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 >>
Luxembourg Bank Tackles IRS Reporting Regs
BCEE Implements SmartStream’s Corona Banque et Caisse d’Epargne de l’Etat of Luxembourg (BCEE) has implemented a way to help the bank meet reporting and audit trails regulatory requirements of the Internal Revenue Service (IRS) that have a tight turnaround time. In general, banks only have a few weeks to reconcile annual data before the legal… Read More >>
CFTC Wants Firms to Test Cybersecurity Systems
The CFTC has finalized new rules for cybersecurity safeguards systems-testing requirements at its most recent open meeting at which Chairman Timothy Massad called the risk of cyberattack “probably … the single greatest threat to the stability and integrity of our markets today.” At the meeting, commissioners approved final rules for testing requirements for designated contract… Read More >>
Elizabeth Warren, Others Push for Derivatives Overhaul
U.S. Senator Elizabeth Warren (D-Mass.) and two other Democrats in Washington, D.C. are proposing sweeping legislation governing derivatives that includes authorization for the CFTC to collect user fees from financial services firms to cover its budget in a way similar to fees collected by the SEC. Industry observers, however, counter that if those fees are… Read More >>
CFTC Issues Final Rule for Cleared Swaps Reporting
The CFTC reports that it has approved a final rule meant to bring “additional clarity” to existing cleared swaps reporting regulations and procedures. The rule codifies reporting obligations for counterparties and registered entities and improves the “efficiency of data collection and maintenance associated with the reporting,” the CFTC says. The commission’s own detailed analysis of… Read More >>
CFTC Penalizes Bitfinex $75K for Illegal Transactions
The CFTC has ordered online bitcoin exchange Bitfinex to pay $75,000, settling charges that it offered illegal off-exchange financed retail commodity transactions in bitcoin and other cryptocurrencies, and that it failed to register as a futures commission merchant (FCM). The bitcoin exchange says in its own statement that it “proactively contacted the CFTC in September… Read More >>
Massad Makes Pitch for New Swaps Data Gathering System
The CFTC is forging ahead with a second major attempt to make swap data reporting “accurate, consistent and timely” as CFTC Chairman Timothy Massad recently stressed in a speech before the 2016 Office of Financial Research (OFR) and Financial Stability Oversight Council (FSOC) annual conference presented by the U.S. Treasury Department. “We have come a… Read More >>
Brady Acquires Temenos’ Energycredit Unit
Brady Hopes Temenos Unit Will Help Broaden Offerings Brady PLC, maker of trading, risk management and settlement solutions for the energy, commodities and recycling sectors, has acquired the Energycredit unit from vendor Temenos Group, officials say. The combination of each’s offerings should help Brady branch out into new commodity asset classes, Brady officials say. Temenos,… 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 >>
