Joint Venture to Launch in Summer 2021 CME Group, an operator of derivatives trading venues, and IHS Markit, an information and analytics vendor, are forming a joint venture of post-trade processing and risk mitigation services that will bring together CME Group’s Traiana, TriOptima, and Reset companies with IHS Markit’s MarkitSERV. Traiana, TriOptima and Reset offer… Read More >>
Biden Team Nominates Gensler to Be SEC Chairman
Gary Gensler, the former chairman of the CFTC, has been nominated to be the next chairman of the SEC by the incoming administration of President-elect Joe Biden. Gensler served as CFTC chairman from May 26, 2009, to January 3, 2014, and oversaw an overhaul and expansion of the regulator’s control over derivatives trading, especially swaps…. Read More >>
Executive Shuffles at SEC & CFTC
SEC & CFTC Await New Chairpersons The Trump administration has named an acting chairman for the SEC — Elad L. Roisman, an SEC commissioner — as the now-former Chairman Walter Joseph “Jay” Clayton III stepped down at the end of December, six months before his slated exit in June 2021. Clayton, a Trump team appointee,… Read More >>
CFTC Enforcers Report Banner Year for 2020
’Tis the season for annual reports, and one of the most instructive is from the regulator Commodity Futures Trading Commission (CFTC) and its Division of Enforcement. When it comes to the CFTC’s mission to “be tough on those who break the rules,” as Division of Enforcement Acting Director Vince McGonagle puts it in a commission… Read More >>
Clayton to Step Down as SEC Chairman
SEC Chairman Walter Joseph “Jay” Clayton III confirmed earlier this week that he will be stepping down from his post by the end of December instead of June 2021, paving the way for President-Elect Joe Biden to appoint a successor in time for the start of the new administration. When he steps down, Clayton, a… Read More >>
ASX Resets CHESS Replacement Launch to 2023
ASX Stakeholders Ask for More Time The Australian Securities Exchange (ASX) reports that it has set April 2023 as the new launch date for its blockchain-based replacement for the incumbent Clearing House Electronic Subregister System (CHESS), citing the need for more time to refine the platform to come. The new launch date follows a tentative… Read More >>
CFTC Offers a Rewards System for Cooperation
The CFTC’s Division of Enforcement (DOE) is spelling out what it means when it says that a firm has been cooperative via an enforcement investigation. The goal is to let the public get a better view into how a firm maximized cooperation and minimized painful penalties. The clarity comes from a new guidance that the… Read More >>
Private Equity Firm to Buy AxiomSL
AxiomSL to Expand Offerings via Takeover A cloud-based risk management and regulatory solutions vendor AxiomSL has agreed to be taken over by Thoma Bravo, a private equity firm specializing in the software and technology-enabled services sectors, so that it can grow its customer base and expand its offerings. AxiomSL serves banks, investment management firms, broker-dealers,… Read More >>
CFTC Fines Citi for Glitchy Audio Recording System
The Commodity Futures Trading Commission has fined specific Citibank swap dealers who erased key 2018 recordings that were meant for preservation and review by the CFTC’s division of enforcement. The CFTC’s $4.5 million penalty hits Citibank N.A. and Citigroup Energy Inc., two registered swap dealers, and Citigroup Global Markets, Inc., a registered swap dealer and… Read More >>
Spoofing Cases Yield a Record Fine & Convictions
False trade orders that spur sharp market price reactions before they disappear — otherwise known as “spoof orders” — have the full attention of authorities as evidenced by a recent record fine against JPMorgan, and the conviction of two former traders at Deutsche Bank. JPMorgan Chase & Co. has agreed to pay nearly one billion… Read More >>
