BNP Paribas Takes On 900 Staff Members BNP Paribas and Deutsche Bank officials report that they completed by the end of last year the “transfer of clients, technology and key staff from Deutsche Bank’s global prime finance and electronic equities businesses to BNP Paribas,” which was according to the agreed-upon timeline. “Over the course of… Read More >>
Get Ready for the FTF Awards 2022
Get your nominations ready for the highly competitive FTF News Technology Innovation Awards 2022 — now in its 12th year — presented by Financial Technologies Forum and the FTF News service. Since 2011, FTF has celebrated and recognized the professionals, financial technology vendors, service providers, industry bodies, regulators, and other industry participants that have made… Read More >>
Senate Makes Behnam the New CFTC Chairman
Lost in the tsunami of federal government budget battle news is the welcome development that the Commodity Futures Trading Commission (CFTC) has a new, official chairman — Rostin “Russ” Behnam, and that the stage has been set for a full roster of commissioners. On Dec. 16, the U.S. Senate voted unanimously to approve Rostin Behnam… Read More >>
ISITC Promotes Vice Chair to Top Post
Industry standards trade group ISITC has named Kristin Hochstein, the current vice chair, to be its new chair for the 2022-23 term, and she will take over for Lisa Iagatta, who will finish her three-year term as chair by the end of this month. The group, which develops standards and best practices for financial services… Read More >>
LCH Approved for Portfolio Margining of Swaps
CFTC Also Permits Security-Based Swaps Margining The Commodity Futures Trading Commission (CFTC) has approved a request by Banque Centrale de Compensation, doing business as LCH SA, to provide portfolio margining of swaps and security-based swaps in a cleared swaps customer account, officials say. “The order establishes terms and conditions under which LCH SA and its clearing members… Read More >>
tZero’s ATS to Offer Clearing & Settlement
FINRA Gives tZero ATS the Green Light The tZero ATS, an alternative trading system/broker-dealer subsidiary of blockchain technology vendor tZero, reports that it has achieved what it says is a milestone development — the approval to offer settlement and clearing services for securities transactions for itself and its broker-dealer affiliates, officials say. The Financial… Read More >>
Did a Deutsche Bank Whistleblower Get Nearly $200M?
The Commodity Futures Trading Commission (CFTC) has just announced a record-setting whistleblower award of nearly $200 million but it was quickly followed by a report in The Wall Street Journal that identified the tipster as someone from Deutsche Bank. The CFTC protects all whistleblowers via confidentiality. In a press release dated Oct. 21, CFTC officials acknowledged… Read More >>
CFTC Focuses on SOFR for Interdealer Brokers
Just in case you were wondering, the CFTC is doing its part for interdealer brokers transitioning from the ill-fated Libor reference rate to the Secured Overnight Financing Rate (SOFR) for U.S. Dollar (USD) non-linear derivatives, which are instruments whose rewards are not set in stone like swaps, futures, and forwards. In fact, the regulator has… Read More >>
CFTC Fines Citi in Second Swaps Reporting Case
The United States Commodity Futures Trading Commission has settled charges against Citibank, N.A. and Citigroup Global Markets Ltd. — two provisionally registered swap dealers, aka Citi — for allegedly “failing to comply with certain swap dealer requirements,” and for related charges of supervision failures. Specifically, the CFTC charged that those two Citi units did not… Read More >>
Trading Glitch Spurs CFTC Fine for Interactive Brokers
An electronic trading system that was not ready to receive negative crude oil futures prices and to calculate margin upon them serves as the basis for the CFTC’s recently settled case against Interactive Brokers in its role as a registered futures commission merchant (FCM). The CFTC is alleging that Interactive Brokers failed to prepare its… Read More >>
