Bridging the Week by Gary DeWaal: October 9 – 13 and October 16, 2017 (Spoofing; Supervision; De Minimis Threshold; Automated Trading System Gone Bad)

Published Date: October 16, 2017

The Commodity Futures Trading Commission brought and settled an enforcement action against a Dubai-based brokerage company and trading firm for the purported spoofing-type trading by one of its employees. The Commodity Exchange, Inc. also brought an action against the same entity for spoofing, and additionally charged the firm with failure to supervise. Separately, J. Christopher Giancarlo, CFTC Chairman, told a Congressional committee that he would be recommending a one year delay in the implementation date of any new swap dealer de minimis threshold amount in order to determine who should be registered as a swap dealer; this amount currently is scheduled to decrease from US $8 billion to US $3 billion at the end of 2018.  He said he would request the delay, among other reasons, out of deference to two new CFTC commissioners, in order to assess relevant data and "get the right result;" however, the two new commissioners did not seem to be in favor of a further delay. As a result, the following matters are covered in this week’s edition of Bridging the Week:

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Gary DeWaal

Gary DeWaal is currently Special Counsel with Katten Muchin Rosenman LLP in its New York office focusing on financial services regulatory matters. He provides advisory services and assists with investigations and litigation.

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Gary DeWaal
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