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Showing posts with the label CFTC.

Press Release I CFTC I Federal Court Orders Binary Options Firm and Principal to Pay More Than $22 Million for Fraudulent Scheme

6-8 minutes April 29, 2019 Court Also Enters Default Judgment Against CIT Investments LLC (Nevada), Brevspand EOOD (Bulgaria), and CIT Investments Ltd. (Anguilla) for Fraud in Connection with Binary Options Washington, DC – The Commodity Futures Trading Commission (CFTC) today announced that Judge Timothy Corrigan of the U.S. District Court for the Middle District of Florida entered a Consent Order for Permanent Injunction, Civil Monetary Penalty, and Other Equitable Relief (Order) against Dr. Michael Shah and Zilmil, Inc . (Zilmil) (collectively, defendants) of Jacksonville, Florida, who engaged in a large-scale internet fraud scheme from at least June 2013 through July 10, 2017 (the Relevant Period) involving off-exchange binary options. The Order imposes monetary sanctions totaling $22,854,289.69. It also permanently enjoins the defendants from making fraudulent misrepresentations in the solicitation of binary options, engaging in a

Press Release | CFTC Proposes to Amend Derivatives Clearing Organization Regulations

2-3 minutes April 29, 2019 Washington, DC — The Commodity Futures Trading Commission (CFTC) today approved a proposed rule to amend certain regulations that apply to derivatives clearing organizations (DCOs) under Part 39 of the CFTC’s regulations. Part 39 implements the statutory core principles for DCOs. Since the Part 39 regulations were adopted, CFTC staff has worked with DCOs to address questions regarding interpretation and implementation of various requirements in Part 39.  In light of this, the CFTC believes it would be helpful to amend or clarify certain provisions of Part 39 as well as codify staff relief and guidance granted in the interim.  Addi

Press Release | CFTC Approves Comparability Determination for Australia Uncleared Swap Margin Rules for Substituted Compliance Purposes

5-6 minutes March 27, 2019 Australia is deemed comparable with all aspects of Margin for Uncleared Swaps Washington, DC –The Commodity Futures Trading Commission (CFTC) today unanimously approved a comparability determination finding the margin requirements for uncleared swaps under the laws of Australia and the regulations of the Australian Prudential Regulation Authority (APRA) comparable in outcome to those under the Commodity Exchange Act (CEA) and CFTC regulations. “In making this substituted compliance determination, Commission staff has conducted a principles-based, holistic analysis that focuses on regulatory outcomes rather than on a strict rule-by-rule comparison,” said CFTC Chairman J. Christopher Giancarlo. “This means that market participants can rely on one set of r

Press Release | CFTC Staff Issues Research Report on Impact of Automated Orders in Futures Markets

2 minutes March 27, 2019 Washington, DC — The Commodity Futures Trading Commission’s (CFTC) Market Intelligence Branch in the Division of Market Oversight (DMO) issued a report today that analyzed the entering of orders manually and automatically in commodity futures markets in the United States to determine how technological change is affecting futures trading. DMO staff used internal CFTC transactional data for 30 futures contracts during the period January 2013 – December 2018, and examined what effects, if any, the manual and automated order placement mechanisms had on these markets. The research produced the following findings: The percentage of automatically placed orders has increased for all commodity futures markets; Automated orders are smaller in size than manual or

Press Release | CFTC’s Energy and Environmental Markets Advisory Committee to Meet April 17

4-5 minutes March 21, 2019 Washington, DC — The Commodity Futures Trading Commission’s (CFTC) Energy and Environmental Markets Advisory Committee (EEMAC) announced today that it will hold a public meeting on April 17, 2019 at CFTC’s Washington, DC headquarters. CFTC Commissioner Dan M. Berkovitz, who is the sponsor of EEMAC, also announced the agenda for the meeting. This meeting will focus on the following three topics: derivatives markets’ responses to physical markets’ developments; exchange-traded energy derivatives markets; and the availability of clearing and other services in the energy derivatives markets. The meeting agenda may change to accommoda

Press Release | Foreign Trading Platform and Its CEO to Pay $990,000 for Illegal Bitcoin-Related Transactions with U.S. Customers

5-6 minutes March 11, 2019 Washington, DC — The Commodity Futures Trading Commission (CFTC) announced today that a federal court entered a Consent Order (Order) resolving a CFTC action against 1pool Ltd., located in the Marshall Islands, and its chief executive officer and owner, Patrick Brunner, for illegally offering retail commodity transactions that were margined in bitcoin, failing to register as a futures commission merchant (FCM), and failing to meet its supervisory duties by not having the required anti-money laundering procedures in place.  The Order imposes a civil monetary penalty of $175,000 and requires the disgorgement of  $246,000 of gains.  The Order also requires the defendants to pay to all known U.S. customers the bitcoin held by defendants in U.S. customers’ accounts and includes the defendants’ certification that they have repaid to U.S. customers approximately 93 bitcoins, valued at approximately $570,000.  In total, the defendan

CFTC Announces Its Largest Ever Whistleblower Award of Approximately $30 Million I CFTC

cftc.gov CFTC Announces Its Largest Ever Whistleblower Award of Approximately $30 Million July 12, 2018 Washington, DC - The Commodity Futures Trading Commission (CFTC) today announced an award of approximately $30 million to a whistleblower who voluntarily provided key original information that led to a successful enforcement action.  The award is the largest award made by the CFTC’s Whistleblower Program to date and is the fifth award made by the program. “The Whistleblower Program has become an integral component in the agency’s enforcement arsenal,” said CFTC Chairman, J. Christopher Giancarlo.  “We hope that an award of this magnitude will incentivize whistleblowers to come forward with valuable information and provide notice to market participants that individuals are reporting quality information about violations of the Commodity Exchange Act [CEA].” James McDonald, Director of the Division of Enforcement, stated: “

Cotton on-Call I CFTC

CFTC. Gov Cotton On-Call The Cotton On-Call Report shows the quantity of call cotton bought or sold on which the price has not been fixed, together with the respective futures on which the purchase or sale is based. Call cotton refers to physical cotton bought or sold, or contracted for purchase or sale at a price to be fixed later based upon a specified delivery month future’s price. Special Announcement No announcements at this time. Weekly Report 25 "On call" positions in spot cotton based on New York Cotton futures reported by merchants in special account status 1 as of 06/22/2018 (In Contracts) ISSN: 1945-3442 Futures Based On: Call Cotton Based New York Open Futures Contracts ICE Futures U.S. Unfixed Call Sales Change From Previous Week Unfixed Call Purchases Change From Previous Week At Close 0

CFTC Announces Weekly Swaps Report | CFTC

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cftc.gov CFTC Announces Weekly Swaps Report November 20, 2013 Transparency initiative will give the public a new window into the formerly opaque swaps market Washington, DC  – Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler today announced the initiation of the CFTC Weekly Swaps Report. The weekly report will provide the public with a detailed view of the swaps marketplace that before the Dodd-Frank Act was an opaque market. Today’s report currently covers the interest rate and credit asset classes that comprise about 90% of the approximately $400 trillion swaps market. The report provides three views of the swaps market: the gross notional outstanding value, the weekly transactions measured by dollar volume, and the weekly transactions measured by ticket volume. For each asset class, the report provides detailed breakdowns of th

CFTC Asks Innovators for Competition Ideas to Advance FinTech Solutions on April 18, 2018

cftc.gov CFTC Asks Innovators for Competition Ideas to Advance FinTech Solutions April 24, 2018 LabCFTC looking to “crowdsource” ideas for using the Science Prize Competition Act Washington, DC — LabCFTC, the Commodity Futures Trading Commission’s (CFTC) FinTech initiative, announced today that it is requesting public input to gather ideas and topics for innovation competitions to advance the agency’s FinTech goals. All comments must be received within 90 days of publication of the request in the Federal Register.   “We launched the LabCFTC initiative to stimulate and promote market-enhancing FinTech solutions,” said CFTC Chairman J. Christopher Giancarlo. “By soliciting feedback from innovators on how the CFTC can best encourage innovation and leverage FinTech and RegTech solutions for the marketplace, we are not only fulfilling the mission of this initiative, we are moving the CFTC closer to my ultimate goal of ma

CFTC | Press Release: CFTC Charges New York Residents Kevin Whylie and Matthew Zecchini and Their Company, Algointeractive Inc, with Commodity Pool Fraud, Misappropriation, and Registration Violations on April 12,2018.

cftc.gov CFTC Charges New York Residents Kevin Whylie and Matthew Zecchini and Their Company, Algointeractive Inc, with Commodity Pool Fraud, Misappropriation, and Registration Violations April 12, 2018 Washington, DC – The Commodity Futures Trading Commission (CFTC) yesterday filed a civil enforcement action in the U.S. District Court for the Southern District of New York against Defendants Kevin P. Whylie of Mamaroneck, New York; Matthew James Zecc hini of East Islip, New York; and Algointeractive Inc , a New York corporation owned and controlled by Whylie and Zecchini.  The CFTC Complaint charges that, from approximately April 2016 through the present, Defendants engaged in a fraudulent scheme to solicit at least $300,000 from members of the public to participate in a pooled investment vehicle for futures trading, misappropriated and commingled commodity pool participants’ funds, issued false account statements to p