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Dodd Frank

This tag is associated with 28 posts

$16m fine in the US, other US fines, and a fine alternative in Northern Ireland

Kraft Heinz Co and Mondelez International Inc have been fined $16 million in the US by the CFTC for market manipulation. The press release can be found here and the order here. The companies are accused to have built up significant positions in wheat futures, with no intention of taking delivery thus sending a false … Continue reading

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

Data quality in trade repositories

With changes coming in the formats of EMIR reporting in November, and a wider change coming next year, it is worth considering the quality of the data in trade repositories and swaps data repositories. This article by Jenny Nilsson on The OTC Space web site looks at some of the issues that have held back data … Continue reading

Articles on alleged manipulation, non manipulation and breaches of position limits

See here for an article on the India based “Money life” web site about alleged manipulations in currency and commodity markets using spoofing and other typical manipulation techniques. The allegations include questions about the venues’ surveillance of activity. No manipulation is alleged in this article on the Bloomberg web site about the purchase of large … Continue reading

Position limits in the EU and US, and another MiFID II training course

Following the webinar by Nasdaq on real time position limits last week, the recording can be found here. The recording of Unavista’s webinar on Position Reporting can be found here. Also see here for an article on Emissions-EUETS about the complexities of netting under the position limits rules. Meanwhile, the FIA have lodged an extensive … Continue reading

US news

While we wait for the year to get truly started in Europe, it is worth looking at some news coming from the US. We have already seen a re proposal of the position limits rules to a smaller set of contracts. The key set of news is the likely change in stance and regulation following … Continue reading

Fines in the banking world

The CFTC in the US have fined Société Générale SA $450,000 for failing to report trades to an SDR (Swaps Data Repository). The notice can be found here. The bank had implemented a software update in July 2014 which led to the problem. It was not fully fixed for some time afterwards. In Europe, EMIR … Continue reading

US position limits reproposed

While we digest the latest editions of MiFID II RTS 20, on the Ancillary Activity test, and RTS 21, on Position limits (more posts later this week on this topic), the CFTC has been pushing for the US version of the rules for final approval. The CFTC have issued this press release outlining the changes to … Continue reading