Bridging the Week by Gary DeWaal: May 13 –17 and May 20, 2019 (Bump Goes the Futures Orders; JAC Warns FCMs)

Published Date: May 19, 2019

The Commodity Futures Trading Commission determined not to stand in the way of a rule amendment by ICE Futures U.S. to impose speed bumps on certain orders entered in two futures contracts traded on the exchange. Two commissioners raised concerns that the rule amendment might be anticompetitive. Separately, the futures industry’s Joint Audit Committee reiterated prior guidance that a futures commission merchant may not guarantee customers against losses, or pay out funds from any individual account of a customer, where the payout would leave the aggregate of accounts of the customer at the FCM undermargined. Moreover, JAC strongly suggested FCMs take certain immediate actions to comply with its guidance with the implicit suggestion “or else.” As a result, the following matters are covered in this week’s edition of Bridging the Week:

Because of the US Memorial Day holiday on May 27, the next regularly scheduled edition of Bridging the Week will be June 3, 2019.

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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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