The Federal Reserve Bank and the Office of the Comptroller of the Currency fined a bank for failing to monitor firm and client trading activities.
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Federal Reserve Board Vice Chair for Supervision Michael S. Barr reported that, going forward, the Federal Reserve plans to focus on supervision over fundamental risk management related to counterparty credit risk practices.
The CFTC proposed amendments to allow foreign trade boards ("FBOTs") to offer direct trading access to U.S.-based introducing broker participants and to establish a process for FBOTs to request revocation of their registration.
A broker-dealer settled charges with FINRA it sent confirmations to institutions' customers that "inaccurately reflected the capacity in which the firm acted."
A broker dealer settled FINRA charges for failing to disclose to retail customers markup and markdown information on transactions in debt securities, including municipal securities and corporate and agency debt.