News Centre

CFTC Unanimously Approves Two Measures In September 16 Open Meeting

Date 16/09/2019

At an open meeting today, the U.S. Commodity Futures Trading Commission voted unanimously to approve the following two measures:

• Final Rule on Position Limits and Position Accountability for Security Futures Products
• Proposed Rule on Public Rulemaking Procedures (Part 13 Amendments)

Remarks Of CFTC Director Of Enforcement James McDonald During CFTC-DOJ Press Conference Call

Date 16/09/2019

This morning, the CFTC announced the filing of manipulation and spoofing charges against three individuals who served as executives and traders on the same trading desk of a major U.S. financial institution.  Michael Nowak and Gregg Smith are charged with manipulative conduct and spoofing in the precious metals futures markets in a complaint filed in the United States District Court for the Northern District of Illinois, and Christian Trunz resolved charges of spoofing in an administrative settlement, in which he admitted to the misconduct and agreed to serve as a cooperating witness in this investigation.

CFTC Charges Futures Trader And Industrial Firm With Spoofing In Precious Metals Futures

Date 16/09/2019

The U.S. Commodity Futures Trading Commission issued two orders today filing and settling charges against John Lawrence and his employer, Heraeus Metals New York LLC, for spoofing — bidding or offering with the intent to cancel the bid or offer before execution.  The order against Lawrence finds he engaged in spoofing from at least May 2017 to January 2018 in silver and gold futures traded on the Commodity Exchange, Inc. (COMEX).  The order against Heraeus finds the firm vicariously liable for Lawrence’s spoofing, which Lawrence engaged in while a trader for Heraeus. This case was brought in connection with the CFTC Division of Enforcement’s Spoofing Task Force.

SEC: Two Broker-Dealers To Pay $4.65 Million In Penalties For Providing Deficient Blue Sheet Data

Date 16/09/2019

The Securities and Exchange Commission today announced that Stifel, Nicolaus & Co., Inc. has agreed to pay $2.7 million and BMO Capital Markets Corp. has agreed to pay $1.95 million to settle charges for providing incomplete and inaccurate securities trading information to the SEC. Broker-dealers are required to provide the information known as "blue sheet data," which the SEC uses to carry out its enforcement and regulatory obligations, including investigations of insider trading and other fraudulent activity.

Joint Statement Of CFTC Chairman Heath Tarbert And Commissioner Brian Quintenz In Support Of Interagency Cooperation To Strengthen U.S. Financial Markets And Better Serve The Real Economy

Date 16/09/2019

We are pleased to support the interagency amendments to the Volcker Rule, which simplify the rule’s application; provide objective, clear standards for prohibited and permissible activities; and tailor the rule’s requirements to focus on entities with the most significant trading activity.  The revisions ensure that banking entities are able to serve their clients effectively and provide the traditional banking services that underpin our nation’s economic growth, without concern that such activity could implicate the Volcker Rule’s prohibitions.  The final rule highlights how cooperation among financial regulators can address the unintended consequences of prior regulations and ensure that capital formation and financial intermediation are not stifled by unnecessary regulatory complexity.

SEC Charges Prudential Subsidiaries For Misleading Funds They Advised, Generating Tens of Millions in Tax Benefits For Prudential

Date 16/09/2019

The Securities and Exchange Commission today charged two subsidiaries of Prudential Financial Inc. with failing to disclose conflicts of interest and making misleading disclosures to the boards for 94 funds they advised.

Statement Of CFTC Commissioner Dan M. Berkovitz Regarding The Commission’s Final Rule on Position Limit Requirements For Security Futures Products

Date 16/09/2019

I support today’s final rule to amend the Commission’s position limit requirements for security futures products (“SFPs”).

SEC Charges Silicon Valley-Based Issuer With Misleading Disclosure Violations

Date 16/09/2019

The Securities and Exchange Commission today announced that Marvell Technology Group, Ltd. will pay $5.5 million to settle charges that it misled investors when it engaged in an undisclosed revenue management scheme in order to meet publicly-issued revenue guidance. 

Statement Of CFTC Commissioner Dan M. Berkovitz On Proposed Rule To Amend Rulemaking Procedures

Date 16/09/2019

I concur in issuing for public comment the proposed rulemaking to amend part 13 of the Commission’s regulations.  Part 13 established procedures for undertaking rulemakings by the Commission.  As noted in the release, the provisions of part 13 that would be eliminated overlap with the provisions of the Administrative Procedure Act (“APA”) that the Commission also follows in its rulemaking process.  Notably, the procedures for the public to petition the Commission currently in part 13 would remain.

Bank Of England: BIS Triennial Survey Of Foreign Exchange And Over-The-Counter Interest Rate Derivatives Markets In April 2019 – UK Data Results Of Latest Survey Of Turnover In The Markets For Foreign Exchange And Over-The-Counter Interest Rate Derivatives

Date 16/09/2019

In April this year, central banks and monetary authorities in 53 countries, including the United Kingdom, conducted the latest triennial survey of turnover in the markets for foreign exchange and over-the-counter (OTC) interest rate derivatives. The survey is co-ordinated on a global basis by the Bank for International Settlements (BIS), with the aim of obtaining comprehensive and internationally consistent information on the size and structure of the corresponding global markets. The Bank of England conducted the UK survey, which covers the business of leading financial institutions located within the United Kingdom in these markets.