News Centre

Supporting Statement Of CFTC Commissioner Dan M. Berkovitz Regarding Historic Penalty Against JPMorgan and Opposing “Bad Actor” Waiver

Date 29/09/2020

I support today’s Commission action ordering JPMorgan[1] to pay $920 million—the largest monetary settlement in this agency’s history—for manipulating the precious metals and U.S. Treasury futures markets.  However, I oppose the CFTC’s determination that JPMorgan’s conduct should not result in any disqualifications under the “bad actor” provisions of the securities laws, for the reasons outlined below.

Joint Statement Of Concurrence Of CFTC Commissioners Dawn D. Stump And Rostin Behnam Regarding JPMorgan Chase & Co., Et Al.

Date 29/09/2020

We concur with the Commission’s decision to accept the Offer of Settlement from JPMorgan Chase Bank, N.A.; J.P. Morgan Securities LLC; and JPMorgan Chase & Co. (the “Respondents”).  We concur with the Commission’s findings that the Respondents engaged in unlawful spoofing, manipulation, and attempted manipulation in precious metals and treasuries markets, and that Respondent J.P. Morgan Securities LLC further breached its duty of diligent supervision, all in violation of the Commodity Exchange Act (“CEA”) and the Commission’s regulations.

Nasdaq To Hold Third Quarter 2020 Investor Conference Call

Date 29/09/2020

Nasdaq (Nasdaq: NDAQ) has scheduled its Third Quarter 2020 financial results announcement.

Senior management will be available for questions from the investment community following prepared remarks.

CFTC Orders New Jersey Firm To Pay $300,000 For Supervision Violations

Date 29/09/2020

The Commodity Futures Trading Commission today issued an order filing and settling charges against registered futures commission merchant Gain Capital Group, LLC, of Bedminster, New Jersey, for supervision violations related to its handling of customer accounts introduced by an independent introducing broker that was subject to a prior CFTC enforcement action for fraud and other violations. The order requires Gain to pay a civil monetary penalty of $300,000 and cease and desist from violating CFTC Regulation 166.3.

MIAX PEARL Equities Completes First Day Of Live Trading

Date 29/09/2020

Miami International Holdings, Inc. (MIH), the parent holding company of the MIAX®, MIAX PEARL® and MIAX Emerald™ exchanges, today announced that its first equities exchange, MIAX PEARL Equities™, completed its first day of live trading in the symbol NTGR (NETGEAR Inc.). Additional symbols are expected to begin rolling out on October 2, 2020. With its launch, MIAX PEARL Equities joins current options exchanges MIAX Options®, MIAX PEARL and MIAX Emerald as part of the MIAX Exchange Group™.

Chief Information Officer Resigns From NZX

Date 29/09/2020

NZX yesterday announced that Chief Information Officer, David Godfrey, has resigned and will be leaving the company at the end of 2020.

CFTC Awards Whistleblower $250,000

Date 29/09/2020

The Commodity Futures Trading Commission today announced an award of approximately $250,000 to a whistleblower who provided significant information that caused the CFTC to open an investigation. The whistleblower also provided substantial assistance to staff throughout the investigation. The award was reduced, however, because the whistleblower did not promptly report the violations.

SEC Charges Former Real Estate Executive With Misappropriating $26 Million In Ponzi Scheme

Date 29/09/2020

The Securities and Exchange Commission today charged the former president of a Marin, California real estate development and management company with operating a fraudulent Ponzi scheme and misappropriating over $26 million from more than 1,300 investors – many of whom were elderly and retired.

SIFMA Statement On DTCC Dematerialization Whitepaper

Date 29/09/2020

SIFMA today issued the following statement from SIFMA president and CEO Kenneth E. Bentsen, Jr. on the DTCC’s whitepaper, “From Physical to Digital: Advancing the Dematerialization of U.S. Securities”:

“SIFMA appreciates the work of the DTCC as our industry works to achieve full dematerialization in the U.S. financial markets.  SIFMA is actively engaged with DTCC and other industry partners as we work to eliminate both the issuance and handling of physical securities, which will result in a more cost-effective, efficient, transparent, secure, competitive, and resilient marketplace.  The COVID-19 crisis is a real-world example highlighting the need for change, as the processing of physical securities was disrupted and delayed, while handling certificates issued in paperless form were seamless. We support the points in the whitepaper issued today and will continue our deep engagement with the industry on this initiative.”

SEC Charges Ratings Agency With Internal Controls Failures In Connection With Ratings Of CMBS And CLO Combo Notes

Date 29/09/2020

The Securities and Exchange Commission today announced that the credit ratings agency Kroll Bond Rating Agency Inc. (KBRA) has agreed to pay more than $2 million to settle separate charges relating to the rating of commercial mortgage-backed securities (CMBS) and of collateralized loan obligation combination notes (CLO Combo Notes).