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  • Statement Of CFTC Commissioner Caroline D. Pham Regarding Settlement Order With Trafigura Trading LLC

    Date 17/06/2024

    Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham released the following statement regarding the CFTC’s administrative order regarding Trafigura Trading LLC announced today:

    “While I commend the CFTC Division of Enforcement for their efforts to pursue manipulation in global markets, the Commission inappropriately tacks on an additional charge to fly under the radar with a wholly new interpretation of a 7-year-old rule that has never been the subject of a staff advisory or other notice to the public since it was issued. I’m incredibly grateful for those whistleblowers that report bad actors–often at great risk to their own wellbeing. Of course, we should always encourage open lines of communications and prevent whistleblowers from being silenced. But this settlement order essentially wordsmiths job offer letters and other employment-related agreements with confidentiality provisions for commodity firms around the world that have no CFTC registration requirements and other market participants. Because the settlement order not only inaccurately uses the term “non-disclosure agreements,” but also fails to include important details about what contractual language the CFTC thinks violates Regulation 165.19, companies and lawyers all over the world are left playing a guessing game to revise tens or hundreds of thousands of documents for both current and former employees that fail to include a carve-out for the magic words “Commodity Futures Trading Commission.” I made numerous requests for examples of the agreements that the CFTC found violative, and I received only one job offer letter and one separation agreement. Only the job offer letter had language requiring written pre-approval from the firm regarding confidential information, similar to prior SEC—not CFTC—enforcement actions, but it also had two savings clauses that voided any language that may violate any law or regulation whether current or prospective. In addition, the firm did not enforce these confidentiality provisions and the separation agreement actually required cooperation in government investigations. Let me be clear: These were not “non-disclosure agreements” as is commonly understood by in-house lawyers and external legal counsel. The Commission once again overreaches in its zeal to fine millions of dollars for technical issues like nitpicking legal documents in the absence of a firm taking any action to “enforc[e] [] confidentiality and pre-dispute arbitration clauses respecting actions by potential whistleblowers in any pre-employment, employment or post-employment agreements” as stated in the Commission’s only interpretation of Regulation 165.19 to date, in its 2016 proposed rulemaking. As I keep reminding the Commission, we are not the SEC, and the SEC’s orders or precedents do not provide sufficient notice to the public for CFTC interpretations because we are a different agency with a different statute, regulations, and markets."

  • FIA May 2024 SEF Tracker

    Date 17/06/2024

    Trading volume on swap execution facilities reached $1.14 trillion in average notional value per day during May 2024. This was down 12.4% from the previous month but up 29.6% from the same month of the previous year. Compared to April 2024, trading was down in every category.

  • CFTC Commissioner Mersinger To Participate On A Panel At The Futures Industry Association’s International Derivatives Expo

    Date 17/06/2024

    WHAT:Commissioner Summer K. Mersinger will participate in the Commodities Markets in Transition Panel at the Futures Industry Association’s International Derivatives Expo.WHEN:

    Wednesday, June 19, 2024

    1:30 p.m. – 2:15 p.m. (GMT)
    8:30 a.m. – 9:15 a.m. (EDT)

    WHERE:

    Park Plaza Westminster Bridge London
    200 Westminster Bridge Rd
    London
    SE1 7UT
    United Kingdom

    More Information here: International Derivatives Expo | FIA

  • US Office Of The Comptroller Of The Currency Announces Enforcement Actions For June 2024

    Date 17/06/2024

    The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises.

  • Concurring Statement Of CFTC Commissioner Summer K. Mersinger Regarding Settlement With Trafigura Trading LLC

    Date 17/06/2024

    I respectfully concur on the Commission’s  enforcement action settling charges against Trafigura Trading LLC (“Trafigura”). But I cannot fully support it because once again, we are falling victim to regulating by enforcement, this time through a first-of-its-kind-charge under Regulation 165.19(b) of the Commission’s Whistleblower Rules. While I am a strong proponent of our whistleblower program, the Commission’s decision to bring this specific charge is inconsistent with the regulation’s text and prior Commission statements regarding the regulation’s intent.

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