CFTC Announcement Could Trigger Lawsuit Over Future of Swaps Data

The U.S. Commodity Futures Trading Commission (CFTC) is set to decide on a rule that could embroil swaps regulation in a lawsuit between CME and DTCC. The rule was delayed last week when the CFTC chose to extend the public comment period on an amendment proposed by CME. The amended rule states: “For all...

CFTC Penalizes Mizuho in Year’s First Cross-Border Violation

The U.S. Commodity Futures Trading Commission (CFTC) today filed and settled charges against Mizuho Securities of New York for regulatory violations. Among these: Mizuho apparently failed to notify the CFTC of secured fund deficiencies and to “diligently supervise its employees.” As a result of the...

CFTC Unveils Real-Time Reporting of Swap Transactions and More

The U.S. Commodity Futures Trading Commission (CFTC) today issued a statement announcing real-time public reporting for swap transactions and swap dealer registration. From the CFTC Chairman Gary Gensler: “Two of the most significant Dodd-Frank reforms began implementation this week. Real-time reporting...

CFTC Enforcement Watch for 2013: Commodity Pool Scams, Rate-Rigging…

If the final quarter of 2012 is any indication, the U.S. Commodity Futures Trading Commission (CFTC) will continue to pursue commodity pool scams, failed registration, and rate-rigging enforcement in 2013. CFTC Enforcement for 2013 To close the year, the CFTC issued enforcement actions against a number of...

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 Wants Futures Insurance Fund after MF Global Payback

U.S. Commodity Futures Trading Commission (CFTC) member Bart Chilton issued a statement today supporting a futures insurance fund. The statement comes after MF Global announced it had reached a settlement that would return $500 to $600 million of customer funds. MF Global has admitted to using at least $700...

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...