The US Commodity Futures Trading Commission (CFTC) has launched LabCFTC, a new initiative aimed at promoting responsible FinTech innovation to improve the quality, resiliency, and competitiveness of the markets the CFTC oversees.
Located in New York, LabCFTC will also look to accelerate CFTC engagement with FinTech and RegTech solutions that may enable the CFTC to carry out its mission responsibilities more effectively and efficiently. The initiative was approved by a unanimous vote of the Commission.
“Simply put, LabCFTC is intended to help us bridge the gap from where we are today to where we need to be: 21st century regulation for today’s digital markets,” says CFTC Acting Chairman Christopher Giancarlo.
For the past few years the financial services industry has been abuzz discussing how new fintech solutions are going to change the way that the industry operates.
Venture capital (VC) firms have been throwing money at fintechs, banks have been launching incubator programmes and innovation labs, and existing technology vendors have been re-branding themselves all to try and take advantage of the fintech hype.
As such, it’s nearly impossible to have a conversation about the impact of fintech without someone talking about the potential for “disruption” within financial services. And yet, certainly within FX specifically, it remains hard to really identify any tangible evidence of this disruption thus far.
RegTech specialist, Muinmos, has attracted investment from Lars Holst, former CEO of CFH Clearing, and Lars Torpe Christoffersen, an entrepreneur.
The firm itself is an automated onboarding organisation that was founded by Remonda Kirketerp-Møller in April 2012.
Holst’s 20-year career in the FX industry includes several senior executive positions at Saxo Bank and Currenex prior to co-founding CFH in 2008. He was at the helm of CFH for almost a decade, with the firm ultimately being sold to PlayTech for $120 million in November 2016. According to a release issued today, Holst will play an active role in muinmos, having been appointed as chairman of the board.
Gain Capital has deployed Eventus Systems’ cloud-based version of its Validus platform to manage the market surveillance programme for its futures operation.
Gain operates as a non-clearing futures commission merchant (FCM), which connects to exchanges and its clearing firm through CQG, a provider of trading, market data and technical analysis tools. As a CQG FCM partner, Gain offers CQG’s suite of trading tools to its customers, administered through CQG’s Customer Account Service Tool, for control over account set-ups, risk settings and other matters.