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 […]
April saw the most enforcement actions by the CFTC for the year 2018. Some of these were the typical commodity pool schemes, precious metals schemes, spoofing, and fraud in Retail Forex; yet other enforcement actions involved new technologies such as Binary Options fraud relying on technology.
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, […]
Floor Broker Fined $150,000 by the CFTC for “Spoofing” CME Wheat Futures Market The CFTC fined Anuj C. Singhal $150,000 to settle charges for “spoofing” the Chicago Mercantile Exchange (CME) wheat futures market. The relevant period of the offense was at least between March and June 2016, but this was a repeat offense since disciplinary […]
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 […]
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 […]
Court Fines Former Pastor Wesley Allen Brown and Associates $8.6 for Defrauding Church Members On March 23, 2015 the CFTC filed a civil enforcement action against defendants Allen Brown, a former pastor now serving time in prison, for defrauding church congregants in violation of federal commodity laws. Brown abused his position as a religious leader […]
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. […]
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 […]
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 […]
FinanceFeeds - FinanceFeeds met with Mr Chesterman to look at his perspective on his new role and his vision for the FX industry's future from a prime of prime point of view. The post FinanceFeeds speaks with Mark Chesterman on his prime of prime vision appeared first on FinanceFeeds. […]
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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...Cryptocurrency futures made their debut in the U.S. at the end of 2017. What are the prospects for similar products to be launch in Europe? What is the appetite among retail and institutional...While transitional arrangements look set to avoid a cliff-edge impact, Brexit will change the landscape for listed derivatives in Europe. Moderator: Simon Puleston Jones...FIA today released survey results that provide a high level snapshot into clearing brokers’ progress with their Brexit contingency plans, the issues they face when structuring and executing such...FIA offered comments to the European Central Bank on June 5 regarding the draft cyber resilience oversight expectations for financial market infrastructures. In the comments, FIA urged the... On 4 June, FIA submitted comments to the China Securities Regulatory Commission (CSRC) on its proposal to increase foreign investment limits for Chinese futures companies. The CSRC... (RSS generated with FetchRss) […]
FinanceFeeds - The deadline for comments is July 2, 2018, whereas the expected decision date is August 13, 2018. The post UK competition regulator invites comments on ION-Fidessa deal appeared first on FinanceFeeds. […]
FinanceFeeds - Pushy representatives of binary options brokers approach potential clients via phone, which adds to aggressive social media marketing campaigns of binaries. The post Despite ban, binary options brokers continue to target Quebec investors appeared first on FinanceFeeds. […]
FinanceFeeds - The move is targeted at newbies who are looking for a way to open a new account with the broker. The post TradeStation enables account opening directly from mobile app for Android devices appeared first on FinanceFeeds. […]
FinanceFeeds - The exchanges are said to have attracted HFT firms by providing them with special products and services that allowed them to position their trades to the detriment of other market participants. The post Major exchanges face accusations of entry into Faustian bargain with HFT firms appeared first on FinanceFeeds. […]
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. […]
FinanceFeeds - FXCM UK remained loss-making in 2017, with retail trade volume and client cash down. The post FXCM UK sees $102m drop in client funds in 2017, sells stake in Salex for €1 appeared first on FinanceFeeds. […]
FinanceFeeds - The redesigned and enhanced IG Community went live today, offering a fresh design, greater functionality and new content areas. The post IG Group presents upgraded IG Community forum appeared first on FinanceFeeds. […]
FinanceFeeds - The new rules, which become effective on June 30, 2018, apply to all algorithmic trading activities of a firm including in respect of unregulated financial instruments such as spot foreign exchange (FX). The post UK Prudential Regulation Authority clarifies policy on algorithmic trading appeared first on FinanceFeeds. […]
FinanceFeeds - Jiongsheng (“Jim”) Zhao is currently in police custody in Australia, and is still awaiting extradition to the United States, so the CFTC asks for a brief stay of the civil proceedings against him. The post Extradition procedure weighs on CFTC action against Australian trader accused of spoofing appeared first on FinanceFeeds. […]
FinanceFeeds - GAIN rejects allegations by TIBCO about unauthorized use of its software and files counterclaims about fraud in the inducement and negligent misrepresentation. The post GAIN Capital responds to TIBCO Software’s $22m claim for alleged software over-deployment appeared first on FinanceFeeds. […]
Basel Committee issues capital treatment for simple, transparent and comparable short-term securitisations, 14 May 2018 […]
BCBS and IOSCO issue criteria for identifying simple, transparent and comparable short-term securitisations, 14 May 2018 […]
FINRA is re-issuing this alert to remind investors about the key elements of their brokerage account statements and trade confirmations and to provide tips that can help avoid problems. […]
BIS Statement of commitment to the FX Global Cod […]
CPMI Press Release "Central banks urge industry wide take-up of strategy to improve wholesale payments security", 8 May 2018. […]
BIS Press Release "Jens Weidmann to continue as Chair of the BIS Board", 8 May 2018. […]
Press release about CPMI and IOSCO issuing a report on Implementation monitoring of PFMI: follow-up Level 3 assessment of CCPs recovery planning, coverage of financial resources and liquidity stress testing, 3 May 2018. […]
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