And Another Thing…

The size of the fines being dished out by the US authorities are not particularly large – especially for those banks that have been targeted – but the number of sanctions is. As the CFTC noted in a release this very week, it closed its fiscal year with a record number of enforcement actions, and […]
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UK Regulator Bans Retail Crypto Derivatives

The UK’s Financial Conduct Authority (FCA) has published final rules banning the sale of derivatives and exchange traded notes (ETNs) that reference certain types of crypto assets to retail consumers, saying it considers the products to be “ill-suited for retail consumers due to the harm they pose”. Citing the “inherent nature of the underlying assets, […]
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CFTC’s Enforcement Director Leaves on a Sanctions’ High

James McDonald, director of the Commodity Futures Trading Commission’s Division of Enforcement (DoE) is stepping down with immediate effect, having been in the position since April 2017. He leaves at the same time as the CFTC unveils a record-breaking year for enforcement actions by the DoE. McDonald joined the CFTC after serving as an assistant […]
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CFTC Fines Morgan Stanley for Swap Data Reporting Failures

The Commodity Futures Trading Commission (CFTC) yesterday announced that it has filed and settled charges against Morgan Stanley Capital Services LLC, a provisionally registered swap dealer, for failing to comply with swap data reporting obligations. The order requires Morgan Stanley to pay a $5 million civil monetary penalty and to retain a qualified outside consultant to verify […]
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And Another Thing…

Because, if nothing else, this column is an information service, this will be brief and to the point – and, hopefully, informative. Are you wondering why we are seeing so many spoofing cases in the US? If you are then you’re probably thinking that the activity is out of control over there – and it […]
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CFTC Fines Morgan Stanley for Reporting Failures

The US Commodity Futures Trading Commission (CFTC) has fined Morgan Stanley Capital Services $5 million for reporting failures under its obligations as a registered swap dealer – the firm is also instructed to retain a qualified outside consultant to verify its remediation of the violations of CFTC rules. The order finds that since December 31, […]
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JP Morgan Fined $920 Million Related to Spoofing Charges

Two US regulators, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), along with the US Department of Justice (DoJ) have levied fines totalling $920.2 million on JP Morgan over spoofing activities conducted by former traders in precious metals futures and US Treasury cash markets. The authorities say the activities of […]
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Schroders Selects SteelEye

Investment manager Schroders has selected compliance technology provider SteelEye to provide it will full visibility of its MiFID II transaction reporting workflow, including tools that help manage over or under-reporting as well as data validation errors. The system provides MiFIR eligibility checks; analytics on rejection handling from both the Approved Reporting Mechanism (ARM) and National […]
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CFTC Fines Citi for Deleted Voice Recordings

The US Commodity Futures Trading Commission (CFTC) has fined three Citi affiliates $4.5 million for failing to diligently supervise their audio preservation system, which led to the deletion of almost 2.8 million audio recordings, some of which were subject to a CFTC subpoena. In an Order filing and settling the charges, CFTC says in spite […]
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CFTC Nails Another Two Spoofers

In its continuing battle against spoofing, the US Commodity Futures Trading Commission (CFTC) has issued two orders filing and settling charges against Thomas Donino and his employer FNY Partners Fund, for spoofing Comex gold futures and NYMEX oil futures. In a separate action, the Commission charged Slovakians Roman Banoczay Jr., Roman Banoczay Sr., and their […]
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