CME Clearing Europe (CMECE), the London-based derivative clearinghouse, was granted registration as a derivatives clearing organization (DCO) by the CFTC, making it the seventh such foreign organization to receive the designation and the 16th overall. As both an authorized central counterparty clearinghouse (CCP) under the European Market Infrastructure Regulation (EMIR) regime and a registered DCO,… Read More >>
CFTC Penalizes Société Générale $450K for Software Glitch
The CFTC has issued a penalty of $450,000 against Société Générale SA over charges that the French banking giant failed to properly report non-deliverable forward transactions to a swap data repository (SDR), and failed to report many FX swap, FX forward, and non-deliverable forward transactions to an SDR. The cause of the problem was a… Read More >>
JPMorgan Services Fannie Mae’s MBS Holdings
JPMorgan Provides Trade Processing, Settlement and Recs Services Investment banking giant JPMorgan is supporting Fannie Mae’s mortgage-backed securities (MBS) holdings via the firm’s custody and fund services platform, bank officials say. JPMorgan officials say the bank has “successfully transitioned” for safe-keeping and settlement services for collateral backing Fannie Mae-issued MBS held in their Collateral Trust… Read More >>
Flash Crash Trader Hit with $38M+ in Sanctions
Navinder Singh Sarao, the U.K. resident known as the “Flash Crash Trader,” has been ordered by a U.S. court to pay a $25,743.174.52 civil monetary penalty and $12,871,587.26 in disgorgement for multiple charges of futures market manipulation. Sarao was extradited from the U.K. to the U.S., where he faced criminal charges for the same acts…. Read More >>
‘Trump’-ing Dodd-Frank Would Be a Huge Effort
(Editor’s note: President-Elect Donald J. Trump and his new administration will be juggling many new policy issues, including changes to the financial services reform efforts that began under the Obama administration. In this first part of a two-part series, FTF News has asked industry analysts what market structure changes they think may come from the… 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 >>
Object Trading Up to Speed on SGX’s Titan Platform
Object Trading DMA Coordinated with Titan A vendor of multi-asset trading systems, Object Trading, reports that its services will work with the Singapore Exchange’s (SGX) latest trading platform, Titan, based upon Nasdaq’s Genium INET platform. In conjunction with Titan, Object Trading will handle market data, order execution and pre-trade risk constraints for its clients… Read More >>
CFTC to Stream Regulation AT Meeting on Nov. 4
CFTC to Mull Add-On to Automated Trading Rule The CFTC will hold an open meeting on Friday, Nov. 4, at 10 a.m. to consider a supplemental proposal to Regulation Automated Trading (Regulation AT), according to an announcement from CFTC Chairman Timothy Massad. The CFTC Open Meeting will take place at the lobby-level hearing room at… Read More >>
CFTC Puts Nymex, Comex Through Rule Enforcement Tests
CFTC Finds One Area for Improvement A rule enforcement review of the New York Mercantile Exchange (Nymex) and the Commodity Exchange (Comex) by the CFTC’s Division of Market Oversight has yielded a recommendation that both exchanges institute a better way to monitor position limit exemptions. Market participants can exceed position limits as long as they… Read More >>
Why the Wells Fargo Mess Makes Wall Street Nervous
My guess is that the dizzying fall from grace for Wells Fargo Chairman and CEO John Stumpf is making some Wall Street executives a little nervous, especially if they have something to hide. To recap, after a scandal broke about the bank setting up fraudulent consumer accounts, the Wells Fargo board of directors decided this… Read More >>
