The Tip of the Spoofing Iceberg

Diona RogersMarket Rules & Responsibilities

spoofing

Early in November, after a highly anticipated week-long trial, a jury of twelve found CME futures trader, Michael Coscia, 53, guilty of six counts of commodities fraud and six counts of spoofing in Illinois Federal Court. The outcome of the case serves as a warning to other market participants as this may be only the tip of the iceberg for … Read More

Advisers, Cybersecurity, and Regulation

Matthew TobinMarket Rules & Responsibilities, Operations

cybersecurity-and-sec-regulation

Almost daily, headlines are peppered with reports of hackers breaching the cyber defenses of major institutions and governmental bodies, garnering information that could seriously compromise not only the financial well-being of countless individuals but also the financial stability of the nation. Even governmental bodies such as the U.S. Office of Personnel Management are susceptible to unwanted intrusions. [1] If the … Read More

Supreme Court’s Key Jurisdictional Question in Manning v. Merrill Lynch Pierce Fenner & Smith Inc.

Matthew TobinCase Studies

Ziliak Law  Associate Matthew Tobin wrote an article for Law360 on the Supreme Court’s key jurisdiction question in Manning. Below is an excerpt; the full article is on Law360’s website, which is behind a paywall. Law360, New York (September 1, 2015, 10:55 AM ET) — To resolve a long-standing circuit split over the scope of U.S. Securities and Exchange Commission … Read More

Another Shot Across the Bow for Proprietary Trading Groups, and By Association, HFTs and Algorithmic Trading Strategies

Michelle ComellaBest Practices, Market Rules & Responsibilities

The SEC published a proposed amendment to Rule 15b9-1 on April 2, 2015 that will impact Proprietary Trading Groups, and by association, HFTs‬ and ‎Algorithmic Trading‬ Strategies. Ziliak Law’s Thomas F. Cashman (Of Counsel) and Michelle M. Comella (Partner) provide insights on the Rule’s history and the potential changes.‬‬‬‬‬‬

Time Running Out to Comment on FINRA’s Plan to Register Algorithmic Trading Strategy Developers

Michelle ComellaMarket Rules & Responsibilities

FINRA issued Regulatory Notice 15-06 through which they announced their proposal to require associated persons of FINRA member firms who are either (i) primarily responsible for the design, development or significant modification of algorithmic trading strategies, or (ii) responsible for supervising such activities to register as Securities Traders. Read more from Ziliak Law Partner Michelle M. Comella. Update: The comment period … Read More

SEC’s Focus Shifts in 2015 OCIE Priorities

Michelle ComellaMarket Rules & Responsibilities, Operations

This is the first of a series on financial regulators’ 2015 examination priorities.   The SEC’s priorities focus on three broad topics: 1) protecting retail investors and, in particular, investors saving for retirement; 2) assessing market-wide risks; and 3) identifying and examining potential illegal activity through the use of data analytics.  Ziliak Law Partner Michelle M. Comella and Associate Diona Rogers … Read More