The CFTC has settled its benchmark manipulation case against JPMorgan Chase (JPMC) via an order that requires the firm to pay a $65 million civil monetary penalty, and to strengthen its internal controls and procedures to prevent any future attempts to fix interest-rate swaps benchmarks. The order settles charges that JPMC attempted to manipulate the ISDAFIX benchmark “over… Read More >>
SocGen to Settle Bribery, Benchmark Cases for $1 Billion
Paris-based banking giant Société Générale and its wholly owned subsidiary, Société Générale Acceptance N.V. (SGA), are settling with the U.S. Justice Department, the CFTC, and a French authority, Parquet National Financier (PNF), a variety of charges in two cases: a bribery scandal involving officials in Libya, and separately the manipulation of the London Interbank Offered… Read More >>
CFTC Focuses on Crypto Currency Listings
Earlier this week, the CFTC via its Division of Market Oversight (DMO) and Division of Clearing and Risk (DCR) released an advisory that sets up guidelines for CFTC-registered exchanges and clearinghouses registered that want to list virtual currency derivative products. But, before we dive into the new details, it’s useful to review what the CFTC… Read More >>
CFTC Chairman Unveils Swaps Reform Agenda 2.0
Swaps regulatory reform is the focus of a recent white paper/report, “Swaps Regulation Version 2.0: An Assessment of the Current Implementation of Reform and Proposals for Next Steps,” co-authored by CFTC Chairman J. Christopher Giancarlo and CFTC Chief Economist Bruce Tuckman. The report was unveiled at the annual meeting of the International Swaps and Derivatives… Read More >>
LabCFTC Wants Your FinTech Contest Ideas
In case you were wondering, LabCFTC, the CFTC’s FinTech initiative, is asking the public for ideas and subjects for innovation competitions “to advance the agency’s FinTech goals,” and to help the regulator advance its array of IT tools. “We launched the LabCFTC initiative to stimulate and promote market-enhancing FinTech solutions,” says CFTC Chairman J. Christopher… Read More >>
Gensler Says Crypto Exchanges Are a ‘Mess’
Cryptocurrency exchanges have a long way to go as far as providing protections for investors and other industry participants, says Gary Gensler, the former CFTC chairman who spoke last month at ISITC’s 24th Annual Securities Operations Summit in Boston. Gensler, who spoke during a wide-ranging political discussion about the changes underway in President Trump’s Washington,… Read More >>
Gemini Founders Want SRO for Crypto Markets
The founders of a cutting-edge digital asset exchange company, Gemini Trust Company, LLC, are arguing for a self-regulatory organization (SRO) that would govern transactions based upon emerging cryptocurrencies, and the effort has gotten the attention of the CFTC. Cameron Winklevoss, co-founder and president at Gemini, and his twin brother Tyler launched Gemini “a licensed digital… Read More >>
CFTC Clarifies Staff Ownership of Crypto Coins
Markets and venues for trading instruments based upon cryptocurrencies are emerging almost daily and CFTC officials have been trying to stay on top of this phenomenon via new policies and guidances, including a recent memo for CFTC staff that specifies the parameters of cryptocurrency ownership. Initial media reports implied that CFTC staffers would be set… Read More >>
CFTC & U.K.’s FCA Join Forces on FinTech Push
CFTC and FCA Sign Agreement to Collaborate The U.S. CFTC and the U.K.’s Financial Conduct Authority (FCA) report the signing of an agreement that “commits the regulators to collaborating and supporting innovative firms through each other’s fintech initiatives” — LabCFTC in the U.S. and FCA Innovate in Great Britain. The heads of both regulators saluted… Read More >>
CFTC Charges FCM with Neglecting Cybersecurity
AMP Global Clearing LLC (AMP), a registered futures commission merchant (FCM) settled charges with the CFTC over allegations of inadequate cybersecurity protections that led to an unauthorized copying of 97,000 client files. The Chicago-based AMP has been registered as an FCM with the CFTC since 2010, officials say. The CFTC has issued an order and… Read More >>
