DCIO publishes an advisory on foreign security futures products
Felix Shipkevich - June 8, 2010The CFTC’s Division of Clearing and Intermediary Oversight (DCIO) published an Advisory clarifying the extent to which certain sophisticated customers located in the U.S. may transact in foreign security futures products (FSFPs). The Advisory is intended to address questions raised by members of the public following the Securities and Exchange Commission’s publication of an order [...]
LSA ACTION: JP Morgan Securities Ltd
Felix Shipkevich - June 3, 2010The FSA fined J P Morgan Securities Ltd £33.32 million for failing to protect client money by segregating it appropriately.
Under the FSA’s client money rules, firms are required to keep client money separate from the firm’s money in segregated accounts with trust status. This helps to protect client money in the event of the firm’s [...]
CFTC ACTION: New Golden Investment Group, LLC
Felix Shipkevich - May 24, 2010The CFTC’s complaint alleges that since at least August 2008, Gonzalez, Naranjo and NGI fraudulently solicited and accepted approximately $3.65 million from at least 165 members of the Los Angeles-area Spanish speaking community for various investments, including commodity futures trading.
CFTC reestablishes the Technology Advisory Committee
Felix Shipkevich - May 20, 2010The Committee will have a two-year term, during which the Committee will conduct public meetings, receive written recommendations from its members and the public and submit reports to the Commission that will inform the Commission of its technological opportunities and the need for regulation to support the Commission’s mission.The original TAC ceased operation when its, chapter expired in 2005.
NFA ACTION: Integrity FX LLC
Felix Shipkevich - May 19, 2010The NFA accepted a settlement offer from Integrity FX LLC (IFX) and one of its principals, Luke M. Coleman, to permanently withdraw from NFA membership. The Complaint alleged that IFX failed to uphold high ethical standards by taking out high interest loans to repay earlier loans without a reasonable basis for believing the firm would be able to repay the new loans.
CFTC Economist Theorizes High-Frequency Traders Can Tame Prices
Felix Shipkevich - May 19, 2010(Dow Jones)- An economist at the Commodity Futures Trading Commission is trying to determine if some high-frequency trading strategies in futures contracts tied to the Standard & Poor’s 500 index may moderate price swings like those seen on May 6.
CFTC ACTION: Jeff Shalhoub Investments
Felix Shipkevich - May 19, 2010According to the CFTC complaint, filed on May 17, 2010, in the U.S. District Court for the Eastern District of New York, Shalhoub solicited approximately $300,000 from at least 12 of his ex-wife’s friends and family to trade futures.
Preliminary Findings Regarding the Market Events of May 6, 2010
Felix Shipkevich - May 18, 2010The CFTC and SEC released preliminary findings related to the unusual market events on May 6, 2010. The agencies found no evidence that these events were triggered by “fat finger” errors, computer hacking, or terrorist activity, although it cannot completely rule out these possibilities.
NFA ACTION: Carlo Scevola
Felix Shipkevich - May 17, 2010The NFA commenced an inquiry into Scevola’s operations Based on information that a former Lake Shore Asset Management Limited principal, Laurence Rosenberg, was affiliated with Scevola and Resolute Capital.
Application Procedure for a Regulation 30.10 Exemption
Felix Shipkevich - May 13, 2010Regulation 30.10 generally provides that persons located and doing business outside the U.S. and who are subject to a comparable regulatory framework in the country in which they are located may qualify for an exemption from the application of certain Commission regulations, including relief from registration as a futures commission merchant.
