CFTC Settles With Bitcoin Exchange Over Wash Trades

The Commodity Futures Trading Commission (CFTC) has settled charges against Bitcoin trading platform TeraExchange for failing to prevent “wash” and prearranged trading on its platform. Tera, which is provisionally registered as a Swap Execution Facility (SEF), is under the CFTC’s jurisdiction and as part of the order has been required to ensure that there are […]
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FSB Publishes Update on Market Reform Plan

Following its meeting held in London last week, the Financial Stability Board (FSB) has issued an update to its ongoing plan to reform financial markets. On liquidity issues, something that dominated discussions at Forex Network Chicago last week, the FSB has issued a further warning to investors and asset managers over taking liquidity for granted. […]
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Giancarlo Calls for Reassessment of “Flawed” Swaps Rules

CFTC Commissioner Christopher Giancarlo has called for the Commodity Futures Trading Commission to revisit the Made Available to Trade (MAT) and swaps trading rules in a speech delivered at Forex Network Chicago. Discussing the “platform-controlled process” of MAT, Giancarlo noted that a SEF may certify a MAT determination to the CFTC after considering one or […]
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CFTC Officially Classifies Bitcoin as a Commodity

The US Commodity Futures Trading Commission (CFTC) has decided to classify Bitcoin and other virtual currencies as commodities that are therefore subject to regulations under the Commodity Exchange Act (CEA). Last week the CFTC took its first action against an unregistered Bitcoin options trading platform called Coinflip, citing that the platform did not comply with […]
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ISDA CEO: Expected Timeline for Margin Rules “Impossible”

It will be “impossible” for the industry to be ready for the new margin requirements for non-cleared OTC derivatives if the Commodity Futures Trading Commission (CFTC) sticks to its projected timetable for providing rules on this subject, according to International Swaps and Derivatives Association (ISDA) CEO, Scott O’Malia. In March 2015 the Basel Committee on […]
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ISDA Launches Initiative for a Derivatives Product Identification Standard

The International Swaps and Derivatives Association (ISDA) has launched a new industry data project, aimed at developing an open-source standard derivatives product identification system. ISDA says the system can be applied consistently and comprehensively across all derivatives facilities, including trading venues, clearing houses, repositories and other infrastructures. The project involves a consortium of buy- and […]
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Giancarlo Urges CFTC to Continue With Rulemaking Reform

As the Commodity Futures Trading Commission (CFTC) proposed an amendment that would replace an existing “no-action” letter regarding swaps rules, Commissioner Christopher Giancarlo urged the Commission to continue amending flaws in the Dodd-Frank rule-making process. The Commission has proposed an amendment to the definition of “material terms” for the purposes of portfolio reconciliation performed by […]
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Symphony Agrees Deal With NY Regulator Over Message Data

Symphony, a new messaging service backed by a consortium of major banks, has reached an agreement with the New York State Department of Financial Services (DFS), regarding the record keeping of messages on Symphony’s platform. According to the new agreement Symphony will retain a copy of the chat messages that occur on its platform for […]
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CFTC Approves Bitcoin Exchange’s SEF Registration

The Commodity Futures Trading Commission (CFTC) has approved the application of Bitcoin derivatives exchange, LedgerX, for temporary registration as a swap execution facility (SEF). As a next step, the Commission will undertake a substantive review of LedgerX’s application for full registration. Profit & Loss first reported that the Commission was reviewing LedgerX’s application in December […]
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Pan Named New CFTC Director in OIA

The Commodity Futures Trading Commission (CFTC) chairman, Timothy Massad, has appointed Eric Pan as the agency’s new director of the Office of International Affairs. Pan will join the CFTC to take this position from the Securities and Exchange Commission (SEC), where he serves as the associate director for regulatory policy in its Office of International […]
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