Japan Launches LNG Futures Contract

Japan plans to launch the world’s first futures contract for liquefied natural gas, also known as LNG. This marks the country’s latest step toward creating a global market for fuel. As the U.S. increases its exports of fuel, the global market demand for LNG —a chilled and exportable form of...

SEC’s Walter Recommends Maximum Reliance on FX Swaps Rules

The SEC’s Chairman Elisse Walter urged for a plan that would largely rely on foreign regulation for cross-border trades — ones that would only apply to U.S. rules in cases where no comparable regulations existed. Chairman Walter spoke via a video conference at the Australian Securities and Investment...

CFTC Fines $3.5 Million in FX Fraud

The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court order for more than $3.5 million in restitution and civil monetary penalties against Nicholas Trimble and his two companies, Capstone FX Quantitative Analysis, Inc., and Beekeepers Fund Capital Management, LLC. A press release...

CFTC Obtains Federal Court Order Against Wagner and Wagner for $2m

The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court Order against defendants Rodney Wagner and Roger Wagner, and their company GID Group, Inc. The Texas court requires the Wagner brothers and GID to jointly pay approximately $1.37 million in restitution to defrauded customers, and a...

CFTC Obtains Enforcement Action Against Florida Firm for $11.4m FX Fraud

The U.S. Commodity Futures Trading Commission (CFTC) announced that Judge Charlene Edwards Honeywell of the U.S. District Court for the Middle District of Florida, entered an order requiring David Merrick, previously of Apopka, Fla., and his company, Trader’s International Return Network (TIRN) to pay...

CFTC, Foreign Regulators Issue Joint Statement on OTC Derivatives

The U.S. Commodity and Futures Trading Commission (CFTC) issued a joint statement with foreign regulators today that outlines plans for cross-border rules. The joint statement was signed by regulatory leaders from Australia, Brazil, the European Union, Hong Kong, Japan, Canada, Singapore, and...

FX Swaps Exempted from Dodd-Frank Regulation by U.S. Treasury

 Foreign exchange (FX) swaps, the second largest derivatives trading market, is been exempted from Dodd-Frank regulation by the U.S. Treasury. Though some Democratic legislators criticized the move, the Treasury went forward with the exemption citing the high-levels of risk management inherent in FX...

Forex Swaps Exemptions Expected After Election

The U.S. Treasury will push forward with its proposed plan to exempt forex swaps and forward contracts by the end of the year, after the November 6 elections. The decision is expected by 2013 as foreign regulators work to complete derivatives regulation abroad. Firms were left in limbo after the Treasury...

Barney Frank Urges CFTC Decision to Prevent FX Withdrawals

U.S. Representative Barney Frank has written a letter to regulators at the CFTC, urging them to make a decision about FX exemptions. “If Treasury ultimately plans to provide an exemption, it would be a complete waste of time, effort and resources to force companies which will ultimately be exempt to go...

High Speed FX Trading Prompts Banks to Trade Elsewhere

Traders at banks are being outpaced by high speed computer algorithms operating on foreign exchange dealing platforms, leading to a fall in spot volumes on the market’s two biggest trading venues and prompting some traders to look elsewhere. The two primary interbank platform dealing providers – Thompson...