Investor Groups Support Dodd-Frank Act Regarding Mineral Laws

More than 50 investor groups released a statement expressing their disagreement with the lawsuit filed against the Securities and Exchange Commission (SEC) by the U.S. Chamber of Commerce, the National Association of Manufacturers, and the Business Roundtable.  The lawsuit is in regards to the section of...

DTCC Sues CFTC over “Anti-Competitive Swap Trading Data Rules”

The Depository Trust & Clearing Corp. (DTCC) sued the Commodity Futures Trading Commission (CFTC) on Friday claiming that the derivatives regulator made “anti-competitive rules,” regarding swap trading data, that favor two rival companies. The lawsuit filed by the DTCC, a financial services group...

Federal Reserve Adopts Final Rule for Nonbank Firms

The U.S. Federal Reserve has approved a final rule that will clarify the process that the new U.S. risk council will follow when designating nonbank financial firms. The new rule sets requirements for determining when a company is “predominantly engaged in financial activities,” which is part of...

Major Banks Argue that Libor Lawsuits Should be Thrown Out

Lawyers for a number of the world’s biggest banks have asked a U.S. judge to throw out a collection of lawsuits accusing them of manipulating Libor, key interest rates, and cheating investors out of billions of dollars. The banks involved in the lawsuit include Bank of America Corp, JPMorgan Chase...

CFTC Charges CME Group with Disclosing Customer Trades

The U.S. Commodity Futures Trading Commission (CFTC) charged the New York Mercantile Exchange, Inc. (CME NYMEX), which is owned and operated by the CME Group, and two former employees, William Byrnes and Christopher Curtin, with violation of the Commodity Exchange Act and CFTC regulations. Specifically, the...

CFTC Extends Review Period for Controversial Swaps Rule

Update: The U.S. Commodity Futures Trading Commission (CFTC) is extending the review period for Rule 1001. Chicago Mercantile Exchange (CME) and DTCC have threatened legal action against the CFTC depending on the outcome of the rule. From the CFTC’s Statement Today: The Commodity Futures Trading...

CFTC Announcement Could Trigger Lawsuit Over Future of Swaps Data

The U.S. Commodity Futures Trading Commission (CFTC) is set to decide on a rule that could embroil swaps regulation in a lawsuit between CME and DTCC. The rule was delayed last week when the CFTC chose to extend the public comment period on an amendment proposed by CME. The amended rule states: “For all...

SEC Forms ‘Formidable Team” With Former CFTC Enforcement Chief

The U.S. Securities and Exchange Commission (SEC) has named Geoffrey Aronow as its top attorney. Aronow formerly served as chief of enforcement at the CFTC from 1995 to 1999, and at the Financial Industry Regulatory Authority (FIRA). This is new SEC chairman Elisse Walter’s first appointment from outside...

CFTC Struggles to Find the Rhythm of Regulation

The U.S. Commodity Futures Trading Commission (CFTC) is struggling to find a rhythm for new rules meant to curb systemic risk in the financial system. Bloomberg is now reporting that the CFTC may delay derivatives compliance rules for overseas wings of U.S. Banks JPMorgan Chase & Co. and Goldman Sachs...

CFTC Shines Light on Swaps Market with ‘Swaps Report’

The U.S. Commodity Futures Trading Commission (CFTC) on Wednesday issued for public comment a new “CFTC Swaps Report” that tries to pry the lid off the “dark swaps market.” The CFTC Swaps report aims at market transparency. An draft of what the report, what it will look like, along...
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