News Centre

CFTC Designates Bitnomial Exchange, LLC As A Contract Market

Date 20/04/2020

The Commodity Futures Trading Commission today announced that it has issued an Order of Designation to Bitnomial Exchange, LLC located in Chicago, Ill., granting it status as a designated contract market (DCM), effective today. Bitnomial Exchange is a limited liability company formed under Delaware state law.

US Justice Department Announces Additional Distribution Of More Than $378 Million To Victims Of Madoff Ponzi Scheme

Date 20/04/2020

At the start of National Crime Victims’ Rights Week, the Department of Justice today announced that on April 20, the Madoff Victim Fund (MVF) began its fifth distribution of approximately $378.5 million in funds forfeited to the U.S. Government in connection with the Bernard L. Madoff Investment Securities LLC (BLMIS) fraud scheme, bringing the total distributed to over $2.7 billion to nearly 38,000 victims worldwide. 

ISDA derivatiViews: Impetus For Automation

Date 20/04/2020

The coronavirus outbreak has forced firms to focus on immediate, critical priorities like business continuity, managing risk and supporting customers. However, the remote working and social distancing measures introduced as part of the pandemic response have underscored another issue – the difficulties caused by complex, inefficient and highly manually processes.

CFTC’s Energy And Environmental Markets Advisory Committee To Meet On May 7

Date 20/04/2020

Commissioner Dan Berkovitz, the sponsor of the Commodity Futures Trading Commission’s Energy and Environmental Markets Advisory Committee (EEMAC), today announced that the EEMAC will hold a public meeting on Thursday, May 7, 2020 to hear remarks on the Commission’s Position Limits for Derivatives proposed rule, as approved on January 30, 2020. The meeting will begin at 10:00 a.m. (EDT) and be held via conference call in accordance with the agency’s implementation of social distancing due to the COVID-19 (coronavirus) pandemic.

SEC Issues $5 Million Whistleblower Award

Date 20/04/2020

The Securities and Exchange Commission today announced a $5 million award to a whistleblower who provided significant information that led to a successful enforcement action.  The whistleblower provided critical evidence of wrongdoing, which helped save time and resources in the SEC’s investigation, and the whistleblower suffered a unique hardship as a result of raising concerns internally. 

Public Letter To European Commission And European Parliament On The Devastating Impact Of Rejecting The Draft Regulatory Technical Standards (Level 2) On PRIIPS For EU Citizens As Long Term And Pension Savers

Date 20/04/2020

Today Ms Anne-Sophie Parent, Secretary General of AGE Platform Europe, and Mr Guillaume Prache, Managing Director of BETTER FINANCE, the European Federation of Investors and Financial Services Users, sent an Open Letter to the European Commission and European Parliament’s ECON Committee on the issue of the draft level 2 rules for the Key Information Document (“KID”) of “retail” investment products (“PRIIPs”) proposed by the European Supervisory Authorities.

US Crude Oil Price Turn Negative For First Time In History

Date 20/04/2020

U.S. crude oil futures turned negative on Monday for the first time in history as storage space was filling up, as demand for energy falls due to the coronavirus pandemic.

New York State Department Of Financial Services Superintendent Linda A. Lacewell Announces Industrial Bank Of Korea To Pay $35 Million To New York State For Violations Of New York Anti-Money Laundering And Recordkeeping Laws - DFS Investigation Finds IBK And Its New York Branch Failed To Implement And Maintain Adequate Bank Secrecy Act And Anti-Money Laundering Compliance Programs

Date 20/04/2020

Superintendent of Financial Services Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has entered into a consent order with Industrial Bank of Korea (IBK) and its New York branch under which the bank will pay fines totaling $35 million to New York State for violations of New York Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) laws.

New York Attorney General James Announces Agreement With Industrial Bank Of Korea Related To Illegal Transfer Of Over $1 Billion To Iran - AG James, SDNY Investigation Results In $51 Million Settlement

Date 20/04/2020

Attorney General Letitia James today announced the resolution of an investigation into the Industrial Bank of Korea (IBK) for allowing more than $1 billion to be illegally transferred to the Government of Iran. The six-year investigation, led by the New York Attorney General’s Office (NYAG) and the United States Attorneys’ Office for the Southern District of New York (SDNY), revealed that due to IBK’s deficient anti-money laundering programs, IBK customer Kenneth Zong and the companies he owned and/or controlled, were able to illegally transfer more than one billion U.S. dollars for the Government of Iran using financial institutions located in New York. As part of the agreements, IBK will forfeit $51 million dollars.

UK Financial Conduct Authority Expectations For Wet-Ink Signatures In Light Of Coronavirus (Covid-19) Restrictions

Date 20/04/2020