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

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