News Centre

Shanghai Futures Exchange: Notice On The Approval Of Non-Futures Firm Membership Of Bank Of Nanjing Co., Ltd.

Date 15/08/2024

As per the application by the Bank of Nanjing Co., Ltd., according to the Membership Management Rules of Shanghai Futures Exchange and through procedures as required, Shanghai Futures Exchange has approved the non-futures firm membership of Bank of Nanjing Co., Ltd..

CFTC Orders Truist Bank To Pay $3 Million Penalty And Remediate Recordkeeping And Supervision Failures Relating To Widespread Use Of Unapproved Communications Methods - Truist Receives Substantially Reduced Penalty For Self-Reporting To The Division Of Enforcement

Date 14/08/2024

The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against North Carolina swap dealer Truist Bank. The order finds Truist failed to maintain, preserve, or produce records required to be kept under CFTC recordkeeping requirements. Truist also failed to diligently supervise matters related to its business as a CFTC swap dealer

CFTC Orders TD Bank To Pay $4 Million For Supervision Failures Impacting Its Electronic Communications Surveillance System

Date 14/08/2024

The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against The Toronto Dominion Bank (TD Bank), a registered swap dealer, for failing to diligently supervise activities related to its business as a CFTC registrant, specifically, its electronic communications surveillance system. This resulted in TD Bank failing to surveil certain communications for hundreds of its swap dealer personnel over a five-year period.

Twenty-Six Firms To Pay More Than $390 Million Combined To Settle SEC’s Charges For Widespread Recordkeeping Failures - Three Firms Received Credit For Self-Reporting And Will Pay Reduced Civil Penalties

Date 14/08/2024

The Securities and Exchange Commission today announced charges against 26 broker-dealers, investment advisers, and dually-registered broker-dealers and investment advisers for widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications.

Dissenting Statement Of CFTC Commissioner Caroline D. Pham On Off-Channel Communications Matter

Date 14/08/2024

I respectfully dissent on In re Cowen and Co. because the administrative record does not include evidence that any CFTC registered Associated Persons (APs) engaged in activity that was in violation of the CFTC’s recordkeeping requirements for introducing brokers (IBs), such as maintaining records of transactions, orders, and other business “relating to dealing in commodity interests,” or communications “concerning quotes, solicitations, bids, offers, instructions, trading, and prices that lead to the execution of a transaction in a commodity interest.” These are specific types of records. Based on the information in the administrative record, however, the CFTC only reviewed the sample provided by Respondent to the SEC regarding Respondent’s FINRA-registered representatives. None of the persons in the SEC sample was a CFTC AP. Consequently, there was no evidence in the administrative record involving CFTC APs and the specific types of records that IBs are required to maintain. I am unable to support an enforcement action that does not have any evidence that the alleged violations actually occurred. Therefore, I must dissent.

CFTC Orders TD Bank And Cowen To Pay Civil Monetary Penalties For Recordkeeping And Supervision Failures For Firm-Wide Use Of Unapproved Communication Methods

Date 14/08/2024

The Commodity Futures Trading Commission today issued two orders simultaneously filing and settling charges against The Toronto Dominion Bank (TD Bank), a swap dealer, and against Cowen and Company (Cowen), previously registered with the CFTC as an introducing broker, for failing to maintain and preserve records that were required to be kept under CFTC recordkeeping requirements and failing to diligently supervise matters related to their businesses as CFTC registrants.

US Treasury Unveils New CFIUS Enforcement Website To Provide Further Clarity And Transparency Regarding CFIUS Penalties And Other Enforcement Actions - In 2023 And To Date In 2024, CFIUS Has Issued Three Times More Penalties Than It Had In The Previous Nearly 50-Years Since Its Establishment

Date 14/08/2024

Today, in a continuing evolution and sharpening of the Committee on Foreign Investment in the United States (CFIUS) as a critical national security tool, and in furtherance of greater transparency, the Treasury Department updated the CFIUS website to share more details and guidance with the public and the investing community about how CFIUS approaches compliance and enforcement, as well as a list of its penalty actions. 

Grace And Grit, Remarks Of CFTC Commissioner Caroline D. Pham, Recipient Of The 2024 Belva Ann Lockwood Award, The George Washington University Law School And Law Association Of Women

Date 14/08/2024

Thank you so very much for this incredible honor, and to everyone who is here today. It really means a lot to me. I want to thank The George Washington University Law School, Dean Dayna Bowen Matthew, Associate Dean Rosa Celario and Professor Dalia Mitchell, the Law Association of Women and Gavi Kalaga and Shelby Amato, and of course the Belva Ann Lockwood Society for the very kind introductions, for this award and recognition, and for providing a forum to lift up women in law. I am grateful to you all for your commitment to telling our story and celebrating women’s achievements. It is truly humbling to be this year’s honoree for reflecting the character, determination, and attributes of Belva Ann Lockwood—GW Law’s first alumna, a suffragette and leader for women’s rights, the first woman to argue a case before the Supreme Court of the United States, and a U.S. Presidential candidate in 1884 and 1888. Undoubtedly, she accomplished all these “firsts” with both grace and grit while staying true to her values and beliefs.

Robinhood Markets, Inc. Reports July 2024 Operating Data

Date 14/08/2024

Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today reported select monthly operating data for July 2024:

• Funded Customers at the end of July were 24.2 million (up approximately 70 thousand from June 2024, up over one million year-over-year).
• Assets Under Custody (AUC) at the end of July were $144.5 billion (up 3% from June 2024, up 53% year-over-year). Net Deposits were $4.2 billion in July, translating to a 36% annualized growth rate relative to June 2024 AUC. Over the last twelve months, Net Deposits were $35.8 billion, translating to an annual growth rate of 38% relative to July 2023 AUC.
  Equity Notional Trading Volumes were $104.4 billion (up 21% from June 2024, up 51% year-over-year). Options Contracts Traded were 160.5 million (up 22% from June 2024, up 51% year-over-year). Crypto Notional Trading Volumes were $5.3 billion (up 23% from June 2024, up 56% year-over-year).
• Margin balances at the end of July were $5.4 billion (up 8% from the end of June 2024, up 59% year-over-year).
• Total Cash Sweep balances at the end of July were $21.8 billion (up 4% from the end of June 2024, up 72% year-over-year).
• Total Securities Lending Revenue in July was $21 million (flat to June 2024, up 24% year-over-year).

SIFMA: Court Strikes Down Missouri Rules That Violate Federal Law And Grants Statewide Permanent Injunction

Date 14/08/2024

Today a federal court in Missouri issued a final ruling in favor of the Securities Industry and Financial Markets Association (SIFMA) on its legal challenge to two newly enacted Missouri disclosure and consent rules.