The SEC alleges that Cumberland has been engaged in buying and selling crypto assets offered and sold as securities for its own accounts since at least March 2018. According to the SEC, as part of its complaint, Cumberland acted as a dealer by trading crypto assets via its Marea online trading platform and by engaging…
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The CFTC revealed that Taishin executed 50 wash trades between October and December 2022, totaling 175 contracts worth approximately $17 million. The trades were designed to minimise market competition by offsetting purchases and sales of the same futures contract at the same price, effectively negating the risk and price competition inherent in open market transactions.…
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According to the SEC's complaint, Harvest, as the primary investment adviser and portfolio manager for the Collateral Yield Enhancement Strategy (CYES), allowed numerous client accounts to exceed their designated investment limits. It led to higher fees, increased market exposure, and ultimately, investment losses for clients. Merrill Lynch, which introduced clients to Harvest and received a…
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The CFTC said the order settles charges with the CIBC for failing to maintain and preserve required records and for failing to diligently supervise its business as a CFTC registrant. "The order imposes a $30 million civil monetary penalty; orders CIBC to cease and desist from further violations of recordkeeping and supervision requirements; and orders…
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ASIC revealed it found that Macquarie had breached market integrity rules on 50 occasions between January and September 2022, allowing three of its clients to place orders that displayed characteristics of an intention to "mark the close." This involves placing orders within the last minute of market close to influence the daily settlement price in…
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The CFTC found that NinjaTrader, which operates out of Deer Park, Illinois, failed to implement sufficient policies and procedures to manage accounts in emergency situations, particularly in response to a statutory restraining order issued in a previous fraud case. It is also alleged to have not exercised sufficient oversight over its employees' handling of accounts.…
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The settlement comes after an investigation into a potential wash trade in the Cocoa Futures market. According to a disciplinary notice released by ICE Futures, a StoneX employee may have placed opposing buy and sell orders for the same principal on April 27, 2023. The firm explained that the orders, which were executed in the…
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The SEC alleged that eToro operated as an unregistered broker and clearing agency by facilitating the buying and selling of certain crypto assets that were deemed securities. In response, eToro has agreed to pay a $1.5 million penalty, while it has also agreed to "cease and desist from violating the applicable federal securities laws and…
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The CFTC said it found that Nasdaq Futures, Inc. operated a "Designated Market Maker" (DMM) program that included a volume-based component that was not disclosed to the CFTC or the public. They explain that the component provided additional payments to select DMM program participants based on the total volume of contracts they traded. The CFTC…
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According to the MAS, the relationship managers provided clients with inaccurate or incomplete post-trade disclosures, resulting in their clients being charged spreads above the bilaterally agreed rates for 39 over-the-counter (OTC) bond transactions. For the 39 transactions, MAS stated that Credit Suisse's relationship managers made false statements to their clients regarding the executed interbank prices…
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