CFTC Seeks Public Comment on Proposed Regulations Regarding Retail FOREX Transactions
Felix Shipkevich - January 13, 2010Proposed regulations would require the registration of counterparties offering retail foreign currency contracts as either futures commission merchants (FCMs) or retail foreign exchange dealers (RFEDs), a new category of registrant created by the Farm Bill.
CFTC urged Congress to require non-major players to use clearinghouses
Felix Shipkevich - October 23, 2009CFTC urged Congress to require “non-major” financial firms and funds to use clearinghouses to reduce the risk of another market collapse as part of its reform of the swaps market. Bills approved by two House committees this month to regulate over-the-counter derivatives would require swaps dealers and major market participants to send “standardized” contracts through [...]
CFTC proposes to amend certain financial reporting requirements applicable to FCMs and IBs
Felix Shipkevich - October 20, 2009The proposed amendments would broaden the language in the Commission’s regulations applicable to electronic filings of financial reports to clarify that, to the extent a futures commission merchant (‘‘FCM’’) submits a Form 1–FR to the Commission electronically, it may do so using any user authentication procedures established or approved by the Commission.
The changes would:
• enable [...]
CFTC / SEC Joint Report recommends that a “consistent standard” apply to all providers of advisory services
Felix Shipkevich - October 16, 2009In the section on Financial Intermediaries, the CFTC/SEC Joint Report “recommends legislation that would impose a uniform fiduciary duty on intermediaries who provide similar investment advisory services regarding futures or securities. Consistent with Title IX of the Administration’s financial regulatory reform legislation, which seeks to establish a uniform standard of conduct for broker-dealers and investment [...]
CFTC/SEC seek to expand their authority over foreign exchanges
Felix Shipkevich - October 16, 2009The CFTC and SEC recommended legislation that would expand their authority over foreign exchanges that offer access to U.S. investors.
Excerpt:
“Under the SEC approach foreign exchanges wishing to engage in a securities business in the United States must comply with the registration requirements under Section 5 of the Securities Exchange Act before operating in the United [...]
One day margin coverage on DME traded contracts proposed
Felix Shipkevich - September 30, 2009NYMEX requests that the CFTC reduce margin calculation requirement to one day coverage on DME traded contracts.
Congress Urged to Close Zelener Loophole
Felix Shipkevich - June 4, 2009NFA President Daniel Roth and Executive Vice President Daniel Driscoll urged Congress to close the Zelener loophole for non-forex products. In the CFTC vs. Zelener case, the U.S. Court of Appeals for the Seventh Circuit concluded that the rolling spot contracts in question did not qualify as futures contracts and that the CFTC therefore lacked [...]
CFTC Announcements
Felix Shipkevich - August 28, 2008CFTC Designates NYSE Liffe, LLC as a Contract Market
On August 26, 2008 CFTC approved the application of NYSE Liffe, LLC for designation as a contract market on August 21, 2008. NYSE Liffe is an indirect, wholly-owned subsidiary of NYSE Euronext, the holding company created by the combination of NYSE Group, Inc. and Euronext N.V.
NYSE Liffe [...]
CFTC/NFA forum
Felix Shipkevich - August 27, 2008NFA Announcement: Definition of a Forex Dealer Member:
Proposed Amendments to NFA Bylaw 306, NFA Financial Requirements
Section 11(a), and the Interpretive Notice Regarding Forex Transactions
http://www.nfa.futures.org/news/PDF/CFTC/Bylaw306_FR11a_c082208.pdf
NFA Announcements
Felix Shipkevich - August 8, 2008NFA Announces Increase to FDM Capital Requirements
On August 27, 2008, NFA announced that the capital requirements for Forex Dealer Members (FDMs) imposed by CFTC Reauthorization were approved by NFA’s Board of Directors. Particularly Section 1, 11, and 12 will be modified pursuant to CFTC approval.
http://www.nfa.futures.org/news/PDF/CFTC/FR1_11a_12_082208.pdf
