ISITC’s Margin and Collateral Working Group and the Securities Industry and Financial Markets Association’s Asset Management Group (AMG) have combined forces to launch a collection of best practices to help firms grappling with increased margin calls across collateralized products. The new document, “ETD and Cleared OTC Margin Call and Communication Standards and Settlement Processing,” is… Read More >>
FCM Opts for Cloud-Based Trade Surveillance
Futures commission merchant (FCM) Rosenthal Collins Group (RCG) has deployed a new trade surveillance system that officials at the independent brokerage and clearing firm say is bringing them the benefits of cloud computing. On Feb.1, 2018, the firm deployed the Validus platform from Eventus Systems, Inc., a regulatory technology software vendor targeting capital markets, officials… Read More >>
CFTC Charges FCM with Neglecting Cybersecurity
AMP Global Clearing LLC (AMP), a registered futures commission merchant (FCM) settled charges with the CFTC over allegations of inadequate cybersecurity protections that led to an unauthorized copying of 97,000 client files. The Chicago-based AMP has been registered as an FCM with the CFTC since 2010, officials say. The CFTC has issued an order and… Read More >>
Wedbush Futures Embraces Managed Services for Derivatives Ops
Wedbush Futures, a non-bank, U.S. futures commission merchant (FCM), is embracing the managed services mode of the FIS middle- and back-office software that it’s already using for post-trade processing, a move that the firm hopes will yield operational efficiencies, streamline regulatory compliance and application upgrades, and free up resources for growing the business and servicing… Read More >>
Integral Readies Market Data Support for Crypto Currency Pairs
Integral Also Launches iOS App Foreign exchange (FX) technology vendor Integral is now offering market data support for Bitcoin, Ethereum, Bitcoin Cash and Litecoin via its trading platform, the Open Currency Exchange (OCX), officials say. The expanded market data coverage will include the top pairings of: BTC/USD; ETH/USD; BCH/USD; and LTC/USD. Over the coming weeks,… Read More >>
Client Cleared Trades Part of Mexican Peso Compression Cycle
In a pioneering effort, client cleared trades were included in a triReduce Mexican Peso (MXN) compression cycle via CME Clearing, according to officials at TriOptima, a vendor offering risk mitigation support for over the counter (OTC) derivatives markets. This latest cycle involved 17 participants, officials say. Client cleared trades are transactions that a clearing broker… Read More >>
Citadel, Morgan Stanley & JPMorgan Settle with Pre-Trump Regulators
Shortly before the Trump administration came to power on January 20, the SEC and CFTC settled with some major industry players such as Citadel Securities, Morgan Stanley Smith Barney, and J.P. Morgan Securities (JPMS). The violations ranged from charges of misleading statements about trade orders to billing and supervisory failures. Some of the penalties paid… Read More >>
Corzine to Pay $5M to Settle M.F. Global Mess
The M.F. Global debacle appears to be drawing to a close with a federal court’s approval of a consent order against defendant Jon S. Corzine, former CEO of M.F Global Inc. that requires him to pay a $5 million civil monetary penalty for his role in the demise of the futures commission merchant (FCM), which… Read More >>
CFTC Gives Compliance Officers More Time to File Annual Reports
Chief compliance officers at futures commission merchants (FCMs), swap dealers, and major swap participants may have more time to file annual reports because of amendments that the CFTC is proposing for a key regulation. CFTC officials announced on August 9 that it will be publishing in the Federal Register proposed amendments to CFTC regulation 3.3… Read More >>
Deutsche Bank Fined $12M for Bad Squawk Box Talk
Deutsche Bank Securities Inc., an indirect, wholly owned subsidiary of the German institution, will be paying a $12.5 million fine for “significant supervisory failures” that allowed “confidential, price-sensitive information” to be spread among employees via the “hoot and holler” system of internal speakers or “squawk boxes” that populate trading floors and offices. Officials as the… Read More >>
