Federal Reserve Terminates BofA FX Action

The US Federal Reserve has announced it is terminating its 2015 enforcement action against Bank of America for unsound practices in its FX business that led to the bank paying a $205 million fine. The termination, which took place on November 22 but was only announced December 3, ends a saga that started following a […]
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Surveillance Firm Voxsmart buys Fonetic

Surveillance technology provider VoxSmart has announced the acquisition of Fonetic Trading to deliver what the firm says will be “a comprehensive communications surveillance offering for capital markets participants”. The firm adds that recent high-profile regulatory investigations and prosecutions, together with substantial market demand for greater consolidation of the regtech landscape encouraged it to acquire the trading […]
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CFTC Hits Goldman for Recording Failures

The US Commodity Futures Trading Commission (CFTC) has issued an order filing and simultaneously settling charges against Goldman Sachs for failing to make and keep certain audio recordings as required under CFTC regulations for swap dealers. The order requires Goldman to pay a $1 million civil monetary penalty and to cease and desist from further violations […]
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Citi Fined in UK for Reporting Failures

The UK’s Prudential Regulatory Authority (PRA) has handed Citigroup a GBP 43,890,000 fine for failings in relation to its internal controls and governance arrangements underpinning compliance with PRA regulatory reporting requirements. Between 19 June 2014 and 31 December 2018, or parts thereof, three entities within the group, Citigroup Global Markets Limited (CGML), Citibank N.A. London […]
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NFA Appoints OTC Derivatives Head

The board of directors of the US National Futures Association (NFA) has approved the appointment of Michael Otten as vice president, OTC Derivatives. “We are thrilled to welcome Mike to this senior position overseeing NFA’s OTC derivatives department,” says NFA’s CEO and president Thomas Sexton. “With his significant regulatory experience and extensive background, Mike will […]
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CFTC Report Shows Uptick in Enforcement Activity

The total monetary relief awarded in Commodity Futures Trading Commission (CFTC) enforcement actions for the 2019 fiscal year was $1.32 billion, up 39% compared to 2018. This total stands as the fourth highest in the agency’s history after it collected $3.2 billion, $3.27 billion and $1.77 billion in 2015, 2014 and 2013, respectively. These figures […]
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CFTC Hits BGC Financial

The US Commodity Futures Trading Commission (CFTC) has issued an order filing and simultaneously settling charges against BGC Financial a futures industry voice broker and registered futures commission merchant (FCM), for numerous supervision, reporting, and recordkeeping violations spanning over five years. The order requires BGC to pay a $3 million civil monetary penalty and to comply […]
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JPM FX Trader Guilty in Price Fixing Case

Former JP Morgan FX trader Akshay Aiyer has been found guilty by a New York jury of price fixing relating to his activities in various Bloomberg chatrooms in which he colluded with other traders to manipulate markets, prices and spreads to clients, according to a report by Law360. The jury convicted Aiyer after a short […]
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FIA Delivers Execution Source Code to CME Globex

FIA and FIA Tech have announced the successful implementation of execution source codes at CME Group. Over the last several months, the three entities have worked with market participants to make what they term “the necessary adjustments” to trading systems to support a new industry standard, which will allow for greater automation and efficiencies in […]
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FIA Voices Concern Over Proposed Swaps Clearing Rules

The Futures Industry Association (FIA) has issued a letter expressing concern that proposed cross-border clearing house rules do not create a comprehensive framework to facilitate access to foreign cleared markets by US customers. FIA’s comments were in response to two separate, but similar, rule proposals by the Commodity Futures Trading Commission (CFTC). The first, Exemption […]
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