After a rough start to the week, Asian stocks seem to have found some support as the Turkish Lira steadied below 7 per dollar. Japan’s Nikkei 225 rose 1.8% with all sectors in green territory as the Yen gave up some of yesterday’s gains. Australia’s ASX 200 and the Korean KOSPI also edged higher but gains were limited.
The Commodity Futures Trading Commission (CFTC) Thursday announced multiple whistleblower awards totaling more than $45 million. The awards demonstrate the growing success of the CFTC’s Whistleblower Program, in particular the increasing volume and complexity of incoming whistleblower submissions. Just last month, the CFTC announced an award of approximately $30 million to one whistleblower (see CFTC press release 7753-18, July 12, 2018) and the first award was made by the program to a whistleblower living in a foreign country (see CFTC press release 7755-18, July 16, 2018).
Commodity Futures Trading Commission Chairman J. Christopher Giancarlo announced today that Matthew A. Daigler has joined the CFTC to serve as a Senior Counsel to the Chairman. Daigler will advise the Chairman on Commission matters, including the Chairman’s Swaps Regulation Version 2.0 agenda.
The Commodity Futures Trading Commission (CFTC) issued an Order today filing and settling charges against Société Générale S.A. (Société Générale or the Bank) for attempted manipulation of and false reporting in connection with the London Interbank Offered Rate (LIBOR) for U.S. Dollar, Yen and Euro, and the Euro Interbank Offered Rate (Euribor), certain instances of manipulation of Yen LIBOR, and aiding and abetting traders at another bank in their attempts to manipulate Euribor.
The explosive growth in the value of cryptocurrencies has led to overnight billionaires. As many of these cryptocurrencies have seen 10-fold growth and more, the general public is drawn to invest in unregulated cryptocurrencies. Professional traders, along with state and federal regulators, warn investors that they are purchasing unregistered securities on exchanges.
The U.S. Commodity Futures Trading Commission (CFTC) unanimously approved amendments to the CFTC’s Whistleblower Rules that will, among other things, strengthen the CFTC’s anti-retaliation protections for whistleblowers and enhance the process for reviewing whistleblower claims.
Remarks of Acting Chairman J. Christopher Giancarlo before the International Swaps and Derivatives Association 32nd Annual Meeting in Lisbon, Portugal: Changing Swaps Trading Liquidity, Market Fragmentation and Regulatory Comity in Post-Reform Global Swaps Markets
JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon devoted one-third of his annual shareholder letter to arguments for changing regulations, particularly those on bank capital and liquidity, as well as home mortgage loan financing.
The annual International Futures Industry conference in Boca Raton, Fla. highlighted what the industry hopes to be a return of balance on the regulatory front. FIA President and CEO Walt Lukken, in his opening remarks, talked about how the pendulum had swung too far in the direction of proscriptive rules since the 2008 credit crisis thanks in part to the 22,000 separate Dodd-Frank Act rules, and that it was time for balance. Lukken said that the industry’s innovative muscles had atrophied due to the deluge of regulations and that it was time “to get back to the gym.”