Tag: CFTC

CFTC

LedgerX Founders Placed on Administrative Leave

LedgerX co-founders and senior executives, Paul Chou and Juthica Chou, have been placed on administrative leave by the board of directors of the platform’s parent company, Ledger Holdings. The board has installed Larry Thompson, formerly vice chairman of the Depository Trust & Clearing Corporation (DTCC), as interim CEO and lead director of the firm. Paul […]

Former CFTC Chair Takes Fintech Role at Law Firm

New York law firm Willkie Farr & Gallagher has announced that the appointment of former chair of the US Commodity Futures Trading Commission (CFTC) Christopher Giancarlo as a senior counsel. Giancarlo served as chairman and chief executive of the CFTC from August 2017 to July 2019 after being nominated as a CFTC commissioner by President […]

CFTC Hits Goldman for Recording Failures

The US Commodity Futures Trading Commission (CFTC) has issued an order filing and simultaneously settling charges against Goldman Sachs for failing to make and keep certain audio recordings as required under CFTC regulations for swap dealers. The order requires Goldman to pay a $1 million civil monetary penalty and to cease and desist from further violations […]

CFTC Hits BGC Financial

The US Commodity Futures Trading Commission (CFTC) has issued an order filing and simultaneously settling charges against BGC Financial a futures industry voice broker and registered futures commission merchant (FCM), for numerous supervision, reporting, and recordkeeping violations spanning over five years. The order requires BGC to pay a $3 million civil monetary penalty and to comply […]

FIA Voices Concern Over Proposed Swaps Clearing Rules

The Futures Industry Association (FIA) has issued a letter expressing concern that proposed cross-border clearing house rules do not create a comprehensive framework to facilitate access to foreign cleared markets by US customers. FIA’s comments were in response to two separate, but similar, rule proposals by the Commodity Futures Trading Commission (CFTC). The first, Exemption […]

Wells Fargo Fined Over Controversial Burger King FX Trade

Already facing unfair dismissal actions and having paid one fine, Wells Fargo has been further sanctioned by the US Commodity Futures Trading Commission (CFTC) over its actions during the USD/CAD trade to hedge Tim Hortons’ purchase of Burger King. Having paid the US National Futures Association $2.5 million in August, Wells Fargo has now been […]

Record Fine for Tower Research as CFTC Hits Spoofers Again

The US Commodity Futures Trading Commission (CFTC) has again targeted spoofers in futures markets with two actions against firms, including a record fine for high frequency trading firm Tower Research. Tower was hit with a $67.4 million fine for failing to halt a spoofing scheme that lasted over two years and led to criminal charges […]

Kulkin Re-Joins Steptoe

Matthew Kulkin, the former director of the US Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO), has re-joined the law firm Steptoe & Johnson as a partner and co-chair of its Financial Services Group. Kulkin, who had previously been a partner at Steptoe for two years before joining the CFTC […]

US Regulators Join Global Financial Innovation Network

The Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Securities and Exchange Commission have announced they are joining the Global Financial Innovation Network (GFIN). The agencies say that US financial regulators have taken proactive steps in recent years to enhance regulatory clarity and understanding for all stakeholders and promote early identification of […]

CFTC Sanctions Unregistered Retail FX Dealer

The Commodity Futures Trading Commission (CFTC) says it has issued an order filing and settling an enforcement action against Utah-based Treasury Vault for acting as an unregistered retail foreign exchange dealer. Starting in September 2017, CFTC says Treasury Vault began offering FX services through its website to US retail customers who were not eligible contract participants […]