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CFTC
Binance CEO exits after pleading guilty to money laundering charges
Binance has agreed to pay $4.3bn in “one of the largest corporate penalties in US history”.
Cartoon: Rules of the road
A new cartoon illustrating the enforcement approach that US regulators are taking with the crypto industry.
CFTC hits Tether with $41m fine for ‘misleading’ stablecoin claims
US regulator says Tether only backed by reserves for six and a half months between 2016 and 2018.
Chris Brummer in line for CFTC chairman role as Tarbert steps down
President Biden’s reshuffle of regulatory top jobs continues.
CFTC marks 2020 as record year for penalties issued
US regulator issued a record number of notices this year, even as fines remain roughly the same
US regulators relax Volcker Rule restrictions
Major US banks allowed to unlock wider range of investment options.
CFTC fines Deutsche Bank $10m for swaps failure & trade spoofing
Banking giant caught out by US regulator.
CFTC publishes final guidance on cryptocurrency actual delivery
The CFTC announces new guidance after lengthily market consultation.
US regulators sign up to Global Financial Innovation Network
The CFTC, FDIC, OCC and SEC are all on board.
CFTC charges trader with spoofing in financial futures markets
The filing and settling charges are against the trader, Benjamin Cox.
FCA and CFTC to collaborate on fintech innovation
Financial Conduct Authority and Commodity Futures Trading Commission have signed an arrangement for UK-US initiatives.
CFTC praises global regulatory harmonisation – just don’t expect uniformity
Global regulators are struggling to find the balance between recognising each other’s existence and learning to harmonise and coordinate their activities, and protecting domestic national economic stability. But people who can’t accept that there will be some differences in regulation between Asia, Europe and the US are not realistic, according to Timothy Massad, chairman of the Commodity Futures Trading Commission.
SEFs face reckoning with unintended consequences warns report
Like opening Pandora’s box, the emergence of swap execution facilities in US derivatives markets has brought unexpected consequences and problems as well as benefits. In some cases, asset managers are actively looking to avoid trading on the new platforms and even turning to other asset classes, according to a new report by OpenLink.
CFTC commissioner attacks swaps regulation and proposes alternative agenda
US Commodity Futures Trading Commission Commissioner J. Christopher Giancarlo has condemned the CFTC’s implementation of swaps trading regulation reforms, describing its approach as highly over-engineered, disproportionately modelled on the US futures market and biased against both human discretion and technological innovation.
Across the spectrum: ISO 20022 perspectives
The original concept of the ISO 20022 was to create a repository of data used in financial messaging to communicate business information of any type – and to be able to add any types of data that might arise in the future. There has been a lot of focus on the use of the standard in payments and securities messaging roles, this has obscured its current and potential use in other areas.
CFTC’s O’Malia warns regulators to “Do No Harm”
Commissioner Scott O’Malia of the US Commodity and Futures Trading Commission has called for continuing international co-operation on market surveillance and warned that current oversight mechanisms are flawed in terms of the data they collect and the way that they analyse it.
Traiana expands SEF credit checking features on CreditLink
Pre-trade risk and post-trade processing specialist Traiana has launched a new version of its CreditLink tool for credit derivatives, which it says will help buy-side firms to trade on swap execution facilities.
CFTC calls for international swaps data sharing deal
Global standards and approaches to regulation need to focus more on removing risk from the financial system rather than on compliance – but to do so international regulators will need to harmonise their efforts and embrace technology to a much greater degree.
US-Europe derivatives rulemaking deal “falls at first hurdle”
Senior financial industry executives have expressed disappointment at the failure of the US and European securities regulators to realise a deal over derivatives reforms and swap execution facilities, the new category of US execution venues brought in under the Dodd-Frank Act.
“Problematic” US shutdown causes SEF blues at the EU
The European Commission has expressed concerns that the US government shutdown is preventing a deal between the EU and US regulator, just as new swaps rules come into force for firms based both inside and outside the US.
Swap trading reforms hit the rocks as CFTC’s O’Malia recommends delay
As CFCT commissioner Scott O’ Malia calls for more time for SEF reforms to be implemented, senior market observers are concerned that the new rules will not only fail to meet their 2 October deadline, but will also hurt ordinary market participants and increase systemic risk rather than reduce it.
The LEI: From interim identifiers to a global standard
It’s not proving easy, but progress is being made on the road to the development of a global Legal Entity Identifier that works and makes business sense.
US regulators seek huge budget increases to keep up with industry
It’s not just the banks that are struggling with the costs of regulation – so are the regulators. In the US. The Commodity Futures Trading Commission has requested a 52% budget hike to $315 million dollars – described by one of its own commissioners as “improbable and unsustainable”.
Will Dodd-Frank trade reporting prepare you for EMIR?
On February 28, most of the approximately 70 registered swap dealers will stumble across the finishing line for the remaining asset classes of the CFTC implementation of Dodd-Frank trade reporting regulations. Some may be forgiven for breathing a sigh of relief.
HFT: time to talk about how?
2012 seemed like the year of regulators taking a prolonged look at computer trading – defining what it might be, its potential effects, why it may be problematic. It is still far from clear that we have answers to these fundamental questions.
Washington watchdog raps regulators over Dodd-Frank rule-making
US financial services regulators have not properly evaluated the impact of rules they have proposed or introduced in implementing the Dodd-Frank Act, and should improve their co-ordination says a critical report from a congressional watchdog.
