Inside these posts: CFTC

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CFTC’s Gensler: Financial system still uncertain

Preventing another financial crisis similar to the one that shook the markets in 2008 requires a global effort and cannot be done by one nation alone, the head of the U.S. Commodity Futures Trading Commission said on Tuesday.

Gary Gensler, the chairman of the CFTC, the regulator of futures markets, said even though it is more than two years since the crisis exposed flaws in global financial and regulatory systems around the world, “significant uncertainty” still remains. Get the full story »

White House vetting Senate aide for CFTC spot

The White House is considering nominating Mark Wetjen, an aide to Senate Majority Leader Harry Reid, for a top job at the Commodity Futures Trading Commission, The Financial Times reported on Friday. Get the full story »

ICE: Exchange mergers a consequence of reforms

Mergers sweeping financial exchanges are in part an unintended consequence of global financial regulatory reforms, the head of IntercontinentalExchange Inc. said Wednesday. Get the full story »

U.S., Japan probes UBS actions on LIBOR

Swiss bank UBS said it had received subpoenas from U.S. and Japanese regulators regarding whether it made “improper attempts” to manipulate LIBOR rates, the benchmark price for interbank borrowing costs.

“UBS understands that the investigations focus on whether there were improper attempts by UBS, either acting on its own or together with others, to manipulate LIBOR rates at certain times,” the bank said in its annual report Tuesday. Get the full story »

US exchanges cry foul over ‘arbitrary’ CFTC rule

A proposed rule meant to protect investor access to fair prices on U.S. futures markets will instead drive business to less-regulated venues, boost costs, and stifle competition, the exchanges warned.

Eleven exchanges — including NYSE Euronext’s U.S. futures market, exchange giant CME Group, energy markets operator IntercontinentalExchange and Wall Street-backed ELX Futures LP — took aim at the rule in comment letters posted late Tuesday to the Commodity Futures Trading Commission’s web site, an unusual chorus of unity among fierce competitors. Fund manager Blackrock Inc also opposed the rule. Get the full story »

U.S. flash crash panel calls for market overhaul

U.S. regulators should stem the growing tide of anonymous stock-trading and consider charging high-frequency traders fees for the disproportionate amount of orders they send into the marketplace, said a panel of experts advising how to avoid another “flash crash.”

The report laying out 14 recommendations for the Securities and Exchange Commission and Commodity Futures Trading Commission contains some fresh ideas. Taken together, they would significantly overhaul the high-speed market that has gone increasingly electronic in the last decade. Get the full story »

CFTC advances position plan, more hurdles ahead

Big speculators could face curbs on wheeling and dealing in commodity markets after the Commodity Futures Trading Commission Thursday advanced a plan to cap large positions, but internal dissent could delay final adoption of the plan for months or longer. Get the full story »

CFTC’s position limit plan gains needed support

A top official at the U.S. futures regulator said on Tuesday he was now in favor of a stalled position limit plan, a key turnaround that would allow the controversial rules to advance to the public comment stage. Get the full story »

Trade groups: CFTC regulations must be clear

Several financial industry trade groups said on Tuesday that the Commodity Futures Trading Commission risks causing confusion and reducing legitimate trading practices if it fails to clearly outline what practices are prohibited under its new anti-manipulation authority.

The Futures Industry Association, the Securities Industry and Financial Markets Association and the International Swaps and Derivatives Associations said in a joint letter the CFTC must describe legitimate trading practices with those it has determined can lead to market manipulation. Get the full story »

ICE withdraws application to clear derivatives

ICE Trust, the unit of exchange operator IntercontinentalExchange Inc. dedicated to clearing credit-default swaps, has withdrawn its application to be a derivatives clearing organization registered with the Commodity Futures Trading Commission in response to changes proposed by the regulator.

ICE filed the application Nov. 12, but a spokeswoman told Dow Jones Newswires on Thursday that it decided to withdraw it, “given the significant changes proposed to the commission regulations” for derivatives-clearing organizations, or DCOs. Get the full story »

CFTC names ‘Flash Crash’ expert as chief economist

The U.S. futures regulator said on Tuesday it has promoted Andrei Kirilenko, an economist known for his role in the review of the May 6 “flash crash,” as chief economist for the Commodity Futures Trading Commission. Get the full story »

CFTC proposes long-awaited end user rule

The U.S. futures regulator on Thursday unveiled a long-awaited rule outlining exemptions for firms using swaps to hedge risk, but at the last minute postponed issuing a separate rule with guidelines for swap trading platforms.

Without much explanation, Gary Gensler, chairman of the Commodity Futures Trading Commission, said he was delaying until next week the agency’s proposals to make swap execution facilities, or SEFs, transparent. The delay further underscores the tight deadline the agency is under, and different views by the agency’s five commissioners as to what Congress intended. Get the full story »

CFTC won’t make January position limits deadline

The futures regulator will miss a mid-January deadline to finalize its long-awaited plan to limit speculative positions held by commodity traders, an agency official said on Wednesday.

“At this point we’re not going to make the deadline,” Jill Sommers, a commissioner at the Commodity Futures Trading Commission, told Reuters. “I don’t see how we make the January deadline.”

Once the CFTC introduces the rule it is required to open it to public comment for at least 30 days, review those comments, determine any revisions, then finalize it. Get the full story »

CFTC’s Sommers: Position limit rule likely for Dec.

The U.S. futures regulator is unlikely to unveil its new proposal to limit speculative positions until December, a top official of the Commodity Futures Trading Commission told Reuters on Wednesday. Get the full story »

Cupcake diplomacy? CFTC chief touts ties with SEC

Commodity Futures Trading Commission Chairman Gary Gensler says he’s so close to his counterpart at the Securities and Exchange Commmision that SEC Chief Mary Schapiro gave him a treat a couple weeks back.

“Mary and I talk often,” he told a crowd at the Futures Industry Association’s annual meeting in Chicago. “It was my birthday a few weeks ago. She made me cupcakes. They were good cupcakes too, and they were homemade!”

Schapiro and Gensler have taken great pains to publicly show they are working together instead of feuding over turf, as their agencies historically often did. Get the full story »