MAS & Google Launch Climate FinTech Initiative The Monetary Authority of Singapore (MAS) and Google Cloud report that they are launching an initiative “to drive the innovation, incubation, and scaling of climate FinTech solutions in Asia.” The Point Carbon Zero Program is “a collaboration under MAS’ Project Greenprint,” that will spur climate FinTech solutions to… Read More >>
BNY & Goldman Sachs Test Drive DLT & Other News
BNY & Goldman Sachs Pioneer DLT-Based Securities Financing BNY Mellon and Goldman Sachs have “completed the industry’s first agency securities lending transactions” via the distributed ledger technology (DLT) platform of HQLAᵡ , a financial technology vendor focused on securities finance and repo transactions. “As part of the combined series of 35-day term transactions with a… Read More >>
BNP Paribas Settles Swaps ‘Smoothing’ Case for $6M
Smoothing. It sounds like porn, and that’s because it is. Financial porn, that is. Here are the questions of the week: Is a six-million dollar penalty for “incorrectly reporting swaps and adjusted daily mark disclosures” enough of a hit to the nose that it will get an alleged wrongdoer’s attention? Or is six-million smackers simply… Read More >>
JPMorgan Pays $850K to Resolve FX Swaps Case
JPMorgan has reached a $850,000 settlement with the CFTC in a case involving charges that three of the investment bank’s units failed to comply with their reporting obligations as swap dealers. The CFTC order also requires JPMorgan and its swap-dealing entities to cease and desist from further violations of the Commodity Exchange Act (CEA) and… Read More >>
Interactive Brokers Settles Exchange Fees Case for $1M
The Commodity Futures Trading Commission reports that it has settled charges against Interactive Brokers LLC, a registered futures commission merchant, for “failing to diligently supervise its employees’ handling of exchange fees charged to customers.” The commission’s order calls for Interactive Brokers to “cease and desist from violating the CFTC regulation addressing supervision, pay $710,828.14 in… Read More >>
SETL Acquired by Colendi & Other News Briefs
SETL & Colendi to Focus on Tokens & Smart Contracts London-based blockchain settlements vendor SETL reports that it has been acquired by Colendi, an embedded fintech services platform provider, based in Instanbul, Turkey, and they plan to create a new public blockchain infrastructure to host native tokens and smart contracts for Colendi’s users. “As… Read More >>
CFTC Sues Gemini Over Bitcoin Futures Offering Data
The Commodity Futures Trading Commission (CFTC) is suing Gemini Trust Company, based in New York City, alleging that in 2017 the cryptocurrency exchange made false or misleading statements to the CFTC about the self-certification of a bitcoin futures product. The regulator has filed a complaint in the U.S. District Court for the Southern District of… Read More >>
Glencore Penalized $1B+ via Corruption Cases
Glencore International A.G. and Glencore Ltd., which are part of a commodity trading and mining firm based in Baar, Switzerland, have admitted their guilt in sprawling schemes of foreign bribery and market manipulation that led to market advantages but also scandal, plea bargains, and a billion-dollar fine. Among many authorities across the globe, the complex… Read More >>
CFTC Hopes Carbon Offsets Forum Will Spur Innovation
Rostin Behnam, the chair of the Commodity Futures Trading Commission (CFTC), is hoping to jumpstart industry interest in carbon offsets via the regulator’s first-ever Voluntary Carbon Convening, slated for June 2 via the CFTC’s headquarters in Washington, D.C. “As climate change is a collective action problem, I believe a joint effort between the CFTC and… Read More >>
Crypto-Token Securities Need to Be Regulated: Gensler
The wild, wild west for crypto-tokens could be ending as SEC Chair Gary Gensler has asked SEC and CFTC staff to look into how these innovative instruments should be registered and regulated by the SEC. Gensler made his priorities clear during a speech earlier this week that focused on cryptocurrency markets. Among other issues, his… Read More >>
