University of Houston Finance Professor Craig Pirrong analyzed Commissioner Dan Berkovitz's support for Dodd-Frank reforms that "have in fact likely increased concentration" by increasing fixed regulatory costs for those operating in this sector.
The U.S. District Court for the District of Connecticut ordered a former precious metals trader to pay a civil monetary penalty for placing orders with the intention of canceling them prior to execution.
University of Houston Finance Professor Craig Pirrong analyzed a recent court determination that a Chicago trader and his firm had neither manipulated nor attempted to manipulate the price of certain interest rate swaps.
The U.S. District Court for the Southern District of New York determined that the CFTC failed to prove that a Chicago trader and his firm had either manipulated or attempted to manipulate the price of certain interest rate swaps.
A U.S. District Court ruled in favor of the Board of Trade of the City of Chicago, Inc. and Chicago Mercantile Exchange, Inc. from allegations that they conspired to stop the CFTC from approving the application of a competing exchange.
The U.S. District Court for the District of Columbia ordered two Ireland-based companies that operate an online "prediction market" trading website to pay a $3 million penalty for violating a 2005 cease and desist order and illegally trading binary options.
University of Houston Finance Professor Craig Pirrong criticized regulators for concentrating on reforming the OTC derivatives market while ignoring the "myriad connections of this market to other parts of the financial market."
In an interview with Risk Desk editor John R. Sodergreen, former ICE eConfirm Chief Bruce Tupper and former CFTC attorney Peter Kavounas describe the launch of TransVix, a trucking futures and options exchange.
University of Houston Finance Professor Craig Pirrong asserted that Deutsche Bank's exit from U.S. swaps clearing due to capital cost concerns is symptomatic of "how major portions of Dodd-Frank and the regulations emanating from it need a thorough review and in some cases a major overhaul."
Risk Desk Editor John Sodergreen examined the evolution of the financial technology industry in light of Acting Chair J. Christopher Giancarlo's stated intention to "embrace Fintech to a level not seen before at the agency."
University of Houston Finance Professor Craig Pirrong argued that regulatory efforts to make central counterparties more resilient might help to mitigate credit risk, but they also exacerbate liquidity risk, which in turn creates the "recipe for a broader market crisis."
"The Risk Desk" editor John R. Sodergreen described the debate between CFTC Chair Timothy Massad and Commissioner Chris Giancarlo over an amendment to proposed Regulation Automated Trading that would allow the CFTC access to an algorithmic firm's trading source code without first issuing a subpoena.
University of Houston Finance Professor Craig Pirrong described the "horror story" of systemic clearing mandates, and explained why he remains skeptical that regulators will "take heed of the lessons of Brexit."
In response to reports that the European Commission is finalizing legislation on Central Counterparty recovery, University of Houston Finance Professor Craig Pirrong identified sources of "fundamental tension" that underlie the final resolution authority.
The U.S. District Court for the Southern District of New York, Judge Analisa Torres, dismissed the CFTC's argument that it did not prove the intent to create an artificial price in order for it to establish a manipulation claim against an investment firm and the firm's CEO.