Global COO Ken Pigaga to Be New CEO of NEX Optimisation Jenny Knott, the CEO of the NEX Optimisation post-trade division of NEX Group, is stepping down from her post as the division undergoes a restructuring, according to NEX Group officials. In addition, Ken Pigaga, global chief operating officer (COO) of NEX, has been appointed… Read More >>
Morgan Stanley’s FCM Subsidiary Penalized $500,000
The CFTC has settled charges against Morgan Stanley & Co. LLC, for “failing to diligently supervise the reconciliation of exchange and clearing fees with the amounts it ultimately charged customers for certain transactions on the CME Group, ICE Futures US, and other exchanges.” Headquartered in New York City, Morgan Stanley & Co., or MSCO, is… Read More >>
CFTC Hires Director for Swap Dealer Oversight Division
Partner from Steptoe & Johnson Law Firm Joins as DSIO Director Arrivals and departures are continuing at the CFTC. Matthew B. Kulkin has been named director of the CFTC’s division of swap dealer and intermediary oversight (DSIO), joining from the Steptoe & Johnson LLP law firm, where, as a partner, he “advised financial market participants… Read More >>
Citi Settles Swap Data Reporting Violations Case
Citibank, N.A. (CBNA) and Citigroup Global Markets Ltd. (CGML) have settled with the CFTC on charges that they failed to properly report Legal Entity Identifier (LEI) information about swap transactions properly to a swap data repository (SDR). CBNA acts as a swap dealer and has been registered with the CFTC since December 31, 2012 while… Read More >>
Merrill Lynch Settles CFTC Case of Supervisory Breaches
The CFTC has required Merrill, Lynch, Pierce, Fenner & Smith Inc. to pay a $2.5 million civil monetary penalty for “failing to supervise its employees’ and agents’ handling of the firm’s response to a CME Group investigation into futures block trade execution and recordkeeping practices at Bank of America.” Bank of America, N.A., or BANA,… Read More >>
McLoughlin Named Sole CEO of BGC Financial for the Americas
Former Co-CEO to Oversee Special BGC Projects BGC Partners, an interdealer broker and technology provider, has appointed Shawn McLoughlin as CEO of BGC Financial for the Americas region, effective immediately. McLoughlin, who has been serving as an executive managing director and co-CEO of BGC Financial, Americas, with Lou Scotto “to define business strategy for new… Read More >>
CFTC Launches Portal for Large Trader Reporting Program
The CFTC is hoping that it is dealing with “some industry concerns” with the launch of “an improved online filing portal” for industry participants that need to submit CFTC Form 40, known as the “Statement of Reporting Trader,” a key part of its large trader reporting program. “The CFTC operates a comprehensive system of collecting… Read More >>
FINRA Shuffles Board of Governors
FINRA Fills Multiple Governance Posts The Financial Industry Regulatory Authority reports several changes to its board of governors. Stephen M. Cutler, executive vice president and vice chairman, JPMorgan Chase & Co., has been elected as a large firm governor, one of three on the board. Stephen A. Kohn, president and CEO, Stephen A. Kohn &… Read More >>
Liquidnet Names Head of Technology for EMEA
Liquidnet Creates New Technology Role Liquidnet reports the appointment of Patrick Strobel as head of technology for EMEA, which the institutional trading network calls a “newly formed role.” Stroebel joins Liquidnet’s global technology group, reporting to Bob Garrett, head of technology. Strobel will be responsible for “building out Liquidnet’s strategic IT architecture in EMEA… Read More >>
CFTC Settles Spoofing Charges Against Japan’s Largest Bank
The CFTC has settled its charges against the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) with a relatively small $600,000 penalty. Those charges accused the bank of “engaging in multiple acts of spoofing in a variety of futures contracts on the Chicago Mercantile Exchange and the Chicago Board of Trade, including futures contracts based on United… Read More >>
