CFTC Issues No-Action Relief for Banks, Brokers, Advisors…

The U.S. Commodity Futures Trading Commission issued a range of no-action letters today. The letters provide temporary relief for certain introducing brokers (IBs) commodity trading advisors, and banks owned by non-U.S. swaps dealers. CFTC No-Action for IBs and CTAs From the CFTC’s statement: The Division...

New Court Battle Points to Overlap Between CFTC and SEC

The U.S. Commodity Futures Trading Commission (CFTC) will now deal with another court case that could bring into question the regulatory terrain shared between the CFTC and SEC. CFTC Wins First Round The mutual-fund industry filed an appeal to the U.S. Court of Appeals for the District of Columbia Circuit...

CFTC Continues Wave of Relief with Exemption for Foreign-Owned Banks

The U.S. Commodity Futures Trading Commission (CFTC) has issued no-action relief for certain banks owned by non-U.S. swap dealers. The relief for foreign-owned banks comes in a wave of recent swaps-oriented regulatory exemptions and delays. The letter states that the CFTC’s Division of Swap Dealer and...

CFTC Slowing Down?: More Deferrals for Swaps, Business Conduct Rules

The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) yesterday issued a time-limited no-action letter that exempts floor trading from counting toward the notional amount of swaps, which could lead to registration requirements and fees for a given...

NFA Escalates Market Monitoring of Futures Commission Merchants (FCMs)

The National Futures Association’s (NFA) board of directors today announced two new rules that aim at customer protection. The rules were approved at a November 15 meeting. NFA and Market Monitoring The first announced rule will “enable NFA to make better use of technology in order to better monitor...

CFTC and Market Surveillance: Dark Pools, Audio Recordings, HFT Tech

The U.S. Commodity Futures Trading Commission (CFTC) and other foreign regulators are ramping up efforts to monitor market activity. The wave of action comes us as regulators move toward implementation of established rules and regulations. Gensler, Implementation, and Technology In a recent interview with...

After Latest Goldman Violation, CFTC’s Chilton Wants Harsher Penalties

U.S. Commodity Futures Trading Commission (CFTC) commissioner Bart Chilton has renewed his call for Congress to raise the maximum civil monetary penalty for entities and persons who violate financial regulation. In a statement released Friday, Chilton dissented from the CFTC’s statement on recent...

CFTC Struggles to Find the Rhythm of Regulation

The U.S. Commodity Futures Trading Commission (CFTC) is struggling to find a rhythm for new rules meant to curb systemic risk in the financial system. Bloomberg is now reporting that the CFTC may delay derivatives compliance rules for overseas wings of U.S. Banks JPMorgan Chase & Co. and Goldman Sachs...

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...

CFTC Unlikely To Close Derivatives Loopholes Used by Wall Street

The U.S. Commodity Futures Trading Commission (CFTC) is unlikely to close foreign loopholes used by Wall Street to help its offshore clients evade new rules governing swaps and the $640 trillion OTC derivatives market. CFTC Issues New Swaps Rules On Nov. 29, the CFTC finalized new rules that bring interest...