The Delta Strategy Group has prepared an overview of the key differences between the CFTC's recently proposed position limit rules and and its previously vacated position limit rules. According to Delta Strategy Group, the recent proposal and the prior rule differ more in language than in substance. The Delta Strategy Group speculates that the differences in language may reflect an attempt by the CFTC to distance itself from the vacated rule and demonstrate the effort that was invested in the new proposal. That said, according to the Delta Strategy Group, in many instances, these changes in

The U.S. District Court for the Southern District of New York has ordered MF Global Inc. to pay $1.212 billion in restitution to its customers to cover the losses sustained when MF Global failed in 2011. The court also imposed a $100 million civil monetary penalty on MF Global which will be collected after all its customers and creditors receive payment. The Order arises out of a Complaint filed by the CFTC in June 2013 charging MF Global and other Defendants with unlawful use of customer funds. In the Complaint, the CFTC charged that, during the last week of October 2011, MF Global unlawfully

CFTC Chairman Gary Gensler gave a speech at the Swap Execution Facility Conference titled, "Bringing Transparency and Access to Markets." Chairman Gensler stated that, because the CFTC has completed nearly all SEF rulemaking and the initial major compliance dates have passed, the playing field has been leveled through transparency, impartial access, central clearing, and straight-through processing. Chairman Gensler also noted that the CFTC Staff Guidance (i) requires all SEFs to provide dealers and non-dealers with the ability to view, place or respond to all indicative or firm bids and

The CFTC Division of Market Oversight ("DMO") has issued further staff "guidance" as to swap execution facilities ("SEFs"). The Guidance addresses six areas, including: SEF/DCM registration requirements, which apply to multilateral swaps trading platforms located both in and outside the U.S . under CFTC Rule 37.3 ("Requirements and Procedures for Registration") if the SEF is used for executions by either (i) non-U.S. persons located within the United States or (ii) U.S. persons through agents; consent by clearing members to the jurisdiction of a SEF pursuant to CFTC Rule 37.700 ("Core

The CFTC approved the application of LatAm SEF, LLC, for temporary registration as a swap execution facility ("SEF"), pursuant to CEA Section 5h ("Swap Execution Facilities") and CFTC Rule 37.3(c) ("Requirements and Procedures for Registration"). See: CFTC Letter to LatAm SEF; CFTC Press Release. See also: Cabinet SEF Table. Related news: CFTC Issues Notice of Temporary SEF Registration to tpSEF Inc. and Tradition SEF, Inc. (with Lofchie Comment) (September 25, 2013); CFTC Issues Notice of Temporary SEF Registration to INFX SEF Inc. (September 24, 2013); CFTC Issues Notice of Temporary SEF