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Articles tagged by Commodity Futures Trading Commission

CFTC Issues CCP Recovery, Wind-Down Guidance The US Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) has issued guidance to clearinghouses to further the development of recovery plans and wind-down Plans.  The CFTC says that for clearinghouses, or Derivatives Clearing Organisations (DCOs), ...
CFTC Takes Action Against FX CTA The US Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against a CTA claiming to have grown 2,675% in two years with a 99.55% trade win ratio. Jamal Vance and All City Investments (All City) are the defendants in the action, they are charged with solicitation fraud in connection with an FX scheme and with failure to register as Commodity Trading Advisors (CTAs). According to the CFTC’s complaint, the defendants solicited customers on their website to open and deposit funds into their own accounts with a brokerage services firm that provides an online forex trading platform, and to sign a limited power of attorney form, which designated All City as that customer’s agent and attorney-in-fact for the purpose of buying and selling margined FX transactions for the customer’s account.
CFTC Staff Clash Over Automated Trading Rules Staff at the Commodity Futures Trading Commission (CFTC) clashed over the supplemental proposal to the Automated Trading Regulation (RegAT), even though the proposals were ultimately approved today by the Commission. In a meeting in Washington today CFTC Commissioner, Christian Giancarlo, who voted against the proposal, disagreed with Chairman Timothy Massad on a number of issues relating to RegAT. The main point of contention was the access that the proposed rules would give the CFTC to automated trading firms’ source code, which has drawn some strong criticism from market participants and industry bodies throughout this year.
How Will the Election Change the US Regulatory Landscape? As FX markets continue to anticipate what will happen next following Donald Trump’s surprise victory in the US Presidential election, there could also be significant changes in the country’s regulatory landscape that financial services firms need to consider. For starters, the Commodity Futures Trading Commission (CFTC) could look very different. Historically, when there’s a transition of parties, the Chairman of the Commission has tendered their resignation on the inauguration day of the new President and then the remaining Commissioners vote amongst themselves for an acting chairman.
CFTC Hands SocGen Fine for FX Reporting Failure The US Commodity Futures Trading Commission (CFTC) has fined Société Générale $450,000 for failures in the reporting of certain FX transactions. The CFTC says that the French bank failed to properly report certain NDF transactions to a swap data repository (SDR), and failed to report to an SDR a large number of FX swap, FX forward, and NDF transactions in a timely manner, in violation of the Commodity Exchange Act (CEA) and CFTC Regulations. herefore, the CFTC announced an order today requiring Société Générale to pay a $450,000 civil monetary penalty and to cease and desist from committing further violations of the CEA and CFTC Regulations.