StoneX admits disclosure, supervision lapses in $650K CFTC settlement
By 
Jeff Dale2023-09-21T19:27:00
A Chicago-based swap dealer agreed to pay $650,000 as part of a settlement with the Commodity Futures Trading Commission (CFTC) addressing admitted disclosure and supervision failures.
StoneX Markets failed to disclose thousands of pre-trade mid-market marks (PTMMM) and to diligently supervise its disclosure process, the CFTC announced in a press release Wednesday. The firm was ordered to complete a remediation plan and submit reports to the CFTC’s Division of Enforcement on its compliance.
From March 2016 to at least June 2022, StoneX failed to comply with the CFTC’s business conduct standards by not properly training and monitoring associated persons regarding its disclosure requirements, the agency said in its order.
Related articles
-
News BriefGoldman, JPMorgan, Bank of America caught in CFTC swap reporting sweep
Goldman Sachs, JPMorgan Chase, and Bank of America agreed to pay penalties totaling $53 million across settlements with the Commodity Futures Trading Commission addressing alleged swap reporting failures among their respective affiliates.
-
News BriefGTT Communications spared fine in SEC disclosure failure case
GTT Communications, a provider of telecommunications and internet services, avoided a civil penalty in reaching a settlement with the Securities and Exchange Commission addressing alleged disclosure failures over more than a two-year period.
-
PremiumCFTC commissioner floats pilot program for digital asset markets
Commissioner Caroline Pham of the Commodity Futures Trading Commission proposed the agency develop a regulatory pilot program for digital asset markets where new initiatives could be introduced and refined.
More from Regulatory Enforcement
-
News BriefJudge reinstates fired CPSC commissioners in latest battle over government cuts
In May, three commissioners for the Consumer Product Safety Commission were abruptly fired by President Donald Trump and sued for their jobs shortly after. A federal judge has ruled that the commissioners should be reinstated, although it’s unclear whether that ruling may itself be reversed.
-
PremiumUK’s Failure to Prevent Fraud law may expose firms to unlimited fines and prosecution, says Moody’s compliance risk expert
Fraud now accounts for around 40% of all crime in the U.K., posing a major problem for banks and consumers. Ted Datta, head of industry practice for financial crime compliance at Moody’s, warns that the risk is growing fast.
-
ArticleCrypto firms brace for tighter UK oversight as FCA plots integration with financial markets
Trying to put rules in place to oversee an industry that has grown largely outside of regulation is not without serious challenges. But the UK’s Financial Conduct Authority’s (FCA) latest consultation aims to attract industry views about how some key aspects of crypto trading should be regulated ahead of planned ...