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Bridging the Weeks by Gary DeWaal: December 22, 2014, to January 2 and 5, 2015 (Disruptive Trading, Block Trades, Customer Protection, NDF Clearing, MF Global)
Happy new year and welcome back!
New proposed rules and an amended proposed guidance regarding an old rule: 2014 ended with two affiliated exchanges proposing slightly different new rules on disruptive trading (which themselves were each slightly different from a new rule adopted earlier in 2014 by another exchange and under US law), while one exchange amended proposed new FAQs related to an existing rule on block trades just days after its initial proposal. Also, both futures and securities regulators brought enforcement proceedings against firms for violating customer assets protection rules, while one legacy action involving MF Global was finally resolved. As a result, the following matters are covered in this week’s Bridging the Weeks:
- ICE Futures U.S. and Canada Amend Rules to Expressly Prohibit Disruptive Trading Practices (includes My View);
- In Time for Christmas, CFTC Gives FCMs, SDs and MSPs Gift of Time Extension to File CCO Annual Report; However, Adds Content Requirements As the Price;
- FCM Fined US $3 Million by CFTC for Improper Investment of Customer Funds and Financial Reporting, Recordkeeping and Supervision Violations;
- Broker-Dealer Fined US $3 Million by FINRA for Customer Protection Rule Violations (includes My View);
- CME Group Amends Proposed Guidance Related to Wash Trade Rules and Block Trades;
- CFTC Advisory Subcommittee Recommends Globally Coordinated NDF Clearing Mandate With a Clear Timeline (includes My View);
- Monex Securities Sanctioned by FINRA for Not Registering and Supervising Non-US Personnel; President and Chief Compliance Officer Suspended;
- MF Global Holding Company Settles With CFTC Related to Subsidiary’s Collapse;
- Investment Company and Former CEO Charged With Defrauding Investors Related to Sale of Index Products Using ETFs; Firm Settles by Payment of US $35 Million;
- BIS Proposes Changes to Standardized Approach to Credit Risk;
- UK FCA Consults on Potentially Overseeing Other Benchmarks; and more.
Click here to access the video and article versions of this week’s Bridging the Week.
Click here to access the full article "In Time for Christmas, CFTC Gives FCMs, SDs and MSPs Gift of Time Extension to File CCO Annual Report; However, Adds Content Requirements As the Price" in the January 2, 2015 edition of Between Bridges.
Click here to access the last edition of Bridging the Week in 2014 (December 15 to 19 and 22, 2014).
For further information, contact:
Gary DeWaal
Katten Muchin Rosenman LLP
575 Madison Avenue
New York, New York
(212) 940-6558
gary.dewaal@kattenlaw.com
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