In an open meeting, the CFTC invited regulators, exchanges, brokers, money managers, dealers, and academics to discuss ways and means to ensure customer collateral protection in the wake of the MF Global collapse.
The Commission and participants discussed proposed regulations, including keeping more client funds at clearing houses, requiring brokers to keep a buffer of excess customer funds on reserve, creating an insurance fund to reimburse clients who lose money in a default, and having broker chiefs sign off on large transfers of money that could potentially belong to clients.
Panel members were at odds over the rules’ efficiency, and failed to agree on deals for broadly popular ideas. For instance, members debated how often brokers should report customer fund investments, to provide transparency. The Futures Industry Association said it would prefer if brokers report investments monthly. CME Group said it was looking at a proposal for daily reports.
Panel members also quibbled over plans to safeguard customer money in over-the-counter swaps trading for futures. According to Reuters, Tom Hammond, president of ICE Clear US, said the commission and the industry would be “hard pressed” to explain why the OTC model for large hedge funds “can’t be applied to farmers, ranchers, and cotton growers in the U.S. if it adds extra protection and it’s cost effective.” Tim Doar, a CME Group Inc managing director, said he was not wholly convinced that the OTC model did protect customers. Others protected additional costs.
Here we are, 8 months from the deadline to ratify the agreement and we know that all we can expect is turmoil.
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After the bankruptcy proceedings related to MtGox were stayed, the civil rehabilitation proceedings come with the requirement for a new system for filing claims.
The post New system for filing MtGox claims set to be released in August appeared first on FinanceFeeds. […]
In a brief order, Judge Richard M. Berman of the New York Southern District Court said the trial against Richard Usher, Rohan Ramchandani, and Christopher Ashton is set to start on October 9, 2018.
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As a result of the anticipated plea in the criminal case, negotiations with the SEC to resolve the civil case have accelerated, the defendants in a Bitcoin fraud case say.
The post Jon Montroll, Bitfunder say they are close to plea agreement with US authorities appeared first on FinanceFeeds. […]
As the digitalization of various processes at the bank continues, robot saving advisor Nora gains more fans.
The post Nordea’s customers embrace robot Nora appeared first on FinanceFeeds. […]
On June 28, FinanceFeeds, along with Spectre's Athol Nourse, hosted a seminar with a series of long established partners and asset managers on how to remove the pitfalls and conflicts when working with new types of instruments.
The post Debating digital assets! FinanceFeeds South Africa IB seminar looks at how to avoid fraud or conflict of interest appeared first on FinanceFeeds. […]
The week from July 9th to July 15th saw Australians report $954,308 in financial losses due to investment scams, data from Scamwatch shows.
The post Australia sees losses due to investment scams jump 299% in one week appeared first on FinanceFeeds. […]
How did the coach reframe the fragile mindset of this team to exceed greatly the task given to them, and how can it apply to our organisations? Paul Orford gives the answer.
The post Let Gareth Southgate save your sanity! – Guest Editorial appeared first on FinanceFeeds. […]
The US Government wants to stay the civil action against Haddow until the completion of the parallel criminal case.
The post US Govt seeks to intervene in SEC case against Ponzi scammer Renwick Haddow appeared first on FinanceFeeds. […]
London, UK - With great sadness, FIA today announced the passing of Bernadette “Bernie” Connolly, a longtime and highly respected staff member in the London office. Although living with a...On July 12, the Commodity Futures Trading Commission hosted a meeting of its Market Risk Advisory Committee in Washington, D.C. to discuss the transition from the Libor benchmark used in U.S.... Washington, DC - July 10, 2018 - FIA’s board of directors is in Washington this week to meet with regulators and members of Congress to press for policies that promote a fair and competitive...Keynote Remarks of FIA President and CEO Walt Lukken 78 th Shanghai Clearing House Forum: Financial Risk and Innovation June 27, 2018 Thank you Bill for that kind...FIA today launched the fourth annual Innovators Pavilion for fintech startups that are offering forward-thinking solutions for the global derivatives markets. This award- winning program is a...Statement of FIA President and CEO Walt Lukken on the unanimous vote of House Financial Services Committee in passing H.R. 5749, the "Options Market Stability Act." “FIA thanks Reps....On June 14, the Futures Industry Association and the Commodity Markets Council submitted a petition asking the Commodity Futures Trading Commission to amend the Ownership and Control Reports Rule...
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BIS press release on the presentation of the Annual Economic Report 2018, 24 June 2018. Policymakers can maintain the current economic upswing beyond the short term by tackling structural reforms, rebuilding monetary and fiscal policy space to react to future threats and encouraging prompt implementation of regulatory reforms, the Bank for International Settlements (BIS) writes in its Annual Economic Report.... […]
Press Release on the pre-release of two special chapters of the Annual Economic Report of the BIS, 17 June 2018. Trust is the missing link in today's cryptocurrencies - Cryptocurrencies' model of generating trust limits their potential to replace conventional money, the Bank for International Settlements (BIS) writes in its Annual Economic Report (AER), a new title launched this year. […]