RCG is a regulated Futures Commission Merchants
offering trading execution, clearing, brokerage, institutional foreign exchange, managed futures and a full range of electronic trading services.
is a provider of regulatory technology software solutions for capital markets, including Tier 1 banks, brokerages and futures commission merchants
(FCMs), proprietary trading firms, exchanges, corporates and buy-side firms.
Apple has also made it clear that apps facilitating Initial Coin Offerings (ICOs), cryptocurrency futures trading and other quasi-securities trading should only come from established banks, securities firms, futures commission merchants
and other approved financial institutions in compliance with all applicable law.
Bank subsidiaries that help clients buy and sell derivatives, known as futures commission merchants
, could be particularly vulnerable to any added compliance costs.
The rules will impose compliance, reporting and registration requirements on proprietary firms, designated contract markets (DCM), clearing member futures commission merchants
(FCM) and other CFTC registrants using algorithmic trading systems.
The CDD Final Rule adds a new requirement that financial institutions - including banks, brokers or dealers in securities, mutual funds, futures commission merchants
, and introducing brokers in commodities - collect and verify the personal information of the real people (also known as beneficial owners) who own, control, and profit from companies when those companies open accounts.
The companies, through their established relationships with commodity brokers and Futures Commission Merchants
, effectively sell the harvested beans overseas through the port in the west of the country.
To allow for an orderly transition, SGX clearing members which are not registered with the CFTC as futures commission merchants
(FCMs) can continue clearing swap contracts for US persons via SGX Derivatives Clearing following an extension of the "no action relief" from CFTC to 31 March 2014.
CFTC Commissioner Jill Sommers, a Republican appointee, recently wrote to Roberts to say that Gensler "has directed commission staff to develop recommendations for enhancing commission and designated self-regulatory organization [DSRO] programs related to the protection of customer funds, which could include changes to commission rules governing futures commission merchants
, enhanced commission oversight of DSROs, and possible statutory changes, among other things."
<p>Specifically, the proposed regulations would require the registration of counterparties offering retail foreign currency contracts as either futures commission merchants
(FCMs) or retail foreign exchange dealers (RFEDs), a new category of registrant created by the Farm Bill.
In the past, government has regulated entities by what they are (stockbrokers, commercial bankers, insurance agents, investment bankers, commodity futures commission merchants
, etc.) rather than what they do (create and distribute investment products, syndicate commercial loans, project price discovery, etc.).