The CFTC, the Korean Financial Services Commission (FSC) and the Korean Financial Supervisory Service (FSS) have signed a memorandum of understanding (MOU) regarding “cooperation and the exchange of information in the supervision and oversight of clearing organizations that operate on a cross-border basis in the United States and in the Republic of Korea,” the CFTC… Read More >>
Former CFTC Commissioner Wetjen Joins the DTCC
Mark P. Wetjen, former commissioner and one-time acting chairman for the CFTC, is joining post-trade services and systems provider DTCC as a managing director to oversee global public policy functions and related business and legal activities, say DTCC officials. Wetjen resigned from the commission, effective August 28, and will begin his time with the DTCC… Read More >>
Commodity Pool Operator Gets 17 Years in Prison for Fraud Scheme
A commodity pool operator based in Florida got 17 years in prison after being convicted for running an investment fraud scheme that chocked up more than $13 million in losses for investors and uncovered excesses such as six-figure salaries and the use of private airplanes and luxury cars, according to government officials. The sentencing on… Read More >>
CME Cuts 80 Staff but Leaves Pits in Limbo
The CME Group let go of approximately 80 employees across the company during the week of August 6, but is uncertain about the future of certain open outcry pits once slated for closure, officials at the exchanges company confirm. Industry sources add that about half of the layoffs in early August were people working in… Read More >>
CFTC Commissioner Wetjen to Resign
CFTC Commissioner Mark P. Wetjen, a former acting CFTC chairman, has announced his resignation from the commission, effective August 28, 2015, CFTC officials say. A Democrat, Wetjen gave no explanation for his departure and has not announced his plans for the future. Nearly four years ago, he was unanimously confirmed by the U.S. Senate in… Read More >>
Black Diamond Ponzi Scammers Slammed with $76M Penalty
Beware of Ponzi schemers peddling forex scams. That’s one recent warning from the CFTC, which wants potential targets of foreign-exchange con artists to know that it has “witnessed a sharp rise in forex trading scams in recent years.” And the CFTC also wants to impress upon the potential forex Ponzi schemers themselves, people who might… Read More >>
Sen. Warren Urges Regulators to Review Symphony’s Messaging
Wall Street critic U.S. Senator Elizabeth Warren is attempting to focus the attention of six federal regulators on “compliance and enforcement issues related to a new communications tool created by Symphony Communications” and used by financial institutions — many of whom are backing Symphony. Warren sent letters to the regulators about her main concern that… Read More >>
CFTC Hits Morgan Stanley with $300K Penalty for Swaps Reg Violation
Morgan Stanley & Co., a registered futures commission merchant and swap dealer, will have to pay a $300,000 civil monetary penalty for failing to hold sufficient U.S. dollars in segregated accounts as regulators appear to be paying closer attention to firms missing or neglecting regulatory reporting and related requirements. The CFTC cited Morgan Stanley for… Read More >>
Five Years On, Dodd-Frank’s Ops Changes Are Here to Stay
The U.S. financial services industry — including its collective back- and middle-offices in particular — has undergone sweeping changes since the Great Recession, the vast majority of which are directly attributable to the 2010 Dodd-Frank Wall Street Reform Act. The law was contentious from the very beginning, so it’s perhaps unsurprising that opinion on its… Read More >>
Compliance Science Hires a Chief Marketing Officer
Compliance Science, a provider of governance, risk management and compliance solutions, today reports the appointment of Henry Bruce as chief marketing officer (CMO). As CMO, Bruce will be “responsible for product and corporate marketing, as well as developing messaging, positioning and sales enablement.” He will be based in the New York office and will report… Read More >>
