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3-4 minutes March 26, 2019 Washington, DC — The Commodity Futures Trading Commission’s (CFTC) Agricultural Advisory Committee (AAC) announced today that it will hold a public meeting on April 11, 2019 in Overland Park, Kansas. This meeting precedes AgCon2019, the second agriculture commodity futures conference hosted by CFTC and the Center for Risk Management Education and Research at Kansas State University (see CFTC Press Release 7885-19 ). CFTC Chairman J. Christopher Giancarlo is the sponsor of the AAC and Charlie Thornton, Director of the Office of Legislative and Intergovernmental Affairs, is Designated Federal Officer for the AAC. The AAC will discuss items related to futures commission merchants (FCMs); innovations in agricultural cash markets and futures market operations; as well as potentially identify work streams and/or subcommittee groups that can help generate actionable recommendations to the Commission on select issues. The meeting is open to the public w

4 minutes March 21, 2019 Washington, DC - The Commodity Futures Trading Commission’s (CFTC) Global Markets Advisory Committee (GMAC) announced today that it will hold a public meeting on Monday, April 15, 2019, at CFTC’s Washington, DC headquarters. CFTC Commissioner Dawn D. Stump, who sponsors the GMAC, also announced the new members of GMAC . In addition, Commissioner Stump appointed Angie Karna, a managing director at Nomura Securities International, Inc., as the GMAC Chair for a one-year term. Andrée Goldsmith, special counsel in CFTC’s Division of Clearing and Risk, was also named the Designated Federal Officer for the GMAC. At this meeting, the GMAC will hear presentations on how regulators are fulfilling the 2009 G20 directive regarding the OTC derivatives market. Specifically, the GMAC will examine the status of the four key pillars of the original G20 directive: trading on exchanges or electronic trading platforms clearing

November 30, 2018 Washington, DC — The Commodity Futures Trading Commission (CFTC) today approved a proposed rule to revise a CFTC regulation that requires certain futures commission merchants, retail foreign exchange dealers, commodity trading advisors, commodity pool operators, introducing brokers, major swap participants, and swap dealers to provide annual privacy notices to customers. Under the proposed rule these annual privacy notices would no longer be required where certain conditions are satisfied. CFTC staff worked with staff from the Bureau of Consumer Financial Protection (Bureau) to ensure that the proposal is consistent with rules recently fi

November 19, 2018 Washington, DC — The Commodity Futures Trading Commission (CFTC) announced today that it has approved a final rule to amend its uncleared swap margin requirements (CFTC Margin Rule) to better align with certain rules (QFC Rules) adopted by the Board of Governors of the Federal Reserve System (FRS), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) that impose restrictions on certain qualified financial contracts. This final rule is consistent with rule changes recently adopted by the Prudential Regulators to the Prudential Margin Rule and addresses suggestions received as part of the CFTC’s Project KISS initiative for the CFTC to harmonize its uncleared swap margin regime with that of the Prudential Regulator

cftc.gov “Quantitative Regulation:  Effective Market Regulation in a Digital Era” November 7, 2018 Thank you.  Let me begin by thanking Georgetown Law Professor and Director of the Institute of International Economic Law, Chris Brummer. In only a few short years under his leadership, the Georgetown Law FinTech Conference has become one of the true forums for thought leadership in the overcrowded industry of FinTech conferences. Thank you, Professor Brummer.  It is an honor to be invited to be here today. Introduction This year, we celebrate an important, though somewhat forgotten, anniversary.  We are now seventy years from the creation in 1948 of the world’s initial stored program computer, the “Manchester Baby”.  The “Baby” was designed as a test platform for the first true random-access computer memory.  It was constructed in a separate building at the University of Manchester and housed in a room that was smaller than the one in which we meet today. Clea

cftc.gov October 18, 2018 Washington, DC – A New York federal court has ordered New York corporation Gelfman Blueprint, Inc. (GBI) and its Chief Executive Officer Nicholas Gelfman of Brooklyn, New York, to pay in total over $2.5 million in civil monetary penalties and restitution in what was the first anti-fraud enforcement action involving Bitcoin filed by the Commodity Futures Trading Commission (CFTC) (see CFTC Complaint and Press Release 7614-17 ).   CFTC Director of Enforcement Comments James McDonald, the CFTC’s Director of Enforcement, commented: “This case marks yet another victory for the Commission in the virtual currency enforcement arena.  As this string of cases shows, the CFTC is determined to identify bad actors in these virtual currency markets and hold them accountable.   I’m grateful to the members of Enforcement’s Virtual Currency Task Force for their tireless work on these matters.” Together, the Or

cftc.gov October 18, 2018 Washington, DC — The Commodity Futures Trading Commission’s (CFTC) Market Intelligence Branch (MIB) today issued a report entitled Updated Report: Agricultural Block Trade Analysis  (October 2018), that updates findings from a July 2018 report that analyzed agricultural block trading in the grains, oilseeds, and livestock markets at the CME.  This new report includes data for the time period of January 8, 2018, when CME launched block trading to the full suite of agricultural futures and options products, through September 2018. Access the original report at  Agricultural Block Trades (July 2018). Block trades in the agricultural markets are a very small portion of the overall volume, but are somewhat more significant on specific dates and for certain contract months.  Block trades are primaril

cftc.gov October 9, 2018 Washington, DC — The Commodity Futures Trading Commission (CFTC) unanimously approved proposed rules as a part of CFTC’s KISS Initiative to simplify regulations for commodity pool operators (CPOs) and commodity trading advisors (CTAs). “I’m pleased my fellow Commissioners supported today’s proposal, which I hope is the first of a series of long overdue simplifications to Part 4 regulations,” said CFTC Chairman J. Christopher Giancarlo. “These proposed amendments are common sense changes that cut the regulatory mandates on CPOs and CTAs, while simultaneously promoting consumer confidence in the market.  We look forward

cftc.gov October 3, 2018 Court Orders Defendant to Pay More than $1.9 Million for Fraudulent Solicitation of Customers, False Statements to the CFTC, and for Violating a Prior CFTC Order against Him Washington, DC — A Colorado federal court entered final judgment ordering Defendant Gregory L. Gramalegui of Vail, Colorado, d/b/a Emini Trading School, (Defendant or Gramalegui) to pay more than $1.9 million in civil monetary penalties and disgorgement in connection with a federal enforcement action brought by the Commodity Futures Trading Commission (CFTC) alleging fraudulent solicitation of customers in connection with the offering of a futures trading system and an advisory service, making false statements to the CFTC, and violations of a prior CFTC order against the Defendant. CFTC Director of Enforcement Comments James McDonald, CFTC Director of Enforcement, commented:  “The CFTC’s case and this court’s decision make clear that

cftc.gov September 13, 2018 Singapore, 13 September 2018… The US Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) today signed an arrangement to foster greater cooperation in FinTech. The arrangement supports both authorities’ efforts to facilitate FinTech development and innovation in their respective markets. This arrangement is the CFTC’s second FinTech cooperation arrangement with a non-US authority and its first with an authority in Asia. The Cooperation Arrangement on Financial Technology Innovation (FinTech Arrangement) focuses on information sharing on FinTech market trends and developments. This includes sharing insights derived from each authority’s relevant FinTech sandbox, proofs of concept, and innovation competitions. The FinTech Arrangement also facilitates referrals of FinTech companies interested in entering the other’s market.  This will help FinTech companies b

cftc.gov CFTC’s Giancarlo and Tuckman Respond to Vatican Criticism of Derivative July 23, 2018 Washington, DC – Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo and Chief Economist Bruce Tuckman penned a letter in defense of derivatives in response to the Bollettino published by the Vatican’s Congregation for the Doctrine of the Faith and Dicastery for Promoting Integral Human Development on May 17, 2018, titled “ Oeconomicae et Pecuniariae Quaestiones: Considerations for an Ethical Discernment Regarding Some Aspects of the Present Economic Financial System .” Giancarlo and Tuckman address de

cftc.gov CFTC Reduces Risk for Customer Funds Held by Derivatives Clearing Organizations by Expanding Investment Options July 19, 2018 Washington, DC — The Commodity Futures Trading Commission (CFTC) unanimously approved an order that allows registered derivatives clearing organizations (DCOs) to invest customer euro cash in French and German sovereign debt.   Allowing DCOs to invest customer euro cash in high-quality European sovereign debt poses less risk than the current practice of holding customer euro cash at commercial banks. “The CFTC is committed to promoting vibrant, competitive and financially sound global markets,” said Division of Clearing and Risk Director Brian Bussey. “With these expanded investment options, DCOs can manage their risks more e