Friday, January 22WE ACCEPT QUALIFIED GUEST POSTS

Tag: commodity futures trading commission

CFTC Grants Nasdaq Futures, Inc. Request to Vacate DCM Designation
Business

CFTC Grants Nasdaq Futures, Inc. Request to Vacate DCM Designation

Washington, DC (STL.News) The Commodity Futures Trading Commission announced today that it issued an order vacating the designation of Nasdaq Futures, Inc. (NFX) as a designated contract market (DCM).   The order was issued at the request of NFX.  The CFTC had granted NFX designation as a contract market on November 21, 2014. The Commodity Exchange Act and CFTC regulations state that a DCM may request that its designation be vacated by filing a request with the CFTC at least 90 days prior to the requested date of vacation.  Per NFX’s request, the order revokes NFX’s designation effective September 16, 2020. With the vacation of NFX’s designation as a DCM there will be 15 DCMs registered with the CFTC.
CFTC Orders Vision Financial Markets LLC to Pay a $200,000 Penalty to Settle Charges
Business

CFTC Orders Vision Financial Markets LLC to Pay a $200,000 Penalty to Settle Charges

Washington, DC (STL.News) - The Commodity Futures Trading Commission (CFTC) Friday issued an Order filing and settling charges against Vision Financial Markets LLC (Vision), a securities broker dealer located in Stamford, Connecticut.  From at least May 1990 until April 2015, Vision was a registered futures commission merchant (FCM) and commodity pool operator.  The Order requires Vision to pay a civil monetary penalty of $200,000 and cease and desist from any further violations of the Commodity Exchange Act or CFTC Regulations. The Order finds that from at least January 1, 2014, to November 30, 2014, Vision, a then-registered FCM, failed to supervise the handling of commodity interest accounts carried by Vision and introduced by a Vision-guaranteed introducing broker (GIB).  In particula...
CFTC Issues Order Finding that Korea Exchange, Inc. Made a False, Misleading Certification to the CFTC
Business

CFTC Issues Order Finding that Korea Exchange, Inc. Made a False, Misleading Certification to the CFTC

Washington, DC (STL.News) – The Commodity Futures Trading Commission (CFTC) issued an Order Friday filing and simultaneously settling charges against Korea Exchange, Inc. (KRX) of Busan, South Korea, for making a false statement to the CFTC.  The Order finds that on February 19, 2018, KRX falsely represented in its annual certification that it was in compliance with the CFTC’s exemptive order requiring that KRX observe certain important international financial management standards.  In fact, according to the Order, KRX had discovered that its policies and practices were inconsistent with those standards and had already begun remedial measures to address those failures. The CFTC’s Order requires KRX to engage an independent third party to assess KRX’s observance of these financial manageme...
CFTC News: Maggie Sklar to Depart CFTC Chairman Giancarlo’s Office
Business

CFTC News: Maggie Sklar to Depart CFTC Chairman Giancarlo’s Office

Washington, DC (STL.News) — The U.S. Commodity Futures Trading Commission (CFTC) announced Maggie Sklar is leaving her role as Senior Counsel to Chairman J. Christopher Giancarlo upon his departure in July.  Sklar has been responsible for advising on all domestic-facing rulemakings and staff actions from across a broad spectrum of CFTC divisions, including the Divisions of Clearing and Risk, Market Oversight, Swap Dealer & Intermediary Oversight, as well as Enforcement matters.  She also served as a deputy to the Financial Stability Oversight Council. “Maggie’s breadth and depth of knowledge of financial regulation, combined with her excellent strategic communication skills and analysis, judgment, tact, and superior attention to detail has made her a real asset to my office, and to th...
CFTC Orders ADM Investor Services Inc. to Pay a $250,000 Penalty to Settle Charges
Business

CFTC Orders ADM Investor Services Inc. to Pay a $250,000 Penalty to Settle Charges

Washington, DC (STL.News) - The Commodity Futures Trading Commission (CFTC) Friday issued an Order filing and settling charges against ADM Investor Services Inc. (ADMIS), a registered futures commission merchant located in Chicago, Illinois.  The Order requires ADMIS to pay a civil monetary penalty of $250,000 and cease and desist from any further violations of the Commodity Exchange Act or CFTC Regulations. The Order finds that from at least December 1, 2014, to September 24, 2017, ADMIS failed to supervise the handling of commodity interest accounts carried by ADMIS and introduced by an ADMIS-guaranteed introducing broker (GIB).  In particular, the Order finds that ADMIS had a supervisory system in place as evidenced by its compliance manual; nevertheless, ADMIS failed to adequately sup...
CFTC Orders Commodity Trading Firm, Eagle Market Makers, Inc. to Pay Penalty for Wash Sales, Improve its Internal Controls
Business

CFTC Orders Commodity Trading Firm, Eagle Market Makers, Inc. to Pay Penalty for Wash Sales, Improve its Internal Controls

Washington, DC (STL.News) - The Commodity Futures Trading Commission (CFTC) Friday issued an Order filing and simultaneously settling charges against Respondent, Eagle Market Makers, Inc. (Eagle), an Illinois firm, for engaging in wash sales and noncompetitive transactions which were traded on the Chicago Board of Trade (CBOT) and the Chicago Mercantile Exchange, Inc. (collectively, CME).  The Order requires Eagle to pay a $350,000 civil monetary penalty and implement and improve its internal controls and procedures. James McDonald, the Director of Enforcement, stated: “As today’s action shows, the CFTC will work tirelessly to ensure that the derivatives markets remain open and competitive, and are not undermined by unlawful wash sales and noncompetitive trading.  This case should stand a...
Commodity Futures Trading Commission (CFTC) Names Charles Cutshall as Chief Privacy Officer
Business

Commodity Futures Trading Commission (CFTC) Names Charles Cutshall as Chief Privacy Officer

Washington, DC (STL.News) — Charles Cutshall has been named Chief Privacy Officer of the Commodity Futures Trading Commission (CFTC).  As Chief Privacy Officer, Cutshall is responsible for providing policy and programmatic oversight of the CFTC’s privacy compliance activities and for managing privacy risks associated with the collection, maintenance, and use of personally identifiable information. “I am happy to welcome Charles to the CFTC. His expertise and skill set are great assets to CFTC and will complement and strengthen CFTC’s privacy program and enable us to address the challenges from an evolving privacy landscape and to continue to maintain the public’s trust,” said CFTC Executive Director Anthony Thompson. Prior to joining the CFTC, Cutshall worked for the Office of Management...
CFTC News: CFTC Approves a Final Rule to Provide Exception to Annual Privacy Notice Requirement
Business

CFTC News: CFTC Approves a Final Rule to Provide Exception to Annual Privacy Notice Requirement

Washington, DC (STL.News) - The Commodity Futures Trading Commission (CFTC) Friday approved a final rule to revise a CFTC regulation that requires certain futures commission merchants, retail foreign exchange dealers, commodity trading advisors, commodity pool operators, introducing brokers, major swap participants, and swap dealers to provide annual privacy notices to customers.  The final rule revises CFTC Regulation 160.5 to remove the requirement to provide these annual privacy notices when certain conditions are satisfied. CFTC staff worked with staff from the Consumer Financial Protection Bureau (CFPB) to ensure that the final rule is consistent with rules recently finalized by the CFPB.  In addition, CFTC staff consulted with the Securities and Exchange Commission, the Federal Trad...