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North America

ESMA resumes US CCP recognition process following EU-US agreement

ESMA resumes US CCP recognition process following EU-US agreement

Thu, 11/02/2016 - 08:56

The European Securities and Markets Authority (ESMA) has welcomed the common approach adopted by the European Commission and the US Commodity Futures Trading Commission (CFTC) on the equivalence of central counterparty (CCP) regimes. »

Barclays, Credit Suisse charged with dark pool violations

Barclays, Credit Suisse charged with dark pool violations

Mon, 01/02/2016 - 09:21

Barclays Capital and Credit Suisse Securities (USA) have agreed to settle separate SEC cases finding that they violated federal securities laws while operating alternative trading systems known as dark pools and Credit Suisse’s Light Pool. »

Steven A Cohen

Steven A Cohen barred from supervisory hedge fund role for two years

Sat, 09/01/2016 - 08:53

Steven A Cohen has been prohibited from supervising hedge funds that manage outside money for two years after reaching a settlement with the SEC over charges that he failed to supervise a portfolio manager who engaged in insider trading while employed at his firm.   »

Timothy Massad, CFTC

Oversight of the derivatives market clearly 'not a priority'

Tue, 22/12/2015 - 09:26

The failure to provide the CFTC even a modest increase in the fiscal year 2016 budget agreement sends a clear message that meaningful oversight of the derivatives markets, and the very types of products that exacerbated the global financial crisis, is not a priority, says CFTC chairman Timothy Massad… »

JPMorgan Chase Bank to pay USD100m to settle CFTC charges of failing to disclose conflicts of interest

JPMorgan Chase Bank to pay USD100m to settle CFTC charges of failing to disclose conflicts of interest

Mon, 21/12/2015 - 10:19

JPMorgan Chase Bank (JPMCB) is to pay USD100 million to settle US Commodity Futures Trading Commission (CFTC) charges that it failed to disclose certain conflicts of interest to clients of its US-based wealth management business, JP Morgan Private Bank. »

 Former hedge fund manager and New York attorney indicted in multi-million-dollar fraud scheme

Former hedge fund manager and New York attorney indicted in multi-million-dollar fraud scheme

Fri, 18/12/2015 - 09:15

Martin Shkreli, the founder and managing member of hedge funds MSMB Capital Management LP (MSMB Capital) and MSMB Healthcare Management LP (MSMB Healthcare) and former Chief Executive Officer of Retrophin Inc has been charged with fraud. »

CFTC approves proposed enhanced rules on cybersecurity for derivatives clearing organisations, trading platforms, and swap data repositories

CFTC approves proposed enhanced rules on cybersecurity for derivatives clearing organisations, trading platforms, and swap data repositories

Thu, 17/12/2015 - 15:12

The US Commodity Futures Trading Commission (CFTC) has voted unanimously to approve two proposals for amendments to existing regulations addressing cybersecurity testing and safeguards for the automated systems used by critical infrastructures the CFTC regulates. »

Approved

CFTC approves final rule on margin requirements for uncleared swaps for swap dealers and major swap participants

Thu, 17/12/2015 - 10:52

The US Commodity Futures Trading Commission (CFTC) has approved the Final Rule on Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants. The Commission voted 2 in favour and 1 opposed. »

Lauren Resnick, BakerHostetler

Investment advisers and the Bank Secrecy Act: A risk-based response to FinCEN’s call to arms

Sat, 12/12/2015 - 11:41

By Lauren J Resnick (pictured) and Margaret E Hirce, BakerHostetler – With the increased regulatory focus on anti-money laundering (AML) enforcement, the Financial Crimes Enforcement Network (FinCEN) recently proposed rules that would require investment advisers, including certain hedge funds and private fund managers, to establish AML programs and report suspicious activity.{1}  »

Brian Ruane, BNY Mellon

US tri-party reform is just the first step in the evolution of wholesale funding markets, says BNY Mellon-PwC study

Thu, 10/12/2015 - 10:14

Market participants must recalibrate business and operational models if they are to accommodate and benefit from fundamental changes within wholesale funding markets, according to a new BNY Mellon research paper published in conjunction with PwC Financial Services. »

Timothy Massad, CFTC

Automated trading brings many benefits

Wed, 25/11/2015 - 16:15

Commodity Futures Trading Commission chairman Timothy Massad (pictured) comments on the proposed rule on automated trading… »

Timothy Massad, CFTC

Automated trading brings many benefits

Wed, 25/11/2015 - 14:00

Commodity Futures Trading Commission chairman Timothy Massad (pictured) comments on the proposed rule on automated trading… »

NFA bars CTA Nord Capital Advisors and principal Shlyapochnik from membership

NFA bars CTA Nord Capital Advisors and principal Shlyapochnik from membership

Tue, 03/11/2015 - 15:49

The National Futures Association (NFA) has permanently barred commodity pool operator and commodity trading advisor Nord Capital Advisors and the firm’s principal Yakov Shlyapochnik, from membership. »

CFTC charges Chicago trader with spoofing

CFTC charges Chicago trader with spoofing

Tue, 20/10/2015 - 09:33

The CFTC has charged Chicago trader Igor B Oystacher and his trading company, 3 Red Trading, with spoofing and the use of a ‘manipulative and deceptive device’ while trading futures on four different exchanges. »

Mark Ruddy, Ruddy Law Office

Best North American Law Firm – Ruddy Law, PLLC

Tue, 13/10/2015 - 11:30

The Ruddy Law Office, PLLC (`Ruddy Law') is a Washington, DC-based boutique law firm founded by Mark Ruddy in 2001. The firm is primarily comprised of former regulators with the SEC, NFA, and FINRA.   »

Mark Ruddy, Ruddy Law Office

Ruling curbs ability to prosecute insider trading

Wed, 30/09/2015 - 12:09

In December 2014, the US Court of Appeals for the Second Circuit handed down a landmark insider trading decision in United States v. Newman. This decision seemingly curbed the Government's ability to prosecute insider trading cases by increasing the Government's burden of proof.  »

Bob Kern U.S. Bancorp

Next stage of evolution in the ’40 Act marketplace

Wed, 30/09/2015 - 11:28

Servicing approximately 113 liquid alternative funds that operate under the '40 Act banner, U.S. Bancorp Fund Services (`UBSFS') is ideally positioned to understand the complexities of administration and compliance involved in with these vehicles. USBFS opened its doors in 1969 and since that time, the firm has been servicing these funds for over 20 years; although, back in the 1990s the term "liquid alternative" didn't exist.  »

James Williams, Hedgeweek

Managers need more support as regulation heats up

Wed, 30/09/2015 - 11:25

Recently, the SEC proposed several amendments to Form ADV. Generally speaking, these amendments would require registered investment advisers to disclose information regarding their separately managed accounts, including assets under management and information related to the use of derivatives and borrowings.  »

CFTC orders Cargill de México SA De CV to pay USD500,000 for unlawful CBOT and KCBT wash sales

CFTC orders Cargill de México SA De CV to pay USD500,000 for unlawful CBOT and KCBT wash sales

Fri, 25/09/2015 - 11:11

Cargill de México SA De CV  is to pay USD500,000 to settle CFTC charges over wash trades involving corn, soybean, and wheat futures on the Chicago Board of Trade (CBOT) and wheat futures contracts on the Kansas City Board of Trade (KCBT). »

CFTC to amend the definition of “material terms” for purposes of swap portfolio reconciliation

CFTC to amend the definition of “material terms” for purposes of swap portfolio reconciliation

Wed, 16/09/2015 - 14:59

The US Commodity Futures Trading Commission (Commission) has published a proposed amendment to the regulatory definition of “material terms” for purposes of swap portfolio reconciliation under Commission regulation 23.502. »

Forex Capital Markets to pay USD843,000 for supervision and record-production violations

Forex Capital Markets to pay USD843,000 for supervision and record-production violations

Wed, 09/09/2015 - 13:56

Forex Capital Markets (FXCM) is to pay USD843,000 to settle CFTC charges that it failed to diligently supervise its officers’, employees’, and agents’ handling of accounts held at FXCM in the name of a fraudulent foreign currency exchange pool, Revelation Forex Fund (RFF).  »

Fraud

Citigroup affiliates to pay USD180m to settle hedge fund fraud charges

Tue, 18/08/2015 - 08:06

Two Citigroup affiliates have agreed to pay nearly USD180 million to settle SEC charges that they defrauded investors in two hedge funds by claiming they were safe, low-risk, and suitable for traditional bond investors.   »

SEC charges 32 defendants in scheme to trade on hacked news releases

SEC charges 32 defendants in scheme to trade on hacked news releases

Fri, 14/08/2015 - 10:01

The Securities and Exchange Commission (SEC) has charged 32 defendants with fraud for taking part in a scheme to profit from stolen nonpublic information about corporate earnings announcements.  »

CFTC fines Morgan Stanley USD300,000 over swaps supervision failures

CFTC fines Morgan Stanley USD300,000 over swaps supervision failures

Fri, 07/08/2015 - 07:20

The US Commodity Futures Trading Commission (CFTC) has issued an order requiring Morgan Stanley & Co to pay a USD300,000 civil monetary penalty for failing to hold sufficient US Dollars in segregated accounts in the United States to meet all of its US Dollar obligations to cleared swaps customers.  »

Fraud

Ashbury Heights Capital granted leave to proceed with FactSet fraud and breach of contract lawsuit  

Fri, 19/06/2015 - 10:00

San Francisco-based Ashbury Heights Capital has been granted leave to proceed with its fraud and breach of contract lawsuit against market intelligence company FactSet Research Systems and securities executive Doug Engmann.  »

Man with magaphone

SEC proposes rules to modernise and enhance information reported by investment companies and investment advisers

Fri, 22/05/2015 - 11:30

The US Securities and Exchange Commission (SEC) has proposed rules, forms and amendments to modernise and enhance the reporting and disclosure of information by investment companies and investment advisers.   »

money stack

Deutsche Bank to pay USD800m to settle CFTC charges of manipulation and false reporting of LIBOR and Euribor

Fri, 24/04/2015 - 09:00

Deutsche Bank is to pay USD800 million to settle US Commodity Futures Trading Commission (CFTC) charges that it routinely engaged in acts of false reporting and attempted manipulation. »

gavel and law books

US CFTC and APRA sign MoU on supervision of cross-border regulated firms

Wed, 15/04/2015 - 06:00

The US Commodity Futures Trading Commission (CFTC) and the Australian Prudential Regulation Authority (APRA) have signed a Memorandum of Understanding (MOU) on the supervision of cross-border regulated firms. »

money bag

Mark Evan Bloom and North Hills Management fined USD26m for commodity pool fraud

Thu, 05/03/2015 - 06:00

Mark Evan Bloom and his firm North Hills Management are jointly to pay a USD26 million fine to settle CFTC charges over the operation of a fraudulent commodity pool, North Hills LP. »

gavel and law books

CFTC secures court order against TOTE Fund and MJS Capital Management for Commodity Exchange Act violations

Thu, 15/01/2015 - 11:30

The CFTC has secured a court order requiring two commodity pool operators and their principal Michael J Siegel to pay restitution of USD104,684.47, disgorgement of USD86,503.36, and a civil monetary of USD259,510.08 over the misappropriation of funds.   »

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