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 Cracks Down on Commodity Pool Ponzi Schemes

The U.S. Commodity Futures Trading Commission (CFTC) issued a statement yesterday announcing that Judge Edward J. Lodge of the U.S. District Court of Idaho entered a permanent injunction requiring Trigon Group, Inc, to return $20.6 million in ill-gotten gains. Trigon is accused of operating a commodity pool...

CFTC Update: Federal Court Orders Forex Capital, Highland Stone Capital to Pay $1.8m

The U.S. Commodity Futures Trading Commission (CFTC) has issued a report stating that Judge Katherine Forest of the U.S. District Court for the Southern District of New York has ordered Forex Group, Forex Partners, and Highland Stone to pay more than $1.8 million in penalties and ill-gotten gains. The order...

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...

Barney Frank Takes Advantage of GOP Confusion Over SEC-CFTC Merger

Two weeks ago we wrote about the growing call for an SEC-CFTC merger from both sides of the aisle (find the story here). Now, Barney Frank is making one last push for the merger before his upcoming retirement. Barney Frank Spies Opportunity It may be true that merger talks have gone nowhere in the past, but...

CFTC Votes 5-0 to Pass Swap Clearing Rules

The U.S. Commodity Futures Trading Commission (CFTC) today finalized new rules that require certain interest rate swaps and credit default swaps (CDS) to be cleared by derivatives clearing organizations (DCOs). The rule “establishes the first clearing determination by the Commission under the Dodd Frank...

CFTC Position Limits Update: GOP Taps Hensarling, Won’t Change Tune

The U.S. Commodity and Futures Trading Commission (CFTC) will likely be at odds with new GOP Financial Services Committee head, Jeb Hensarling. Hensarling previously served as committee Vice Chairman under Spencer Bachus, who stepped down after reaching the maximum term limit for committee...

CFTC Enforcement Blitz: Eagle, Intrade, Cantor, Harbor Light

The U.S. Commodity Futures Trading Commission (CFTC) seems to be increasing the rate of its enforcement of financial regulation. The agency issued four new enforcement actions in the last week, against Eagle Market Makers, Cantor Fitzgerald, Harbor Light, and most recently, Intrade. CFTC Issues Enforcement...

CFTC Swaps Update: Clearing Rules to be Completed This Week

The U.S. Commodity Futures Trading Commission (CFTC) will meet this Thursday to decide which swaps will require clearing at clearinghouses owned by CME Group Inc. and ICE. The move to central clearing, where clearinghouses take collateral, is mean to reduce systemic risk from default in the $640 trillion...