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Showing posts with the label CFTC Press Release.

CFTC Extends Public Comment Periods to March 15 for Proposed Rule for SEFs and the Trade Execution Requirement and the Request for Comment on “Post-Trade Name Give-Up”

1-2 minutes February 5, 2019 Washington, DC — The Commodity Futures Trading Commission (CFTC) announced today that it is extending to March 15 the comment period for the proposed rule to amend the Regulations on Swap Execution Facilities (SEF) and the Trade Execution Requirement. The agency is also extending to March 15 the request for comment regarding the Practice of “Post-Trade Name Give-Up” on SEFs.  The original comment period for the proposed rule was to expire on February 13 and the original comment period for the request for comment had expired on January 29. Notice of the extensions will be published in the Federal Register shortly.  All comments will

DSIO Issues No-Action Relief Regarding Futures Commission Merchant’s Deposit of Customer-Owned Securities as Margin with UK Broker I CFTC I Press Release

cftc.gov October 31, 2018 Washington, DC — The  Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a no-action letter to provide relief to a futures commission merchant (FCM) from certain requirements regarding the holding of customer-owned securities as margin for trading on foreign futures and options markets under CFTC regulations. This letter supersedes CFTC Letter No. 16-88 and was issued due to certain changes in the facts and circumstances represented in letter 16-88 resulting from changes to European laws.   The current relief provides that DSIO would not recommend an

CFTC Orders an Iowa Introducing Broker and Its Principals to Pay $11.9 Million in Restitution to Farmers and a $1.25 Million Civil Monetary Penalty for Fraud, Unauthorized Trading, and False Statements to the CME, Among Other Violations I CFTC

cftc.gov  September 26, 2018 Farmers in Iowa, Maryland, Minnesota, Nebraska, and South Dakota Harmed Washington, DC — The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Kooima & Kaemingk Commodities, Inc. (K&K), Lauren Kaemingk (Kaemingk), and Bradley Kooima (Kooima) , all of Iowa, for Kaemingk’s fraud, unauthorized trading, and making false or misleading statements to CME Group Inc. (CME), for a former employee’s fraud, unauthorized trading, and violation of CME position limits in live cattle futures contracts, and for K&K’s, Kaemingk’s, and Kooima’s supervision failures.  The CFTC Order requires K&K, Kaemingk, and Kooima to pay $11,920,857.05 in restitution to their customers, which are almost entirely comprised of individual farmers and

CFTC Charges Brooklyn Resident Yehuda L. Belsky with Binary Options Fraud, Violating a Prior CFTC Order and Making False Statements to the CFTC I CFTC Press Release

cftc.gov September 26, 2018 CFTC also Charges Belsky with Acting as an Unregistered Commodity Trading Advisor Washington DC  — The Commodity Futures Trading Commission (CFTC or Commission) filed a civil enforcement action in the U.S. District Court for the Eastern District of New York, charging  Yehuda L. Belsky  of Brooklyn, New York, and his firm Y Trading, LLC (Y Trading) with solicitation fraud in connection with binary options trading.   The CFTC Complaint also charges Belsky with making false statements to the CFTC about his binary options trading and failing to register with the CFTC as a Commodity Trading Advisor, as required.   According to the Complaint, Belsky solicited at least $1,258,000 from at least 14 customers to purportedly trade binary options on their behalf. CFTC Director of Enforcement Comments James McDonald, the CFTC’s Director of Enforcement, commented:  “The enforcement action filed today demo

CFTC Press Release: CFTC’s Technology Advisory Committee to Meet on October 5, 2018

cftc.gov September 20, 2018 Washington, DC — The Commodity Futures Trading Commission’s (CFTC) Technology Advisory Committee (TAC) will hold a public meeting on Friday, October 5, 2018 at CFTC’s Washington, DC headquarters. CFTC Commissioner Brian Quintenz is the sponsor of the TAC and Daniel Gorfine, Director of LabCFTC, is the Designated Federal Officer (DFO). At this meeting, the TAC will hear presentations from select TAC subcommittees (potentially including the Automated and Modern Trading Markets; Distributed Ledger Technology and Market Infrastructure; and Virtual Currencies subcommittees); and discuss how RegTech is opening up the

CFTC Finds that Proprietary Trading Firm Geneva Trading USA, LLC Engaged in Spoofing: CFTC Press Release

cftc.gov September 20, 2018 Washington, DC — The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Geneva Trading USA, LLC (Geneva), a proprietary trading firm in Chicago, Illinois, for engaging in the disruptive trading practice of “spoofing.” The Order finds that Geneva engaged in this activity through three of its employees identified in the Order as Trader A, Trader B, and Trader C.  The Order requires Geneva to pay a $1.5 million civil monetary penalty and to cease and desist from violating the Commodity Exchange Act’s prohibition against spoofing.  CFTC’s Director of Enforcement Comment

CFTC Press Release: CFTC Orders Futures Trader and Trading Firm to Pay $2.3 Million in Penalties for Cross-Market and Single-Market Spoofing and Manipulative Scheme

cftc.gov September 19, 2018 Washington, DC —The Commodity Futures Trading Commission (CFTC) issued two orders today filing and settling charges against Victory Asset, Inc. (Victory) and Michael D. Franko for spoofing—bidding or offering with the intent to cancel the bid or offer before execution—and for the use of a manipulative scheme.  The scheme involved both domestic and international markets and occurred from at least May 2013 to July 2014 (the Relevant Period).  One aspect of scheme involved cross-market spoofing—i.e., spoofing in one market to benefit a position in another market, where the price of the two markets is generally correlated

CFTC Press Release: CFTC Revokes FBOT Registration at the Request of ICE Futures Canada, Inc.

cftc.gov September 19, 2018 Washington, DC — At the request of the ICE Futures Canada, Inc. (IFCA), a foreign board of trade (FBOT), the Commodity Futures Trading Commission (CFTC) issued an order revoking its FBOT registration. IFCA requested its registration be revoked with the voluntary closure of IFCA earlier this year. As the result of IFCA’s decision to cease operations, the Manitoba Securities Commission, by order dated August 21, 2018, revoked the designations of IFCA as a self-regulatory organization and as a commodity futures exchange. The CFTC granted IFCA FBOT registration by order on August 25, 2015, which permitted it to allow identified members or other participants located in the United States to enter trades directly into the trade matching system of the FBOT. CFTC regulations state that the agency may

CFTC Press Release: CFTC Orders Bank of America, N.A. to Pay $30 Million Penalty for Attempted Manipulation and False Reporting of U.S. Dollar ISDAFIX Benchmark Swap Rates I CFTC

cftc.gov September 19, 2018 Washington, DC – The Commodity Futures Trading Commission (CFTC or Commission) today issued an Order filing and settling charges against Bank of America, N.A. (Bank of America or the Bank) for attempted manipulation of the ISDAFIX benchmark and requiring Bank of America to pay a $30 million civil monetary penalty. The CFTC Order finds that, beginning in January 2007 and continuing through December 2012 (the Relevant Period), Bank of America made false reports and 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 its derivatives positions, including positions involving cash-settled options on interest rate swaps and interest rate swap futures. CFTC’s Director of Enforcement Comments James McDonald, CFTC Director of Enforcement, commented:  “This marks the nint

CFTC Press Release I U.S. Senate Confirms Stump, Berkovitz as CFTC Commissioners

cftc.gov August 29, 2018 Washington, DC — Late yesterday, the U.S. Senate confirmed the nominations of Dawn Stump and Dan Berkovitz as Commissioners of the Commodity Futures Trading Commission (CFTC). Their confirmations complete the slate of five commissioners to fulfill the agency’s mission. Chairman J. Christopher Giancarlo issued the following statement regarding their confirmation: “On behalf of the entire agency, I am delighted to welcome Dawn Stump and Dan Berkovitz as Commissioners to the Commodity Futures Trading Commission. The agency’s work to carry out its mission to foster open, transparent, competitive and financially sound markets free from fraud and manipulation has never been more important. I strongly believe that a five member commission will inform the best and most lasting work possible. Dan and Dawn bring knowledge and experience to the Commission that will be respected and appreciated by all. I loo

CFTC Charges Futures Broker with Engaging in Fraudulent Trade Allocation Scheme I CFTC Press Release

cftc.gov August 10, 2018 Washington, DC – The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Christian Robert Mayer of Eden Prairie, Minnesota , for engaging in a fraudulent trading scheme involving unauthorized trades in cattle, crude oil and wheat futures contracts .  The CFTC Order requires Mayer to pay a $100,000 civil monetary penalty and imposes permanent trading and registration bans on him. The Order also requires Mayer to cease and desist from further violations of the Commodity Exchange Act, as charged. James McDonald, Director of the CFTC’

Federal Court Orders Commodity Pool Operator and Its Principal to Pay More Than $1.9 Million for Bitcoin and Binary Options Fraud Scheme U I CFTC Press Release.

cftc.gov Federal Court Orders Commodity Pool Operator and Its Principal to Pay More Than $1.9 Million for Bitcoin and Binary Options Fraud Scheme July 23, 2018 Central Islip, NY – On July 9, 2018, a New York federal court ordered Dillon Michael Dean (Dean) of Longmont, Colorado, and The Entrepreneurs Headquarters Limited (TEH), Dean’s UK-registered company, to pay over $1.9 million in civil monetary penalties and restitution in connection with a lawsuit brought by the Commodity Futures Trading Commission (CFTC).   In an Order and Default Judgment (Order) filed July 9, 2018, Judge Sandra J. Feuerstein of the U.S. District Court for the Eastern District of New York found that TEH and Dean (together, Defendants) engaged in a fraudulent scheme to solicit Bitcoin from members of the public, misrepresented that customers’ funds would be pooled and invested in products including binary options, and misappropriated pool participant

CFTC Orders Commodity Trading Firm to Pay $3.4 Million Penalty for Attempted Manipulation of Agricultural Markets I CFTC Press Release.

cftc.gov CFTC Orders Commodity Trading Firm to Pay $3.4 Million Penalty for Attempted Manipulation of Agricultural Markets July 12, 2018 Washington, DC – The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Lansing Trade Group, LLC (Lansing), a commodity merchandising firm with headquarters in Overland Park, Kansas, for the attempted manipulation of the price of certain wheat futures and options contracts that were traded on the Chicago Board of Trade (CBOT) and for aiding and abetting the attempted manipulation of the cash price for yellow corn from Columbus, Ohio (Columbus Corn). The CFTC Order requires Lansing to pay a $3.4 million civil monetary penalty, to undertake remedial measures to implement and strengthen its internal controls and procedures relating to compliance with the anti-manipulation provisions of the Commodity Exchange Act (CEA) and CFTC Regulations, and to

CFTC Commissioner Behnam Announces Members of the Market Risk Advisory Committee and an Upcoming Public Meeting I CFTC Press Release

RELEASE Number 7744-18 June 27, 2018 CFTC Commissioner Behnam Announces Members of the Market Risk Advisory Committee and an Upcoming Public Meeting  Washington, DC  — Commodity Futures Trading Commission (CFTC or Commission) Commissioner Rostin Behnam today announced the members of the CFTC’s Market Risk Advisory Committee (MRAC or Committee).  The newly-appointed MRAC will hold its first public meeting on July 12, 2018 at the CFTC's Washington, DC, headquarters from 10:00 am to 4:00 p.m.  Commissioner Behnam is the sponsor of this advisory committee. “I am pleased to convene the first meeting of the MRAC under its renewed charter and to welcome its new and returning members,” said Commissioner Behnam.  The 36 members represent a broad spectrum of market participants, stakeholders, academics, and public interest groups.  Each has demonstrated expertise in their fields and a commitment to public service.  With broad objectives aimed at addressing systemic and other ri