The Financial Industry Regulatory Authority (FINRA) reports that Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank, has been fined $6 million for “failing to provide complete and accurate trade data in an automated format in a timely manner when requested by FINRA and the Securities and Exchange Commission (SEC).” “Blue sheets” is the informal… Read More >>
CFTC, Industry Groups Push for Policing of Algo Traffic
Key industry groups are weighing in on the CFTC’s proposed rule governing automated trading, urging separate rule-making phases and pre-trade risk controls on all orders in a bid to prevent electronic trading markets that suffer from systems gone wild. In their letter to the CFTC, the Futures Industry Association (FIA), the FIA Principal Traders Group… Read More >>
Brexit Crisis Spurs U.S. Groups Into Action
It looks as if June 23, 2016 will be another day that will live in infamy. Some of the infamous ripples from the Brexit crisis are making their way across the pond to the United States. Key industry organizations, regulators and securities firms are taking initial actions, formulating strategies and watching with interest as the… Read More >>
CFTC Issues Final Rule for Cleared Swaps Reporting
The CFTC reports that it has approved a final rule meant to bring “additional clarity” to existing cleared swaps reporting regulations and procedures. The rule codifies reporting obligations for counterparties and registered entities and improves the “efficiency of data collection and maintenance associated with the reporting,” the CFTC says. The commission’s own detailed analysis of… Read More >>
CFTC Penalizes Bitfinex $75K for Illegal Transactions
The CFTC has ordered online bitcoin exchange Bitfinex to pay $75,000, settling charges that it offered illegal off-exchange financed retail commodity transactions in bitcoin and other cryptocurrencies, and that it failed to register as a futures commission merchant (FCM). The bitcoin exchange says in its own statement that it “proactively contacted the CFTC in September… Read More >>
CFTC Approvals Raise Number of SEFs to 21
CFTC Finalizes Registration for GTX, Tera and FTSEF The CFTC has given its stamp of approval to three swap execution facilities (SEFs): the GTX SEF (GTX) of Bedminster, N.J.; TeraExchange, (Tera) of Summit, N.J.; and FTSEF (FTSEF) of Great Neck, N.Y., bringing the number of fully CFTC-registered SEFs to 21. The regulatory action finalizes approval… Read More >>
Citi to Pay $425M to Settle Benchmark Abuse Cases
Banking giant Citi and some of its key affiliates have agreements with the CFTC to settle the regulator’s investigations into alleged abuses of the London Interbank Offered Rate (Libor), the Euroyen Tokyo Interbank Offered Rate (Euroyen Tibor) and the International Swaps and Derivatives Association Fix (Isdafix) interest rates swaps benchmarks. “Separately, Citi is charged with… Read More >>
CFTC Wants a Game-Changer for Swaps Data Reporting
The CFTC is working hard to refine the swaps data reporting process and hopes that those changes and subsequent data harmonization internationally will be a game-changer for the derivatives industry, reports Petal Walker, chief counsel for CFTC Commissioner Sharon Bowen. Walker, who spoke at FTF’s DerivOps North America conference in Chicago last month, says that… Read More >>
Eurex Clearing Applies TriOptima’s Portfolio Compression
Eurex Clearing Implements triReduce Post-trade infrastructure provider TriOptima announced that Eurex Clearing members recently completed the first successful triReduce compression cycle for cleared euro (EUR) interest rate swaps (IRS), officials say. “Portfolio compression” reduces the size of an existing over-the-counter, interest rate swaps portfolio “with respect to the number of trades and notional through early… Read More >>
ICBC Standard Bank to Streamline KYC Ops
London-based financial markets and commodities bank, ICBC Standard Bank, has selected Fenergo, a provider of know your customer (KYC) services, to meet global compliance requirements and to make improvements in operational efficiency, bank and officials say. In February 2015, the Industrial and Commercial Bank of China Ltd. (ICBC) acquired a controlling stake in Standard Bank’s… Read More >>
