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.
Judge Paul G. Gardephe of the New York Southern District Court agreed with the CFTC that eFloorTrade and the individuals behind it had committed recordkeeping and supervision violations.
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Nicky Morgan calls for Natwest and Barclays to respond amid service failures affecting customers over the past 24 hours.
The post UK Treasury Committee wants explanations from NatWest and Barclays over service disruptions appeared first on FinanceFeeds. […]
The Office of the Rehabilitation Trustee is receiving a large volume of rehabilitation claim forms, and it will take some time to process the paperwork, the MtGox trustee explains.
The post MtGox trustee tries to calm down claimants over slow rehabilitation claims filing procedure appeared first on FinanceFeeds. […]
Support of user drawings on charts, colored indicators and enhanced chart zoom are among the new features introduced in cTrader Mobile Beta version 3.0.
The post Latest version of cTrader mobile app bolsters charting capabilities appeared first on FinanceFeeds. […]
The list of Series-A round participants include MUFG Bank, SMBC Venture Capital Fund, and Innovative Venture Fund Investment LP.
The post Japanese AI expert Alpaca closes of JPY647m Series-A round appeared first on FinanceFeeds. […]
The Northbound Investor ID Model is set to be launched on September 26, 2018.
The post HKEX reminds market participants about pending launch of Northbound Investor ID Model appeared first on FinanceFeeds. […]
The US regulator and Jon Montroll continue to expect to resolve the civil case by agreement.
The post SEC, BitFunder operator mark further progress in settlement discussions appeared first on FinanceFeeds. […]
ASIC has extended to September 30, 2019 the licensing relief for FFSPs to allow them to provide financial services to Australian wholesale clients without needing to hold an Australian financial services licence.
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NFA increases the required minimum security deposits for Forex transactions in Turkish lira and South African rand.
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The regulator, however, has managed to serve Jiongsheng (“Jim”) Zhao with the Summons and Complaint earlier this week.
The post CFTC still unable to confer with Australian trader accused of spoofing appeared first on FinanceFeeds. […]
London, UK– FIA Tech today launched a new Transfer Protocol to help firms prepare for the transitioning of execution and clearing businesses triggered by the UK’s departure from the European Union...Washington, D.C.— FIA is pleased to announce that Amazon Web Services (AWS) has agreed to sponsor FIA’s fourth annual Innovators Pavilion , a showcase for fintech startups that are offering...Washington, DC - Today, FIA President and CEO Walt Lukken paid tribute to the 30 year success of FIA affiliate FIA Japan: “I congratulate the FIA Japan Board of Directors and Members on...Washington, DC – FIA, the Institute of International Finance (IIF), and the Global Financial Markets Association (GFMA) filed a response to the consultative report of the Derivatives Assessment...FIA and 17 other trade associations active in energy markets jointly submitted a statement highlighting an urgent need to confirm the extension of the VAT derogation for a domestic reverse charge...On 31 August, FIA and ISDA submitted a joint response to ESMA’s consultation paper on Clearing Obligation under EMIR (no.6), in particular relating to the treatment of intragroup transactions. FIA...On 29 August 2018, FIA filed jointly with GFMA, ISDA and LBMA a response to IOSCO, asking for certain clarifications regarding the scope of the Sound or Good Practices and the provided examples...
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Financial fraud routinely follows on the heels of disaster. Hurricane Florence and its aftermath are no exception. We are issuing this Alert to warn investors that investment scams may come your way touting stocks and other investments with the promise of huge gains in the wake of Florence. […]
FINRA is issuing this alert to inform investors that investments in digital assets, such as ICO tokens and cryptocurrencies, can involve significant uncertainty, as well as risks that are different from more conventional assets like stocks or bonds. […]