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No More Dealer-to-Dealer LIBOR Swaps in the OTC Market?

In a press release (HERE) on June 8th, the Commodity Futures Trading Commission (the “CFTC”) published its first release in a series called the “SOFR First Transition Initiative” as a best practice. One goal for this sort of “best practice” is to impact the liquidity in LIBOR and SOFR swaps, thereby slowly (a) increasing the spread on LIBOR swaps and (b) tightening the spread on SOFR swaps. In other words, make LIBOR swaps more expensive and SOFR swaps less expensive. Even for non-dealers, this announcement is important as it is not only a major step in such non-dealers’ ...

Latest DOJ Spoofing Settlement

On November 6, 2019, the Fraud Section of the Department of Justice with the Office of the U.S. Attorney for the Southern District of Texas, and the CFTC, announced settlements of their spoofing and market manipulation investigations of Tower Research Capital LLC (Tower Research).  The penalties are the highest in a spoofing case to date. The Department’s settlement again indicates that the Fraud Section has concluded spoofing and market manipulation are widespread, so general deterrence requires harsher sanction. However, there is also important history.  The predicted ...

U.S. Authorities’ Campaign Against Spoofing and Related Market Manipulation Enters a Potentially New Phase with Recent Criminal and Civil Enforcement Actions

On September 16, 2019, the Department of Justice and the CFTC jointly announced the indictment of three precious metal traders for an alleged eight year conspiracy to manipulate gold, silver, platinum, and palladium futures prices and civil charges based upon the same conduct. (One former trader from the institution had already pleaded guilty to one count of commodities fraud and one count of conspiracy to commit wire fraud, commodities fraud, price manipulation, and spoofing; a second former trader had pleaded guilty to one count of conspiracy to engage in spoofing and one count of ...

Bank Capital Plans and Stress Test Results Due April 5, 2019, CFTC Foreign Corrupt Practices Advisory on Self-Reporting/Cooperation

As government authorities around the world create a constantly evolving regulatory environment, conduct overlapping investigations, and bring parallel proceedings, companies are facing perhaps the most challenging regulatory and criminal enforcement environment. Our goal is to serve as a leading-edge resource for companies navigating these waters. Moore & Van Allen’s WCIRA News Clips is a complement to our White Collar Defense, Investigations, and Regulatory Advice Blog’s in-depth individual treatment of critical emerging issues. WCIRA News Clips hits the ...

Is the Trump Administration Charting a New Course Away from the Duplicative Fines of the Financial Crisis?

By Neil Bloomfield and Kristen Kenley  Double jeopardy prevents criminal defendants from being convicted of the same crime twice.  Res judicata prevents civil litigants from facing repeated claims by an overly aggressive plaintiff. Unfortunately, in the years after the financial crisis financial institutions were essentially unprotected from receiving multi-million dollar demands by multiple regulators for the same conduct.  The financial industry may soon experience a welcome shift from the Government’s burdensome and duplicative practice as policy changes at the ...

O’Keefe to Present at 2018 Financial Markets Association Conference

Charlotte Litigation Member Ed O’Keefe will be presenting at the 2018 Financial Markets Association Conference on April 18, 2018. His presentation will discuss key legislative and regulatory initiatives affecting financial services companies, the rulemaking agenda for the SEC and the CFTC, and regulatory burden relief initiatives undertaken by the banking agencies to date.

For additional information on this event, click here.

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As government authorities around the world conduct overlapping investigations and bring parallel proceedings in evolving regulatory environments, companies face challenging regulatory and criminal enforcement dynamics. We help keep our clients up to date in these fast-moving areas and to serve as a thought leader.

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