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Dan Viola, Sadis & Goldberg

What impact will the Trump administration have on the fiduciary rule?

Fri, 24/02/2017 - 10:55

By Dan Viola, partner, Sadis & Goldberg – Status of the new DOL fiduciary rule. The Department of Labor’s (the DOL) new fiduciary ruling (the Rule) has created strife in the securities industry and has the potential to significantly impact how financial advisers and brokers will manage retirement accounts in the future.   »

John Oden and OCM fined USD100,00 over unlawful commodity interest pools

John Oden and OCM fined USD100,00 over unlawful commodity interest pools

Fri, 10/02/2017 - 08:47

John B Oden and Oden Capital Management (OCM) are to pay USD100,000 to settle CFTC charges over the unlawfully operation two commodity interest pools, Oden Currency Fund (OCF), operated by Oden, and Oden Currency Fund I (OCF I), operated by OCM. »

FXCM and founders fined USD7m over forex fraud

FXCM and founders fined USD7m over forex fraud

Tue, 07/02/2017 - 09:07

Forex Capital Markets (FXCM), its parent company FXCM Holdings and FXCM’s founding partners, Dror Niv and William Ahdout, are to pay a USD7 million penalty to settle CFTC charges that they defrauded retail forex customers. »

RBS fined USD85m for attempted manipulation of US dollar ISDAFIX benchmark swap rates

RBS fined USD85m for attempted manipulation of US dollar ISDAFIX benchmark swap rates

Mon, 06/02/2017 - 08:52

The Royal Bank of Scotland (RBS) is to pay a USD85 million civil monetary penalty to settle CFTC charges that over a five-year period from January 2007 through March 2012, through the acts of multiple traders, RBS attempted to manipulate the US Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX). »

CFTC issues time-limited no-action relief for swap dealers doing business in EU

CFTC issues time-limited no-action relief for swap dealers doing business in EU

Thu, 02/02/2017 - 10:09

The US Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) has issued a time-limited no-action letter for swap dealers doing business in the EU. »

E*TRADE to pay USD280,000 to settle CFTC charges

E*TRADE to pay USD280,000 to settle CFTC charges

Fri, 27/01/2017 - 09:33

E*TRADE Securities and E*TRADE Clearing are to jointly pay a USD280,000 civil monetary penalty to settle CFTC charges over non-compliance with applicable record-keeping rules and failure implement diligent supervision.  »

Timothy Massad, CFTC

CFTC general counsel Marcus to step down

Fri, 27/01/2017 - 09:27

US Commodity Futures Trading Commission (CFTC) general counsel Jonathan L Marcus is to leave the agency.  »

J Christopher Giancarlo, CFTC

CFTC names J Christopher Giancarlo as acting chairman

Mon, 23/01/2017 - 08:48

Commissioner J Christopher Giancarlo has been named as acting chairman of the US Commodity Futures Trading Commission (CFTC). »

Citigroup to pay USD25m to settle Treasury futures spoofing charges

Citigroup to pay USD25m to settle Treasury futures spoofing charges

Fri, 20/01/2017 - 08:49

Citigroup is to pay USD25 million to settle CFTC charges against for spoofing – bidding or offering with the intent to cancel the bid or offer before execution — in US Treasury futures markets and failed to diligently supervise the activities of its employees and agents. »

Timothy Massad, CFTC

Enforcement director to leave CFTC

Fri, 20/01/2017 - 08:46

US Commodity Futures Trading Commission division of enforcement director Aitan Goelman will leave the agency on 3 February 2017. »

Anthony Scaramucci

SkyBridge Capital sells majority stake with Anthony Scaramucci to step down immediately

Tue, 17/01/2017 - 16:52

The majority of global alternative firm SkyBridge Capital has been sold to  RON Transatlantic EG and HNA Capital. Financial terms of the transaction have not been disclosed but at the end of November SkyBridge managed or advised on USD12 billion. »

CFTC approves proposals on swaps data and other amendments

CFTC approves proposals on swaps data and other amendments

Mon, 16/01/2017 - 08:36

The US Commodity Futures Trading Commission (CFTC) has unanimously approved proposed changes to swap data rules that implement Congressional action to remove indemnification requirements for the use of swap data by other regulators.  »

Jon Corzine to pay USD5m for MF Global’s unlawful use of customer funds

Jon Corzine to pay USD5m for MF Global’s unlawful use of customer funds

Fri, 06/01/2017 - 09:39

Jon S Corzine, former CEO of MF Global, is to pay a USD5 million civil monetary penalty for his role in MF Global’s unlawful use of almost USD1 billion in customer funds and for his failure to diligently supervise the handling of customer funds.  »

Richard Ortoli, OR Law

OR Law launches as successor to Sanders Ortoli Vaughn-Flam Rosenstadt

Fri, 06/01/2017 - 07:34

Law firm Ortoli Rosenstadt (OR Law) has launched as the successor to New York City-based Sanders Ortoli Vaughn-Flam Rosenstadt. »

Ron Geffner, Sadis Goldberg

DOL Fiduciary Rule will encourage more dialogue and closer alignment with investors

Wed, 04/01/2017 - 17:54

The relationship that broker-dealers and registered investment advisors have with pension investors is set to be turned on its head on 10 April 2017 when the Department of Labor introduces the DOL Fiduciary Rule.  »

Anthony Perrotta Jr, TABB

TABB forecasts market structure changes for US OTC fixed income in 2017

Thu, 22/12/2016 - 09:03

Though the US corporate bond and US treasury market has surged in size since the financial crisis in 2008, the unprecedented growth of US debt markets alongside a complete US regulatory overhaul has left the traditional market unstable and ushered in an age of innovation. »

Goldman Sachs fined USD120m for attempted manipulation of benchmark swap rates

Goldman Sachs fined USD120m for attempted manipulation of benchmark swap rates

Thu, 22/12/2016 - 08:50

Goldman Sachs is to pay civil penalty of USD120 million to settle CFTC charges that it attempted, by and through certain of its traders in New York, to manipulate and made false reports concerning the US Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX), a global benchmark for interest rate products.  »

Chicago trader to pay USD2.5m to settle CFTC futures spoofing charges

Chicago trader to pay USD2.5m to settle CFTC futures spoofing charges

Wed, 21/12/2016 - 10:42

Chicago trader Igor B Oystacher and his trading company 3Red Trading are to pay USD2.5 million to settle CFTC charges over spoofing and using a “manipulative and deceptive device” while trading futures contracts on multiple exchanges. »

Hedge fund founder and CIO among seven charged over USD1bn fraud

Hedge fund founder and CIO among seven charged over USD1bn fraud

Tue, 20/12/2016 - 12:46

Seven defendants, all formerly affiliated with USD1.7 billion New York-based hedge fund Platinum Partners, have been charged in connection with an alleged USD1 billion investment fraud. »

CFTC issues time-limited no-action relief for DCO swap clearing

CFTC issues time-limited no-action relief for DCO swap clearing

Tue, 20/12/2016 - 09:16

The US CFTC has issued time-limited no-action relief to entities submitting swaps for clearing by derivatives clearing organisations (DCOs) operating under CFTC exemptive orders or no-action relief that CFTC staff provided (relief DCOs). »

Todd Moyer, Confluence

RegTech to trigger asset management back office transformation in 2017

Fri, 16/12/2016 - 09:10

Confluence predicts that the rise of regulatory technology (RegTech) in 2017 will trigger a transformation of the asset management back office, with improved data management and technology solutions delivering operating model improvements through automation. »

Madoff trustee requests allocation of USD342m to customer fund

Madoff trustee requests allocation of USD342m to customer fund

Thu, 15/12/2016 - 09:58

Irving H Picard, Securities Investor Protection Act (SIPA) trustee for the liquidation of Bernard L Madoff Investment Securities (BLMIS), has filed a court motion seeking approval for an allocation of recoveries to the BLMIS Customer Fund. »

CFTC releases rule enforcement review of ICE Futures US

CFTC releases rule enforcement review of ICE Futures US

Thu, 08/12/2016 - 14:24

The US Commodity Futures Trading Commission’s (CFTC) division of market oversight has issued the results of a rule enforcement review of ICE Futures US. »

Mark Yallop, FMSB

FMSB issues guidelines on surveillance and training in wholesale markets

Thu, 08/12/2016 - 09:13

Using automated voice surveillance systems and surveillance techniques involving Natural Language Processing are among the emerging practices being used to combat the risk of insider dealing and market manipulation, according to new guidelines from the FICC Markets Standards Board (FMSB). »

US prime money fund assets consolidate post-reform, says Fitch

US prime money fund assets consolidate post-reform, says Fitch

Thu, 08/12/2016 - 07:32

Vanguard and Charles Schwab are set to exert greater influence as prime money fund investors after significant market share gains following the introduction of money market fund reforms, says Fitch Ratings. »

Kevin McPartland, Greenwich Associates

Trump win raises questions about new swaps market regulations

Thu, 08/12/2016 - 07:24

The election of Donald Trump has injected a new element of uncertainty into a US swaps market that was finally finding its footing under its new regulatory framework. »

CFTC re-proposes position limits rule

CFTC re-proposes position limits rule

Tue, 06/12/2016 - 09:30

The US CFTC has voted unanimously to re-propose regulations implementing limits on speculative futures and swaps positions as called for in the Dodd-Frank Wall Street Reform and Consumer Protection Act. »

Colby Jenkins, TABB

TABB sees continued regulatory uncertainty for fixed income markets

Thu, 01/12/2016 - 10:04

The future of the Dodd-Frank Act (DFA), once an unavoidable and burdensome new reality for US fixed income markets, is now completely uncertain under the coming Trump Administration. »

CFTC obtains USD21.8m default judgement against former CBOE member over commodity pool fraud

CFTC obtains USD21.8m default judgement against former CBOE member over commodity pool fraud

Thu, 01/12/2016 - 09:25

The US CFTC has obtained a USD21.8 million default court judgement and permanent injunction against Alvin Guy Wilkinson and his companies Chicago Index Partners and Wilkinson Financial Opportunity Fund in connection with a commodity pool fraud.  »

CFTC grants CME Clearing Europe registration as a DCO

CFTC grants CME Clearing Europe registration as a DCO

Thu, 01/12/2016 - 07:45

The US Commodity Futures Trading Commission (CFTC) has issued an order granting CME Clearing Europe (CMECE) registration as a derivatives clearing organisation (DCO) under the Commodity Exchange Act (CEA). »

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