Division of Enforcement Director to step down in October

According to CFTV.gov, the Commodity Futures Trading Commission has stated that the current Division of Enforcement Director, David Meister, will be stepping down from his position in October. A graduate of the Columbia University School of Law, David Meister was quite prolific during his time as Director,...

Uncertainty in CFTC: Successor to Chairman Position Remains Unclear as Gensler Nears End of Term.

As reported by Reuters, there is a potential void looming over the Commodity Futures Trading Commission’s top position as current chairman Gary Gensler ‘s five year term comes to an end. With the U.S. economy still limping through a recovery from the financial crisis of 2008, thought in large part to...

CFTC grants temporary registration to SwapEx, LLC, GFI Swaps Exchange LLC, and MarketAxess SEF Corporation

The U.S. Commodity Futures Trading Commission (CFTC) has approved the applications of SwapEx LLC, GFI Swaps Exchange LLC, and MarketAxess SEF Corporation for temporary registration as swap execution facilities (SEFs) pursuant to section 5h of the Commodity Exchange Act and section 37.3(c) of the...

Third Phase of Mandatory Clearing Begins

The third phase of mandatory compliance with clearing requirements for certain Credit Default Swaps and Interest Rate Swaps was implemented on September 9, 2013. The most recent round of implementation will affect third-party investment managers and ERISA pension plans (“Category 3 Entities”), and other...

CFTC Publishes Concept Release on Risk Controls and System Safeguards for Automated Trading in the Federal Register

The U.S. Commodity Futures Trading Commission today published a Concept Release on Risk Controls and System Safeguards for Automated Trading Environments in the Federal Register. The Release is intended to serve as an overview of potential measures that may be able reduce the likelihood and mitigate the...

Regulatory Giants Discuss Disaster Recovery Relief in Regards to Sandy

Hurricane Sandy took a physical toll on New York City, but a joint meeting of the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and the Commodity Futures Trading Commission (CFTC) on the topic of disaster recovery, proved that it’s not just physical damage...

Basel Committee May Rethink Regulatory Complexity

On Monday, the Basel Committee released a discussion paper dealing with the simplicity of the regulatory systems, leading some to take it as a sign that the committee may advocate simpler regulations in the future. In the paper, they discuss several current aspects of regulation such as risk sensitivity,...

CFTC Brings Charges Against Corzine For MF Global Collapse

Jon Corzine, the ex-CEO of MF Global, a major derivative broker that went bankrupt in October, 2011, is reportedly being brought up on charges by the CFTC relating to the collapse. On Thursday, June 27th, the CFTC issued a press release stating that they would be bringing charges against Jon Corzine, the...

U.S. House Passes Bill To Loosen Federal Grip on FX Derivative Trading

The U.S. House has passed a bill that will loosen the federal government’s grip over the trading of foreign derivatives. The FX exemption was passed by a bipartisan group of lawmakers on a 301-124 vote. According to Bloomberg, supporters of the bill feel that this exemption is crucial to giving U.S. firms...

Dodd-Frank Collateral Requirements Loosened for Traders

Bloomberg has reported that the strict requirements of collateral for credit-default swaps has been relaxed, signaling a win for clients who possess “portfolio accounts that hold credit swaps tied to single securities as well as indexes.” In March, the Securities and Exchange Commission mandated that...
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