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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ESMA Finds “Divergence” in Money Market Fund Supervision

Money market funds are not subject to consistent supervisory and enforcement practices across the European Union, according to findings from the European Securities and Markets Authority (ESMA). In its latest peer review report, ESMA examined whether EU securities advisors correctly apply ESMA’s guidelines on money market funds, with a comparison of 30 supervisory authorities across […]
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…As CFTC Hits 4XSolutions

The US Commodity Futures Trading Commission (CFTC) has charged New York- based 4X Solutions and its principle, Wileon Chay, with fraud and misappropriation for operating a foreign exchange Ponzi scheme which saw at least 19 participants conned out of $4.8 million. The CFTC alleges that Chay and 4X fraudulently solicited the funds by enticing pool […]
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Speed Wins: So Tax It

As European policymakers wrestle with plans to curb high frequency trading, Colin Lambert takes a look at a paper that suggests taxation, not speed limits, is the answer.  F-or all the opprobrium poured upon the heads of hedge fund managers and then bankers over the last decade, neither comes close to the emotions that have […]
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CFTC to Weaken RFQ Rules?

A CFTC commissioner has offered hope for those seeking to dilute the proposed rules on competitive quotes. Confusion continues to reign in financial markets over the likely shape of SEF rules due to be announced by the US Commodity Futures Trading Commission (CFTC) after reports that the number of competitive request for quotes required could be cut […]
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NFA Adopts PFG Report Recommendations

Alice Attwood reports as the National Futures Association continues to close loopholes following the PFG meltdown. The National Futures Association’s (NFA) board of directors has voted to accept the recommendations made by Berkeley Research Group (BRG) as part of its extensive audit of the collapsed Peregrine Financial Group (PFG). BRG was appointed to independently audit […]
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European Parliament’s RTS Rejections Scrapped

Alice Attwood reports on the latest developments in the implementation of EMIR rules. At the beginning of February the European Parliament’s Economic and Monetary Affairs Committee (Econ) voted to reject two of the Regulatory Technical Standards (RTS) produced by the European Securities and Markets Authority (ESMA) under European Markets Infrastructure Regulation (EMIR). The rejection was […]
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NFA Targets Brokers

The US National Futures Association is getting aggressive when it comes to enforcing the rule book. Colin Lambert reports.  The US National Futures Association stands accused of forcing retail FX brokers out of the US market as it seeks to reinforce regulatory rules. The NFA has hit a number of brokers with enforcement notices, some of […]
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