In a speech before the Global Forum for Derivatives Markets, CFTC Commissioner J. Christopher Giancarlo warned of a looming "trade war" over swaps market clearing and execution if the European Union and the CFTC do not harmonize their cross-border regulatory positions. First, Commissioner Giancarlo detailed an "uncoordinated approach to swaps clearing," arguing that the European Commission's reluctance to recognize U.S. central counterparties as equivalent under EMIR could precipitate an outcome that "will be destructive to both U.S. and European economic interests and lead to further market

The CFTC issued an Order simultaneously filing and settling charges against a CFTC-registered retail foreign exchange dealer ("RFED") and futures commission merchant ("FCM") for failing to meet the minimum financial requirements for RFEDs and FCMs, to supervise its employees and to comply with a prior CFTC administrative order. The CFTC found that the firm had violated the prior Order by being undercapitalized for 41 days between September and December of 2013. Additionally, the recent CFTC Order found, the firm was undercapitalized during another period of 96 days and violated CFTC minimum

The CFTC issued an Order simultaneously filing and settling charges against a father and his son for exceeding the spot-month speculative position limit for live cattle futures contracts traded on the Chicago Mercantile Exchange ("CME"). See: CFTC Order; CFTC Press Release.

The SEC charged Barclays Capital Inc. ("Barclays") with failing to maintain an adequate internal compliance system to ensure the firm did not violate federal securities laws after its U.S. wealth management business acquired the advisory business of Lehman Brothers in September 2008. According to the SEC, an examination and subsequent investigation found that Barclays failed to enhance its compliance infrastructure to integrate and support the acquisition and "rapid growth" of the advisory business from Lehman. The SEC stated that deficiencies in Barclays' compliance system contributed to

The Singapore Ministry of Finance, the Monetary Authority of Singapore and the Inland Revenue Authority of Singapore proposed regulations to implement the terms of an Intergovernmental Agreement ("IGA") with the United States with respect to FATCA. Singapore has agreed in substance to the terms of a Model 1 form of IGA with the United States, but the parties have not yet signed the Agreement or released a copy of the terms of such Agreement. Singapore announced that the IGA would be signed in the fourth quarter of 2014. The draft regulations set out due diligence and reporting obligations with