- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-08-29T21:01:00
The Commodity Futures Trading Commission (CFTC) fined a Nasdaq subsidiary $22 million over allegedly misleading the public, regulators, and its own compliance staff about the details of a trader incentive program.
Nasdaq Futures, which voluntarily allowed its CFTC registration as a designated contract market to lapse in 2020, allegedly did not fully disclose the details of the incentive program, made false and misleading statements about it, and failed to properly supervise it, the CFTC said in a press release Thursday.
Nasdaq Futures launched the NFX exchange in 2015, trading in energy futures. One incentive program, a Designated Market Maker program, was disclosed to the public and the CFTC as “an incentive program that would pay a fixed monthly stipend to market makers,” the CFTC said in its order.
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The Commodities Futures Trading Commission fined TOTSA TotalEnergies Trading $48 million for allegedly engaging in price manipulation, with Commissioner Carolyn Pham defending a compliance officer at the Swiss energy company accused of making false statements.
BNY, formerly BNY Mellon, will pay a $5 million fine to the Commodity Futures Trading Commission for “significant reporting failures” related to its swap dealer business.
Nasdaq agreed to pay more than $4 million as part of a settlement with the Office of Foreign Assets Control addressing apparent Iran sanctions violations at the stock exchange operator’s former Armenian subsidiary.
Raymond James & Associates and its subsidiary agreed to pay more than $1.9 million to settle allegations levied by the Financial Industry Regulatory Authority that it didn’t have an effective system to handle customer complaints, along with millions of direct mutual fund transactions not reasonably being supervised.
A subsidiary of Bank of America agreed to pay $3 million and take remedial measures to resolve allegations that its surveillance system didn’t detect manipulative trading, the Financial Industry Regulatory Authority said.
The Department of Justice declined to prosecute Boston Consulting Group for allegedly bribing Angolan officials in violation of the Foreign Corrupt Practices Act, citing the firm’s prompt self-disclosure and timely remediation.
