In a strange quirk of timing, just a day after I published my thoughts on the need for traders to escalate issues, we got news of a whistleblower being awarded $50 million, purportedly for revealing details of how a bank harmed customers. In Thursday’s column I argued that the trader who last week told a […]
Market structure dominates this week’s podcast as Colin Lambert goes to town on the SEC’s refusal to grant Cboe permission to implement a speed bump (and along the way take a few pops at the equity market structure of course), before touching upon news that the LSE-Refinitiv deal may be delayed and what that means […]
The Commodity Futures Trading Commission (CFTC) has announced the filing of a civil enforcement action in New York against defendants Q3 Holdings and Q3 I, and their principal, Michael Ackerman, for allegedly fraudulently soliciting over $33 million to purportedly trade digital assets and misappropriating a substantial portion of that total. In a separate action, the US Attorney’s […]
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 […]
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 […]
The leaders of the US Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (Fincen), and the Securities and Exchange Commission (SEC) have issued a joint statement to remind persons engaged in activities involving digital assets of their anti-money laundering and countering the financing of terrorism (AML/CFT) obligations under the Bank Secrecy Act (BSA). AML/CFT obligations apply to […]
The Securities and Exchange Commission and the US Commodity Futures Trading Commission have announced that the Options Clearing Corporation (OCC) will undertake remedial efforts and pay $20 million in penalties to settle charges that it failed to implement policies to manage certain risks. According to the SEC’s and CFTC’s respective orders, Chicago-based OCC failed to establish […]
The Commodity Futures Trading Commission (CFTC) has issued an Order filing and settling charges against Swapnil Rege, a former portfolio manager for Connecticut-based hedge fund Marinus Capital registered with the CFTC as a commodity pool operator (CPO), for fraudulently mismarking swap valuations to artificially inflate the profits of his employer’s trading book in order to obtain […]
A joint statement from US and UK regulators signals a continued scrutiny on so-called “manufactured credit events” in the credit derivatives market. The statement, from US Commodity Futures Trading Commission (CFTC) chair Christopher Giancarlo, US Securities and Exchange Commission (SEC) chair Jay Clayton, and UK Financial Conduct Authority (FCA) chief executive Andrew Bailey says, “The […]
In this week’s podcast Galen Stops explains the devil in the detail behind the SEC rejecting bitcoin ETFs, the changing market structure in crypto generally, and how market participants are going about institutionalising the new asset class.
Colin Lambert meanwhile, is in a punchy mood and wants to take everything and everybody to task.
They observe how crypto-strategists are just the same as fiat strategists; discuss the barriers to entry for currency managers; the pricing of credit and liquidity in FX; and Lambert in particular has a problem with investors’ approach to allocating to hedge funds.