Suicide, fraud, arrests, Chinese investors and Forex: the sad story of EuroFX LeapRate

August 19, 2016 BY LeapRate Staff

Suicide, fraud, arrests, Chinese investors and Forex: the sad story of EuroFX

Reuters has published an investigative article entitled London Calling: How British firms built a pyramid scheme in China that lost millions, which describes a network of opaque companies which drew on London's reputation as a leading financial center, and the illusion of regulation, to dupe Chinese investors. The story has all the elements of a great (but sad)…

August 19, 2016 BY Valentina Kirilova

CFTC charges Deutsche Bank AG with multiple swap reporting violations and more

It's been a busy week for the U.S. Commodity Futures Trading Commission (CFTC). After charging FXCM, CFTC has filed a civil complaint in the U.S. District Court for the Southern District of New York, charging Deutsche Bank AG (Deutsche Bank) with failing to report any swap data for multiple asset classes for five days; submitting incomplete…

August 19, 2016 BY Valentina Kirilova

Padbury Mining directors banned for three years due to Oakajee Funding Secured announcement

The Federal Court in Perth has banned Gary Stokes and Terence Quinn from managing corporations for three years and ordered they each pay a $25,000 fine for breaching their duties as directors of Padbury Mining Ltd (Padbury) with respect to the company's disclosure obligations. The decision comes as a result of civil penalty proceedings commenced…

August 19, 2016 BY Valentina Kirilova

Canadian securities regulators seek comment in advance of move to T+2 settlement cycle

The Canadian Securities Administrators (CSA) has published proposed amendments to National Instrument 24-101 Institutional Trade Matching and Settlement in addition to CSA Consultation Paper 24-402 Policy Considerations for Enhancing Settlement Discipline in a T+2 Settlement Cycle Environment. The comment period is open until November 16, 2016. Amendments to the National Instrument are being proposed as part…

August 19, 2016 BY Valentina Kirilova

ASIC repeals 'sunsetting' class order on managed investment schemes

ASIC has repealed ASIC Class Order [CO 02/226] that is due to expire ('sunset') on April 1, 2017. Class Order [CO 02/226] Managed investment schemes: no issue required disclosure was repealed as we consider it is no longer required and does not form a necessary and useful part of the legislative framework. The repeal of…

August 19, 2016 BY LeapRate Staff

CFTC charges FXCM with undercapitalization related to the 2015 Swiss Franc spike - but why now?

In a very bizarre filing, the U.S. Commodity Futures Trading Commission (CFTC) filed a civil enforcement action today against the Forex Capital Markets LLC unit of Retail Forex broker FXCM Inc (NYSE:FXCM), charging FXCM with undercapitalization, failure to timely report its undercapitalization violation, and guaranteeing against customer losses. What's bizarre about the CFTC filing? The filing…

August 18, 2016 BY Valentina Kirilova

Anthony Bergen joins Cold Mountain Capital as CFO

Cold Mountain Capital, LLC, a U.S. private equity and management firm, has announced the appointment of Anthony "Tony" Bergen, CPA, as Chief Financial Officer effective immediately. David Nolletti, Cold Mountain co-founder and chief executive officer stated: Tony is exceptionally well-qualified to serve as CFO of Cold Mountain. His technical skills and broad experience base make…

August 18, 2016 BY Valentina Kirilova

EEX holds final TCAP auction before CAP2 auctions begin in

In today’s primary market auction on behalf of the European Commission and the participating EU Member States, a volume of 1,712,500 EUA has been auctioned at a price of EUR 4.55 per EUA on the European Energy Exchange AG (Germany's energy exchange, EEX) spot market. This has been the last auction taking place within the framework…

August 18, 2016 BY Valentina Kirilova

CPMI-IOSCO publish a second consultative report

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have published for public comment a second consultative report on Harmonisation of the Unique Product Identifier (UPI). The consultative report makes proposals for the harmonised global UPI, whose purpose is to uniquely identify over-the-counter (OTC) derivatives products that authorities…

August 18, 2016 BY LeapRate Staff

Clearing FX trades, distributed ledger technology and a contest for brokers: interview with FXCH's Franck Mikulecz

LeapRate Exclusive Interview... Retail Forex brokers are typically the ones running contests for their clients (and to attract new clients). However it came to our attention that someone is running a contest for the Retail Forex brokers: new Ireland-based FX central clearing provider FXCH. FXCH is a new approach to Spot FX clearing, settling trades utilizing…