(Editor’s Note: Matt Rodgers, senior manager at business consultancy Sapient Global Markets, thinks that it’s a little premature to know what IT infrastructure and solution changes will be required for the transition to trading day plus two settlement (T+2). The efforts of the DTCC, the Securities and Financial Market Association (SIFMA) and major industry players… Read More >>
CFTC Mulls Fixes for the Op Risks of Innovation
The CFTC is keeping an eye on the operational and technology risks that may hinder IT advances in key commodity, futures and derivatives markets, and will be responding, says Timothy Massad, CFTC chairman, in a keynote address this week before the annual meeting of the World Federation of Exchanges in Doha, Qatar. In particular, Massad… Read More >>
CFTC Gives Eurex Clearing More Time for DCO Bid
The CFTC’s Division of Clearing and Risk is giving Eurex Clearing more time in its bid to become a derivatives clearing organization (DCO). The division extended the no-action relief granted in CFTC Letter 14-156 to Eurex Clearing AG (Eurex Clearing) and its clearing members that are U.S. persons (U.S. clearing members), CFTC officials say. With… Read More >>
U.S. Regulators Crack Down on Reporting Failures with Stiff Penalties
The CFTC and SEC are continuing their crackdown on firms large and small that fail to sufficiently file regulatory reports that have accurate and usable data that can be applied to monitoring and analyzing securities transactions as evidenced by recent actions against Deutsche Bank and Credit Suisse Securities. The CFTC has ordered Deutsche Bank to… Read More >>
CFTC Signs MOU with Korean Regulators
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 >>
