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Futures Legal News, February 11, 2016

February 16, 2016    |    posted by admin

Barclays and Credit Suisse settle with Regulatory Agency regarding Dark Pools: Following allegations that Barclays Capital, Inc. and Credit Suisse Securities made false statements and material omissions in the marketing of their automated trading systems, the banks have agreed to pay penalties in excess of $154 million to the Securities and Exchange Commission and the New York Attorney General.  Specifically, the regulators alleged that Barclays misled investors regarding how the bank monitored its dark pool for high frequency trading and that Credit Suisse failed to alert customers that it routed transactions directly to its own pool.  The agreement marks the largest settlement in the fight against fraud in dark pool trading. (To read more about the allegations and the landmark settlement, visit

Futures Legal News, February 7, 2016

February 16, 2016    |    posted by admin

Kraft Food and the CFTC: In April of 2015 the CFTC filed a civil enforcement complaint against Kraft Foods Group, Inc. and Mondelez Global LLC, alleging manipulation and attempted manipulation of the prices of cash wheat and wheat futures, as well as alleging the violation of speculative position limits against the two companies.  (To read more about this, visit the CFTC website).  In January, Kraft and Mondelez requested that a federal appeals court rule on two of the CFTC’s theories prior to the trial.  The Commission claims Defendants’ motion fails to meet the high bar for successful interlocutory appeals.

Futures Legal News February 5, 2015

February 5, 2015    |    posted by elspeth


Industry Issues and Improvements

2/04/15 Lutnick’s BGC Pushes Back Deadline in Bid to Take Over GFI Group

  • BGC is trying to acquire GFI to consolidate the shrinking interdealer-brokerage business, which handles large trades between banks. Lutnick outbid Chicago-based CME Group Inc., which had reached an agreement with GFI founder Michael Gooch to buy the company and sell the main brokerage business back to him.”

2/04/15 Ending an Era, CME Group to Shutter Most Futures Pits

  • The world’s largest futures market operator will shutter almost all of its open-outcry futures pits by July 2, ringing the closing bell on a once-raucous tradition that has been in decline since the rise of computerized trading.”


 Regulator Newsmakers


2/04/15 EU States in Preliminary Deal on Regulating Market Benchmarks-Diplomats

  • The proposed law to regulate benchmarks passed a key hurdle on Wednesday, when the 28 EU states agreed to amend how they would decide which benchmarks are “critical” and subject to new supervision, the diplomats said.”

2/04/15 U.S. Risk Panel Adopts Reforms to Improve Transparency Over its Operations

  • The Financial Stability Oversight Council said three reforms designed to help both companies and the general public understand the process would go into effect immediately. The panel added it may consider additional changes down the road.”

2/04/15 EU Watchdog Gives Forex Futures Breather from Clearing

  • European Union regulators have given the $127 billion daily currency futures market some breathing space by exempting it from mandatory clearing of transactions in the 28-country bloc.”

2/04/15 U.S. Bancorp to Pay $18 Mln Customers of Failed Peregrine

  • U.S. Bancorp agreed to pay $18 million to former customers of Peregrine Financial Group Inc to resolve claims that the large U.S. bank aided a massive fraud by the failed futures brokerage’s now-imprisoned founder, Russell Wasendorf Sr.”


CFTC Corner


1/26/15 PR7113-15 CFTC Announces Membership of the Energy and Environmental Markets Advisory Committee

  • U.S. Commodity Futures Trading Commission (CFTC) Commissioner J. Christopher Giancarlo, sponsor of the Energy and Environmental Markets Advisory Committee (EEMAC), announced today the members and associate members of the EEMAC.”
  • List of Members

Futures Legal News January 23, 2015

January 23, 2015    |    posted by elspeth


Industry Issues and Improvements


1/22/15 High-Speed Trading Fills Void Left on Prop Desks That Trade FX

  • Banks are directly connecting to price feeds from Global Trading Systems LLC and Virtu Financial Inc. to help complete their clients’ currency orders, according to the chief executive officers of both computerized-trading companies. By working with the HFT firms, banks benefit from narrower gaps between buying and selling prices without having to reveal their trades in the wider market or pay fees to use external venues.”

1/22/15 Leverage Cripples a Currency Broker

  • The big move just arrived. On Jan. 15, the Swiss central bank abandoned its policy of limiting the value of the Swiss franc to €1.2 and let its national currency float freely. The decision shocked currency markets, sent the Swiss franc soaring, and blew a $225 million hole in FXCM as customer losses mounted. Shares of FXCM plunged as low as 98¢ on Jan. 16 before trading was halted and Niv grabbed a financial lifeline from Leucadia National, owner of the investment bank Jefferies Group. Leucadia will earn interest of as much as 17 percent on the $300 million loan and can force a sale of the brokerage, keeping at least half of the proceeds beyond the loan amount, FXCM said in a Jan. 19 statement.”

1/22/15 First Libor Individuals Fined by U.K. FCA in Martin Case 

  • Martin Brokers was fined 630,000 pounds by the FCA last year for rigging the London interbank offered rate. Brokers at RP Martin Holdings Ltd., part of Martin Brokers, colluded with a trader at UBS Group AG to manipulate Libor tied to the Japanese yen, the FCA said at the time.”

1/22/15 France, Austria Push to Break Deadlock on Transactions Tax

  •  France and Austria sought on Thursday to break deadlocked talks with nine other European countries over a financial transaction tax, by proposing that it be applied to a wide range of transactions but at low rates from next year.”


Regulator Newsmakers


1/22/15 CFTC Official Tied to Wall Street Profits From Merger Fight

  • J. Christopher Giancarlo joined the CFTC in June after working at a derivatives brokerage and serving as chairman of an industry lobbying group. Six weeks laterCME (CME:US) Group Inc., the world’s largest futures exchange, made an offer to buy Giancarlo’s former employer. In short order, his old firm’s stock price surged, adding an extra windfall to Giancarlo’s multimillion dollar severance as he divested his holdings.”

1/22/15 U.S. CFTC Grants SGX U.S. Futures Clients Direct Access

  • The futures and swaps regulator said that Singapore Exchange Derivatives Trading Limited (SGX-DT) had shown that the Monetary Authority of Singapore’s regulatory regime was comparable to that exercised by the CFTC.”

1/22/15 CFTC Nears New Rules to Curb Excessive Speculation

  • “The U.S. Commodity Futures Trading Commission is scheduled to complete on Thursday an important step toward an expected vote on rules the regulator says aim to curb excessive speculation on the prices of raw materials and agricultural products.”


CFTC Corner


1/16/15 PR7103-15 CFTC Orders Summit Energy Services. Inc. to Pay $140,00 Civil Monetary Penalty and Cease and Desist Unregistered Commodity Trading Advisor

  • The U.S. Commodity Futures Trading Commission (CFTC) today entered an Order requiring Summit Energy Services, Inc. (Summit Energy), a Delaware corporation with its principal place of business in Louisville, Kentucky, to pay a $140,000 civil monetary penalty for acting as an unregistered Commodity Trading Advisor (CTA).”

1/21/15 PR7105-15 CFTC Issues Order of Registration for the Tokyo Commodity Exchange, Inc. 

  • The U.S. Commodity Futures Trading Commission (Commission) announced today that it has issued an Order of Registration to the Tokyo Commodity Exchange, Inc. (TOCOM), a Foreign Board of Trade located in Tokyo, Japan. Under the Order, TOCOM is permitted to provide its identified members or other participants located in the U.S. with direct access to its electronic order entry and trade matching system to trade futures contracts on metals, fuels, rubber and agricultural commodities and futures and option contracts on gold.”


1/23/15 PR7110-15 Division of Swap Dealer and Intermediary Oversight Announces that Major Swap Participants May Furnish Chief Compliance Officer Annual Reports to the Commission Through WinJammer

  • The U.S. Commodity Futures Trading Commission’s (CFTC or Commission) Division of Swap Dealer and Intermediary Oversight (DSIO) today announced that Swap Dealers (SDs) and Major Swap Participants (MSPs) may furnish the annual reports of their Chief Compliance Officers (CCOs) to the Commission through WinJammerTM, and do not need to use the Commission’s Web portal.”

1/12/15 PR7101-15 CFTC’s Division of Market Oversight Issues Time-Limited Extension No-Action Relief Regarding Masking of Certain Identifying Information Required to be Reported

  • CFTC Letter 13-41, issued on June 28, 2013, permits part 45 and part 46 reporting counterparties to mask legal entity identifiers, other enumerated identifiers and other identifying terms, and permits Part 20 reporting entities to mask identifying information in certain enumerated jurisdictions. On June 27, 2014 the Division issued CFTC Letter 14-89, extending the relief provided in CFTC Letter 13-41 until no later than 12:01 a.m. (EST) on January 16, 2015.”

Futures Legal News January 15, 2015

January 15, 2015    |    posted by elspeth


Industry Issues and Improvements

 1/14/15 London Metal Exchanges Launches Plan to Lure Funds, Boost Liquidity

  •  The London Metal Exchange (LME) launched plans to boost liquidity on its electronic platform LMEselect on standard monthly dates to increase business from financial investors, such as hedge funds.”

Regulator Newsmakers

1/14/15 U.S. House Approves Legislation Easing Dodd-Frank Provisions

  • Today’s 271-154 vote on legislation that would delay aspects of the Volcker Rule restriction on banks making risky investments followed a failed effort to advance the bill last week. The measure faces an uncertain path in the Senate and President Barack Obama has indicated he would veto the legislation if it reaches his desk.”

1/14/15 SEC Adopts Rules Establishing Regime for Swap Data Warehouses

  • U.S. securities regulators took another step toward shedding more light on the over-the-counter derivatives market Wednesday, adopting a raft of measures to give them a direct window into the opaque market.”

CFTC Corner

1/02/15  PR7098-15 CFTC Provides Notice and Clarification of the Reopened Comment Period for its Rulemaking Proposals on Position Limits for Physical Commodity Derivatives and Aggregation

  • The U.S. Commodity Futures Trading Commission (CFTC or Commission) has submitted for publication in the Federal Register a clarification and notice regarding the reopened comment periods for two Position Limit rulemakings.”

Futures Legal News December 23, 2014

December 23, 2014    |    posted by elspeth


Industry Issues and Improvements


12/22/14 CME Pursues EU Wheat Plan as Euronext Dogged by Harvest Fallout

  • CME Group is moving forward with plans for an alternative European wheat futures market, encouraged by French producers who say incumbent provider Euronext has not fixed shortcomings exposed by poor harvest quality in 2014.”



Regulator Newsmakers

 12/22/14 U.S. CFTC Fines Deutsche Bank $3mln over customer fund flaws

  • The U.S. Commodity Futures Trading Commission on Monday ordered Deutsche Bank to pay a $3 million fine over charges that it had failed to properly invest customer funds and had made other mistakes in the process.”

12/22/14 Banks Face Basel Limits on Risk Models for Capital Rules

  • The floor will counter “measurement error” by banks, the Basel group said today in a statement on its website. “It would enhance the comparability of capital outcomes across banks and also ensure that the level of capital across the banking system does not fall below a certain level.””

12/22/14 UK to Extend Libor Manipulation Laws to Cover Gold, Oil, and Silver

  • Britain will widen the scope of laws which make the manipulation of market benchmarks a criminal offence to include seven more rates covering the currency, gold, oil and silver markets by April 1, the government said on Monday.”

Futures Legal News December 19, 2014

December 19, 2014    |    posted by elspeth


Regulator Newsmakers


12/19/14 Fed Grants Volcker Reprieve in Banks’ Second Big Win This Month

  • The Federal Reserve granted the delay yesterday after banks said selling the stakes quickly might force them to accept discount prices. Goldman Sachs Group Inc. has $11.4 billion in private-equity funds, hedge funds and similar investments, while Morgan Stanley has $5 billion, securities filings show.”

12/18/14 UK Supreme Court Says Rusal Can’t Appeal LME Warehouse Case 

  • Britain’s Supreme Court has denied Rusal, the world’s biggest aluminium producer, the right to appeal against a court ruling that allows sweeping reform of the London Metal Exchange (LME) warehousing system, and also ordered it to pay costs.”

12/18/14 U.S. Treasury Criticizes Europe’s Plan to Fix Tainted Benchmarks

  • The plan requires that other countries have equivalent oversight of indexes, which could prevent European banks and asset managers from using U.S. benchmarks, according to a counselor to Treasury Secretary Jacob J. Lew. Europe wants national governments to take responsibility for regulating financial and commodity benchmarks — something the U.S. has no plans to do.”

12/18/14 Royal Bank to Pay $35 Million to End CFTC Wash-Trade Suit

  • The bank neither admitted nor denied wrongdoing, according to a consent order signed by a judge today in the 2012 lawsuit by the Commodity Futures Trading Commission. U.S. District Judge Alvin Hellerstein in Manhattan permanently barred the bank from entering into or confirming so-called wash trades.”


CFTC Corner


12/16/14 PR7079-14 CFTC Staff Issues Time-Limited No-Action Relief From Certain Recordkeeping Requirements under Commission Regulation 1.35(a)

  • Specifically, the letter provides that commodity trading advisors that are registered with the CFTC and are members of designated contract markets or of swap execution facilities will not be required to record oral communications. This is an extension and expansion of the time-limited no-action relief that was provided in CFTC Staff Letter No. 14-60.”

12/18/14 PR7084-14 CFTC Issue Extensions of No-Action Relied to Four Foreign Clearing Organizations

  • The U.S. Commodity Futures Trading Commission’s (Commission) Division of Clearing and Risk (DCR) today issued extensions of no-action relief to four foreign clearing organizations: ASX Clear (Futures) Pty Limited, Clearing Corporation of India Ltd., Korea Exchange, Inc., and OTC Clearing Hong Kong Limited.”

12/18/14 PR7086-14 Federal Court Orders Royal Bank of Canada to Pay $35 Million Penalty for Illegal Wash Sales, Fictitious Sales, and Noncompetitive Transactions

  • The court’s Order arises from a Complaint filed by the CFTC on October 17, 2012, that charged RBC with engaging in illegal wash sales, fictitious sales, and noncompetitive transactions involving stock futures contracts, among other illegal conduct (see CFTC Press Release 6223-12, April 2, 2012).  In its Order, the court found that between June 1, 2007 and May 31, 2010, RBC knowingly executed 1,026 illegal wash sales and fictitious sales of narrow-based stock index futures (NBI) and single stock futures (SSF) contracts.  RBC conducted the transactions as block trades through its branches and internal trading accounts trading opposite two of RBC’s off-shore subsidiaries, and executed the trades on the OneChicago, LLC futures exchange in Chicago, Illinois.  The court also found that RBC’s NBI and SSF transactions were noncompetitive transactions prohibited by CFTC Regulations.  “
  • CFTC v. RBC Consent Order


Futures Legal News December 12, 2014

December 12, 2014    |    posted by elspeth


Industry Issues and Improvements


12/11/14 Banks Should Keep It Simple With Bail-In Debt, Poll Says

  • Existing securities known as Tier 2 capital, which are subordinated notes and have set maturity dates, are favored given the lack of clarity from regulators on loss-absorbing bonds, according to the survey. Issuing notes out of holding companies to subordinate them is also preferred, the investors said in the survey.”

12/11/14 Euronext to Launch Derivatives Clearing Service Next Spring

  • The new service, which will launch in the spring of 2015 starting with equity derivatives, will allow deals negotiated privately between parties to be reported to Euronext and cleared through LCH.Clearnet’s French arm.”


Regulator Newsmakers


12/11/14 EU Delays Decision on U.S. Securities Clearing Rules

  • The Commission has to decide whether U.S. rules for clearing houses are as strict as those in the EU. The aim is to ensure that there will be no need to resort to taxpayer cash if things go wrong.”

12/11/14 Finra Fines 10 Wall Street Firms Over Analysts’ IPO Pitches

  • The investment banks promised favorable research to Toys “R” Us Inc. and its private-equity owners in 2010 to win roles in its initial public offering, the Financial Industry Regulatory Authority said today in a statement. The regulator fined the firms a total of $43.5 million, faulting them for “implicitly or explicitly” making promises that their analysts would give positive coverage. Six of the 10 firms didn’t have adequate supervisory procedures to prevent the practice.”

12/11/14 Basel Drafts ABS Quality Standards to Restore Confidence

  • To qualify as “simple, transparent and comparable” securitizations, the deals must fulfill 14 criteria including requirements for the originator and investor to have an “alignment of interests” as well as increased transparency, according to proposals published by the International Organization of Securities Commissions and Basel Committee on Banking Supervision today.”

12/11/14 Asset Managers Could Face Tighter Supervision Under New Plan: SEC 

  •  The top U.S. securities regulator laid out a plan on Thursday to tighten supervision of large asset managers, saying more must be done to identify the risks the firms could pose and to protect markets in the event of a major crisis.”


CFTC Corner


12/01/14 PR7072-14 CFTC to Reopen Comment Period for Position Limit Rulemaking

  •  The U.S. Commodity Futures Trading Commission (Commission) today submitted to the Federal Register a notice reopening the comment period for Position Limit Rulemaking. The notice will appear in the Federal Register on Wednesday, Dec. 3.”

12/05/14 Federal Court Orders More than $1.3 Million in Sanctions and Enters a Default Judgment Order Against Florida-Based Gold Distributors, Inc. and Its Owner, Jordan Cain, for Engaging in Illegal, Off-Exchange Commodity Transactions

  • The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge William J. Zloch of the U.S. District Court for the Southern District of Florida entered an Order of default judgment against Defendants Gold Distributors, Inc. (GDI) of Hallandale Beach, Florida, and its sole ownerJordan Cain of Miami, Florida. The Order requires the Defendants to pay restitution in the amount of $337,266 and a civil monetary penalty of $1,011,800. The Order also imposes permanent trading, solicitation, and registration bans against the Defendants and prohibits them from violating provisions of the Commodity Exchange Act (CEA), as charged.”

12/10/14 PR7077-14 CFTC Orders IBF, Inc. f/k/a Tradestation Forex, Inc. to Pay a $600,000 Penalty for Series of Minimum Net Capital Deficits, Untimely Notice, and a Failure to Supervise

  •  The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against IBFX, Inc. f/k/a Tradestation Forex, Inc. (IBFX), a Florida-based Retail Foreign Exchange Dealer (RFED), for violating CFTC Regulations by failing to meet the minimum net capital requirements on three separate occasions, failing to timely report one of the minimum net capital deficits, and failing to supervise its employees and agents diligently by establishing, implementing, and executing an adequate supervisory structure and compliance programs.”

Futures Legal News December 9, 2014

December 9, 2014    |    posted by elspeth


Industry Issues and Improvements

12/08/14 How the Bankruptcy Code Should Treat All Derivatives

  • “Financial institutions can keep their derivatives books in place through a combination of the provisions of Dodd-Frank and new industry agreements that provide that an insolvency proceeding of a holding company will not disrupt the trades of an operating subsidiary, despite provisions in the contracts to the contrary.”

12/08/14 ICE Sells Remaining Euronext Stake, Profiting From 23% Rally

  • Shares in the operator of stock exchanges in France, the Netherlands, Belgium and Portugal have rallied to 24.66 euros from their sale price of 20 euros. ICE offered Euronext’s stock through a private placement to institutional investors, it said in the statement.”

12/08/14 Vanguard Turns Firepower on Shake-up of Financial Advice Market 

  • Executives at Vanguard’s Valley Forge, Pennsylvania headquarters have been quietly working on a way to give simple but effective portfolio advice to US savers. It promises to offer the service at a fraction of the cost of the average financial adviser, 0.3 per cent of assets annually compared with an industry average of more than 1 per cent.”


Regulator Newsmakers


12/08/14 CFTC Bans Credit Card Use by Retail Foreign Exchange Investors

  • By funding a retail account with a credit card and making a losing bet using leverage as high as 50-1, a trader can lose 100 percent of the investment in a matter of days, as Bloomberg Markets magazine reported in its December issue. The investor would pay at least a 3 percent upfront credit card fee for a cash advance, as well as an interest rate as high as 25 percent on the debt.”

12/08/14 If the Treasuries are Manipulated, Good Luck Finding Any Cops

  • Rules first enacted in 1986 that have gone virtually untouched for a decade and a half are allowing computerized firms to outmaneuver less-savvy rivals and, some executives assert, manipulate prices. They say a lack of cohesive regulation and technology to monitor high-frequency traders is making the world’s biggest government bond market more dangerous for everyone.”


CFTC Corner


11/19/14 PR7063-14 CFTC Launches National Campaign to Protect Consumers from Financial Fraud

  • The U.S. Commodity Futures Trading Commission (CFTC) today launched CFTC SmartCheck, a new national campaign to help investors identify and protect themselves against financial fraud. The comprehensive campaign includes a new website, a national advertising campaign and interactive videos that will help investors spot investment offers that are potentially fraudulent. The new website,, unveiled today, is an educational tool that helps investors conduct background checks of financial professionals.”

11/25/14 PR7068-14 CFTC Staff Issues No Action Relief for Family Offices From Commodity Trading Advisor Registration

  •  The U.S. Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (Division) issued a no-action letter providing family offices relief from commodity trading advisor registration, in connection with advisory services they provide to family clients.”

12/04/14 PR7074-14 Paul Greenwood Sentenced to 10 Years in Federal Prison for Billion-Dollar Investment Scam

  • The criminal charges arose from Greenwood’s solicitation fraud and misappropriation of pool participant funds, as charged in a Complaint filed by the CFTC on February 25, 2009 (see CFTC Press Release 5621-09) and a companion Complaint filed by the Securities and Exchange Commission. According to findings in Consent Orders entered earlier in the CFTC case, from at least 1996 to 2009, Greenwood and a co-Defendant solicited more than $7.6 billion from institutional investors, including charitable and university foundations and pension and retirement plans through Westridge Capital Management, WG Trading Investors, LP, and other entities. The Defendants defrauded victims by falsely depicting that all pool participants’ funds would be employed in a single investment strategy that consisted of index arbitrage. However, pool participants’ funds were transferred to another entity from which Greenwood and the co-Defendant siphoned funds.”

PR7075-14 CFTC Announces Agenda for Upcoming Agricultural Advisory Committee Meeting

  • “The U.S. Commodity Futures Trading Commission (CFTC) announced today the agenda for the upcoming Agricultural Advisory Committee (AAC) meeting on Tuesday, December 9, 2014 at 10:00 a.m., at its headquarters in Washington, DC. The agenda includes USDA Secretary Tom Vilsack, who will present on the state of the agriculture economy. For information about the meeting, including attending, viewing and listening instructions, see CFTC News Release 7061-14.

Futures Legal News November 18, 2014

November 18, 2014    |    posted by elspeth


Industry Issues and Improvements

 11/17/14 Hedge Funds Caught Out by Oil Slide, Worsening Rout: Kemp

  • Hedge funds have been badly wrong-footed by the slide in oil prices over the past five months, and by trying to turn their positions around have accelerated the rout.”

11/17/14 Tullett adds HR Chief as it Focuses on Broker Conduct

  • Interdealer broker Tullett Prebon has created a new role of global head of human resources as it reinforces controls on staff conduct in the wake of recent trading scandals.”

11/17/14 Deutsche Bank Scales Back Trading in Credit Derivatives

  • The lender will instead focus on transactions in corporate bonds, while maintaining trading in the more active market for credit swaps tied to benchmark indexes, Michele Allison, a spokeswoman for the Frankfurt-based bank, said today. The firm also will continue trading swaps tied to emerging-market borrowers and distressed companies, she said. The derivatives are used by hedge funds, banks and other institutional investors to protect against losses or to speculate on the ability of companies to repay their obligations.”


Regulator Newsmakers


11/17/14 Kuwait to Let Bank Trade Derivatives, Forex Forwards Move

  • Kuwait’s dinar rose sharply against the U.S. dollar in the forwards market on Monday in response to news that the Kuwaiti central bank would allow local banks to deal in derivatives with foreign banks.”


11/17/14 Innovation Spotlight: Swap Futures

  • “The mandatory central clearing of OTC derivatives has led to an abundance of additional costs, including additional margin and collateral requirements. Formerly a bilateral process, swaps trading now involves central counterparties (CCPs), signing up with clearing members and a whole lot of extra compliance. The cost and complexity of swap trading has seen swap futures emerge as a cheaper way of hedging interest rate risk in particular.”

11/17/14 Fed Libor Meeting Includes Barclays, Goldman Sachs

11/17/14 Senate Panel to Grill Fed’s Tarullo, Bankers Over Commodities

  • A heavyweight list of bankers and regulators will appear before a U.S. Senate committee this week in a probe into Wall Street’s role in commodity markets and ahead of possible tougher rules from the Federal Reserve.”


CFTC Corner


11/18/14 Remarks of Timothy G. Massad at the CME Global Financial Leadership Conference

  • In the 1930s, we created a framework for securities regulation and trading which proved tremendously successful. Many of its mandates such as public reporting by listed companies were revolutionary at the time. Many felt the requirements would be the death knell of capitalism. When the Securities Exchange Act was passed, the President of the New York Stock Exchange said it was “a menace to national recovery.” History has proved otherwise.”