Orderly Markets

George E.P. Box, the internationally renowned mathematician and statistician, once said, “Essentially, all models are wrong, but some are useful.”

On May 6, 2015, the Securities & Exchange Commission (SEC) issued an order approving the National Market System (NMS) plan to implement a Tick Size Pilot Program by the National Securities Exch

While insider trading is clearly illegal, defining it can be difficult, especially when considering arguably innocent banter between friends and family.

Alternative Trading System IEX burst on the scene after Michael Lewis’ 2013 bestselling book “Flash Boys: A Wall Street Revolt” turned its founder, Brad Katsuyama, into the fair-haired protagonist fighting the evils of Wall Street.
Traditionally in the futures industry, it is a rule violation to fail to diligently supervise your employees and agents.
The Commodity Futures Trading Commission (CFTC) on Nov. 24, 2015, unanimously approved a series of rules to “enhance the regulatory regime for algorithmic order origination and electronic trade execution on U.S.-designated contract markets (DCMs).”
On Nov. 3, 2015, a federal jury in Chicago found commodities trader Michael Coscia guilty on six counts of commodities fraud and six counts of spoofing, the first criminal conviction for that offense under the Dodd-Frank Act.

If you are in the futures business and haven’t taken steps – or taken the right steps – to minimize the threat of cyber attacks, consider yourself warned.

The Commodity Futures Trading Commission's (CFTC) first court battle interpreting its new anti-manipulation authority under Dodd-Frank amendments to the Commodity Exchange Act (CEA) is CFTC v. Kraft Foods Group Inc. (KFT) and Mondeléz Global LLC. The case alleges that Kraft manipulated the wheat futures and cash markets in 2011.