CFTC Hits FXDD…Again

The Commodity Futures Trading Commission has taken further action against FX DirectDealer (FXDD). According to CFTC, between November 2010 and December 2012, FXDD, a CFTC-registered Retail Foreign Exchange Dealer (RFED) and Futures Commission Merchant (FCM) headquartered in New York, failed to comply with minimum financial requirements for RFEDs and FCMs. FXDD has been registered with […]
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Knight and SEC Reach $12m Settlement Over ‘Glitch’ Charges

Knight Capital Americas has agreed to pay $12 million to settle charges made by the Securities and Exchange Commission (SEC) following its system meltdown last year, which brought the firm close to bankruptcy. The regulator investigated the causes and preventability of last August’s technology failure, in which a faulty router sent over four million orders […]
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Authorities Fine Icap Over Libor, Charge Former Employees

Authorities both sides of the Atlantic have slapped Icap Europe with a fine relating to staff activities at the interdealer broker during the Libor fixing scandal. The Commodity Futures Trading Commission (CFTC) announced it was bringing and settling charges of manipulation, attempted manipulation, false reporting, and aiding and abetting derivatives traders’ manipulation and attempted manipulation, […]
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CFTC Appoints Head of DMO

The Division of Market Oversight at the Commodity Futures Trading Commission (CFTC) has a new head. The division, which is responsible for enforcing and enacting Dodd-Frank guidelines as part of its overall responsibilities, has named Vincent McGonagle as the new director of the DMO. McGonagle has served at the commission for nearly 16 years in […]
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CFTC Gets Federal Order on FX Fraudsters

The Commodity Futures Trading Commission says it has obtained a federal court consent Order against defendants Alex Ekdeshman of New Jersey, and Paramount Management, requiring them to pay $1,146,000 in restitution to defrauded customers and a $1,337,000 civil monetary penalty. The Consent Order of Permanent Injunction also imposes permanent trading and registration bans against the […]
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CFTC Targets FX Ponzi Scheme

The Commodity Futures Trading Commission (CFTC) says it has obtained a Federal court consent order of permanent injunction requiring defendants Sidney Charles, Jr and his company the Borrowing Station, from Maryland, jointly and severally to pay $254,236 in restitution and a $350,000 civil monetary penalty in connection with an off- exchange leveraged FX Ponzi scheme. […]
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CFTC Looks Harder at Automated Trading

CFTC makes a renewed effort to curb what some consider to be the excesses of automated trading. The Commodity Futures Trading Commission (CFTC) has released a “concept paper” aimed at continuing and defining the regulatory response to the increased level of automated trading. Whilst the headlines surrounding the paper are inevitably about high frequency trading […]
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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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