Watchdog Can’t Afford Routine Inspections, Massad Says – Bloomberg
The top US derivatives regulator said his agency lacks resources to conduct even routine inspections of the exchanges and other companies it polices. “We simply can’t get into these entities on a regular basis,” Commodity Futures Trading Commission Chairman Timothy Massad told lawmakers in Washington on Tuesday
After Seven Years, a Libor-Rigging Case Heads to Court in London – Bloomberg
When Thomas Hayes walks into a London courtroom next week, he will be the first person to face trial for allegedly rigging the benchmark interest rates used to value $350 trillion of loans and securities.
ESAs – Main Risks to EU Financial Market Stability Have Intensified (press release)
The Joint Committee of the European Supervisory Authorities (ESAs) published its fifth Report on Risks and Vulnerabilities in the EU Financial System. Overall, the report found that in the past six months, risks affecting the EU financial system have not changed in substance, but have further intensified.
Basell III and Derivatives Clearing – The Trade
Societe Generale’s Bill Stenning discusses the stricter rules requiring banks to hold more capital to cover their derivatives activities and the alarming concerns throughout the industry surrounding their effect on client clearing.
Treasury Penalises Ripple Labs, in First Action Against Virtual Currency Exchange – Wall Street Journal (subscription)
US authorities hit Ripple Labs Tuesday with a $700,000 penalty for failing to follow anti-money-laundering rules, marking a setback for one of the virtual currency world’s rising stars.
Two Traders Sued for ‘Spoofing’ on Gold and Silver Futures – Bloomberg
Two traders from the United Arab Emirates were sued by US regulators over claims they were “spoofing” gold and futures markets by placing bids and offers they intended to cancel before execution.
SEC Commissioner Blasts Dodd-Frank as Huge ‘Distraction’ – CNBC
On the fifth anniversary of the Flash Crash, SEC Commissioner Dan Gallagher talks about changes that have been made to the way trading has been conducted since then. The conversation quickly turns to Dodd-Frank. Why the sudden left turn? Because the SEC staff has been consumed by writing rules for Dodd-Frank for the past four years, practically to the detriment of everything else, and it’s not over, not by a long shot.