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Felix Shipkevich April 29, 2019

Derivatives clearing organizations (DCOs) offer a valuable purpose in the investment community. Like many other investment operations, they’re thoroughly regulated, and sometimes those regulations are not as clear-cut as many would prefer. Thus,  the Commodity Futures Trading Commission (CFTC) recent approved a new rule change that would address issues present in the DCO community and […]

Felix Shipkevich November 20, 2018

CFTC Approves a Final Rule to Amend Uncleared Swap Margin Requirements The Commodity Futures Trading Commission (CFTC) announced today that it has approved a final rule to amend its uncleared swap margin requirements (CFTC Margin Rule) to better align with certain rules (QFC Rules) adopted by the Board of Governors of the Federal Reserve System […]

Felix Shipkevich September 11, 2018

FINRA Charges Ayre with Fraud and Unlawful Distribution of Unregistered Cryptocurrency Securities HempCoin FINRA announced today that it filed a complaint against Timothy Tilton Ayre of Agawam, Massachusetts, charging him with securities fraud and the unlawful distribution of an unregistered cryptocurrency security called HempCoin. This case represents FINRA’s first disciplinary action involving cryptocurrencies. In the complaint, […]

Felix Shipkevich July 23, 2018

The National Futures Association has sent a rule submission letter to the CFTC regarding new disclosure obligations for FCMs, IBs, CPOs, CTAs, and Pools and Managed Account Programs engaging in virtual currency derivatives and virtual currency transactions as well as other activities in underlying or spot virtual currencies would require the new disclosure.

Felix Shipkevich July 2, 2018

14 U.S Banks Get Dodd-Frank Extension from Federal Reserve and FDIC   The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Monday announced that they have extended the next resolution plan filing deadline for 14 domestic firms by one year to December 31, 2019, to allow additional time for the agencies to […]

Felix Shipkevich June 28, 2018

CFTC and SEC Update 2008 Swaps MOU for Cohesion and Efficiency Latest press release from the CFTC and the SEC shows how far the two regulatory agencies have come to a cohesive approach to market regulation where their respective jurisdictions might overlap. This updated Memorandum of Understanding promises cooperation between the two regulators for efficiency. […]

Felix Shipkevich June 5, 2018

Today the National Futures Association issued a press release announcing that its board approved the formation of a Swaps Proficiency Requirements Advisory Committee which will oversee the development of a Swaps Proficiency program for individuals to be tested on, according to the Commodity Exchange Act’s training standards. The exam would test Associated Persons on market […]

Felix Shipkevich May 29, 2018

NFA Fines XFA Introducing Broker $100,000 For Compliance Violations Today the National Futures Association announced it ordered X-Change Financial Access, LLC. (XFA) Introducing Broker based in Chicago a $100,000 penalty for lack of “adequate supervisory procedures” to monitor and prevent violations of NFA Member Responsibility Action (MRA). Full Press Release below, “The Decision, issued by NFA’s […]

Felix Shipkevich May 16, 2018

CFTC No Action from Including International Swaps for Global Development   CFTC Reduces Marketplace Barriers for Global Development Initiatives May 16, 2018 Washington, DC — The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) today granted relief to non-US counterparties who enter into swaps with International Financial Institutions (IFIs), such as development banks. […]

Felix Shipkevich May 9, 2018

Last week the NFA sent a notice regarding the Department of Treasury’s Office of Foreign Assets Control (OFAC) as it applies to Virtual Currency such as Bitcoin. The NFA urges its Futures Commission Merchants (FCM) and Introducing Brokers (IB’s) to review the OFAC FAQ for cryptocurrency transactions compliance with their Anti-Money Laundering program.

Felix Shipkevich April 27, 2018

ATM Coin Part of Binary Options Fraud by Blue Bit Banc, CFTC Order Freezes Assets Last week a new cryptocurrency called ATM Coin was involved with CFTC charges against a Binary Options fraud scheme by Blue Bit Banc and other entities. Blake Kantor, aka Bill Gordon, and Nathan Mullins along with companies Blue Bit bank, […]

Felix Shipkevich April 12, 2018

FDIC Hosts Use of Technology in the Business of Banking Forum in Arlington, Virginia The Federal Deposit Insurance Corporation (FDIC) will host a forum on the Use of Technology in the Business of Banking on Monday, May 7, 2018. Panels will focus on emerging technologies that are transforming banking operations; the impact of emerging technologies on retail banking, including […]

Felix Shipkevich April 2, 2018

Aegis Capital Pays $1.3 Million for Anti-Money Laundering Violations FINRA and the Securities Exchange Commission have fined Aegis Capital Corp., NY based Broker-Dealer, $550,000 and $750,000, respectively, in enforcement actions for Anti-Money Laundering (AML) Violations. FINRA Fines Aegis Capital Corp. $550,000 On March 28th FINRA announced in a press release that they had fined Aegis Capital over half […]

Felix Shipkevich March 23, 2018

CFTC Asks Court To Serve Summons Through Email for Bitcoin Scammer Dillon Dean Bitcoin binary options trader Dillon Michael Dean is strategically avoiding the CFTC court summons accusing him and his company of fraud. On January 18th the Commission filed an enforcement action against Dean and his company, The Entrepreneurs Headquarters Limited, alleging they misappropriated over […]

Felix Shipkevich March 7, 2018

Federal Judge Sides With CFTC in Patrick McDonnell Bitcoin Fraud Case In January 18, 2018 the CFTC filed a complaint against Patrick McDonnell and his company CabbageTech, Corp. d/b/a Coin Drop Markets charging them with fraud in purchases and trading of Bitcoin and Litecoin. Yesterday’s hearing on March 6th, the Honorable Jack B. Weinstein of the U.S. […]

Felix Shipkevich February 22, 2018

CFTC Issues Its First Virtual Currency “Pump-and-Dump” Schemes Warning The Commission continues its involvement in the virtual currency market. On February 15th the CFTC issued its first ever Costumer Advisory warning against virtual currency “pump-and-dump” schemes. Asserting its jurisdiction over cryptocurrency the original press release from the Commission reads, “the CFTC maintains general anti-fraud and […]

Felix Shipkevich January 22, 2018

Government Shutdown Causes CFTC to Reschedule TAC Meeting on Cryptocurrency The CFTC had scheduled their Technology Advisory Committee ( TAC meeting ) on Cryptocurrency for January 23rd (Tomorrow), but today issued the following press release: CFTC Cancels TAC Meeting Scheduled for January 23 Washington, DC — Due to a lapse in appropriations that occurred at midnight […]

Felix Shipkevich January 19, 2018

Joint Statement Addressing Virtual Currency by CFTC and SEC Enforcement Directors. Both the CFTC and the Security Exchange Commission (SEC) became increasingly active last year enforcing their jurisdiction in the virtual currency landscape. On December 2017 the SEC Chairman Jay Clayton issued a statement on the state of Cryptocurrency and Initial Coin Offerings (ICOs). Promptly the […]

Felix Shipkevich January 19, 2018

On January 18, 2018 the CFTC filed a civil enforcement action and a federal civil enforcement action in the U.S. District Court for the Eastern District of New York against The Entrepreneurs Headquarters Ltd., and CabbageTech, Corp. d/b/a Coin Drop Markets (CDM), respectively, for fraudulent schemes. Both charges involve fraud in Bitcoin virtual currency, signaling the Commission […]

Felix Shipkevich January 11, 2018

Update: January 25, 2018 CFTC Releases updated agenda   CFTC’s Market Risk Advisory Committee Announces Agenda for January 31 Public Meeting Washington, DC — The U.S. Commodity Futures Trading Commission (CFTC) today announced the agenda for the upcoming Market Risk Advisory Committee (MRAC) public meeting that will be held on January 31, 2018 at CFTC’s headquarters in […]

Felix Shipkevich January 10, 2018

Protecting America’s Agricultural Markets: Agricultural Futures Markets Conference On April 5th through 6th, 2018, the CFTC will partner with the Kansas State University Center for Risk Management Education and Research to jointly host the first-ever conference for U.S Agricultural Futures Markets. The Agricultural Futures Markets Conference will focus on current macro-economic trends of American agricultural futures markets. “Kansas […]

Felix Shipkevich January 9, 2018

CFTC Chairman J. Christopher Giancarlo received a letter today from U.S. Senate Committee on Agriculture, Nutrition, and Forestry Chairman Pat Roberts and Ranking member Debbie Stabenow supporting CFTC commitment to equivalence agreement with the European Commission (EC), and pledge support for future CFTC decisions. After years of negotiations, the CFTC and EC reached a bi-partisan equivalence […]

Felix Shipkevich January 4, 2018

CFTC Background on Oversight of and Approach to Virtual Currency Futures Markets Along with Chairman J. Christopher Giancarlo’s statement on Bitcoin and virtual currency, the CFTC issued a letter explaining the Commission’s approach to regulating Bitcoin futures markets. Their aim is to clarify their jurisdiction and regulatory approach to Bitcoin products. It provides a background on […]

Felix Shipkevich January 4, 2018

After commending the Securities Exchange Commission’s statement on Initial Coin Offerings (ICO), CFTC Chairman J. Christopher Giancarlo released his own statement on Bitcoin and Virtual Currency today. ICOs and Cryptocurrency have posed a great challenges to regulation agencies after their exponential growth in 2017. The SEC announced it took regulatory actions against ICO scams last year […]

Felix Shipkevich December 22, 2017

Not-for-profit FINRA (Financial Industry Regulatory Authority) issued a warning titled “Dont Fall for Cryptocurrency-Related Stock Scams” alerting investros of Bitcoin and ICO frauds. FINRA is not part of any federal government agency. Instead the non-profit organization is authorized by Congress as self-regulatory organization (SRO) to regulate the broker-dealer industry. In their investor alert they warn against […]

Felix Shipkevich December 21, 2017

The Division of Clearing and Risk (DCR) responded to letter from the International Swaps and Derivatives Association, Inc. (ISDA) from November requesting extensions of CFTC exemption from the swap clearing requirement for inter-affiliate swaps and extension of no-action relief letters by the Commission. The Division of Market Oversight (DMO) responded to the ISDA request for extension […]

Felix Shipkevich December 21, 2017

Mintco Precious Metals Traders Fined and Banned by CFTC Court Order Federal Court sides with CFTC Enforcement Actions filed on September 2015 against Florida-based Mintco LLC and their owners Stuart Rubin and Richard Q. Zimmerman. Consent Orders by Federal Judge Beth F. Bloom fines Mintco $250,000 and Zimmerman $45,000, as well as a 3-year trading […]

Felix Shipkevich December 19, 2017

This month the National Futures Association announced to its members additional reporting requirements for Bitcoin or cryptocurrency soliciting, orders, trading, and offering such products. The notice to members was address to Introducing Brokers (IBs), Commodity Pool Operators (CPOs), Commodity Trading Advisors (CTA), and Futures Commission Merchant (FCMs) for which the NFA is the DSRO. Any of these […]

Felix Shipkevich December 19, 2017

The CFTC defines its authority over retail commodity transactions involving virtual currency and Bitcoin after it brought enforcement actions against Bitfinex for not meeting “actual delivery” exemption. On Friday 15th 2017 the CFTC released a Proposed Interpretation of its view of the term “actual delivery” exception that may apply to virtual currency transactions under the Commodity […]

Felix Shipkevich December 18, 2017

RED List Identifies Entities Operating Illegally for Binary Options and Forex Washington, DC — As part of the Commodity Futures Trading Commission’s (CFTC) ongoing efforts to help protect Americans from fraud, today the CFTC added 21 new names to the Registration Deficient List (RED List). These 21 new additions bring the total number of foreign entities […]

Felix Shipkevich December 18, 2017

Washington Federal Bank for Savings, Chicago, Illinois, was closed today by the Office of the Comptroller of the Currency, which then appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Royal Savings Bank, Chicago, Illinois, to assume the insured deposits of […]

Felix Shipkevich December 15, 2017

Understand the Risks of Virtual Currency Trading The U.S. Commodity Futures Trading Commission (CFTC) is issuing this customer advisory to inform the public of possible risks associated with investing or speculating in virtual currencies or recently launched Bitcoin futures and options. Virtual currency is a digital representation of value that functions as a medium of […]

Felix Shipkevich December 15, 2017

Today the CFTC made an announcement of its brand new Virtual Currency Resource Webpage. It focuses primarily on Bitcoin, as denoted by the webpage address,, but it serves as an annex of all cryptocurrency activity by the Commission. After an introductory paragraph on Bitcoin and cryptocurrency, the page has links to CFTC documents such as LabCFTC’s […]

Felix Shipkevich December 13, 2017

Securities and Exchange Commission (SEC) Chairman Jay Clayton released a public announcement regarding Initial Coin Offerings ( ICO ) which gave advise to investors looking into ICOs on Monday, December 11, 2017. CFTC’s own Chairman, J. Christopher Giancarlo, commended Chairman Clayton’s statement: Washington, DC — Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo issued the following […]

Felix Shipkevich December 12, 2017

The CFTC’s Division of Swap Dealer and Intermediary Oversight responded to a letter from the Futures Industry Association (FIA) requesting guidance for Commodity Trading Advisor (CTAs) registration requirements. The Division stated in a staff letter that commodity trading advice conducted “solely incidental” to a profession, or “solely in connection with” business is not subject to […]

Felix Shipkevich December 12, 2017

Last week the European Commission (EC) and the CFTC announced mutual recognition of each other’s derivatives trading venues, fulfilling the Common Approach announced this October the 13th, 2017 by the two regulatory agencies. On Tuesday, December 5, 2017 the EC announced it adopted an equivalence decision to recognize certain trading venues authorized by the CFTC […]

Felix Shipkevich December 5, 2017

The CFTC released a statement of three regulated US Exchanges, CME, CFE, and Cantor self-certified new contract for Bitcoin futures and products. On Friday December 1st, the CFTC announced that the world’s largest futures exchange, the Chicago Mercantile Exchange (CME) completed self-certification with the Commission to launch Bitcoin futures contract on December 18. Futures contracts […]

Felix Shipkevich November 29, 2017

On November 14th the CFTC Division of Market Oversight extended time-limited No-Action relief for Swap Execution Facilities (SEFs) from certain block trade requirements. Shortly after on November 20th, the Division issued No-Action Relief for SEF Chief Compliance Officer Annual Compliance Reports and SEF fourth Quarter Financial Reports timing requirements extension for up to 90 days. […]

Felix Shipkevich October 23, 2017

US Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo and European Commission (EC) Vice-President Valdis Dombrovskis announced a common approach for the mutual recognition of EU and US derivatives trading venues. The two regulatory bodies have made a joint announcement to ensure that both US and EU swap market counterparts are able to comply with […]

Felix Shipkevich September 15, 2017

Currently, CFTC Chairman J. Christopher Giancarlo is on a 10-day trip in Europe. Derivatives industry attorneys speculate that a European equivalence pact on swap execution rules might come into fruition very soon. If this happens, it would enable swap trading on platforms located in both, the U.S. and Europe. An absence of this agreement would […]

Felix Shipkevich August 18, 2017

LedgerX Approved to Trade Bitcoin Futures LedgerX, a trading and clearing platform for Bitcoin, became the first company to be approved by the Commodity Futures Trading Commission (CFTC) to trade Bitcoin futures. This is one of a few of available current events that shows that Bitcoin is on the verge of being overseen by federal […]

Felix Shipkevich August 4, 2017

Christopher Giancarlo was nominated by the US Commodity Futures Trading Commission (CFTC) as the Chairman of the regulatory agency. Moreover, Brian Quintenz and Rostin Behnam, both of who are Republican nominees, were confirmed as CFTC Commissioners. However, a third Republican nominee, Dawn Stump, did not receive the same treatment. According to a Senate Democratic aide, […]

Felix Shipkevich July 5, 2017

Washington, D.C. – In a Congressional testimony, the US Commodity Futures Trading Commission (CFTC) intimated an increase of the agency’s budget to oversee trading involved with blockchain technology. An additional $31 million needed On June 8, CFTC’s Acting-Chairman, J. Christopher Giancarlo, testified before the Congressional Committee on Appropriations Subcommittee on Agriculture, Rural Development and Related […]

Felix Shipkevich June 16, 2017

Washington, DC – Earlier this June, the U.S. Commodity Futures Trading Commission (CFTC) charged David Liew for illegal practices in the precious metals futures contracts. CFTC banned David Liew from trading, because of preceding events of manipulating the gold and silver markets. As a junior trader, on the precious metals desk, in a large financial institution, Deutche Bank, […]

Felix Shipkevich May 22, 2017

Washington, DC –  A unanimous vote by the U.S. Commodity Futures Trading Commission (CFTC) to amend Whistleblower Rules has resulted in, among other things, stronger anti-retaliation protections for whistleblowers as well as enhanced processes for reviewing whistleblower claims. A reinterpretation of the CFTC’s anti-retaliation authority under the Commodity Exchange Act (CEA) concludes that the CFTC […]

Felix Shipkevich February 17, 2017

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against The Royal Bank of Scotland plc (RBS) for attempted manipulation of the ISDAFIX benchmark which requires RBS to pay an $85 million civil monetary penalty. The CFTC Order revealed that during a five-year period, commencing in […]

Felix Shipkevich August 6, 2014

Recently appointed CFTC Chairman Tim Massad announced last week that there were “a lot of things” he would like to do to continue the CFTC’s goal of regulating financial markets, but that he is held back by strict congressional budget constraints

Felix Shipkevich July 3, 2014

The CFTC’s Division of Market Oversight this week granted no-action relief from certain requirements applicable to swap dealers and major swap participants regarding the reporting of swap transactions to swap data repositories. The no-action relief, issues June 30, 2014, extends previous no-action relief regarding the reporting of valuation data reporting of cleared swaps.

Felix Shipkevich May 28, 2014

The CFTC announced last week its first award under the whistleblower award program initiated pursuant to the Dodd-Frank Act. Under the program, eligible whistleblowers are entitled to a financial award where original information provided leads to a successful enforcement action and the collection of at least $1 million. Whistleblowers who file successful claims are also entitled to job security and […]

Felix Shipkevich February 4, 2014

Beginning on February 12th, derivative transactions made by businesses in the EU will have to be reported to data banks known as trade repositories. This will be one of the EU’s first steps toward swap reform geared toward preventing a financial crisis similar to 2008 from occurring again.

Felix Shipkevich January 16, 2014

the European Union has successfully come to an agreement on a market rule overhaul that will tighten measures to regulate the derivatives market, slowing down high frequency trading and curbing speculation in commodity derivatives.

Felix Shipkevich January 9, 2014

According to Bloomberg, the Commodity Futures Trading Commission (CFTC) is set to push interest-rate and credit swaps onto SEFs in the near future. While the CFTC is currently reviewing the plans, they haven’t found any reason to object to them as of yet. And with the first of these new requirements being instituted on January 16th, […]

Felix Shipkevich December 18, 2013

According to the Wall Street Journal, the Commodity Futures Trading Commission may be looking to force the derivatives trading rules the Commission has implemented in the US onto foreign markets. The CFTC had agreed to delay the deadline for foreign markets to comply to US trading rules while the European Commission and other foreign regulators […]

Felix Shipkevich December 13, 2013

As the year comes to an end, so will the term for current Commodity Futures Trading Commission chairman Gary Gensler, according to Bloomberg, commissioner Mark P. Wetjen will be temporarily taking his place. Though Obama has nominated Timothy Massad to take the position, the Senate is yet to hold a hearing to vote on the […]

Felix Shipkevich December 11, 2013

According to Reuters, a lack of congruency between US and EU over how to police the $640 trillion dollar derivative market is causing frustration within Asian Pacific markets, and could lead to serious and expensive consequences. While reaching an agreed upon solution for derivative regulation is on everyone’s to do list, one of the major […]

Felix Shipkevich December 10, 2013

According to the Wall Street Journal, the Federal Deposit Insurance Corp., Federal Reserve Board, Securities and Exchange Commission, and Commodity Futures Trading Commission have all voted to approve the infamous Volcker Rule. While the vote for Volcker Rule approval was unanimous for the FDIC and the Federal Reserve, the CFTC approved it by 3-1, while […]

Felix Shipkevich December 3, 2013

According to the New York Post, several of the US’s largest banks plan to sue the Commodity Futures Trading Commission (CFTC) over some of the new rules it has been implementing. The banks are looking to get many of the new rules reversed through the law suit, citing that the CFTC violated rulemaking procedures while […]

Felix Shipkevich November 15, 2013

According to Businessweek, the Commodity Futures Trading Commission will be voting today on a new rule that will result in Treasury collateral being subject to a “prearranged and highly reliable funding arrangement.” Should the rule be passed, clearinghouses will be forced to back Treasury bonds with credit lines. The rule, according to experts, could cause […]

Felix Shipkevich November 12, 2013

According to the Financial Times, the White House plans to nominate Timothy Massad for chairman of the Commodity Futures Trading Commission (CFTC).  Massad, a US treasury official, will be taking the place of current CFTC chairman Gary Gensler, who will be stepping down towards the end of the year. How Massad plans to run the […]

Felix Shipkevich October 23, 2013

According to, many of the United States’ largest banks aren’t happy with a recently proposed rule to increase the minimum capital a bank needs to hold against potential losses. Banks are saying the new minimum– 5 percent for holding banks and 6 percent for their actual banking components– are arbitrary and harmful, claiming that […]

Felix Shipkevich October 1, 2013

Outside of enforcement actions, Mr. Meister enhanced collaborative relationships with the U.S. Justice department, the FBI, and many other domestic and foreign agencies. He also smoothed out the Division’s investigative and management techniques, increasing the speed in which cases were handled, and ensuring consistent enforcement actions across the board.

Felix Shipkevich September 25, 2013

According to, the Commodity Futures Trading Commission (CFTC) has closed its investigation on the silver market after five years. While the CFTC normally keeps a tight lid on its investigations, it has decided to announce this finalization publicly due to the amount of time that has passed since the investigation was initiated. The CFTC’s department […]

Felix Shipkevich September 17, 2013

ccupy Wall Street is back, and this time their target is high frequency trading. On the second anniversary of the Occupy Wall Street movement, protesters will be gathering in New York City to demand Congress pass the “Robin Hood Tax.”

Felix Shipkevich July 19, 2013

In response to several high profile anomalies in the trading market due to High Frequency Trading (HFT) in the past year, the Finance Industry Regulatory Authority (Finra) has been looking into several trading firms with how they use and control their trading algorithms.

Felix Shipkevich July 17, 2013

Since the last cybersecurity simulation in 2011, the list of firms and institutions wishing to be included in this years attack has more than doubled, according to the SIFMA brief released today. The organizations undergoing the attack has grown to include stock exchanges, businesses, the U.S. Treasury and Department of Homeland Security, and the simulation will attempt to expose any critical weaknesses in security these firms may have.

Felix Shipkevich July 16, 2013

Christopher Ehrman was most recently an Assistant Director at the Office of Market Intelligence at the Securities and Exchange Commission, and brings with him extensive regulatory experience. As Gary Gensler said, in a CFTC press release that came out today, “Chris, who comes to us after many years of experience in the SEC’s Enforcement Division, takes on an important role at the Commission to oversee our Whistleblower program and engage with people who report misconduct in the futures and swaps markets.”

Felix Shipkevich July 11, 2013

The European Commission and the CFTC have many advantages of developing cross-border regulations together. In light of this demonstration of international cooperation, some have hopes that the G20 promise to promote transparency in over-the-counter derivatives trading will become more of a focal point in regulation.

Felix Shipkevich July 8, 2013

After weeks of speculation, it looks like the Commodity Futures Trading Commission (CFTC) will conclude a foreign regulatory issue this Friday, July 12th. The vote will regard how domestic regulations on swaps apply to foreign firms wishing to do business with those in the United States. The regulations have become a devisive issue in the […]

Felix Shipkevich July 1, 2013

The first paper improves upon the interim credit assessment suggestions that the Basel Committee made with the Current Exposure Method (CEM) and the Standardised Method. The new credit risk assessment of counterparties in derivative trading fine-tune upon the CEM and the Standardised Method by creating separate risk exposure plans for margined and unmargined trades.

Felix Shipkevich June 28, 2013

Corzine originally joined MF Global with intent to turn the futures broker into an investment bank, and according to the CFTC release, “Corzine’s strategy called for making increasingly risky and larger investments of the firm’s money.” Apparently, Corzine had been made aware of the low cash balance of the firm, but still continued to order the payback of loans and obligations.

Felix Shipkevich June 26, 2013

Gary Gensler, Chairman of the CFTC, told members of the Senate Appropriations committee that the CFTC would let the extension expire and continue reformation. He also mentioned that swap participants, including big banks, would comply with the regulations. An exemption from cross-border swap regulation is set to expire on June 12th, meaning firms participating in swaps would have to finalize compliance by that date.

Felix Shipkevich June 25, 2013

The Commodity Futures Trading Commission’s interim relief for cross-border swaps is due to expire on July 12th, but in a speech at a London Futures Industry Associated expo, CFTC Commissioner Mark Wetjen made it clear he thinks the CFTC should provide legal advice and assurance until that point. The approach Mark Wetjen advocated for is purportedly […]

Felix Shipkevich June 19, 2013

The other members on the commission, such as Sommers, Chilton, O’Malia, and Wetjen are also up for re-appointments this year, and lobbyists and lawyers are waiting eagerly to see what the turnover is. According to the bylaws of the Commission, each commissioner is supposed to serve a five year term, as appointed by the president. Furthermore, no more than three members may be of the same political party at the same time.

Felix Shipkevich June 17, 2013

Until the robustness of US credit swap policy has been reviewed, some European banks have been given more restricted access to clearing houses outside of the European Union. Because of concerns that US banking policies may not be compliant with European policies, credit swap rules have become a contentious issue between US and EU regulatory bodies, according to Bloomberg.

Felix Shipkevich June 13, 2013

The Commodity Futures Trading Commission (CFTC) was prepared to supervise all derivatives trading, including FX trading ─however the Securities and Exchange Commission (SEC) took a more hands-off approach by allowing overseas derivative trading to bypass U.S. regulation if the country in which they occur had a regulation system that closely resembles our own.

Felix Shipkevich June 12, 2013

The Wall Street Journal reports that seven banks have received extensions on complying with the rule that would require them to “move risky swap activities into separate affiliates.” The Office of the Comptroller of the Currency granted the two year extensions to Bank of America Corp., J.P. Morgan Chase & Co., Citigroup Inc., Wells Fargo […]

Felix Shipkevich June 11, 2013

According to the International Finance Review (IFR), the initial CSA that was published by the ISDA in 1994 had an enormous amount of optionality by allowing participants to use a “variety of collateral in differing currencies,” making the valuation of even the simplest swaps an intricate ordeal.

The new Standardized CSA aims to remove this optionality while solidifying overnight index swaps (OiS) discounting as the industry standard and creating a consistent valuation process for cleared and uncleared swaps.

Felix Shipkevich June 7, 2013

With this new position, O’Connor will have hands-on involvement in driving ISDA’s strategic initiatives. The pace and scope of those initiatives continues to increase given global regulatory reform and the continued evolution of the financial markets and the OTC derivatives business. To address these needs, the decision was made to appoint a full-time chairman who could devote more time and energy to directing and leading the Association.

Felix Shipkevich June 6, 2013

The Securities and Exchange Commission is looking to push through a plan that would aim to prevent another run on money market funds, The Washington Post reports. This comes as a response to the events of 2008, when a major money market fund fell below $1 a share, something which has occurred only three times […]

Felix Shipkevich June 3, 2013

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 the Dodd-Frank act that requires companies to disclose whether […]

Felix Shipkevich May 31, 2013

Reuters has reported that participating European countries plan to cut the FTT (financial transaction tax) rate by up to 90% and may have its “full roll-out” delayed. The tax, which is set to target speculative trading, would have its rate reduced from 0.1 percent to 0.01 percent and be applied gradually. If it is put […]

Felix Shipkevich May 30, 2013

The E.U. has asked for a delay in the enforcement of new swaps rules set to take effect on July 12, when the exemptions for overseas banks of the Dodd-Frank Act expire. In a report by, the European Commission addressed Gary Gensler, the head of the U.S. Commodity Futures Trading Commission. The EC requested […]

Felix Shipkevich May 29, 2013

Barney Frank himself, famous for his stance of government regulation has said, “I believe that a free market approach in this area will be better for the economy and all concerned parties than the current system,” yet the amendment remains in effect.

Felix Shipkevich November 16, 2019

ATM Coin creators have been ordered by the US Commodity Futures Trading Commission (CFTC) to pay $4.25 million to settle a fraud case brought forward by the agency’s Virtual Currency Task Force, as reported by the CFTC earlier this month. An order of default for committing fraud and misappropriating client funds was entered by the […]