The chief compliance officer (CCO) of an as-yet unnamed swap dealer has been granted relief from certain reporting line requirements under CFTC regulations, officials say. The CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO) provided conditional no-action relief to a provisionally registered swap dealer, according to a commission statement, permitting the firm, subject to… Read More >>
Orc Group’s Owner Acquires Tbricks
Stockholm, Sweden-based Orc Group, a provider of listed derivatives trading technology, reports that its owner, Cidron Delfi Intressenter Holding, has signed an agreement to acquire Tbricks, also headquartered in Stockholm, a provider of trading technology to “market makers, proprietary traders and banks,” according to an Orc statement. Cidron Delfi Intressenter Holding AB, the acquiring entity,… Read More >>
CFTC Allots More Time for Position Limits Rule
CFTC officials have submitted a clarification and notice regarding the reopened comment periods for its rulemaking proposals on position limits for physical commodity derivatives and aggregation. In early December, the regulator’s Agricultural Advisory Committee held a public meeting that discussed, among other things, deliverable supply and exemptions for bona fide hedging positions, officials say. To… Read More >>
CME, GFI Group Clear Hurdles for Merger
Derivatives marketplace CME Group and interdealer broker and financial technology provider GFI Group have received regulatory approval for CME Group’s previously announced acquisition of GFI Group, officials say. The acquisition still needs to be approved by GFI’s stockholders before it can proceed, and GFI will hold a special meeting of its stockholders on January 27… Read More >>
CFTC Wins $1.2B in Restitution for M.F. Global Clients
On Christmas Eve, the CFTC is bringing good tidings to those clients left in the lurch by the bankruptcy of MF Global Holdings Ltd. (MFGH). The regulator via the federal court in New York is ordering MFGH to pay $1.212 billion in restitution for the unlawful use of customer funds and to pay a $100… Read More >>
Deutsche Bank FCM Settles with CFTC for $3M
The CFTC is ordering Deutsche Bank Securities (DBSI), a New York-based futures commission merchant (FCM), to pay $3 million to settle charges of improper investment of customer segregated funds, reporting and recordkeeping violations, and supervision failures. CFTC officials say they acknowledge the FCM’s “cooperation and corrective action” after deficiencies were discovered. A spokesperson for the… Read More >>
Ops Story of the Year: The Return of the T+2 Push
It’s been a dynamic year when straight through processing (STP) and the push for T+2 settlement cycles made big comebacks while disturbing layoffs and ongoing fines and penalties appeared to be on the rise. We at FTF News have compiled the following list of the top Ops stories, trends, new currents and online video coverage… Read More >>
Two Guidances and a Farewell to 2014
Much needs to be tied up at the end of the year but unfortunately time speeds up. So before this interesting year wraps, I’d like to shine the spotlight on two guidances — a brand new one from the CFTC and an older one from the New York state government that got little coverage the… Read More >>
RBC to Pay $35M Penalty for Wash-Trading Scheme
A U.S. federal court on Thursday penalized the Royal Bank of Canada (RBC) $35 million for engaging in more than 1,000 illegal wash sales, fictitious sales and noncompetitive transactions over a three-year period, officials say. The order entered by the court arose from a complaint filed by the CFTC in 2012, charging RBC with several… Read More >>
SEC Names Deputy Directors for Trading Division
The SEC has filled two deputy director posts in the Division of Trading and Markets: Gary Barnett and Gary Goldsholle, officials say. Barnett and Goldsholle succeed former deputy directors James Burns and John Ramsay, who left the agency earlier this year. Barnett will be responsible for the office of broker-dealer finances, and the office of… Read More >>
