CFTC Charges Trader with Commodity Fraud

The U.S. Commodity Futures Trading Commission (CFTC) brought charges today in the U.S. District Court for the Northern District of Illinois, charging Bradley Scott Schiller with solicitation fraud, misappropriating investor funds and issuing false statements in the course of soliciting over $7.8 million from...

CFTC Obtains Injunction Against Former Floor Broker for Margin Call Avoidance Scheme

The Commodity Futures Trading Commission (CFTC) has obtained an injunction against Kent R.E. Whitney, a former floor broker of Chicago, Ill., to pay a $600,000 civil monetary penalty for making false and misleading statements to Chicago Mercantile Exchange (CME representatives, futures commission merchants,...

Following CFTC Concessions, Industry Groups Continue Assault on Position Limits Rule

Lawyers for two derivatives industry groups suing to block the US Commodity Futures Commission’s position limits rule are claiming that the commission’s decision to relax portions of the rule are an admission that the rule is flawed. The CFTC originally proposed that positions held by an affiliate would...

CFTC Finalizes Swap Data Record-Keeping and Reporting Rule

The U.S. Commodity Futures Trading Commission has announced a final rule governing record-keeping and reporting of two types of swap transactions;” (a) pre-enactment – entered into either before the passage of the Dodd-Frank Act, and (b) transitional – entered into between the passage of Dodd-Frank...

CFTC May Ease Dodd-Frank Commodity Speculation Limits

UPDATE: The CFTC has announced that it has raised the ownership threshold from 10% to 50%. Read more here. The U.S. Commodity Futures Commission is considering changes to rules limiting speculation in commodities such as oil and natural gas, according to people with knowledge of the matter. The rules put a...

CFTC Delays Some Rules Under Industry Pressure

The Commodity Futures Trading Commission unanimously decided Thursday to allow exchanges to begin listing swaps contracts, while extending relief on other rules governing the derivatives market until December 31. Swaps, traditionally traded over-the-counter (OTC) and therefore notoriously opaque, will be...

Congressman Calls for Independent MF Global Investigation

Representative Michael Grimm (R-N.Y.), together with other lawmakers and former MF Global customers, will officially call tomorrow for an independent counsel to take over the ongoing investigation into the causes of the MF Global debacle. Last week, Grimm circulated a letter calling on Attorney General Eric...

Industry Group Presses CFTC and SEC on New Swap Rules

A group of asset managers, hedge funds and proprietary managers issued an open letter to the Commodity Futures Trading Commission and the Securities and Exchange Commission on Tuesday, calling for the agencies to move quickly to implement Dodd-Frank swap-clearing requirements by the end of the year. The...

Final Draft of Volcker Rule Expected Soon

A new regulation intended to curb high-risk Wall Street trading might be implemented sooner than many banks had hoped. The Volcker Rule, named for the former chairman of the Federal Reserve, would ban banks from engaging in proprietary trading.  Despite lobbyists’ efforts to delay the rule, sources with...

CFTC says large banks will test client fund protection

On Tuesday the CFTC said that large U.S. banks are in the process of testing measures that will protect client funds posted to back derivatives trades. The measures will reduce the risk of client loss, such as those suffered during the MF Global collapse. In the case of MF Global, clients were left with...
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