CFTC Charges Principal Trading Organization for “Banging the Close” and “Spoofing”

According to CFTC.gov, the Commodity Futures Trading Commission has filed a civil enforcement action against principal trading organization for both ”banging the close” and “spoofing” the IDEX USD Three-Month Interest Rate Swap Futures Contract. In order to manipulate the value of the three month...

CFTC Commissioner Chilton Talks Banks, Wall Street, and Bruce Springsteen

CFTC Commissioner Bart Chilton spoke before the Society of American Business Editors and Writers in New York City earlier this month. Apparently inspired by American singer-song writer Bruce Springsteen, Chilton discussed—through Springsteen song titles– some of the causes of the financial crises of...

Regulatory Giants Discuss Disaster Recovery Relief in Regards to Sandy

Hurricane Sandy took a physical toll on New York City, but a joint meeting of the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and the Commodity Futures Trading Commission (CFTC) on the topic of disaster recovery, proved that it’s not just physical damage...

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...
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