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Tag Archives: Commodity Exchange Act

Key points from CFTC Commissioner Quintenz’s fintech address Blog,Commentary,Feature,Fintech,Regulation & Enforcement

CFTC Commissioner Brian Quintenz addressed ISDA’s Unlocking Value in Derivatives Markets conference in London yesterday and a few timely remarks were included (as well as some shout-outs to Galileo and Prometheus…). Regarding the crypto elephant in the room Of all the aspects of the Commodity Exchange Act (CEA), Quintenz brought up the provision that exchanges “may not list a contract that is readily susceptible to manipulation.” Ink has already been spilled on how thin some of the closing cash auctions can be on the crypto exchanges which these prospective bitcoin futures contracts will use in determining the underlying’s price. With…

NFA Chairman Chris Hehmeyer Talks Bankruptcy Reform Interview,Regulation,Video

Chris Hehmeyer

One of the issues that emerged from the MF Global collapse was the complex and often frustrating US bankruptcy process. In the case of MF Global, futures customers’ claims were lumped in with other creditors. As such, it took more than a year for customers with segregated accounts to get their money back through the bankruptcy trustee. Chris Hehmeyer, CEO of HTG Capital Partners and chairman of the National Futures Association (NFA), spoke with JLN editor-in-chief Jim Kharouf about the need for bankruptcy reform for the futures industry. It’s a tall order, he says, but Hehmeyer believes it is critical…

CFTC Orders Morgan Stanley & Co. LLC to Pay $5 Million Civil Monetary Penalty for Unlawful Noncompetitive Trades Blog,Regulation

From the CFTC: Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today issued an order filing and settling charges that, over an 18-month period, Morgan Stanley & Co. LLC (Morgan Stanley), a registered futures commission merchant (FCM), unlawfully executed, processed, and reported numerous off-exchange futures trades to the Chicago Mercantile Exchange (CME) and Chicago Board of Trade (CBOT) as exchanges for related positions (EFRPs). The CFTC order requires Morgan Stanley to pay a $5 million civil monetary penalty and to cease and desist from further violations of the Commodity Exchange Act (CEA) and CFTC regulations, as charged. According…

Competition is the Key Commentary,Regulation

John Lothian

I believe in competition. We need competition in regulation. Creating competition in the Self Regulatory Organization sector I believe should be part of the plan to restore customer confidence in our markets. I started thinking about this as reports surfaced that the CME Group could be stripped of their Self Regulatory Organization status. There are some that believe, regardless of what happened or did not happen with the MF Global situation, that for-profit companies should not be SROs.  I am not judging that belief or the CME’s performance with MF Global. But I am thinking of what the future might…