US Authorities Issue Digital Assets Reminder

The leaders of the US Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (Fincen), and the Securities and Exchange Commission (SEC) have issued a joint statement to remind persons engaged in activities involving digital assets of their anti-money laundering and countering the financing of terrorism (AML/CFT) obligations under the Bank Secrecy Act (BSA). AML/CFT obligations apply to […]
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Netram Named Director of LabCFTC

Melissa Netram has been named the new director of LabCFTC. In her role, she will be responsible for coordinating closely with international and US regulators and Capitol Hill to facilitate market-enhancing innovation, inform public policy, and ensure the CFTC has the understanding to keep pace with the ever changing financial services industry. “Digital assets and […]
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BIS Report Sets Out Governance of Key OTC Derivatives Data Elements

A new report published by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO), identifies key criteria, functions and bodies for the governance arrangements for a set of critical data elements for OTC derivative transactions reported to trade repositories, excluding the Unique Transaction Identifier (UTI) and the Unique […]
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ESMA Ponders Adding Spot FX to Market Abuse Regulation

The European Securities and Markets Authority (ESMA) has issued a consultation paper that in part looks at whether spot FX should be brought into scope of its Market Abuse Regulation (MAR). The regulator has been asked by the European Commission to investigate adding spot FX to the markets that it regulates, specifically it has been […]
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Tradeweb Adds Margin Optimisation Analytics to IRD Trading

Tradeweb Markets has announced a collaboration with two margin optimisation providers, Cassini Systems and OpenGamma, to offer clients a choice of vendor access to life-cycle cost analytics, including initial margin, collateral, clearing fees, brokerage and trading costs. The firm says its integration of margin optimisation analytics with its interest rate derivatives platform will provide institutional […]
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CFTC Fines BGC, GFI $25m for e-FX Options Fraud

The US Commodity Futures Trading Commission (CFTC) has fined BGC Financial and GFI Securities a combined total of $25 million for making false representations regarding the execution of FX options contracts The CFTC says that BGC was engaged in this fraudulent activity between January 2014 to at least December 2015 and that GFI was between July […]
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Ramchandani Files $112m Lawsuit Against Citi for Malicious Prosecution

Rohan Ramchandani, who was acquitted of FX market manipulation by a jury in New York last year, has filed a lawsuit against his former employer, Citi, alleging “malicious prosecution” by the bank against him and seeking $112 million in damages. In documents filed at the Southern District of New York Court today, Ramchandani claims that […]
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CFTC Fines Six Banks for Reporting Failures

The US Commodity Futures Trading Commission (CFTC) has issued six banks with regulatory orders over reporting failures. The six banks; Bank of New York Mellon, HSBC, Natwest Markets, Northern Trust, PNC Bank and Societe Generale were collectively fined more than $6 million over the failures – Northern Trust and SocGen were also charged with failure […]
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CFTC Charges PA Man in Multi-Million Bitcoin Fraud

The US Commodity Futures Trading Commission (CFTC) has charged a man in Pennsylvania accused of running a $7 million bitcoin fraud scheme. In a complaint filed against Jon Thompson in the US District Court for the Southern District of New York, the CFTC alleges that, contrary to Thomson’s false representations, neither he nor a company […]
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Survey Highlights Lack of Progress in Renegotiation of Libor-Based Contracts

Just 11% of derivatives users from across the private equity, real estate and infrastructure sectors believe that their Libor-referencing contracts contain provisions that are appropriate for the benchmark’s permanent discontinuation, according to a survey from JCRA, an independent financial risk advisory, at an event it hosted alongside global law firm, Norton Rose Fulbright. The firm says that […]
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