The Trump White House has put forward Brian Quintenz as the next chairman of the Commodity Futures Trading Commission (CFTC), and, if confirmed, he will be working with a commodities and derivative markets regulator that has been experiencing several disruptions since the start of the year. Quintenz, who served as a CFTC commissioner from August… Read More >>
CFTC Enforcement Unit Urges Higher Penalties
The Commodity Futures Trading Commission’s Division of Enforcement has issued an advisory “designed to give enforcement staff guidance on future enforcement resolution recommendations to the Commission.” One long-time securities industry observer summarized the enforcement advisory’s import by saying “The big news here is that the CFTC will no longer be letting firms off the hook… Read More >>
HSBC Pays $75M to Resolve Swaps Violations Charges
HSBC is writing checks to the CFTC totaling $75 million via the resolution of two of the regulator’s orders — one involving alleged swaps transaction violations and a $45 million penalty, and the other based on charges of recordkeeping and supervisory failures that incurred a $30 million penalty. The swaps order encompasses allegations that HSBC… Read More >>
Credit Suisse to Pay $665,000 for Futures Violation
U.S. commodities trading regulator the CFTC has ordered a payment of penalties totaling $665,000 from Credit Suisse International (CSI) for violating a speculative position limit for wheat futures and from Credit Suisse Securities (CSS-USA) for allegedly submitting misleading information to the regulator about the incident. The CFTC charged that the London-based CSI “exceeded the CFTC… Read More >>
