Last the week the CFTC filed a Complaint and Consent that sounded vaguely like the June 1999 incident where after being ejected from a ballgame between the NY Mets and the Toronto Blue Jays, the Mets’ manager, Bobby Valentine, surreptitiously re-appeared in the dugout wearing a fake moustache and sunglasses disguise. Major League Baseball was not amused, and either was the CFTC’s Division of Enforcement when Michael Peskin, who was barred from trading futures in 1992, surreptitiously traded again incognito through friends’ accounts at two futures brokers beginning in 2006.
Articles in July 2013
Bridging the Week: July 22-26 and 29, 2013
This week Gary DeWaal’s “Bridging the Week” reviews a significant NFA action against a Chief Compliance Officer and AML officer that results in his fine and suspension from acting in these capacities.
In addition, this week’s “Bridging the Week” reviews: (1) a CFTC, UK FCA, and CME enforcement action against an algorithmic trader for spoofing; (2) a UK FCA enforcement action against RBS for failures regarding transaction reporting;
(3) a House Agriculture Subcommittee hearing on the CFTC where some customers again criticize the CFTC’s anti-customer and anti-FCM proposal that could result in customers taking more financial exposure to FCMs in the guise of enhancing customer safety; and (4) the importance of a strong firm reputation and compliance culture: the meaning of US v. SAC.
Valuable Lessons Learned: CFTC, UK FCA and CME File Charges and Settle with Proprietary Trading Company and Principal for Spoofing
The Commodity Futures Trading Commission, the UK Financial Conduct Authority, and the Chicago Mercantile Exchange today announced enforcement actions, settlements, and big fines and disgorgement orders for disrupting trading practices - specifically spoofing — involving various commodity futures traded on the CME and ICE Futures Europe utilizing algorithmic trading. For this news item and valuable lessons learned check out our website.
Bridging the Week: July 15-19 and 22, 2013
This week’s video presentation of “Gary DeWaal’s Bridging the Week: July 15-19 and 22, 2013) covers last week’s UK FCA’s consultation regarding changes to its client assets regime, FERC v. Barclays, FINRA’s examination of high frequency trading firms, and more.
Bridging the Week — Midweek (July 17, 2013): A Week that Was at the CFTC
Last week was a “Week that Was” at the CFTC (all apologies to Tom Lehr), when the Commission entered into a cross border swaps accord with the EC and enacted various measures related to cross border swaps transactions. I summarized all these on a video.
Compliance Weeds: CFTC Enacts Interpretive Guidance and Passes Exemptive Order regarding Cross Border Swaps Transactions
As of July 12, 2013, the Commodity Futures Trading Commission issued an Interpretive Guidance and Policy Statement and Exemptive Order related to cross border swaps transactions. This Guidance defines US persons and establishes the possibility of substituted compliance with non-US requirements by certain non-US persons in connection with certain of their Dodd Frank Title VII obligations.
Culture and Ethics: Is Gordon Geko Still Walking the Trading Floor?
According to a new survey published by the NY law firm of Labaton Sucharow, the number of Gordon Geko’s on Wall Street may be increasing not decreasing – despite the increased harshness of regulatory oversight and constant media and legislators’ scrutiny.
Bridging the Week: July 8-12 and 15, 2013
Gary DeWaal’s Bridging the Week for July 8-12 and 15, 2013 reviews the CFTC/EC Accord, and the CFTC Final Guidance/Exemptive Order on Cross Border Swaps, and more:
News Developments: Peace is at Hand — EC and CFTC Announce Cross Border Accord
Peace is at Hand! On the eve of the scheduled expiration of the CFTC’s Cross Border Exemptive Order, the CFTC and EC hammer out a path to regulate cross-border derivatives — finally!
Bridging the Week: July 1-5 and 8, 2013
This week Bridging the Week highlights the Expiration of the CFTC’s Cross Border Exemptive Order on July 12 and the EC’s Preliminary Finding of Anti-Competitiveness against 13 International Investment Banks, ISDA and Markit, and other timely topics too.