CFTC Charges Agape Entities with Futures Trading Scheme

CFTC Charges Agape The U.S. Commodity Futures Trading Commission (CFTC) has charged Agape World, Inc. and Agape Merchant Advance with defrauding customers of tens of millions of dollars in a commodity futures trading scheme. The CFTC’s press release stated that the Order of Permanent Injunction imposes...

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...

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...

Should the CFTC and SEC Merge?: Both Sides of the Aisle Weigh-In

Calls for the CFTC and SEC to merge are now coming from both sides of the aisle. House Republicans agree with the New York Times that better oversight would be achieved through a merger. In a report released today, the House GOP is blames the downfall of MF Global in part on a rift between the agencies. The...

Court rejects request to block access to MF Global insurance funds

A federal judge rejected a request by Sapere Wealth Management LLC and two other plaintiffs to block former and current MF Global Holdings Ltd officials, including former Chief Executive Jon Corzine, from tapping as much as $30 million of insurance money to defend lawsuits over the...

MF Global can restitute millions more to customers

U.S. Bankruptcy Judge Martin Glenn approved the distribution request to reinstate $685 million more to customers, bringing them up to 80% of what they are owed (from 72%). The Judge approved the request after James Giddens, trustee, withdrew a request to have customers sign a release prior to receiving money...

CME Group to require daily customer fund reports

CME Group, the largest futures exchange in the world, will require brokers to report daily customer fund levels beginning on May 1. The action is a response to the $1.6 billion still missing in client money, as related to MF Global’s bankruptcy. On April 2, CME sent out a notice to its members saying...

Judge denies Chapter 7 switch for MF Global

U.S. Bankruptcy Judge Martin Glenn has ruled that MF Global’s customers cannot have the brokerage’s bankruptcy converted to a Chapter 7 liquidation. He also denied a request by former MF Global commodity customer Sapere Wealth Management LCC to conduct their own probe into the collapse into the firm’s...

CFTC finalizes three more Dodd-Frank rules

In an open meeting on Wednesday, the CFTC approved three final rules, a delegation order, and opened a proposed rule to public comment. The Commission also provided a rough outline for Dodd-Frank implementation in the new year. The three proposed rules dealt with  protection of cleared swaps customer...

CFTC adds CME to MF Global investigation

CFTC investigators have reportedly expanded their MF Global inquiry to encompass activity at the CME Group in the days leading up to the MF Global bankruptcy. The CME ran the exchange where the bankrupt brokerage conducted the majority of its business, and served as the firm’s primary regulator. The...