Keyword: cftc
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An accomplished Republican professional who served as chief operating officer of the Commodity Futures Trading Commission (CFTC) during the Donald Trump administration was among those shot in a vicious carjacking spree in Washington, D.C., on Monday night, one that ended in police killing the perpetrator in Maryland early Tuesday morning. Mike Gill is in a hospital in critical condition after being shot while picking up his wife, an education lawyer, blocks from the White House on K Street in downtown D.C. at 5:45pm. “We can confirm that Mike Gill was the victim of the shooting at the 900 block of...
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The Justice Department on Tuesday unsealed charges, and sought extradition, of a Brit who did day-trading in futures contracts from his London home. The Commodity Futures Trading Commission also filed civil charges against Navinder Singh Sarao and his company. Sarao was arrested in the U.K. over the charges relating to manipulation. While the government has alleged manipulation on at least ten different occasions, it is the activity on May 6, 2010, that will draw the most attention. The U.S. government says Sarao was engaged in what’s called layering, which involves making multiple, bogus orders that are quickly cancelled to trick...
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As the U.S. House of Representatives prepared to consider the fiscal year 2015 agricultural appropriations bill, the White House threatened to veto the legislation due to opposition related to funding provisions related to school nutrition programs, potatoes in the Women, Infants and Children program and other policy issues.This is the first veto threat from the White House for fiscal year 2015 spending bills.“The bill undermines key investments in financial oversight, injects political decision-making into science-based nutrition standards, and includes objectionable language riders,†said the official Statement of Administration Policy. “If the President were presented with H.R. 4800, his senior advisors...
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We thought today's newsflow and "market action" ranked pretty high on the absurd surrealism scale. And then we saw this. BLYTHE MASTERS TO JOIN CFTC GLOBAL MARKETS COMMITTEE JPMORGAN’S BLYTHE MASTERS TO JOIN CFTC ADVISORY COMMITTEE CFTC SPOKESMAN COMMENTS ON BLYTHE MASTERS JOINING COMMITTEE That's right - you read it correct: "Blythe Masters, head of JPMorgan Chase & Co.’s commodities division, is joining an advisory committee of the U.S. Commodity Futures Trading Commission, said Steve Adamske, a spokesman for the regulator. Masters, 44, was invited by acting Chairman Mark Wetjen to sit on a global markets committee at the Washington-based...
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The obligation to tape record oral communications is imposed on all oral discussions whether they are conducted by telephone, voicemail, mobile device, or other digital/electronic media for a period of at least one year. Conversations must be captured and recorded by registrants whether they occur over company owned equipment or staff owned equipment (ie personal mobile phones, tablets, computers, etc.). These recordings are then also required to be cataloged, maintained, and archived in a form and manner that is both identifiable and searchable by transaction. In person, face to face meetings are excluded from the tape recording obligation.
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The secret of life is honesty and fair dealing. If you can fake that, you've got it made –Groucho Marx I suspect the SEC, FINRA, and CFTC are big fans of Groucho Marx, or at least his observations on fair dealing. How else could they justify turning a blind eye to a global media powerhouse such as Reuters selling early access to market-moving information? How could these authorities not condemn a practice like high-frequency trading (HFT), which causes significant market disruptions on a daily basis and destroys investor confidence? Why would agencies that are charged with oversight of the most...
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SEC names new top lawyer By Bernie Becker - 01/07/13 01:12 PM ET The Securities and Exchange Commission said Monday that Geoffrey Aronow would take over as its general counsel. Aronow, a lawyer in the Washington office of Bingham McCutcheon, has previous government experience, having served as head of the enforcement division at the Commodity Futures Trading Commission. The SEC's new top lawyer also has counseled clients about issues before the commission and the CFTC, and becomes one of the first top appointments from the SEC's new chairwoman, Elisse Walter. Aronow, for instance, represented the chief financial officer for MF...
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CFTC Charges Hunter Wise Commodities, Lloyds Commodities, C.D. Hopkins Financial, United States Capital Trust, Newbridge Alliance, Blackstone Metals Group, and their Principals in Multi-Million Dollar Fraudulent Precious Metals Scheme CFTC alleges that defendants conducted illegal, off-exchange commodity transactions, and deceived customers in connection with financed transactions in precious metals Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced that on December 5, 2012, it filed a civil injunctive enforcement action in the U.S. District Court for the Southern District of Florida against Hunter Wise Commodities, LLC; Hunter Wise Services, LLC; Hunter Wise Credit, LLC; Hunter Wise Trading,...
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Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today filed a civil complaint in federal district court in Washington, DC, charging Intrade The Prediction Market Limited (Intrade) and Trade Exchange Network Limited (TEN), Irish companies based in Dublin, Ireland, with offering commodity option contracts to U.S. customers for trading, as well as soliciting, accepting, and confirming the execution of orders from U.S. customers, all in violation of the CFTC’s ban on off-exchange options trading. The CFTC’s complaint also charges Intrade and TEN with making false statements concerning their options trading website in documents filed with the CFTC, and...
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Poor management decisions by MF Global's former CEO Jon Corzine triggered the brokerage firm's collapse, while lax protections for customer funds contributed to the loss of an estimated $1.6 billion of customer money, U.S. congressional investigators have determined.
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Dem Sen. Casey calls on CFTC to act against oil speculatorsBy Vicki Needham - 03/04/12 06:25 PM ET Democratic Sen. Bob Casey (Pa.) is pressing the Commodity Futures Trading Commission (CFTC) to help ease rising gasoline prices. In a letter sent to CFTC Chairman Gary Gensler on Sunday, Casey called on the agency to complete a rule that would limit speculation in the oil market and is two years in the making. “Consumers shouldn’t be forced to pay higher prices at the pump because of speculative bets on Wall Street,” Casey said. “Nearly two years ago Congress gave the CFTC...
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WASHINGTON (Reuters) - The top Republican on the Senate Banking Committee on Tuesday criticized the Commodity Futures Trading Commission's handling of MF Global's meltdown and said its chief is "evading" questions about his role in overseeing the company. Senator Richard Shelby said MF Global customers are waiting for their money to be returned while a "bewildered" CFTC searches for the funds. "The victims of MF Global, I believe, deserve better," Shelby said. Shelby made his comments at a Senate Banking Committee hearing on the implementation of the 2010 Dodd-Frank financial oversight law. CFTC Chairman Gary Gensler is testifying at the...
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SAN FRANCISCO (MarketWatch) -- The Commodity Futures Trading Commission on Tuesday filed a civil enforcement action in the United States District Court for the Southern District of New York against Parnon Energy Inc., Arcadia Petroleum Ltd. of the United Kingdom, and Arcadia Energy of Switzerland. [Snip] "According to the allegations, defendants conducted a manipulative cycle, driving the price of WTI to artificial highs and then back down, to make unlawful profits," said the commission in a statement.
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My question is simple. What are bankers like J.P. Morgan and HSBC doing playing in such size in this market? What is the economic and productive benefit? Perhaps there is a good answer. The taxpaying public certainly deserves to know. The CFTC says they have looked into this, but the detailed results of their findings remain less than forthcoming. IF this is legitimate hedging for producers then all well and good, but then there is no justification for secrecy. If these are trading positions held by the bank, or by the bank as agent for speculators, then there may be...
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I’ve been buying silver for the past few years now, and believe me; I never imagined that doing so would be a part of a political or societal movement. I’ve been buying for practical reasons – to protect some portion of my net worth from the eventuality and likelihood of a currency crisis. But right now, at this very moment, there’s a group of people spurring a movement to buy silver in order to bankrupt JP Morgan (NYSE: JPM). One especially vocal provocateur is financial analyst Max Keiser. He’s been credited with starting this movement. And to be honest, I...
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On March 17th of 2010 the self regulatory organization for commodities trading and retail foreign currency transactions in the United States, National Futures Association (“NFA”), announced a major change to the way Hedge, Commodity, and Forex funds operate. The change, titled “Compliance Rule 2-46” is NFA’s latest effort to work towards detecting and eliminating Madoff Style investment frauds within the industries they regulate. In order to comply with any set of new regulatory standards one has to first understand the intentions and implications of the adjusted policy. So what then does this adjustment mean for the commodity and forex industries?...
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On January 13th, 2010 the Commodity Futures Trading Commission (“CFTC”) issued a press release regarding its highly anticipated rule proposal for the regulation of retail forex transactions. The proposal seeks to adopt a new regulatory scheme to implement the CFTC Reauthorization Act of 2008. The following is a summary listing of the major provisions included in the CFTC’s proposal. While reading through these items please note that they are not the only changes to the law which have been proposed. Rather, these items represent what will be the most significant changes to the industry through the eyes of a former...
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The Commodities Futures Trading Commission (CFTC) wrapped up its hearings on whether to install position limits on futures trading this week, and like other hot topics being tossed around Capitol Hill, misinformation seems to be running rampant. One myth is that speculators only bet on prices going higher. The chart below shows both long and short futures positions for all commodities. While it's definitely not a one-to-one ratio, the chart shows that investing in futures is a two-way street, with investors lining up on both sides. Another myth is the overall size of the speculative market. According to a recent...
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Barack Obama's plan to overhaul the structure of financial regulation leaves in place the split between those regulators who supervise the trading of futures at the Commodities Futures Trading Commission and those who supervise stock trading at the Securities Trading Association. And while there may be good reasons to keep the commissions separate, mostly likely none of those informed the Obama administration's decision. Instead it was probably just cold politicial calculation. Merging the commissions has long been a popular idea with reformers. It was proposed by Hank Paulson when he was Treasury Secretary, and it is supported by many who...
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A Few Speculators Dominate Vast Market for Oil Trading By David Cho Washington Post Staff Writer Thursday, August 21, 2008; A01 Regulators had long classified a private Swiss energy conglomerate called Vitol as a trader that primarily helped industrial firms that needed oil to run their businesses. But when the Commodity Futures Trading Commission examined Vitol's books last month, it found that the firm was in fact more of a speculator, holding oil contracts as a profit-making investment rather than a means of lining up the actual delivery of fuel. Even more surprising to the commodities markets was the massive...
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