CFTC Charges Accounting Firm Tunney & Associates

The CFTC  has filed a complaint against Tunney & Associates, an accounting firm with offices in Indiana and Illinois, for failing to properly audit a registered Futures Commission Merchant. Michael Tunney, the firm’s sole owner and a certified public accountant, allegedly violated CFTC Regulations...

FSA Report Reveals Poor Management

An internal report commissioned by the Financial Services Authority (FSA) revealed rate-rigging, highlighting how the regulator ignored or failed to follow up on a series of problems with the rates. The report, published today, is in response to the aftermath of the Barclays PLC settlement with...

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 Wants Futures Insurance Fund after MF Global Payback

U.S. Commodity Futures Trading Commission (CFTC) member Bart Chilton issued a statement today supporting a futures insurance fund. The statement comes after MF Global announced it had reached a settlement that would return $500 to $600 million of customer funds. MF Global has admitted to using at least $700...

CFTC’s Gensler, Chilton, O’Malia Speak on Historic Libor Settlement

The three most vocal regulators at the CFTC have issued statements on their historic settlement with UBS over Libor-rigging. The settlement amounted to $1.5 billion. CFTC Chairman Gensler on UBS Penalty “Regrettably,” said CFTC chairman Gary Gensler, “with the announcement today of the CFTC findings...

CFTC, Libor Usher in New Era of Financial Penalties

The U.S. Commodity Futures Trading Commission (CFTC), in conjunction with the fallout from the Libor scandal, has recently upped the ante for financial penalties. The new fervor on the part of regulators to exact financial penalties is embellished by today’s announcement that UBS AG, accused of...

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...

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...

MF Global Trustee Wants “Global Settlement”

Louis Freeh, the trustee for MF Global’s holding company has said in a court filing that he is seeking to settle with both James Giddens, trustee for MF Global’s brokerage arm, and an overseas administrator tending to the firm’s British unit, citing the cost of the nearly yearlong process of winding up...

LIBOR Investigation Reenergizes CFTC

As the CFTC widens its LIBOR probe in the wake of a $450 million settlement with Barclays, the agency continues to apply the active approach to regulation that has been favored by Chairman Gary Gensler since he took the helm in 2009. The settlement, the largest in the CFTC’s history, is a stark contrast to...