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Jun 6, 2014

Possible U.S. dollar payments ban could badly hurt BNP

NEW YORK/WASHINGTON (Reuters) – New York’s banking regulator has threatened to hit BNP Paribas (BNPP.PA: Quote, Profile, Research, Stock Buzz) where it hurts by telling it to halt its dollar payments business, sources say, which would almost certainly cause a client exodus.

France’s biggest bank is trying to limit the damage as it works out a deal with U.S. authorities for allowing payments from countries such as Sudan, which Washington says is supporting terrorists, in breach of U.S. sanctions.

Jun 5, 2014

U.S. futures regulator NFA cuts fees as market grows

WASHINGTON, June 5 (Reuters) – The U.S. National Futures
Association said on Thursday it would cut its fees because
increased trading volume and a broader revenue base had swelled
the coffers of the agency that self-regulates the futures and
swaps industry.

The Chicago-based watchdog said that effective Oct. 1 it
would halve the fee it raises on futures contracts, and options
on futures contracts, to $0.01 for each side of the trade.

May 22, 2014

U.S. CFTC wins Hunter Wise Commodities fraud case

WASHINGTON, May 22 (Reuters) – The U.S. Commodity Futures
Trading Commission scored a legal victory on Thursday, as a
court ordered a group of precious metals firms and their owners
to pay $108 million in fines and restitution for fraud.

The Southern District Court in Florida said Hunter Wise
Commodities LLC and three related companies, as well as two of
their managers, defrauded thousands of retail customers, and
ordered them to pay $52.6 million in restitution.

May 22, 2014

U.S. Senate eyes early June vote on nominees for swaps regulator

WASHINGTON, May 22 (Reuters) – The U.S. Senate aims to vote
to confirm three candidates to the Commodity Futures Trading
Commission in early June, a senior Democratic aide said on
Thursday, to fill a leadership gap at the futures and swaps
regulator.

The agency played a crucial role in reforming financial
markets after the 2007-2009 credit crisis, bringing largely
unregulated swaps trading by Wall Street giants such as Bank of
America and JPMorgan under its control.

May 22, 2014

U.S. CFTC wins Hunter Wise precious metals fraud case

WASHINGTON, May 22 (Reuters) – The U.S. Commodity Futures
Trading Commission notched up a legal victory on Thursday, as a
court ordered a group of precious metals firms and their owners
to pay $108 million in fines and restitution for fraud.

The Southern District Court in Florida said Hunter Wise
Commodities and three related companies, as well as two of their
managers, defrauded thousands of retail customers, and ordered
them to pay back $52.6 million in restitution.

May 17, 2014

U.S. states take lead in writing bitcoin rules

CHICAGO (Reuters) – A task force of U.S. state regulators is working on the first bitcoin rule-book, the head of the group said, hoping to protect users of virtual currency from fraud without smothering the fledgling technology.

Numerous companies in the United States enable customers to pay for goods and services in virtual currencies. But since bitcoins are not regulated by the federal government, users face a maze of rules in the 50 states.

May 7, 2014

Insight: Washington delays big banks from writing wills before a collapse

WASHINGTON (Reuters) – Almost six years after Lehman Brothers collapsed, U.S. regulators still haven’t given Wall Street banks individual feedback on how to improve so-called “living wills” that detail how to go bankrupt without spending taxpayer dollars or causing a market panic.

The banks have already had to submit two versions of the documents, neither of which were up to the standards of the Federal Deposit Insurance Corp and the Federal Reserve. With the next draft of the documents due in July, banks say they can do little to improve the plans if there are no detailed instructions from the government, sources familiar with the process say.

May 7, 2014

Washington delays big banks from writing wills before a collapse

WASHINGTON, May 7 (Reuters) – Almost six years after Lehman
Brothers collapsed, U.S. regulators still haven’t given Wall
Street banks individual feedback on how to improve so-called
“living wills” that detail how to go bankrupt without spending
taxpayer dollars or causing a market panic.

The banks have already had to submit two versions of the
documents, neither of which were up to the standards of the
Federal Deposit Insurance Corp and the Federal Reserve. With the
next draft of the documents due in July, banks say they can do
little to improve the plans if there are no detailed
instructions from the government, sources familiar with the
process say.

Apr 28, 2014

REUTERS SUMMIT, UPDATE 1-US CFTC launches inquiry into evasion of swaps rules

WASHINGTON, April 28 (Reuters) – The U.S. swaps regulator
plans to research whether U.S. banks’ overseas trading activity
is complying with its rules, a senior official said on Monday,
as Wall Street adapts to new rules for the $690 trillion global
market.

Scott O’Malia, a Republican member of the Commodity Futures
Trading Commision, said he had asked the agency’s staff for a
legal opinion on whether U.S. banks were possibly evading its
rules when doing business in Europe.

Apr 28, 2014

U.S. CFTC launches inquiry into evasion of swaps rules

WASHINGTON (Reuters) – The U.S. swaps regulator plans to research whether U.S. banks’ overseas trading activity is complying with its rules, a senior official said on Monday, as Wall Street adapts to new rules for the $690 trillion global market.

Scott O’Malia, a Republican member of the Commodity Futures Trading Commision, said he had asked the agency’s staff for a legal opinion on whether U.S. banks were possibly evading its rules when doing business in Europe.

    • About Douwe

      "I head up the Financial Services team in London. We're 20 journalists, covering M&A, IPOs, restructuring, banking, real estate, investment management, hedge funds and private equity. I've worked for Reuters in Zurich, Frankfurt and Amsterdam."
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