The CFTC is cracking down on the alleged failures of supervisory systems and other controls that swap dealers and other swap industry participants have set up to be compliant. In particular, the regulator has just announced enforcement actions against Société Générale S.A., Mizuho Capital Markets, and the Refinitiv SEF, among others. “Swap dealer registrants must… Read More >>
Cargill Fined $10M for Alleged Swaps Trading Violations
The CFTC reports that it has simultaneously filed and settled charges against Cargill, alleging that the Minnesota-based agricultural, commodity, and financial services giant sent swaps counterparties and a swaps data repository (SDR) “inaccurate marks” that obscured “up to ninety percent of Cargill’s mark-up.” The settlement order means that Cargill, Inc. will pay a $10 Million… Read More >>
Risk Focus Helps Deutsche Börse Detect MiFID II Woes
Deutsche Börse Group, which oversees key trading venues, will be using offerings from Risk Focus and its software subsidiary, RegTek.Solutions to detect problems with the contents of each field of a MiFID II trade message. In particular, Risk Focus will provide Deutsche Börse with a version of Validate.Trade via RegTek.Solutions that users of Deutsche Börse’s… Read More >>
O’Malia and Those Hot-Button Issues
As we reported earlier this week, Scott D. O’Malia, commissioner for the CFTC, was the bearer of bad news about the regulator’s data gathering for its swaps data repository (SDR). Yet in his revelatory speech last week to SIFMA members O’Malia was very forthcoming about other thorny issues that got scant coverage.One of the thorniest… Read More >>
