Australian Regulator Seeks Improvement in Banks’ FX Businesses

The Australian Securities and Investment Commission (ASIC) has published a review of its investigation into practices in the wholesale FX market and says that while it has identified conduct and process improvements in banks’ FX businesses, there remain a number of areas in need of further improvement. Specifically, ASIC says that more can be done […]
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Basel Committee Consults on Crypto Regulation

The Basel Committee on Banking Supervision has started a consultation process on the regulatory treatment of crypto assets by publishing a discussion paper on the design of a prudential treatment of these assets. The committee says the past few years have seen rapid growth in crypto-assets, and that while the market is still small relative to […]
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GFXC to Add Algo Guidance to FX Global Code

The Global Foreign Exchange Committee (GFXC) at its meeting in Sydney this week established five areas of focus for its work to maintain the FX Global Code, with algo execution and transaction cost analysis (TCA) being added to the existing workstreams around buy side outreach, disclosures, anonymous trading and execution principles. According to GFXC chair […]
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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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