Posts Tagged ‘CFTC’
Wednesday, February 1st, 2012
A day after a source close to the MF Global investigation told the Wall Street Journal that client money may have vaporized, another unnamed source close to the investigation tells the New York Times that investigators know where the money went.
Actually the MF Global Inc. trustee’s report released earlier this month pinpointed where much of the money was stuck and the main question that needed to be asked is why is everyone still quoting the $1.2 billion figure when it simply doesn’t add up. I guess a simple math question is not as sexy as citing unnamed sources.
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Tags: CFTC, regulation
Posted in MF Global, Regulatory/actions | No Comments »
Monday, January 23rd, 2012
Better late than never is how the Commodity Customer Coalitions (CCC) responded to the Commodity Futures Trading Commission’s brief, filed on Wednesday Jan. 18, clearly stating that former MF Global Inc. customers have priority over all other claimants. (more…)
Tags: ccc, CFTC, MF Global, mfgi
Posted in MF Global | No Comments »
Monday, December 5th, 2011
A frustrating aspect of the MF Global debacle is that as we get further away from the bankruptcy, the situation appears to be becoming less clear.
From our perspective and the perspective of our readers, the machinations of MF Global and its discredited leader Jon Corzine are less important than the ongoing effort to return customer money and addressing the structural breakdown in Futures regulation as it pertains to segregated funds.
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Tags: CFTC, Float
Posted in MF Global | 1 Comment »
Friday, November 25th, 2011
The MF Global bankruptcy and liquidation procedure is getting stranger by the day. As those involved in figuring it out looked to take a Thanksgiving break — though MFGI customers still are looking to be made whole — an odd series of seemingly contradictory news items came out.
The good news is that the trustee located and began to bring in $1.3 billion in customer segregated funds. This may have prompted CME Group to increase the guarantee it made to the trustee to $550 million from $250 million. This is not an allocation but a “good faith” attempt by CME Group to expedite allocation of customer funds by the trustee. This followed the shocking news that nearly three weeks after the bankruptcy filing the trustee stated that the shortfall in customer funds could be twice as much as previously believed. (more…)
Tags: CFTC, Gary Gensler
Posted in MF Global, Regulatory/actions | 2 Comments »
Sunday, November 20th, 2011
It has been nearly three weeks since MF Global Holdings Ltd. filed for bankruptcy and its futures commission merchant and broker/dealer went into liquidation and more than three weeks since we learned that they were in distress, yet we seem further away from an explanation as to what happened. (more…)
Tags: CFTC, CME Group, Gary Gensler
Posted in Uncategorized | No Comments »
Wednesday, October 19th, 2011
There was a surreal exchange between Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler and Commissioner Michael Dunn during Tuesday’s open meeting of the Commission where final rules for position limits and Derivatives Clearing Organization (DCO) core principles were approved. (more…)
Tags: CFTC, Gary Gensler, regulation
Posted in Spec limits | 1 Comment »
Monday, September 19th, 2011
Here I am, sitting on the trading desk or in the back office of a major bank or brokerage. I hear about the Commodity Futures Trading Commission’s new “whistleblower” program that could pay me from 10% to 30% of any fines it collects if I am first to expose hanky-panky to the Feds. I know of an internal plot to manipulate the price of a commodity or its futures contract. (more…)
Tags: CFTC, enforcement, whistleblower
Posted in Regulatory/actions | No Comments »
Thursday, September 15th, 2011
The CFTC, which is facing snipers all around as it tries to do what our Congress (don’t get me started) wants, has just issued new regulations for “swap data repositories” as the Dodd-Frank Act requires. Nothing exceptional here, except that enforcement will be deferred until the agency finalizes what is a “swap.” That is the heart and soul of the whole D-F regime.
Imagine that we were mandated to follow a particular religion but not until the word “god” is defined. (more…)
Tags: CFTC, Dodd-Frank Wall Street Reform and Consumer Protection Act, Swaps
Posted in Regulatory/actions | 1 Comment »
Wednesday, September 7th, 2011
I usually check my wallet when the word “reform” is used. But I have an idea that just might break the political logjam in the nation’s capitol. It is inspired by this blog and by the fact that communication, including decision making, is dominated today by electronic media. (We have no Macy’s here in northeast Florida, but we continue to buy through the website; this message was delivered by e-mail; we pay our bank and utility bills on-line).
Why must politicians journey to D.C. to conduct business? Is it that they cannot master the laptop? Do they need to use sign language to communicate. (more…)
Tags: CFTC, politicians, politics, SEC, technology
Posted in General | No Comments »
Monday, July 25th, 2011
The Commodity Futures Trading Commission has now adopted new rules - Regs. 180.1 and 180.2 – to implement the Dodd-Frank Act. They are intended to broaden the CFTC’s power over market manipulations involving trickery (Reg. 180.1) and the pure use of raw market power (Reg. 180.2).
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Tags: CFTC, fraud, manipulation
Posted in Regulatory/actions | 1 Comment »
