Tag: SEC

SEC

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 […]

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 […]

US Authorities Issue Digital Assets Reminder

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 […]

US Authorities Fine OCC

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 […]

Hedge Fund Manager Fined for Mis-Valuing Swaps

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 […]

Regulators Target Manufactured Credit Events

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 the FICC of It

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.

Why Does the SEC Keep Rejecting Bitcoin ETFs?

Last week the Securities and Exchange Commission (SEC) declined to approve rule amendments proposed by NYSE Arca and Cboe BZX Exchange to authorise the listing and trading of shares of nine exchange-traded funds (ETFs).

This decision comes after the SEC also rejected the Winklevloss ETF in July that would have traded physical bitcoin, whereas the ones rejected last week planned to seek exposure to some or all of the bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME), Cboe Futures Exchange (CFE) and/or any other US exchange that subsequently trades such derivatives contracts.

In the FICC of it

In this week’s In the FICC of it podcast, Colin Lambert and Galen Stops discuss the Mark Johnson trial, pointing out that if the current verdict is upheld despite the ongoing appeal against it and ACIFMA’s decision to file an amicus brief in support of the appeal, it could have a very significant impact on both the Global FX Code and how the FX industry operates more broadly. They also look at why crypto regulation is unlikely to move as fast as some people in the industry would like, and why this might not be such a bad thing.

What Next for Crypto Regulation? A Washington Insider’s View…..

Profit & Loss’s latest OnTheBlock series featured a one-one-one discussion with former CFTC staffer Justin Slaughter, now a partner at Mercury Strategies, in which he provided an insider’s perspective on how cryptoassets are being viewed by regulators in Washington, DC.

P&L OnTheBlock: An SEC official recently said that the agency does not  view ether[eum] as a security. Does this mean that the issue is settled and the SEC definitely won’t try and regulate it as a security now? 

Justin Slaughter: What we are basically hearing is that there isn’t an explicit, major problem with ether as a security. They are not yet saying it’s totally, absolutely, not a security.