SIFMA/ISDA petition to delay CFTC position limits

On February 7, the Securities Industry and Financial Markets (“SIFMA”) and the International Swaps and Derivatives Association (“ISDA”) asked a federal court to block CFTC position limits. Under the Dodd-Frank Act, the Commission curbed the number of contracts a trader can have, in an...

SIFMA/ISDA position limits suit dismissed by appeals court

An appeals court in Washington D.C. has thrown out a lawsuit brought by the Securities Industry and Financial Markets Association and the International Swaps and Derivatives Association challenging the CFTC’s new position limits regulation. The court says that the case must first be heard by a lower...

BNY reaches partial settlement in federal case

BNY Mellon has reached a partial settlement with the the U.S. Attorney’s office in connection with charges that the custody bank defrauded large institutional customers, including several state pension funds, by overcharging them for foreign exchange (“forex”) transactions. This settlement...

BNY Mellon settlement deadline nears

Embattled custody bank BNY Mellon is reportedly still in negotiations over the lawsuit filed by federal prosecutors regarding the bank’s foreign exchange (“forex”) rate practices. The lawsuit, filed by Manhattan U.S. Attorney Preet Bharara, aims in part to discover BNY’s methods for...

CFTC fights position limits lawsuit in DC court

The CFTC has petitioned a federal appeals court in Washington D.C. to dismiss a complaint filed by the Securities Industry and Financial Markets Association (“SIFMA”) and the International Swaps and Derivatives Association (“ISDA”), two influential financial services groups. The CFTC contends that...

CME Group to sue MF Global executives

CME Group Vice Chairman Charles Carey, CME Director Joseph Niciforo, and several other Chicago-based traders have filed a lawsuit against several former MF Global executives, including ex-CEO Jon Corzine. The suit alleges that the failed brokerage improperly handed accounts for the plaintiffs’ trading...

SIFMA and ISDA challenge CFTC position limits

The Securities Industry and Financial Markets Association (“SIFMA”) and the International Swaps and Derivatives Association (“ISDA”), two financial services trade groups, have filed a lawsuit challenging the CFTC’s position limits rule. New position limits regulation was drafted...

BNY Mellon wins partial victory in VA forex suit

Bank of New York Mellon won a small victory last Friday in one of its many pending lawsuits when a Virginia judge threw out two of the three charges against it. BNY Mellon is one of several custody banks facing legal action by pension funds and other large investors over controversial foreign exchange...

MF Global woes compounded in investigation, lawsuit

The turmoil at failed broker-dealer MF Global Holdings has only increased in its third week of collapse. The latest piece of evidence uncovered suggests that hundreds of millions may have gone missing from customer accounts as long as four days before MF Global filed for bankruptcy. The Wall Street Journal...

CFTC update on longstanding silver probe

Late last week, the CFTC issued a brief statement regarding a probe into potentially illegal activity in the silver market: “In September of 2008, the Commission announced the existence of an enforcement investigation into the possibility of unlawful acts in silver markets. Since that time, the staff has...
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