CFTC Guidance Ratchets Up Tension

Extra-territoriality has rushed back to the top of the regulatory agenda – thanks to the CFTC. Galen Stops reports. In November, the Commodity Futures Trading Commission (CFTC) responded to the widespread confusion amongst market participants regarding the SEF rules by issuing two pieces of guidance. One was regarding the cross-border application of the SEF rules […]
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CFTC in Flux

With political divides, claims of insufficient funding to fulfill its role, a potential shortage of senior staff and a wide array of challenges facing its new chairman, is the CFTC in an even greater state of flux than the markets it regulates? Galen Stops finds out. As the financial services industry continues to undergo dramatic […]
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Rabo Hit with $1 Billion Libor Fine

Dutch giant becomes the latest to settle Libor charges. Colin Lambert reports. Rabobank has become the latest financial markets player to be hit with fines over the London Interbank Offered Rate (Libor) scandal. The Dutch giant faces penalties of more than $1 billion from authorities in the US, UK and Holland. The Commodity Futures Trading […]
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Director of Enforcement Steps Down at CFTC

David Meister, director of the Division of Enforcement at the US Commodity Futures Trading Commission (CFTC) has stepped down from the role. Meister will be replaced by Gretchen Lowe, who is taking the role in an acting capacity. Lowe is currently general counsel in the division, prior to which she was an assistant director of […]
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Massad Leaves US Treasury; Fuels CFTC Top-Job Rumours

Timothy Massad will be stepping down from his post with the US Treasury later this year, furthering speculation that he is in-line to become the next chairman of the Commodity Futures Trading Commission (CFTC). New York Times reports have linked Massad, currently assistant secretary for financial stability at the Treasury, to the role which could […]
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RJ O’Brien Fined by CFTC

The Commodity Futures Trading Commission has issued an order filing and settling charges against R.J. O’Brien & Associates, a CFTC-registered futures commission merchant (FCM) based in Chicago, Illinois, for unlawfully commingling secured foreign futures and options customer funds with segregated domestic futures and options customer funds. The CFTC Order requires RJO to pay a $125,000 […]
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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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