CFTC Delays Swaps Vote

Yesterday, the CFTC delayed a vote that would establish trading venues for complex derivatives that contributed to the 2008 financial crisis. The Wall Street Journal reports that the agency’s swing vote brought up concerns about the plan’s market repercussions. Swaps Regulation & Mark...

CFTC Escalates Enforcement Actions Against Commodity Pool Fraud

The U.S. Commodity Futures Trading Commission (CFTC) announced yesterday that Judge G. Ross Anderson of the U.S. District Court for the District of South Carolina entered an emergency Order freezing and preserving the remaining pool of participant assets under the control of Robert Stanley Harrison, of...

Sommers Criticizes CFTC’s Approach to Dodd-Frank Rule Implementation

Outgoing CFTC commissioner Jill Sommers has publicly expressed frustration at the CFTC’s imposed provisions on derivatives market participants, as reported in an exclusive interview with Energy Risk. Sommers is responding to the complex Dodd-Frank stipulations demanded of derivatives market...

Dodd-Frank Progress in Check: Senate Panel to Meet

The Dodd-Frank Act and its implementation will fall under Congressional oversight as top U.S. Financial regulators appear before the Senate committee to discuss the progress made enacting the law. Senate Committee to Discuss Dodd-Frank Implementation U.S. Officials responsible for overseeing Wall Street will...

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 Orders RBS, RBS Securities Japan Limited to Pay $325m Penalty

The U.S. Commodity Futures Trading Commission (CFTC) today announced an Order against The Royal Bank of Scotland PLC and RBS Securities Japan Limited. The CFTC settled charges of successful manipulation, attempted manipulation, and false reporting relating to LIBOR for Yen and Swiss Franc. These benchmark...

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’s Bart Chilton Warns of ‘Swapification’ of Futures Market

U.S. Commodity Futures Trading Commission (CFTC) member Bart Chilton has expressed worry over the “swapification” of the futures market, perhaps giving a hint of the CFTC’s broader position. CFTC’s Bart Chilton Warns of ‘Swapification’ of Futures MarketCFTC...

NFA Responds to Peregrine Financial Group Audits

The National Futures Association (NFA) announced its intention to implement 21 changes and recommendations to how it manages futures industry firms. The news comes after the Berkeley Research Group (BRG), as part of its independent analysis of NFA’s audits of the Peregrine Financial Group, uncovered...

CFTC’s Gensler Touts ‘Historic’ Changes with Futurization of Swaps

U.S. Commodity Futures Trading Commission (CFTC) head Gary Gensler touted the benefits of “futurization” in a speech delivered at the CFTC today. Chairman Gensler used his address to note the CFTC’s shift to implementation, away from broader rule-making, and also to hint at the upcoming...
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