A floor broker who traded options on the Chicago Board of Trade agreed to settle CFTC charges that he defrauded his employer by falsely inflating the value and profitability of options positions and misrepresenting the number of options and risk associated with his position.
The Board of the International Organization of Securities Commissions (IOSCO) issued a statement on research conducted by the IOSCO Task Force on OTC Derivatives Regulation concerning credit default swap auction processes and the functioning of the ISDA Credit Determinations Committees.
JP Morgan Securities LLC, a registered futures commission merchant and swap dealer, agreed to pay a civil monetary penalty to settle CFTC charges that it failed to maintain adequate systems for reconciling exchange and clearing fees for trading of Chicago Mercantile Exchange products.
The Board of the International Organization of Securities Commissions issued guidance intended to "increase the consistency and quality" of the reporting by Benchmark Administrators on their compliance with IOSCO's Principles for Financial Benchmarks, published in July 2013.
The CFTC authorized the NFA to receive, review, maintain and serve as the official custodian of records for notices provided by swap dealers and major swap participants of swap valuation disputes. The affected notices pertain to disputes in excess of $20 million (or its equivalent in any other currency) pursuant to CFTC Rule 23.502(c). The CFTC notice of authorization was published in the Federal Register.