- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-10-03T20:24:00
A new commissioner at the Commodity Futures Trading Commission (CFTC) believes the agency let a swap execution facility (SEF) affiliate of financial services firm Cantor Fitzgerald off easy when it was fined $1.9 million.
Christy Goldsmith Romero, a former federal law enforcement official who joined the CFTC in March, criticized the agency’s action against BGC Derivative Markets, which was penalized Friday for failing to report nearly 12,500 swap transactions to the regulator and/or the public from 2017-22.
In a statement, Goldsmith Romero said she concurred with the settlement, rather than offering her full support, because she disagreed the fine and the fact BGC did not admit guilt was “sufficient to deter future violations or provide accountability and transparency.”
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Financial services firm Cantor Fitzgerald agreed to pay a $1.4 million penalty as part of a settlement with the Securities and Exchange Commission addressing alleged reporting failures.
Businesses take varying approaches when self-reporting to regulatory agencies, which can lead to differing results. Caroline Pham, a commissioner at the Commodity Futures Trading Commission, suggests using common sense.
Commissioner Christy Goldsmith Romero would like the Commodity Futures Trading Commission to stop offering no-fault settlements as a matter of routine but instead force more individuals and corporations to accept responsibility for their wrongdoing.
Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
