"As this case shows, principles-based regulation does not mean lax oversight," said CFTC
Chairman Heath P.
But firms now worry that breaking out the cost of the analysis for their European customers as required by the new rules will force them to register with the CFTC
. (16) Title VII grants the SEC the authority to regulate
The last award announced by the CFTC
was in September 2015, for approximately $290,000.
will protect the US futures markets regardless of where those who engage in illegal spoofing practices are located."
defines a "swap dealer" based on the swap-dealing activities in which it engages.
In its ongoing litigation, the CFTC
is seeking preliminary and permanent injunctive relief, civil monetary penalties, and equitable relief including trading and registration bans and disgorgement.
Faced with high wheat prices starting in the summer of 2011, Kraft and Mondelez used a strategy to buy $90 million of wheat futures for delivery in December 2011, amounting to a six-month supply of wheat, the CFTC
The Commodity Futures Trading Commission (CFTC
) is wary of banks invoking guarantees on foreign swap deals.
Global oil trading house Arcadia and two well-known traders will pay $13 million and face an unusual three-year limit on trading physical US benchmark crude to settle a landmark lawsuit over manipulating oil prices in 2008.The settlement, disclosed in a filing with the US District Court in Manhattan, concludes one of the Commodity Futures Trading Commission's crackdowns on gaming crude oil markets, launched in the wake of the 2008 surge in oil prices that sparked a political outcry.In 2011, the CFTC
alleged that Arcadia, a global oil trading firm owned by Norwegian billionaire John Fredriksen, its US Parnon unit and oil traders James Dyer and Nick Wildgoose had made some $50 million by squeezing the oil market, losing money on physical trades in order to reap bigger profits on futures.
Testifying before the Senate Agriculture Committee, Massad also said he looked forward to listening to the concerns of commercial swaps end-users--agricultural concerns, for example --as CFTC
moves to implement the more than 60 rules it has adopted under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Obama is expected to use Massad's nominating ceremony to call on Congress to fully fund the CFTC
, one of the smallest and most thinly funded U.S.