CME Chairman Voices Concerns About Brokerage Collateral Ruling

Terrence Duffy, Chairmen of the CME Group, counseled Senators against a pending CFTC ruling regarding collateral set aside by brokerages. Duffy’s presentation before the Senate Committee on Agriculture, Nutrition and Forestry in a hearing to evaluate the CFTC was yesterday, July 17th 2013. In his...

Oil Industry Avoids Swaps Rules

Oil industry companies have largely managed to avoid the scrutiny of derivatives trading and registration as swap dealers, according to Reuters. In January of this year, the CFTC required that companies register as dealers if they trade more than $8 billion in swaps a year. Reuters reports that currently, no...

NFA Registers Cargill as Swap Dealer

The National Futures Assocation (NFA) announced yesterday that Cargill Inc is the first major non-financial entity to be registered as a swap dealer. Cargill operates in a range of commodity markets and is based out of Minneapolis. NFA, CFTC and Swap Dealer Registration The NFA is the futures industry’s...

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 Rule Update: New CTA Reporting Rule Deadline Announced by NFA

The U.S. Commodity Futures Trading Commission’s (CFTC) final rule 4.27, requiring that all commodity trading advisors (CTA) report a range of substantive information to the NFA, is set to to get into affect on February 15, 2013. From the NFA Statement Regarding CFTC Rule: In February 2012, the CFTC...

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...

Derivatives Regulators (CFTC, SEC) Back Customer Protection Rules

Entities that regulate the derivatives industry, like the SEC and CFTC, are proposing a new rule that increases protections for customer funds. Commodity and Futures Trading Commission (CFTC) Chairman Gary Gensler said yesterday that the CFTC voted 5-0 behind closed doors to endorse the proposal. “This...

Wasendorf Pleads Guilty

Peregrine Financial Group CEO Russ Wasendorf Sr. pleaded guilty to four felony counts on Monday in Cedar Rapids, Iowa. Prosecutors say the discredited CEO will face a minimum of 24 years in prison after pleading guilty to mail fraud, embezzling customer funds, and two counts of making false statements to...

NFA Returns Peregrine Fine

In a gesture intended to help Peregrine Financial Group’s former clients and other creditors recover more of their funds, the National Futures Association (NFA) has returned a fine levied on the troubled brokerage in February, a spokesman for the agency said. The $700,000 fine, part of a settlement related...

NFA Orders External Audit

In the wake of the Peregrine Financial scandal, the National Futures Association (NFA) has ordered an external review of its operations, and may cut staff bonuses, according to several sources. The NFA, the designated self-regulatory organization (DSRO) for FCMs such as Peregrine, was widely criticized for...
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