JPMorgan will pay a combined total of $367 million to the SEC and the CFTC to settle charges that key subsidiaries had allegedly failed to disclose conflicts of interest to clients, and which the bank says were unintentional acts. In the SEC case, the regulator reports that two JPMorgan wealth management subsidiaries have agreed to… Read More >>
TrueEX, JPMorgan & RBS Stretch FIX for Swaps
TrueEX, a swap execution facility (SEF), JPMorgan and the Royal Bank of Scotland (RBS) have launched the trueFIX automated execution and processing solution for U.S. dollar, Euro and U.K. Sterling swaps that will work with the FIX-based confirmation and affirmation protocol extensions from the FIX Trading Community. The FIX Trading Community is the governing body behind… Read More >>
DTCC Wants Global Framework for Sharing Swaps Data
Post-trade services and infrastructure provider DTCC would like to see the start of an international discussion about a framework for the global sharing of data about swaps transactions in the wake of federal action to remove a Dodd-Frank Act provision that some saw as an impediment to swaps data sharing globally. In a rare moment… Read More >>
CFTC Targets the Op Risk of High-Speed Trading
The CFTC last week unanimously proposed new rules to cut risks related to high-speed trading via the algorithms used by designated contract markets (DCMs). Some analysts say the rules will give the regulator more tools to deal with this key aspect of derivatives trading. However, others caution that the regulator should not put forth rules… Read More >>
Q&A: Firms Still in Limbo over T+2 Changes
(Editor’s Note: Matt Rodgers, senior manager at business consultancy Sapient Global Markets, thinks that it’s a little premature to know what IT infrastructure and solution changes will be required for the transition to trading day plus two settlement (T+2). The efforts of the DTCC, the Securities and Financial Market Association (SIFMA) and major industry players… Read More >>
CFTC Mulls Fixes for the Op Risks of Innovation
The CFTC is keeping an eye on the operational and technology risks that may hinder IT advances in key commodity, futures and derivatives markets, and will be responding, says Timothy Massad, CFTC chairman, in a keynote address this week before the annual meeting of the World Federation of Exchanges in Doha, Qatar. In particular, Massad… Read More >>
CFTC Gives Eurex Clearing More Time for DCO Bid
The CFTC’s Division of Clearing and Risk is giving Eurex Clearing more time in its bid to become a derivatives clearing organization (DCO). The division extended the no-action relief granted in CFTC Letter 14-156 to Eurex Clearing AG (Eurex Clearing) and its clearing members that are U.S. persons (U.S. clearing members), CFTC officials say. With… Read More >>
U.S. Regulators Crack Down on Reporting Failures with Stiff Penalties
The CFTC and SEC are continuing their crackdown on firms large and small that fail to sufficiently file regulatory reports that have accurate and usable data that can be applied to monitoring and analyzing securities transactions as evidenced by recent actions against Deutsche Bank and Credit Suisse Securities. The CFTC has ordered Deutsche Bank to… Read More >>
CFTC Signs MOU with Korean Regulators
The CFTC, the Korean Financial Services Commission (FSC) and the Korean Financial Supervisory Service (FSS) have signed a memorandum of understanding (MOU) regarding “cooperation and the exchange of information in the supervision and oversight of clearing organizations that operate on a cross-border basis in the United States and in the Republic of Korea,” the CFTC… Read More >>
Former CFTC Commissioner Wetjen Joins the DTCC
Mark P. Wetjen, former commissioner and one-time acting chairman for the CFTC, is joining post-trade services and systems provider DTCC as a managing director to oversee global public policy functions and related business and legal activities, say DTCC officials. Wetjen resigned from the commission, effective August 28, and will begin his time with the DTCC… Read More >>
