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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Crypto Association Launches Code of Conduct; Adds Members

The Association for Digital Asset Markets (ADAM) has published its Code of Conduct to promote integrity, fairness and efficiency in digital asset markets. The association says that the Code is intended to inform market participants on best practices and to complement, not replace, existing regulation and is part of a long-term effort to define and […]
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BIS Shuffles the Leadership Pack on Committees

Central bank Governors meeting at the Bank for International Settlements (BIS), a hub for central banks and other financial regulatory and supervisory authorities, made a number of appointments to lead key central bank groups. Jerome Powell, chair of the Board of Governors of the Federal Reserve System, has been named chair of the Global Economy Meeting (GEM) and the Economic Consultative Committee, after consultations […]
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Wells Fargo Fined Over Controversial Burger King FX Trade

Already facing unfair dismissal actions and having paid one fine, Wells Fargo has been further sanctioned by the US Commodity Futures Trading Commission (CFTC) over its actions during the USD/CAD trade to hedge Tim Hortons’ purchase of Burger King. Having paid the US National Futures Association $2.5 million in August, Wells Fargo has now been […]
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Record Fine for Tower Research as CFTC Hits Spoofers Again

The US Commodity Futures Trading Commission (CFTC) has again targeted spoofers in futures markets with two actions against firms, including a record fine for high frequency trading firm Tower Research. Tower was hit with a $67.4 million fine for failing to halt a spoofing scheme that lasted over two years and led to criminal charges […]
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US Regulators Join Global Financial Innovation Network

The Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Securities and Exchange Commission have announced they are joining the Global Financial Innovation Network (GFIN). The agencies say that US financial regulators have taken proactive steps in recent years to enhance regulatory clarity and understanding for all stakeholders and promote early identification of […]
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CFTC Sanctions Unregistered Retail FX Dealer

The Commodity Futures Trading Commission (CFTC) says it has issued an order filing and settling an enforcement action against Utah-based Treasury Vault for acting as an unregistered retail foreign exchange dealer. Starting in September 2017, CFTC says Treasury Vault began offering FX services through its website to US retail customers who were not eligible contract participants […]
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ISDA Publishes Benchmark Fallback Paper

The International Swaps and Derivatives Association (ISDA) has published a report that summarises responses to a consultation on pre-cessation issues for Libor and certain other interbank offered rates (Ibors). The consultation took place between May and July, and sought comment on how derivatives contracts should address a regulatory announcement that Libor or certain other Ibors categorised as critical benchmarks […]
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UK Shuts Down Libor Investigation

In something of a surprise move the UK’s Serious Fraud Office (SFO) has announced the closure of its investigation into Libor manipulation, which has been going on since 2012. The SFO says in a statement, “Following a thorough investigation and a detailed review of the available evidence, there will be no further charges brought in […]
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FSB Reports Further “Limited” Progress on Reform

The Financial Stability Board (FSB) has published its annual progress report on the implementation of the agreed G20 reforms to over-the-counter (OTC) derivatives markets. Overall it notes there has been “limited additional implementation of the reforms” since its last report this time last year but does note that 23 out of 24 member jurisdictions have comprehensive […]
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