regulation
Central Bank of Philippines shielding speculation in the Peso
- The central bank said on Friday it has increased banks' capital provisions for non-deliverable forward (NDFs) positions, a move aimed at tackling speculation that heightens volatility in the foreign exchange market.
Friday, 04/11/2011 | 07:23 GMT by
Adil Siddiqui
Who you gonna call....? eff exx - A new Tax on FX to save the world
- Financial markets are getting tough criticism from here, there and everywhere. The new Dodd Frank rulings, Tobin Tax and now a new proposal by the UN's development agency to tax foreign exchange as it can help reduce global poverty.
Thursday, 03/11/2011 | 06:41 GMT by
Adil Siddiqui
Federal Court Orders Charlotte, NC, Couple and Their Companies to Pay $24 Million for Defrauding Customers in Forex Ponzi Scheme
- Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced it obtained a federal court supplemental consent order requiring defendants Sidney S. Hanson, Charlotte M. Hanson, and their companies, Queen Shoals, LLC, Queen Shoals II, LLC, and Select Fund, LLC, to pay $24 million in restitution and civil monetary penalties for defrauding customers and misappropriating millions of dollars in a foreign currency (forex) Ponzi scheme (see CFTC Press Release 5689-09, August 7, 2009).
Wednesday, 02/11/2011 | 12:34 GMT by
Michael Greenberg
FX Fund Manager faces CFTC fine
- The CFTC has obtained a federal court order requiring Rodney Whitney, Nicholas T. Cox, and Integra Capital Management to pay over $6.9 million in restitution, disgorgement, and civil monetary penalties. The unregistered Commodity Pool Operator (“CPO”) and its two APs were found by a U.S. District Judge to have defrauded investors through a commodity pool Ponzi scheme involving commodity futures and over-the-counter foreign exchange (“forex”) transactions.
Wednesday, 02/11/2011 | 06:29 GMT by
Adil Siddiqui
Strengthening FX regulations in Russia
- Russia, the world’s eleventh largest economy and part of the famous Bric’s pact has been discussing regulations in derivates trading in a recent money market forum in Moscow. Russia has developed its free market economy post Soviet divide; it now boasts liquid stock and derivatives exchanges for both retail and institutional investors.
Tuesday, 01/11/2011 | 13:20 GMT by
Adil Siddiqui
NFA finalizes several new rules - requires more reporting, governs US forex M&A deals
- NFA has just published set of new rules it has been working on lately. The result is a daily, monthly and quarterly reporting requirement from brokers regarding client positions. NFA also reminds its members of certain key responsibilities and finally published set of rules governing situations of forex M&As - what happens when a US forex broker buys another one and there's a bulk transfer of accounts. This of course missed quite a few such deals we've witnessed this year such as Gain/CMS and Gain/dbFX.
Tuesday, 01/11/2011 | 09:24 GMT by
Michael Greenberg
Mankoff events continue to shed light on High Frequency Trading in FX
Thursday, 27/10/2011 | 22:56 GMT by
Adil Siddiqui
CFTC Charges Linda Harris, Chance Harris and Two of Their Companies with Forex Fraud
- Linda Harris's name sounded vaguely familiar and I went through all my contacts and emails. And viola! in May 2009 (one month after FM's launch) I found an email exchange with Linda Harris who used the lharris@cdhgroupllc.com email and represented to me that she was a registered CTA offering Forex investment management via Managed Account Program and Forex Investment Advisory service. She also said that she used Advanced Markets for her Managed Accounts Program.
Tuesday, 25/10/2011 | 20:36 GMT by
Michael Greenberg
China braces itself for Quant and High Frequency Traders
- China's financial capital will be hosting the first ever dedicated conference on Quantitative and High Frequency Trading. The event known as "Inaugural Quant Invest & HFT Summit APAC 2011" will be held at the renowned Crowne Plaza Hotel, Shanghai on the 7th till 9th December 2011.
Sunday, 16/10/2011 | 20:52 GMT by
Adil Siddiqui
State Street faces class action suits over forex prices
- Two subsidiaries of State Street Corp. were hit Wednesday with a proposed class action on behalf of several retirement funds alleging the financial services company added an undisclosed mark-up in foreign exchange transactions.
Friday, 14/10/2011 | 08:34 GMT by
Michael Greenberg
RBA beleives Forex is 'self regulated'
- The Reserve bank of Australia believes that Forex (asset class) is a self regulated financial instrument and is functioning effectively. This is in light of the recent BIS report on High Frequency Trading in Financial Markets.
Wednesday, 12/10/2011 | 11:09 GMT by
Adil Siddiqui
Ray White and CRW Management to pay over $19 million in forex fraud case
- Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) obtained federal court consent orders resolving its remaining claims against defendants Ray M. White and CRW Management LP (CRW) and relief defendants Christopher R. White and Hurricane Motorsports, LLC, all of Mansfield, Texas.
Tuesday, 11/10/2011 | 22:01 GMT by
Michael Greenberg
CFTC Obtains Default Judgment against Barki LLC in a $38 Million Forex Ponzi Scheme
- Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that the U.S. District Court for the Western District of North Carolina entered an order of default judgment and permanent injunction against Barki, LLC of Mint Hill, N.C.
Tuesday, 11/10/2011 | 21:54 GMT by
Michael Greenberg
FSA enhances Client Protection to include Spot Forex
Tuesday, 11/10/2011 | 14:26 GMT by
Adil Siddiqui
Capital Markets Board of Turkey threatens to sue 32 forex websites - but some of them are not even operational
- Capital Markets Board of Turkey, announced that they are going to file a criminal complaint for the 32 forex websites, which are still active after 31 August 2011 after they have released communiqué.
Monday, 10/10/2011 | 11:35 GMT by
Guest Contributors
FXCM ordered to pay $6 million more by the CFTC to settle allegations of failure to monitor and maintain its trading systems
- In total FXCM will pay over $16.2 million to settle NFA and CFTC's charges. This is the continuation of the NFA's fine back in August which charged FXCM with retaining gains derived from positive price slippage; failing to adopt or carry out adequate procedures to ensure the efficient execution of all customer orders; failing to treat all customers equally when giving price adjustments; and failing to adequately investigate suspicious activity in all customers’ accounts. The Complaint charged FXCM and Niv with failing to supervise.
Monday, 03/10/2011 | 18:04 GMT by
Michael Greenberg
Son of forex fraudster to pay over dad's forex ponzi scheme
- A Texas race car driver whose career was subsidized by his imprisoned father's $10.9 million Ponzi scheme agreed to give up $322,000 in ill-gotten gains on Tuesday in a suit brought by securities regulators over the scam.
Sunday, 02/10/2011 | 17:09 GMT by
Michael Greenberg
BIS report highlights High Frequency Trading in FX markets
- The Bank of International Settlements has published a report on High Frequency Trading and its impact on the $4 trillion a day FX markets. Data was collated by representatives of major central banks including the ECB and Bank of Canada. The report looked at the Flash Crash and the Yens heavy move on 17th March.
Wednesday, 28/09/2011 | 07:26 GMT by
Adil Siddiqui
Belarus's domestic FX Trading on the Rise
- Belarus has been a key player in the Eastern European FX markets, however due to government and international restrictions locals have found it difficult to deposit and withdraw funds with US and European brokers.
Monday, 26/09/2011 | 05:52 GMT by
Adil Siddiqui
CFTC Charges Accounting Firm McGladrey & Pullen, LLP, and Partner David Shane with Failure to Properly Audit One World Capital Group
- It's extremely interesting to see CFTC taking the oversight of its members one step further by going after not only its member firms but even after their auditors - if those failed to do their job. CFTC just charged an accounting firm and one of its partners for failing to properly audit One World Capital Group - a former forex broker which ceased its operations in 2007. This adds to CFTC's aggressive pursuit of even completely foreign firms which it perceives as breaking its rules.
Friday, 23/09/2011 | 03:56 GMT by
Michael Greenberg
Director of Australian FX Brokerage under spotlight
- Vantage FX's parent firm Efinium's Director is under the spot light with Hong Kong regulators on allegations of stock rigging. Duncan Tak Keung Chui is alleged to have conspired to pump up the price of a Hong Kong-listed company in the days before a capital raising in January 2009.
Wednesday, 21/09/2011 | 17:12 GMT by
Adil Siddiqui
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