Futures | Commodities | Forex
House Agriculture Committee offers Dodd-Frank amendments
The U.S. House Agriculture Committee has approved six bills that would amend the derivatives sections of the Dodd-Frank Wall Street Wall Street Reform and Consumer Protection Act. Three of the bills have also been passed by the House Financial Services Committee. Committee Chairman Frank Lucas (R., Okla.)...
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FCMs pass CFTC review
The CFTC has completed a limited review of registered Futures Commission Merchants (“FCMs”) ordered as a result of the MF Global bankruptcy. The findings, released this week, show that all FCMs with segregated or secured funds were fully in compliance with CFTC regulations. The Commission was checking FCMs holding 4d segregated funds or Part 30 secured amount funds to ensure that customer funds were protected and...
MF Global claim deadline: January 31
MF Global trustee James Giddens has sent a warning to all former clients seeking funds from the collapsed commodities broker to file the claims by January 31. Those who fail to file by this deadline risk not recovered their missing funds or securities. Those claims filed by 11:59pm on the 31st will be protected to the full extent of the law, and be considered in future distributions of assets. Even those who have already...
SIFMA/ISDA position limits suit dismissed by appea...
An appeals court in Washington D.C. has thrown out a lawsuit brought by the Securities Industry and Financial Markets Association and the International Swaps and Derivatives Association challenging the CFTC’s new position limits regulation. The court says that the case must first be heard by a lower court before it can be argued before the appeals court. “There is no express congressional authorization of...
CFTC fines long-running Ponzi scheme
The CFTC has secured a federal consent order against Texas resident Larry Benny Groover for defrauding customers and misappropriating client money as part of a foreign exchange (“forex”) Ponzi scheme. Groover has been ordered to pay $2.69 million in restitution and civil monetary penalty. Relief defendant Joanne Groover is also required to disgorge the $44,890 in ill-gotten gains she received as a result of...
BNY reaches partial settlement in federal case
BNY Mellon has reached a partial settlement with the the U.S. Attorney’s office in connection with charges that the custody bank defrauded large institutional customers, including several state pension funds, by overcharging them for foreign exchange (“forex”) transactions. This settlement addresses only the section of the case aimed at forcing BNY to reveal its methods for deciding forex exchange rates...
CFTC settles action against unregistered offshore ...
The CFTC has won a federal consent order against FXOpen Investments Inc., an offshore company, for failing to register with the Commission. The firm is required to pay $140,000 in civil monetary penalty for soliciting the public to make foreign exchange (“forex”) transactions without registering as a Futures Commission Merchant (“FCM”) or Retail Foreign Exchange Dealer (“RFED”) with...
BNY Mellon settlement deadline nears
Embattled custody bank BNY Mellon is reportedly still in negotiations over the lawsuit filed by federal prosecutors regarding the bank’s foreign exchange (“forex”) rate practices. The lawsuit, filed by Manhattan U.S. Attorney Preet Bharara, aims in part to discover BNY’s methods for disclosing pricing for forex transactions. A judge granted a one-week extension on January 9th, and warned that...
recent from Dodd-Frank House Agriculture Committee offers Dodd-Frank amendments 
The U.S. House Agriculture Committee has approved six bills that would amend the derivatives sections of the Dodd-Frank Wall Street Wall Street Reform and Consumer Protection Act. Three of the bills have also been passed by the House Financial Services Committee. Committee Chairman Frank Lucas (R., Okla.)...
The U.S. House Agriculture Committee has approved six bills that would amend the derivatives sections of the Dodd-Frank Wall Street Wall Street Reform and Consumer Protection Act. Three of the bills have also been passed by the House Financial Services Committee. Committee Chairman Frank Lucas (R., Okla.)... recent from Enforcement Actions CFTC fines long-running Ponzi scheme 
The CFTC has secured a federal consent order against Texas resident Larry Benny Groover for defrauding customers and misappropriating client money as part of a foreign exchange (“forex”) Ponzi scheme. Groover has been ordered to pay $2.69 million in restitution and civil monetary penalty. Relief...
The CFTC has secured a federal consent order against Texas resident Larry Benny Groover for defrauding customers and misappropriating client money as part of a foreign exchange (“forex”) Ponzi scheme. Groover has been ordered to pay $2.69 million in restitution and civil monetary penalty. Relief... recent from Forex CFTC fines long-running Ponzi scheme The CFTC has secured a federal consent order against Texas resident Larry Benny Groover for defrauding customers and misappropriating client money as part of a foreign exchange (“forex”) Ponzi scheme. Groover has been ordered to pay $2.69 million in restitution and civil monetary penalty. Relief...
The CFTC has secured a federal consent order against Texas resident Larry Benny Groover for defrauding customers and misappropriating client money as part of a foreign exchange (“forex”) Ponzi scheme. Groover has been ordered to pay $2.69 million in restitution and civil monetary penalty. Relief... recent from New Rules House Agriculture Committee offers Dodd-Frank amendments The U.S. House Agriculture Committee has approved six bills that would amend the derivatives sections of the Dodd-Frank Wall Street Wall Street Reform and Consumer Protection Act. Three of the bills have also been passed by the House Financial Services Committee. Committee Chairman Frank Lucas (R., Okla.)...
The U.S. House Agriculture Committee has approved six bills that would amend the derivatives sections of the Dodd-Frank Wall Street Wall Street Reform and Consumer Protection Act. Three of the bills have also been passed by the House Financial Services Committee. Committee Chairman Frank Lucas (R., Okla.)...
