Browsing: CFTC

Posts Tagged ‘ CFTC ’

The Value of Speculation Limits, or Lack Thereof

Jun 18th, 2019 | Filed under: Commodities, Derivatives, Newly Added, Commodity Forward Pricing, The A.I. Industry, Commodities

CFTC Commissioner Daniel Berkovitz recently spoke to the FIA Commodities Symposium, in Houston, Texas, about the reduction of systemic risks and the strengthening of market integrity under the Dodd-Frank Act. He gave the usual disclaimer, that the views he expressed in this address were his own not those of theRead More

Bart Chilton: A Career of Regulating Commodities, Futures and Cheetahs

May 7th, 2019 | Filed under: Commodities, Investing in Commodities, Newly Added, The A.I. Industry, Commodities

Bart Chilton, a senior adviser at DLA Piper who was from 2007 to 2014 a Commissioner of the Commodity Futures Trading Commission, passed away April 27. Chilton had a colorful reputation in the largely grey-hued world of commodities regulation. President George W. Bush appointed Chilton to the CFTC at aRead More

Massad: Where the U.S. and the World Stand on Margins & Cap Requirements

Oct 27th, 2016 | Filed under: Investing in Commodities, Newly Added, Forex, The Global Economy & Currencies, Commodities, Finance & Economics

The chair of the Commodity Futures Trading Commission, Timothy Massad, addressed the Outlook Conference of the Managed Funds Association on October 21, and spoke about the global implementation of uncleared margin rules, which he called a critical component of “the new regulatory framework for swaps trading that the leaders ofRead More

Proposed Reg AT: Comments Pile Up at the CFTC

Mar 22nd, 2016 | Filed under: Commodities, Newly Added, Regulatory Environment, oil, Commodities: Examples, Energy, The A.I. Industry, Commodities

The CFTC received a last-minute pile-up of comments on proposed rule 80 FR 78824, on automated trading. The commenters generally are not in a mood to pat the agency on its intangible back and congratulate it on a job well done. Quite the contrary. The notice of proposed rule-making (NPRM)Read More

CFTC Exempts ASX Clear from DCO Registration

Aug 25th, 2015 | Filed under: Hedge Fund Industry Trends, Commodities, Alpha Hunters, Alpha Seekers

The CFTC has issued its first exemption from the CDO registration mandate under 5b (h). The successful petition for that exemption, from ASX Clear, has the additional merit of having inspired an idiosyncratic seeming, but concise, comment letter, quoted in full here. Read More

Overtrading and the Danger of Pro Rata

Jul 30th, 2015 | Filed under: Commodities, Algorithmic and high-frequency trading, Currencies, Derivatives, Forex

Guest columnist Ginger Szala looks at pro rata and what happens if...Read More

Spoofing: The ‘It’ Enforcement Action

Jun 17th, 2015 | Filed under: Algorithmic and high-frequency trading, Hedge Fund Strategies, Derivatives, Regulatory, Technology

Spoofing is probably about as ubiquitous as texting-while-driving. And it is possible to make an example of a spoofer caught red-handed. But it isn't clear what purpose that will serve. The real problem is that a broken market contains a broken set of incentives. Read More

Exemptions and Pools: CFTC Harmonizes with the JOBS Act

Sep 17th, 2014 | Filed under: Hedge Fund Regulation, Commodities

Two rules within the CFTC rulebook that offer exemptions for certain CPOs from certain regulatory requirements mirrored the original pre-JOBS Act Reg D on the SEC side. But of course we are now in a post-JOBS Act world, and the CFTC staff has now acted, not through a rule change but by staff letter, to harmonize with its sister agency and with the JOBS Act mandate. Read More

MF Global Report: Full Recovery Still Iffy

Nov 19th, 2012 | Filed under: Commodities

If a trial set for April 2013 in the U.K. doesn't go the way trustee James Giddens wants, the U.S. customers of MFGI whose interests he represents may be out of luck with regard to some portion of their lost money, subordinated to the claims of other creditors.Read More

After Peregrine: Examining the Logical Space for SROs

Aug 21st, 2012 | Filed under: Commodities

The Senate committee's witnesses on August 1 included Gary Gensler, chairman of the Commodity Futures Trading Commission, Dan Roth, president and CEO of the National Futures Association, Ira Bodenstein, chapter 7 Trustee of Peregrine Financial, and Walt Lukken, president and CEO of the Futures Industry Association. Read More

Dear SEC: Comments on the JOBS Act

Jul 19th, 2012 | Filed under: Hedge Fund Industry Trends, Hedge Fund Regulation, Real Estate, Private Equity, Regulatory

A veteran of hedge funds and private equity, Jeff Joseph offers some comments to the U.S. Securities and Exchange Commission on the JOBS Act and what this legislation has the potential to mean to the global alternative investment community.Read More

CFTC Working Group Tries to Define High Frequency Trading

Jul 5th, 2012 | Filed under: Commodities, Algorithmic and high-frequency trading

Here is a draft definition of high frequency trading presented to the CFTC on June 20. HFT is a form of automated trading that employs: (a) algorithms for decision making, order initiation, generation, routing, or execution, for each individual transaction without human direction; (b) low-latency technology that is designed to minimize response times, including proximity and co-location services; (c) high-speed connections to markets for order entry; and (d) high message rates (orders, quotes, or cancellations).Read More

Algo Trading: Life in the Cross-Hairs

Mar 8th, 2012 | Filed under: Hedge Fund Regulation, Algorithmic and high-frequency trading

Three lawyers with Covington & Burlington write about the new intensified scrutiny to which regulators are subjecting algorihtmic and high frequency trading. They place it in the context of an old dispute over what constitutes market manipulation. According to the broadest view, if a trader's 'sole intent' in making even a quite ordinary buy or sell order is to move the price, then the resulting trade is market manipulation.Read More

Final CFTC Rule Limits Registration Exemptions for Commodity Pools

Mar 6th, 2012 | Filed under: Hedge Fund Regulation, Commodities, CTA

With the enactment of the Dodd-Frank Act (more formally the Wall Street Reform and Consumer Protection Act) in 2010, Congress demanded change. It did not specifically demand changes in the rules relating to CPOs, but it did demand that the SEC change certain rules regarding hedge fund advisors, and the CFTC has decided that a reconsideration of the CPO rules is “consistent with the tenor of the provisions” of that act because the “sources of risk delineated in the Dodd-Frank Act with respect to private funds are also presented by commodity pools.”Read More