U.S. Commodity Futures Trading Commission (CFTC)
Recent News About U.S. Commodity Futures Trading Commission (CFTC)
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AI Day Agenda Announced for May 2 CFTC Technology Advisory Committee Meeting
Commissioner Christy Goldsmith Romero announced the agenda for the upcoming "AI Day" at the Commodity Futures Trading Commission’s Technology Advisory Committee meeting on May 2, 2024. The event will take place from 1:00 p.m. to 4:30 p.m. (EDT) at the CFTC’s Washington, D.C. headquarters and will be open to the public both in person and via live webcast at CFTC.gov."We have a fantastic must-watch agenda for AI Day for anyone interested in digging deeper into how regulators should be approaching AI in regulated financial services, including generative AI," stated...
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CFTC Approves Final Rule Amending the Capital and Financial Reporting Requirements of Swap Dealers and Major Swap Participants
Washington, D.C. — The Commodity Futures Trading Commission today announced it has approved a final rule that amends the capital and financial reporting requirements of Swap Dealers (SDs) and Major Swap Participants (MSPs).According to the announcement, "The amendments make changes consistent with CFTC Staff Letter No. 21-15 regarding the tangible net worth capital approach for calculating capital under CFTC Regulation 23.101, as well as CFTC Staff Letter No. 21-18, as further extended by CFTC Staff Letter No. 23-11, regarding the alternate financial reporting...
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CFTC Approves Final Rules on Large Trader Reporting for Futures and Options
Washington, D.C. — The Commodity Futures Trading Commission today announced approval of final rules to amend its large trading reporting regulations for futures and options. These regulations require futures commission merchants, clearing members, foreign brokers, and certain reporting markets (reporting firms) to report to the Commission position information for the largest futures and options traders.The final rules replace the data elements currently enumerated in the CFTC’s regulations with an appendix specifying applicable data elements. The final rules also provide...
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CFTC to Hold a Commission Open Meeting April 29
Commodity Futures Trading Commission Chairman Rostin Behnam has announced that the Commission will hold an open meeting on Monday, April 29, at 9:30 a.m. (EDT) at the CFTC’s Washington, D.C. headquarters. The meeting will be open to the public, with options for attending in person, listening by phone, or viewing a live stream at CFTC.gov.During the meeting, Behnam stated, "The Commission will consider the following." Participants can access the live meeting feed by using the provided dial-in numbers or by streaming it on CFTC.gov. Behnam also emphasized the importance of...
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Commissioner Goldsmith Romero to Participate in Roundtable on Derivatives and Climate
Commissioner Christy Goldsmith Romero is set to take part in a significant event focusing on derivatives and climate. The Commissioner's participation in the upcoming roundtable hosted by the MSCI Sustainability Institute underscores the importance of discussing these critical issues.The event is scheduled to take place on Monday, April 29, 2024, from 9:00 a.m. to 12:00 p.m. (London/GMT) and 4:00 a.m. to 7:00 a.m. (USA/EDT) virtually at MSCI London, 10 Bishops Square, London E1 6EG.According to a press release, Commissioner Christy Goldsmith Romero will be contributing...
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Chairman Behnam to Participate in a Fireside Chat at a Syracuse University Event
Chairman Rostin Behnam is set to engage in a fireside chat at Syracuse University & Alumni Night in D.C. The event is scheduled for Friday, April 26, 2024, from 5:00 p.m. to 7:00 p.m. (ET) at Morgan, Lewis & Bockius, located at 1111 Pennsylvania Avenue, NW, Washington, DC 20004.The fireside chat will provide an opportunity for Chairman Behnam to share insights and engage with the Syracuse University community and alumni in attendance. The event promises to be an Evening of Celebration in D.C., bringing together individuals with a shared connection to the university.This...
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Cancelled — CFTC Open Meeting for April 29
Washington, D.C. — The Commodity Futures Trading Commission has announced the cancellation of its Open Meeting scheduled for Monday, April 29, 2024. The decision was made as the matters under consideration are being resolved through the Commission’s seriatim process.This announcement was made by the Commission itself, stating, "The Commodity Futures Trading Commission Open Meeting scheduled for Monday, April 29, 2024 has been cancelled." Additionally, it was clarified that "The matters under consideration are being resolved through the Commission’s seriatim process."The...
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Federal Court Orders Unregistered Pool Operator and its President to Pay Over $11 Million for Forex Fraud
A former resident of Miami, Florida, Darren Robinson, and his firm The QYU Holdings Inc. (QYUHI) have been ordered by a federal court to pay over $11 million for engaging in a fraudulent foreign currency (forex) scheme. Judge Linda V. Parker of the U.S. District Court for the Eastern District of Michigan issued an order of default judgment and a permanent injunction against Robinson and QYUHI.The order bans Robinson and QYUHI from trading in any CFTC-regulated markets and registering with the CFTC. It also requires them to pay $5,923,515.37 in restitution to defrauded...
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Commissioner Kristin N. Johnson Advocates for Responsible Adoption of AI in Financial Markets
Commissioner Kristin N. Johnson delivered opening remarks at the FIA L&C Panel on the future-proofing of financial markets through AI and derivatives markets on April 25, 2024. In her address, she emphasized the transformative potential of innovations like generative AI, stating, "Innovations such as generative AI have the power and the potential to alter many aspects of our markets and lives."Johnson highlighted the importance of policing derivatives markets, a cornerstone of the CFTC's mission, and advocated for heightened penalties for the misuse of AI in activities...
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Commissioner Mersinger to Participate on a Panel at FIA’s Law & Compliance Division Conference
Commissioner Summer K. Mersinger has been announced as a participant in the Commodities/End-User Panel at FIA’s Law and Compliance Division Conference. The event is scheduled to take place on Thursday, April 25, 2024, from 3:45 p.m. to 4:45 p.m. (EDT) at the Gaylord National Resort & Convention Center in National Harbor, MD 20745.The panel discussion is anticipated to be a significant aspect of the conference, focusing on commodities and end-user perspectives in the industry. Commissioner Mersinger's involvement is expected to bring valuable insights and expertise to the...
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Federal Court Orders California-Based Precious Metals Company, CEO, Senior Salesperson to Pay Over $56 Million for Fraud in Connection with Precious Metals Sales
A federal court has ordered a California-based precious metals company, its CEO, and a senior salesperson to pay over $56 million for fraud in connection with precious metals sales. The order, entered by Judge R. Gary Klausner of the U.S. District Court for the Central District of California, requires the defendants to pay restitution, disgorgement, and civil monetary penalties totaling $56.35 million.According to the Commodity Futures Trading Commission (CFTC), the defendants engaged in a fraudulent scheme from November 2019 to June 2022, convincing at least 950 people...
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"AI Day" To Be Held at May 2 CFTC Technology Advisory Committee Meeting
Washington, D.C. — Commissioner Christy Goldsmith Romero has announced that "AI Day" will be held at the Commodity Futures Trading Commission’s Technology Advisory Committee (TAC) meeting on May 2, 2024. The event will take place at the CFTC’s Washington, D.C. headquarters from 1:00 p.m. to 4:00 p.m. (EDT).According to Commissioner Romero, "AI Day is a continuation of the TAC’s study of AI, and the concept of Responsible AI in financial markets." The public is invited to attend the event in person or watch it via live webcast on CFTC.gov.Confirmed speakers for AI Day...
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Commissioner Goldsmith Romero to Participate on an AI Panel at FIA’s Law & Compliance Conference
Commissioner Christy Goldsmith Romero is set to participate in a panel discussion at FIA's Law & Compliance Conference. The panel, titled "AI and Machine Learning: The Unknown Future Rolls Towards Us," will take place on Wednesday, April 24, 2024, from 2:45 p.m. to 3:45 p.m. (EDT) at the Gaylord National Resort & Convention Center in National Harbor, MD.The event aims to delve into the implications of artificial intelligence and machine learning in the legal and compliance sectors. Commissioner Goldsmith Romero's participation underscores the importance of addressing the...
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CFTC Approves Final Rules on Swap Confirmation Requirements for SEFs
Washington, D.C. — The Commodity Futures Trading Commission (CFTC) approved final rules to amend its swap execution facility (SEF) regulations related to uncleared swap confirmations to address issues which have been addressed in CFTC staff no-action letters, including the most recent CFTC No Action Letter No. 17-17, as well as associated conforming and technical changes. The final rules are effective 30 days after publication in the Federal Register. Upon the effective date of the final rules, CFTC No Action Letter No. 17-17 will expire.
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CFTC to Hold a Commission Open Meeting April 29
Washington, D.C. — Commodity Futures Trading Commission Chairman Rostin Behnam has announced that "The Commission will hold an open meeting on Monday, April 29 at 9:30 a.m. (EDT) at the CFTC’s Washington, D.C. headquarters." The meeting will take place at the CFTC Headquarters Conference Center located at Three Lafayette Centre, 1155 21st Street N.W., Washington, D.C. 20581.The public is invited to attend the meeting in person, listen by phone, or view a live stream at CFTC.gov. Those interested in participating virtually can access the live meeting feed through dial-in...
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CFTC Extends Public Comment Period for Proposed Rule on Governance and Conflicts of Interest
Washington, D.C. — The Commodity Futures Trading Commission has announced an extension of the public comment period deadline for a proposed rule addressing governance and conflicts of interest within designated contract markets and swap execution facilities. The deadline for submitting comments has been pushed back to May 13, 2024, as stated by the Commodity Futures Trading Commission.The proposed rule, which introduces modifications to rules for SEFs and DCMs in Part 37 and 38, aims to establish governance requirements related to market regulation functions and conflicts...
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Commissioner Pham to Speak at the Institute of International Finance’s Digital Currency Roundtable
Commissioner Caroline D. Pham will participate in a Digital Currency Roundtable hosted by the Institute of International Finance. The event is scheduled to take place on Friday, April 19, 2024, at 9:00 a.m. (EDT) at Wilmer Hale, located at 2100 Pennsylvania Avenue, NW, Washington, DC 20037.The Institute of International Finance will be hosting the roundtable discussion where Commissioner Pham is set to speak. The purpose of the event and the specific topics to be covered have not been disclosed in the provided information.This engagement signifies Commissioner Pham's...
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Chairman Behnam Announces CFTC’s First DEIA Strategic Plan
Washington, D.C. — Commodity Futures Trading Commission Chairman Rostin Behnam today announced the agency’s first Strategic Plan to Advance Diversity, Equity, Inclusion, and Accessibility (DEIA Plan). In his statement, Chairman Behnam expressed optimism about the future impact of the plan, saying, "As we embark on this transformative journey, I look forward to seeing the opportunities that lie ahead and the positive impact this DEIA Plan will have on our agency and the broader financial community."Acknowledging the efforts of the team behind the DEIA Plan, Chairman Behnam...
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Commissioner Johnson to Deliver Keynote at Institute of International Finance Carbon Markets Gathering
Commissioner Kristin N. Johnson is set to deliver a keynote address at the upcoming Institute of International Finance’s carbon markets gathering. The event, scheduled for Thursday, April 18, 2024, at 4:30 p.m. (ET), will take place at the Institute of International Finance located at 1333 H Street, NW, Suite 800E, Washington, DC 20005.The gathering aims to discuss recent themes and developments in carbon markets, with Commissioner Johnson's address expected to provide valuable insights into this crucial topic.
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Chairman Behnam to Deliver Keynote at the 2024 Europe-US Symposium
Chairman Rostin Behnam is set to deliver a keynote address at the upcoming 2024 Europe-US Symposium. The event is scheduled to take place on April 18, 2024, from 3:35 p.m. to 4:00 p.m. (EDT) at the JW Marriott Hotel located at 1331 Pennsylvania Avenue, NW, Washington, DC 20004.According to a press release, Behnam's keynote address is highly anticipated at the symposium, which aims to foster discussions and collaborations between Europe and the United States. The event serves as a platform for experts and leaders from both regions to exchange ideas and insights on various...