Moves Underway to Globalise Regulatory Framework

Colin Lambert reports on efforts to establish a unified framework for regulation.  As global regulators continue to work through the process of creating a new regulatory structure, there seems to be movement on one of the overriding concerns of both industry and regulators – the opportunity for regulatory arbitrage. Following the announcement of a cooperation […]
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NFA Hits FXDD Officer

The National Futures Association has fined James Green, chief compliance officer and principal of FX Direct Dealer (FXDD) $75,000 for breaching anti-money laundering (AML) practices and failing to adequately supervise FXDD’s operations. In addition to the fine, Green agreed to not be employed or act as an AML compliance officer for any NFA Member or […]
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NFA Hits Interactive Brokers…

The US National Futures Association (NFA) has issued a $300,000 fine against Connecticut-based Interactive Brokers for infringing NFA rules. The Decision, issued by NFA’s Business Conduct Committee, is based on Complaints filed on February 18, 2012 and July 5, 2013 and a settlement offer submitted by Interactive. The 2012 Complaint alleged that Interactive violated NFA […]
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Firm Fined, Principal Banned, for “Spoofing”

Commission (CFTC), along with CME Group and the UK Financial Conduct Authority, has fined high frequency trading firm Panther Energy Trading for “spoofing”. CFTC issued an Order filing and simultaneously settling charges against New Jersey-based Panther Energy Trading and Michael Coscia, the firm’s principal, for engaging in the disruptive practice of “spoofing” by utilising a […]
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Survey Finds Buy Side Unprepared for New Regs

A new study commissioned by State Street finds that buy-side firms are unprepared for new trading mechanisms, costs and increased complexity and should partner with established providers to adapt to an evolved OTC derivatives marketplace. The new research paper, From Readiness to Revolution: The Implementation and Impact of Derivatives Clearing Regulatory Reform, provides insight into […]
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EC, CFTC Align on Rules

Industry hopes for some much needed consistency over the raft of regulation surrounding derivatives markets has been given a boost.  The European Commission (EC) and the US Commodity Futures Trading Commission (CFTC) have announced an agreement on a package of measures to help regulate cross border transactions. The agreement allows Europe and the US to […]
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CFTC Hits Fraudsters

The US Commodity Futures Trading Commission (CFTC) has obtained a federal court order against Chicago-based Christopher Varlesi, individually and conducting business as Gold Coast Futures and Forex. He has been ordered to pay restitution of more than $638,000 to defrauded investors and a $700,000 civil monetary penalty. The order of permanent injunction, which was entered […]
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CFTC Moves on MF Global, Peregrine Failures

Alice Attwood reports on efforts by the US regulator to close the book on two recent high profile failures. The US Commodity Futures Trading Commission (CFTC) has filed an enforcement action against MF Global, its former CEO and assistant treasurer, for the unlawful use of nearly $1 billion of customer funds. The enforcement was filed […]
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CFTC Extends FXPB Relief

Colin Lambert reports as the US regulator accepts industry arguments over FX intermediaries. Following the issuance of a Time Limited No Action Letter aimed at absolving FX prime brokers from the need to report mirror trades, the US Commodity Futures Trading Commission (CFTC) has issued a further No Action Letter to allay fears that intermediated […]
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CFTC Issues FX Relief Letters

Colin Lambert reports as the CFTC offers a glimmer of respite to market participants. The May 1 deadline for reporting of trades and other rules was marked by the US Commodity Futures Trading Commission (CFTC) offering some relief to market participants seeking to avert the need to report mid-market marks and mirror trades. The CFTC’s […]
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