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...

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...

CTA receives NFA BCC complaint

The NFA’s Business Conduct Committee has issued a complaint against Commodity Trading Advisor (“CTA”) Golden Forex. According to the NFA, Golden Forex submitted misleading information to the Association about its listed Associated Person (“AP”), Kathie Bui. Golden Forex is a...

NFA hits North Carolina CTAs with enforcement action

The NFA announced today that is has taken emergency enforcement action against D2W Capital Management LLC (D2W), Prestige Capital Advisors LLC (Prestige), as well as their principal, Toby Hunter. The North Carolina-based CTAs and Hunter allegedly mislead customers, used similarly false and  misleading...

NFA to CPOs: Don’t forget assessment fees

The NFA issued a notice today reminding member Commodity Pool Operators, or CPOs, that they are still responsible for paying NFA assessment fees. In the course of routine examinations, NFA staff found that exchange-member CPOs were failing to properly remit these fees. Though initially only for non-exchange...

NFA orders California Introducing Broker barred from registration permanently

The NFA announced today that is has issued a Business Conduct Committee, or BCC, action permanently barring Roslex Corporation, an introducing broker, or IB, from ever registering with the Association again. Additionally, one of the firm’s principles, Gabriel A. Robles, is barred from membership for...

CFTC finalizes new CPO exemptions, delegates to NFA

The CFTC published a final rule on compliance relief from certain recordkeeping and reporting requirements for specific types of commodity pool operators (CPOs). Similar exemptions were previously made on a case-by-case basis by the CFTC. The new rule exempts CPOs that are listed and traded on national...
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