Deutsche Bank and Credit Suisse Group struck end-of-year, billion-dollar deals with the Obama administration over cases involving toxic securities and fraud allegations, perhaps signaling the end of the era of Big Settlements. As has been widely reported, Deutsche Bank agreed to a $7.2 billion settlement with U.S. authorities while Credit Suisse is going to pay… Read More >>
Five Clearinghouses Pass CFTC’s Stress Test
Key clearinghouses for derivatives markets have “ample resources to withstand extremely stressful market scenarios,” according to CFTC Chairman Timothy Massad, who was commenting upon the results of the regulator’s supervisory stress test of CME Clearing; ICE Clear Credit, ICE Clear Europe and ICE Clear U.S., all part of the Intercontinental Exchange (ICE); and LCH Clearnet…. Read More >>
CFTC Wants a Game-Changer for Swaps Data Reporting
The CFTC is working hard to refine the swaps data reporting process and hopes that those changes and subsequent data harmonization internationally will be a game-changer for the derivatives industry, reports Petal Walker, chief counsel for CFTC Commissioner Sharon Bowen. Walker, who spoke at FTF’s DerivOps North America conference in Chicago last month, says that… Read More >>
ICBC Standard Bank to Streamline KYC Ops
London-based financial markets and commodities bank, ICBC Standard Bank, has selected Fenergo, a provider of know your customer (KYC) services, to meet global compliance requirements and to make improvements in operational efficiency, bank and officials say. In February 2015, the Industrial and Commercial Bank of China Ltd. (ICBC) acquired a controlling stake in Standard Bank’s… Read More >>
SEC and CFTC Reinforce Whistleblower Programs
U.S. regulators the SEC and the CFTC are reaffirming their commitment to make their whistleblower systems more accessible to industry participants and financially rewarding. Most recently, the SEC has given a whistleblower an award of more than $700,000 to “a company outsider who conducted a detailed analysis that led to a successful SEC enforcement action,”… Read More >>
