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Showing posts with the label CFTC PRESS RELEASE

CFTC Charges Forex Trader and Firm with Fraud and Registration Violations I CFTC Press Release

cftc.gov August 29, 2018 Washington, DC —The Commodity Futures Trading Commission (CFTC) today filed a federal court enforcement action in the U.S. District Court for the Southern District of New York against Jason Amada of New York, New York, and Amada Capital Management LLC (ACM), a New York entity owned and controlled by Amada.   The CFTC Complaint charges that, from at least February 2014 through at least November 2015, the Defendants fraudulently solicited potential clients to open individually managed trading accounts for off-exchange foreign currency contracts (forex) and hid substantial trading losses incurred as a result of Defendants’ managed forex trading. Specifically, the Complaint alleges that the Defendants fraudulently solicited clients for these accounts by, among other things, misrepresenting Defendants’ forex trading experience and profitability.  In addition, the Complaint alleges that the Defendants m

CFTC Orders BNP Paribas to Pay $90 Million Penalty for Attempted Manipulation and False Reporting of U.S. Dollar ISDAFIX Benchmark Swap Rates I CFTC Press Release

cftc.gov August 29, 2018 Washington, DC – The Commodity Futures Trading Commission (CFTC) issued an Order today filing and settling charges against BNP Paribas Securities Corp. (BNP Paribas or the Bank) for attempted manipulation of the ISDAFIX benchmark and requiring BNP Paribas to pay a $90 million civil monetary penalty.   BNP Paribas’ principal office is located in New York, New York. The CFTC Order finds that over a five-year period, beginning in or about May 2007 and continuing through at least August 2012 (the Relevant Period), BNP Paribas attempted to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX), a leading global benchmark referenced in a range of interest rate products, to benefit BNP Paribas’s derivatives positions in instruments such as cash-settled options on interest rate swaps and certain exotic structured products.  BNP Paribas’s unlawful conduct involved multiple traders

DSIO Issues Time-Limited, Conditional No-Action Relief for Excluding Certain Loan-Related Swaps from Counting toward the Swap Dealer Registration De Minimis Threshold I CFTIC Press Release

cftc.gov August 28, 2018 Washington, DC — The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) announced today that it has issued conditional, time-limited no-action relief to a banking entity for not counting certain loan-related swaps towards its swap dealer de minimis threshold (under paragraph (4) of the “swap dealer” definition in Regulation 1.3). The no-action relief provides that DSIO will not recommend that the CFTC take an enforcement action against the banking entity (including any of its insured depository institution subsidiaries, together with their affiliates) for not counting towards its de minimis threshold certain swaps entered into from the date of the no-action relief through December 31, 2

CFTC Wins Trial against Virtual Currency Fraudster I CFTC Press Release

cftc.gov Court Orders Defendants to Pay over $1.1 Million in Penalties and Restitution in Connection with the “Vicious Defrauding of Customers” Washington, DC - A New York federal court entered final judgment ordering Patrick K. McDonnell of Staten Island, New York, and CabbageTech, Corp. d/b/a Coin Drop Markets (CDM), McDonnell’s New York-based company, to pay over $1.1 million in civil monetary penalties and restitution in connection with a lawsuit brought by the Commodity Futures Trading Commission (CFTC) alleging fraud in connection with virtual currencies, including Bitcoin and Litecoin. In an accompanying 139-page Memorandum (Decision) entered on August 23, 2018, following a four-day bench trial, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York found that McDonnell and CDM (together, Defendants) engaged in a deceptive and fraudulent virtual currency scheme to induce customers t

CFTC Proposes Rule Update for U.S Markets in Security Futures Products I CFTC Press Release

cftc.gov CFTC Proposes Rule Update for U.S Markets in Security Futures Products July 24, 2018 Washington, DC — The Commodity Futures Trading Commission (CFTC) unanimously approved a proposal to update a rule impacting exchanges that list security futures products (SFPs). The proposal has the potential to provide greater liquidity in SFP trading, which would facilitate risk management for entities using SFPs. The proposed rule would update an outdated security futures rule that has not kept pace with position limits on security options, which are under the jurisdiction of the Securities and Exchange Commission. The proposed updates would provide exchanges that list SFPs with greater discretion in setting limit levels , allowing the exchanges to provide a more e

CFTC Press Release: CFTC Reduces Risk for Customer Funds Held by Derivatives Clearing Organizations by Expanding Investment Options I CFTC

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

CFTC PRESS RELEASE:Federal Court Freezes Assets of Mark Alan Vanderploeg and His Companies. Sept. 23rd., 2010

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Federal Court Freezes Assets of Mark Alan Vanderploeg and His Companies, Midwest Land & Livestock, Inc., SKV Farms Inc. and DCV Farms, Inc. Thu, 23 Sep 2010 14:51:00 -0500 The CFTC obtained an emergency federal court order freezing assets held by defendants Mark Alan Vanderploeg of Glendale, Ariz. and his companies, Midwest Land & Livestock, Inc. also of Glendale, SKV Farms Inc. of Omaha, Neb. and DCV Farms, Inc. of Minneapolis, Minn.

CFTC Signs SOI with Japan’s Ministry of Economy, Trade and Industry (METI) and Ministry of Agriculture, Forestry and Fisheries (MAFF) .August 24th., 2010

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Press Releases for CFTC.gov . The following General press release has been published: 5878-10 ,  CFTC Signs SOI with Japan’s Ministry of Economy, Trade and Industry (METI) and Ministry of Agriculture, Forestry and Fisheries (MAFF)   See the CFTC  Press Room for the latest news and events or  Press Room Archives for previous releases.

CFTC ; Press Release: 5858-10. July 22nd., 2010

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RELEASE: pr5858-10 July 22, 2010 Gage’s Fertilizer & Grain, Inc., a Missouri Grain Elevator, and its President-Owner, Steven W. Gage, to Pay $175,000 to Settle CFTC Charges of Violating Registration Requirements Washington, DC —The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing and simultaneous settlement of charges related to the failure of Gage’s Fertilizer & Grain, Inc. (Gage’s Fertilizer) to register as a futures commission merchant (FCM) and of Steven W. Gage to register as an associated person (AP) of Gage’s Fertilizer, as required by the Commodity Exchange Act and CFTC regulations. The CFTC order requires Gage’s Fertilizer and Gage jointly and severally to pay a $75,000 civil penalty and disgorge $100,000 of ill-gotten gains. Gage’s

CFTC PRESS RELEASE: CFTC Begins Publishing New Large-Tradr Report for Financial Futures Markets. July 22nd., 2010

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RELEASE: pr5857-10 July 22, 2010 CFTC Begins Publishing New Large-Trader Report for Financial Futures Markets Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it will begin publishing a new report that adds further transparency to the financial futures markets. The report, entitled Traders in Financial Futures (TFF), builds on improvements to transparency implemented last year that disaggregated data in the CFTC’s weekly Commitments of Traders (COT) Reports. “Promoting transparency is at the core of the CFTC’s mission,” CFTC Chairman Gary Gensler said. “The new Traders in Financial Futures reports will provide the public with a better view into the financial futures marketplace. This transparency effort builds upon prior improvements we made to the COT reports and will provide the market with much helpful information. I thank the CFTC staff for their hard work to prepare these new