Citibank, N.A. (CBNA) and Citigroup Global Markets Ltd. (CGML) have settled with the CFTC on charges that they failed to properly report Legal Entity Identifier (LEI) information about swap transactions properly to a swap data repository (SDR). CBNA acts as a swap dealer and has been registered with the CFTC since December 31, 2012 while… Read More >>
Merrill Lynch Settles CFTC Case of Supervisory Breaches
The CFTC has required Merrill, Lynch, Pierce, Fenner & Smith Inc. to pay a $2.5 million civil monetary penalty for “failing to supervise its employees’ and agents’ handling of the firm’s response to a CME Group investigation into futures block trade execution and recordkeeping practices at Bank of America.” Bank of America, N.A., or BANA,… Read More >>
McLoughlin Named Sole CEO of BGC Financial for the Americas
Former Co-CEO to Oversee Special BGC Projects BGC Partners, an interdealer broker and technology provider, has appointed Shawn McLoughlin as CEO of BGC Financial for the Americas region, effective immediately. McLoughlin, who has been serving as an executive managing director and co-CEO of BGC Financial, Americas, with Lou Scotto “to define business strategy for new… Read More >>
CFTC Launches Portal for Large Trader Reporting Program
The CFTC is hoping that it is dealing with “some industry concerns” with the launch of “an improved online filing portal” for industry participants that need to submit CFTC Form 40, known as the “Statement of Reporting Trader,” a key part of its large trader reporting program. “The CFTC operates a comprehensive system of collecting… Read More >>
FINRA Shuffles Board of Governors
FINRA Fills Multiple Governance Posts The Financial Industry Regulatory Authority reports several changes to its board of governors. Stephen M. Cutler, executive vice president and vice chairman, JPMorgan Chase & Co., has been elected as a large firm governor, one of three on the board. Stephen A. Kohn, president and CEO, Stephen A. Kohn &… Read More >>
Liquidnet Names Head of Technology for EMEA
Liquidnet Creates New Technology Role Liquidnet reports the appointment of Patrick Strobel as head of technology for EMEA, which the institutional trading network calls a “newly formed role.” Stroebel joins Liquidnet’s global technology group, reporting to Bob Garrett, head of technology. Strobel will be responsible for “building out Liquidnet’s strategic IT architecture in EMEA… Read More >>
CFTC Settles Spoofing Charges Against Japan’s Largest Bank
The CFTC has settled its charges against the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) with a relatively small $600,000 penalty. Those charges accused the bank of “engaging in multiple acts of spoofing in a variety of futures contracts on the Chicago Mercantile Exchange and the Chicago Board of Trade, including futures contracts based on United… Read More >>
Senate Confirms Giancarlo as Next CFTC Chairman
The CFTC has a nearly full slate of commissioners with the U.S. Senate’s unanimous vote late yesterday to promote J. Christopher Giancarlo from acting chairman to chairman, and to confirm Brian D. Quintenz, a Republican, and Rostin Behnam, a Democrat, as new commissioners. Quintenz will join the CFTC from Saeculum Capital Management, “where he is… Read More >>
Cryptocurrency Transactions & Operations Start to Emerge
Malta-based Exante, an online foreign exchange, futures, and stocks retail brokerage, has added five cryptocurrency assets onto its terminal -– Litecoin, Ethereum, Monero, Zcash, and Ripple. They join its Bitcoin instruments, which were the first regulated cryptocurrency to make their debut four years ago. The global market for cryptocurrency-based instruments is rapidly gaining ground as… Read More >>
Trump Team Acts to Fill CFTC Vacancy
The White House has nominated a New Jersey Democrat to fill a commissioner vacancy on the five-person CFTC, which has been operating with only two members for some time. The nomination requires U.S. Senate confirmation. The nominee, Russ Behnam, is senior counsel to Michigan Democrat Debbie Stabenow, ranking member on the Senate Agriculture Committee, according… Read More >>
