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.
The latest virtual currency business to be sanctioned is Everybody's Bitcoin Inc.
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We investigate in great detail how misleading and fantasy-filled advertisement is being allowed to prevail, and document the bizarre response of the broker concerned when approached. Facebook and Google create hardship for the good guys, yet those with a track record of shapeshifting continue
The post The odious advertising continues. Best in Germany? My foot – FinanceFeeds investigation appeared first on FinanceFeeds. […]
Nordea says 70% of its customers in Sweden who started to save through Nora have not previously saved with the bank.
The post Nordea’s digital savings adviser Nora shows promising results appeared first on FinanceFeeds. […]
If academics who studied the trading behavior of stock market participants in major financial centers and the tipping behavior of several million taxicab passengers consider sunny days to create optimistic and enthusiastic spending and trading, perhaps the retail FX brokerages could be on to a very cost effective retention and volume boosting method
The post If professor David Hirshleifer is right, brokerage sales teams should call their clients on sunny days appeared first on FinanceFeeds. […]
The webtool, which was introduced to the TWS platform several months ago, becomes more precise.
The post Interactive Brokers enhances 3D Volatility Surface webtool appeared first on FinanceFeeds. […]
Whereas April 1st is well behind us, cryptocurrency fraudsters continue to celebrate “Fool's day” over and over again.
The post “Stabilizing the economy of 22 countries”- Top 5 claims of cryptocurrency scammers appeared first on FinanceFeeds. […]
Traders get to access Monex news and information via Amazon's virtual assistant and innovative voice media Voicy.
The post Monex is all about audio, as broker gets cozy with Voicy and Amazon’s Alexa appeared first on FinanceFeeds. […]
Tallinex has failed to appear or otherwise defend, and the time allowed by law for answering has expired.
The post CFTC secures default order against Tallinex as broker does not reply to complaint appeared first on FinanceFeeds. […]
"What is going to drive your urgency? In my office, there are three things that drive urgency. The first is desire. People who want to achieve something then they have a massive desire so they will keep progressing" - Nigel Green, CEO, deVere Bank
The post Urgency in the trading industry. Is it impatience or a key to success? deVere Bank CEO Nigel Green debates appeared first on FinanceFeeds. […]
Although the Russian government said it formally supports the bill, it outlined numerous problematic aspects in the document that should be corrected before the second reading.
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Press release about the Basel Committee urging full, timely and consistent implementation of Basel III post-crisis reforms (23 April 2018). Today the Basel Committee on Banking Supervision (BCBS) issued the Fourteenth progress report on adoption of the Basel regulatory framework. The report sets out the adoption status of Basel III standards for each BCBS member jurisdiction as of end-March 2018. It includes for the first time the finalised Basel III post-crisis reforms published by the Committee in December 2017. These recent reforms will take effect from 1 January 2022. […]
On 3 April 2018, FIA submitted a letter (attachment below) to the Singapore Exchange in response to their proposed refinements to the SGX-DC Clearing Fund structure . The proposed amendments are...On March 20, FIA submitted a letter to the Commodity Futures Trading Commission responding to the CFTC's proposed interpretation of how its rules apply to retail trading in bitcoin and other...FIA recently published eight sets of contractual indirect clearing terms to help clearing firms document indirect clearing arrangements under MiFIR and EMIR. Developed by FIA with Clifford Chance... Washington, DC - FIA President and CEO Walt Lukken today made the following statement after the House Financial Services Committee passed H.R. 4659 to properly calibrate the capital charges...On 14 March, FIA submitted a response to the European Commission’s Fitness Check on Supervisory Reporting. The aim of this consultation is to assess whether supervisory reporting frameworks in... Chair: Nick Solinger, President, FIA Tech Speakers: Cameron Winklevoss, Co-Founder & President, Gemini Cameron Winklevoss, Co-Founder &...The launch of bitcoin futures has attracted the world’s attention in recent months. But the speed with which these products came to market has left an education gap as potential users look for...
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If putting all your financial information online and in one place sounds like a good idea, there are many companies—often called data aggregators—ready to help you organize your financial life. However, before you share your account information and other sensitive financial details with data aggregators, it pays to know how these services operate, and how to protect yourself from potential privacy and security risks. […]