokers

Alpari US Customer Contraction Continues in July CFTC FCM Financials

  • The CFTC has posted financials for US FCM’s for the month of July. Among forex firms, the data showed a decline in customer deposits. During the month, total Retail Forex Funds dropped 1.2% to $629.75 million.
Wednesday, 11/09/2013 | 16:05 GMT by Ron Finberg
Regulation

Alex Ekdeshman Ordered To Pay $2.4 Million Plus Fine For FX Fraud

Tuesday, 10/09/2013 | 16:19 GMT by Andrew Saks McLeod
Technology

Tradition Becomes Latest Firm to File SEF Application with CFTC

  • Putting its name in the growing list of potential operators of Swap Execution Facilities (SEF), interdealer, Compagnie Financière Tradition, has announced that they have completed their SEF application with the CFTC.
Tuesday, 10/09/2013 | 08:40 GMT by Ron Finberg
Regulation

SEF Approvals Continue Whilst US Regulator Scrutinizes OTC Firm

  • The CFTC yesterday announced that it has approved two applications for SEF registration from DW SEF LLC and TW SEF LLC, both subsidiaries of Tradeweb.
Tuesday, 10/09/2013 | 07:36 GMT by Andrew Saks McLeod
Regulation

CFTC Goes In Depth on Risk Control Measures For Automated Trading

  • Financial markets regulators in the United States have published a concept release on risk controls and system safeguards for automated trading environments. The CFTC considers this necessary at a time of rapid technological change.
Monday, 09/09/2013 | 18:06 GMT by Andrew Saks McLeod
Expert Insights

Dead Man Walking? Forex in the USA

  • The US Forex Market is currently at an inflection point. It has been 3 years since Dodd Frank was passed.
Monday, 09/09/2013 | 16:20 GMT by Paul Towne
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