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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CFTC Unveils SEF Rules

Colin Lambert reports as the US CFTC brings some much-needed clarity to derivatives markets. On May 16, the US Commodity Futures Trading Commission voted to enact three measures that completed, according to CFTC chair Gary Gensler, “all of the major building blocks of swaps market reform: transparency, clearing and swaps dealer oversight”. The three measures established […]
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CFTC Charges Boston Man with Fraud

The US Commodity Futures Trading Commission (CFTC) has won a court order freezing the assets of David Prescott, individually and doing business as Cambridge Currency Partners. The court’s order also prohibits the destruction of books and records and sets a telephonic status hearing for May 15. The order stems from a CFTC civil complaint filed […]
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CFTC Hits Interactive Brokers

The US Commodity Futures Trading Commission (CFTC) has ordered Greenwich, Connecticut-based Interactive Brokers (IB), to pay a $225,000 civil monetary penalty for failing to maintain sufficient funds in customer segregated accounts. IB is accused of failing to calculate the amount of customer funds on deposit, the amount of funds required to be on deposit in […]
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