In case anyone thought otherwise, exchanges for derivative instruments do have a big role to play in facilitating sustainability, according to a joint report recently released by the World Federation of Exchanges (WFE) and the United Nations Sustainable Stock Exchanges Initiative (SSE). The joint report, “How Derivatives Exchanges can Promote Sustainable Development — An Action… Read More >>
CFTC Pursues Alleged Bitcoin Swindler Gone Missing
It looks like a classic case of take the money and run. Following its investigation, the Commodity Futures Trading Commission (CFTC) has gone to the United States District Court for the Southern District of New York and been awarded a massive default judgment against an alleged bitcoin fraudster. That alleged bitcoin fraudster is one Benjamin… Read More >>
Coinbase Penalized $6.5M for Reporting & Trading Woes
Digital asset exchange operator Coinbase will pay a civil penalty of $6.5 million to settle a case with the CFTC involving wash trading by a former employee and inaccurate reporting of digital asset transaction volumes even though the CFTC does not regulate Coinbase. While it doesn’t oversee cryptocurrency trading venues, the commodities regulator stepped in… Read More >>
BNY Mellon Helps Crypto Custody Startup Raise $133M
Fireblocks Raises a Total of $179 Million Crypto infrastructure provider Fireblocks has raised $133 million in Series C funding with help from the Bank of New York Mellon and SVB Capital, the investment platform of SVB Financial Group, via an effort led by Coatue, Ribbit Capital, and Stripes Group, officials say. With this round of… Read More >>
Gensler’s SEC Chair Nomination Advances Amid GOP Pushback
Gary Gensler, President Joe Biden’s nominee for SEC chairman, last week won the approval of the U.S. Senate Banking Committee by a vote of 14 in favor to 10 against, signaling some resistance among Republicans as his nomination moves to a full vote before the U.S. Senate. If approved by the Senate, Gensler and the… Read More >>
SEC to Patrol for ESG & Climate Change Sins
Climate change, a.k.a. global warming, and environmental, social, and governance (ESG) concerns are getting real for financial services firms, particularly those working in securities trading. This is also true for the regulators overseeing them such as the SEC. A case in point is our story this week about a $247 billion pension fund, the New… Read More >>
Biden Moves to Revamp the SEC & CFTC
President Joe Biden appears to be getting the SEC and CFTC that he wants after a bumpy transition period, and a rush of departures as the new team takes over. For starters, the Biden team has nominated Gary Gensler, the former chairman of the CFTC, to be the next chairman of the SEC. Gensler served… Read More >>
CME Group & IHS Markit to Form Post-Trade JV
Joint Venture to Launch in Summer 2021 CME Group, an operator of derivatives trading venues, and IHS Markit, an information and analytics vendor, are forming a joint venture of post-trade processing and risk mitigation services that will bring together CME Group’s Traiana, TriOptima, and Reset companies with IHS Markit’s MarkitSERV. Traiana, TriOptima and Reset offer… Read More >>
Biden Team Nominates Gensler to Be SEC Chairman
Gary Gensler, the former chairman of the CFTC, has been nominated to be the next chairman of the SEC by the incoming administration of President-elect Joe Biden. Gensler served as CFTC chairman from May 26, 2009, to January 3, 2014, and oversaw an overhaul and expansion of the regulator’s control over derivatives trading, especially swaps…. Read More >>
Executive Shuffles at SEC & CFTC
SEC & CFTC Await New Chairpersons The Trump administration has named an acting chairman for the SEC — Elad L. Roisman, an SEC commissioner — as the now-former Chairman Walter Joseph “Jay” Clayton III stepped down at the end of December, six months before his slated exit in June 2021. Clayton, a Trump team appointee,… Read More >>
