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 >>
CFTC to Extend Relief for Swap Trade Errors
Speaking at the DerivOps North America conference this morning, CFTC Chairman Timothy Massad announced his agency will be issuing no-action letters providing relief for regulatory requirements concerning erroneous swap trades and swap trade confirmations. Massad said the relief is part of the CFTC’s ongoing efforts to ensure that post-financial crisis reforms in the derivatives markets… Read More >>
ICE Futures Hit with $3M Penalty for Trade Reporting Errors
Derivatives marketplace ICE Futures U.S. has been slapped with a $3 million civil monetary penalty by the CFTC over repeated failures to comply with trade reporting requirements over a 20-month period, officials say. ICE Futures U.S. is a futures and options exchange for agricultural, energy and financial contracts. It is part of the Intercontinental Exchange… Read More >>
SEFs Get More Time to Prep for Block Trades
Swap execution facilities (SEFs) that are still sorting out credit screening and straight through processing requirements for block trades got a reprieve from the CFTC when the regulator’s Division of Market Oversight (DMO) issued time-limited, no-action relief last week. The time-limited relief via a no-action letter for SEFs and block trades will last until Dec…. Read More >>
