Tag Archives: Regulation
CFTC also charges that bank concealed material information from, and made material false statements to, a futures exchange In the complaint: From at least June 2007 to May 2010, Defendant Royal Bank of Canada (“RBC”) conducted a wash trading scheme …
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On 28th of September last year, in the annual State of the Union address, José Manuel Barroso, President of the European Commission, announced the proposal for a European financial transaction tax. The concept of this tax is supported by France …
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Apparently CFTC is not as homogeneous as one might think. Two of its Commissioners, Commissioner Jill E. Sommers and Commissioner Scott D. O’Malia, are publishing a dissent from CFTC’s 2011 annual performance report saying that it focused on Dodd-Frank much more than it should …
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Similar to FXOpen which settled similar case in January 2012 and unlike InstaTrade and ZTrade who didn’t settle but were penalized, InterForex settled the case with CFTC for accepting US forex traders. InterForex through its lawyer Felix Shipkevich entered into …
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NFA fines PFG $700,000; bars it from accepting new IBs for two years for deficient IB practices
9
2012
Now this is a business killer. NFA just settled with PFG by fining it $700,000 and requiring it not enter into guarantee agreements with IBs for two years subject to an opportunity to request modification of this restriction. Peregrine, Wasendorf, O’Meara …
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One World Capital was apparently a forex ponzi – owners John Walsh and Charles Martin get 12-17 years in prison
3
2012
This one was pretty much below the radar although One World Capital was probably the biggest US forex brokerage that turned out to be a scam. NFA’s capital requirements which gradually rose from almost nothing to $20+ million since 2008 …
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CFTC – MF Global’s collapse didn’t happen because of a lack of regulation, NFA ponders segregation rules
31
2012
In an interesting speech given by Commissioner Scott D. O’Malia at the Center on Financial Services Law, of New York Law School quite a few interesting things were said and although O’Malia didn’t think the CFTC is to blame for MF Global’s …
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US Treasury Department reconsiders exempting Forex from OTC Derivatives Regulations
30
2012
En route to an official visit to Israel, Neal Wolin, the US Deputy Secretary of the Treasury Department commented that the treasury dept is currently debating whether or not to exempt FX products from new U.S. derivatives regulation that would force …
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Although this was known as a requirement for a while now especially after NFA fined FXCM in 2011 and Gain Capital in 2010 now this rule has become formal. NFA is currently busy auditing most of forex brokers trying to …
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