Wall Street giant Goldman Sachs will pay a $120 million fine for manipulating and making false reports concerning the U.S. dollar International Swaps and Derivatives Association fix (USD ISDAFIX), a global benchmark for interest rate products, say CFTC officials in an order simultaneously filing and settling charges against the Goldman Sachs Group, Inc. and Goldman,… Read More >>
Trump Moves to Fill Top SEC Post as Massad Resigns
The SEC has an official nominee for its next chairman and the head of the CFTC has just announced his resignation as President-elect Donald J. Trump fills out his administration and signals a new approach to regulation. During the U.S. presidential campaign, Trump sounded clarion a call for less regulation via the federal government. His… Read More >>
CME Clearing Europe Gets DCO Green Light
CME Clearing Europe (CMECE), the London-based derivative clearinghouse, was granted registration as a derivatives clearing organization (DCO) by the CFTC, making it the seventh such foreign organization to receive the designation and the 16th overall. As both an authorized central counterparty clearinghouse (CCP) under the European Market Infrastructure Regulation (EMIR) regime and a registered DCO,… Read More >>
CFTC Penalizes Société Générale $450K for Software Glitch
The CFTC has issued a penalty of $450,000 against Société Générale SA over charges that the French banking giant failed to properly report non-deliverable forward transactions to a swap data repository (SDR), and failed to report many FX swap, FX forward, and non-deliverable forward transactions to an SDR. The cause of the problem was a… Read More >>
JPMorgan Services Fannie Mae’s MBS Holdings
JPMorgan Provides Trade Processing, Settlement and Recs Services Investment banking giant JPMorgan is supporting Fannie Mae’s mortgage-backed securities (MBS) holdings via the firm’s custody and fund services platform, bank officials say. JPMorgan officials say the bank has “successfully transitioned” for safe-keeping and settlement services for collateral backing Fannie Mae-issued MBS held in their Collateral Trust… Read More >>
Flash Crash Trader Hit with $38M+ in Sanctions
Navinder Singh Sarao, the U.K. resident known as the “Flash Crash Trader,” has been ordered by a U.S. court to pay a $25,743.174.52 civil monetary penalty and $12,871,587.26 in disgorgement for multiple charges of futures market manipulation. Sarao was extradited from the U.K. to the U.S., where he faced criminal charges for the same acts…. Read More >>
‘Trump’-ing Dodd-Frank Would Be a Huge Effort
(Editor’s note: President-Elect Donald J. Trump and his new administration will be juggling many new policy issues, including changes to the financial services reform efforts that began under the Obama administration. In this first part of a two-part series, FTF News has asked industry analysts what market structure changes they think may come from the… Read More >>
Five Clearinghouses Pass CFTC’s Stress Test
Key clearinghouses for derivatives markets have “ample resources to withstand extremely stressful market scenarios,” according to CFTC Chairman Timothy Massad, who was commenting upon the results of the regulator’s supervisory stress test of CME Clearing; ICE Clear Credit, ICE Clear Europe and ICE Clear U.S., all part of the Intercontinental Exchange (ICE); and LCH Clearnet…. Read More >>
Object Trading Up to Speed on SGX’s Titan Platform
Object Trading DMA Coordinated with Titan A vendor of multi-asset trading systems, Object Trading, reports that its services will work with the Singapore Exchange’s (SGX) latest trading platform, Titan, based upon Nasdaq’s Genium INET platform. In conjunction with Titan, Object Trading will handle market data, order execution and pre-trade risk constraints for its clients… Read More >>
CFTC to Stream Regulation AT Meeting on Nov. 4
CFTC to Mull Add-On to Automated Trading Rule The CFTC will hold an open meeting on Friday, Nov. 4, at 10 a.m. to consider a supplemental proposal to Regulation Automated Trading (Regulation AT), according to an announcement from CFTC Chairman Timothy Massad. The CFTC Open Meeting will take place at the lobby-level hearing room at… Read More >>
