CFTC officials have submitted a clarification and notice regarding the reopened comment periods for its rulemaking proposals on position limits for physical commodity derivatives and aggregation. In early December, the regulator’s Agricultural Advisory Committee held a public meeting that discussed, among other things, deliverable supply and exemptions for bona fide hedging positions, officials say. To… Read More >>
CME, GFI Group Clear Hurdles for Merger
Derivatives marketplace CME Group and interdealer broker and financial technology provider GFI Group have received regulatory approval for CME Group’s previously announced acquisition of GFI Group, officials say. The acquisition still needs to be approved by GFI’s stockholders before it can proceed, and GFI will hold a special meeting of its stockholders on January 27… Read More >>
CFTC Wins $1.2B in Restitution for M.F. Global Clients
On Christmas Eve, the CFTC is bringing good tidings to those clients left in the lurch by the bankruptcy of MF Global Holdings Ltd. (MFGH). The regulator via the federal court in New York is ordering MFGH to pay $1.212 billion in restitution for the unlawful use of customer funds and to pay a $100… Read More >>
Deutsche Bank FCM Settles with CFTC for $3M
The CFTC is ordering Deutsche Bank Securities (DBSI), a New York-based futures commission merchant (FCM), to pay $3 million to settle charges of improper investment of customer segregated funds, reporting and recordkeeping violations, and supervision failures. CFTC officials say they acknowledge the FCM’s “cooperation and corrective action” after deficiencies were discovered. A spokesperson for the… Read More >>
Ops Story of the Year: The Return of the T+2 Push
It’s been a dynamic year when straight through processing (STP) and the push for T+2 settlement cycles made big comebacks while disturbing layoffs and ongoing fines and penalties appeared to be on the rise. We at FTF News have compiled the following list of the top Ops stories, trends, new currents and online video coverage… Read More >>
Two Guidances and a Farewell to 2014
Much needs to be tied up at the end of the year but unfortunately time speeds up. So before this interesting year wraps, I’d like to shine the spotlight on two guidances — a brand new one from the CFTC and an older one from the New York state government that got little coverage the… Read More >>
RBC to Pay $35M Penalty for Wash-Trading Scheme
A U.S. federal court on Thursday penalized the Royal Bank of Canada (RBC) $35 million for engaging in more than 1,000 illegal wash sales, fictitious sales and noncompetitive transactions over a three-year period, officials say. The order entered by the court arose from a complaint filed by the CFTC in 2012, charging RBC with several… Read More >>
SEC Names Deputy Directors for Trading Division
The SEC has filled two deputy director posts in the Division of Trading and Markets: Gary Barnett and Gary Goldsholle, officials say. Barnett and Goldsholle succeed former deputy directors James Burns and John Ramsay, who left the agency earlier this year. Barnett will be responsible for the office of broker-dealer finances, and the office of… Read More >>
CFTC Loses DSIO Director to SEC
CFTC officials report that Gary Barnett, director of the regulator’s division of swap dealer and intermediary oversight (DSIO), will depart the agency in January to take a senior position at the SEC. Tom Smith, currently deputy director for DSIO’s capital, margin and segregation branch (CMS), will become the DSIO interim director. Barnett joined the CFTC… Read More >>
Advent Upgrades Products via Partners, User Input
Investment management systems and services vendor Advent Software has updated key offerings of its product suite, providing integration with other vendors’ offerings and incorporating ideas and even software from its user community, reports Robert Roley, vice president, solutions for Advent. The integration with other third-party vendors helps Advent provide more complete solutions that are implemented… Read More >>
