MFA filed a position paper with the CFTC. The paper is titled "Why Eliminating Post-Trade Name Disclosure Will Improve the Swaps Market" and argues that revealing the names of counterparties to anonymously executed, cleared swap execution facility ("SEF") trades "undermines Dodd-Frank Act goals." According to MFA, there is "no commercial, operational, credit, or legal justification" for the legacy practice of post-trade name disclosure to continue on SEFs that offer the anonymous execution of cleared swaps. MFA stated that eliminating post-trade name disclosure will "increase the diversity
News & Insights
The European Securities and Markets Authority ("ESMA") published an updated list of its central counterparties ("CCPs") that are authorized under EMIR.
The Commodity Exchange ("COMEX") and the New York Mercantile Exchange ("NYMEX") announced disciplinary actions against Jaypee International Inc. ("Jaypee") for violations of Exchange Rules 432 ("General Offenses") and 534 ("Wash Trades Prohibited"). COMEX and NYMEX (the "Exchanges") found that an employee of Jaypee executed a series of wash trades between Jaypee accounts in order to liquidate concurrent long and short positions and thereby avoid delivery, and to transfer positions between accounts to avoid posting margin. The Exchanges also found that Jaypee failed to supervise its traders
The CFTC announced its filing of a civil enforcement complaint (the "Complaint") against Kraft Foods Group, Inc. and Mondelēz Global LLC (together, the "Companies") for the manipulation and attempted manipulation of wheat futures and cash wheat prices. According to the Complaint, the Companies violated speculative position limits by holding wheat futures positions in excess of the speculative position limits established by the CFTC and the Chicago Board of Trade ("CBOT") without a valid hedge exemption or bona fide hedging need. The Companies also allegedly engaged in numerous noncompetitive
The SEC issued an order extending exemptive relief to NYSE Arca, Inc. (the "Exchange") from the requirements of Rule 612 of Regulation NMS. The relief allows designated market participants to offer price improvements to retail orders in sub-penny increments in connection with the Exchange's Retail Liquidity Program. See: SEC Order.