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Dodd Frank

This category contains 35 posts

Goldman Sachs pays $110m in the US relating to inside information disclosure

Goldman Sachs has agreed to pay a settlement in the region of $110m, split between the New York Department of Financial Services and the Federal Reserve Board, for the improper use of inside information relating to client orders in chat rooms. An article on the settlement can be found here on the Bloomberg web site.  … Continue reading

$2m settlement for position limit breach, wash trades and incorrect submission in the US

The CFTC has settled with Glencore Agriculture B.V. and Glencore Ltd $2 million for breaches of position limits in ICE cotton futures contracts, executed trades which are construed as wash trades, and making incorrect submissions. The CFTC press release can be found here and the order here. Glencore are alleged to have broken position limits … Continue reading

IOSCO document on reporting data elements

IOSCO and the Bank of International Settlements have issued this document entitled “Harmonisation of critical OTC derivatives data elements (other than UTI and UPI)”. It looks at the data elements used to report derivatives under rule sets such as EMIR or the Dodd Frank Act, and proposes a standard format for the data elements typically … Continue reading

Ofgem REMIT powers, fines set and more anti abuse developments

There has been more activity this week on the anti abuse side of things, following Monday’s post here on recent fines. Ofgem, the National Regulatory  Authority for the GB energy market, is to be given more powers by the UK government to enforce REMIT in terms of access to documents and the power to take … Continue reading

Anti-abuse fines on both sides of the Atlantic and more

There has been an increased focus on anti abuse activity in the energy and commodities markets over the past year, due to a combination of the start of MAR in July 2016, the start of REMIT data collection and also increased investigations by both financial and energy regulators. This year has already seen a fine … Continue reading

Cargill fined $10m for misreporting marks under Dodd Frank

The CFTC has fined Cargill $10m for the misreporting of marks to SDRs and counterparties. The CFTC’s press release can be found here. According to the  press release, the order finds that Cargill provided counterparties and the SDR inaccurate marks which had the effect of concealing up to ninety percent of Cargill’s mark-up. The press release … Continue reading

Progress on EU-US recognition

The European Commission and the CFTC moved closer to mutual recognition of rules, following a meeting held last week. The movement has been on two fronts: Trading platform recognition, which when finalised will simplifying cross jurisdiction trading. The aim is to have recognition  in place in time for MiFID II. An equivalence decision on the … Continue reading

Position limits rules and others worldwide

While the start of MiFID II commodity derivatives position limits moves closer (see here), there has been some movement in the US in finally applying mandatory position limits, which will apply to certain core contracts (see here). This article on the Reuters web site highlights convergence in opinion on how to finalise the rules and implement … Continue reading

CFTC announces review of US reporting requirements

The US Commodity Futures Trading Commission has announced a review of the “swaps” reporting rules under the Dodd Frank Act. The announcement can be found here. There are objectives to correct data by better validations, change who has to reconcile reports (the regime is a “one sided reporting rule set), and possibly also change the … Continue reading

The harmonisation of OTC derivatives reporting

The Bank of International Settlements (BIS) and IOSCO have published this paper which gives views on how data elements of OTC derivatives should be reported under different regulatory regimes worldwide. This includes rules such as EMIR, MiFID II and the Dodd Frank Act. The paper focuses on elements other than the Unique Trade Identifier and … Continue reading