In three separate cases, two futures commission merchants and a guaranteed introducing broker settled CFTC charges for improperly bunching orders, unauthorized trading and failing to diligently supervise.
The CFTC Division of Swap Dealer and Intermediary Oversight and Division of Clearing and Risk provided no-action relief and guidance on the treatment of separate accounts of a single beneficial owner by futures commission merchants.
The CFTC proposal to codify the agency's process for terminating exemptive relief granted to non-U.S. firms to offer non-U.S. futures and options directly to U.S. customers was published in the Federal Register.
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.
CFTC Commissioner Dan M. Berkovitz advised the CFTC to focus on (i) increasing competition in the derivatives markets and (ii) setting speculative position limits with exemptions for bona fide hedging activities.