As large financial institutions partner with Fintech start-ups to test blockchain technology, it is no surprise that governments are also experimenting with blockchain to see any potential savings in transaction costs when clearing and settling payments. Recently, the national governments of Canada and the United Kingdom tested the technology. The Central Bank of Canada conducted a trial in conjunction with the New York based start-up R3 CEV, whereby … Read More
Igor Oystacher, the now-infamous trader nicknamed “the Russian,” and his proprietary trading firm, 3Red Trading, informed the Northern District of Illinois on October 19, 2016, that the parties agreed to settle with the CFTC on the agency’s spoofing allegations. The settlement announcement came after Oystacher and 3Red failed to convince the court to dismiss the case in September 2016. Yet, … Read More
In the words of famous English rock band The Clash, Britain has been asking itself “should I stay or should I go?” for the past ten months now – the relationship in question being its affair with the European Union. After a year-long campaign on both sides of the coin to determine the country’s political and economic future, the U.K. finally voted to call it quits. But, as we all know, break-ups can be messy and … Read More
The National Futures Association (NFA) held its first NFA Cybersecurity Workshop on February 2, 2016 in Chicago. The workshop consisted of discussion of NFA Cybersecurity Interpretive Notice to Compliance Rules 2-9, 2-36, and 2-49 entitled Information Systems Security Programs (ISSP) and ISSP policy development. The NFA is requiring CPO’s, CTA’s, IB’s, FCM’s, retail foreign exchange dealers, swap dealers, and major … Read More
Early in November, after a highly anticipated week-long trail, 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
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.  If the … Read More
How can an individual or financial services firm resolve futures and securities disputes? Ziliak Law Partner Michelle M. Comella outlines the options.
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.
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
FINRA’s 2015 priorities, while often overlapping with those on the SEC OICE’s list, cover an expansive list of topics firms should be sure to review. Ziliak Law Partner Michelle M. Comella and Associate Diona Rogers provide insight.