Search for: "Lene Powell"
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18 Feb 2016, 5:00 am
By Lene Powell, J.D.An Illinois federal district court dismissed a private action alleging that anonymous traders manipulated futures markets by “spoofing” trades on the Chicago Board of Trade, ruling that the Federal Arbitration Act required the matter to be arbitrated. [read post]
2 Feb 2016, 8:42 am
By Lene Powell, J.D.The First Circuit dealt disappointment to both sides in a CFTC enforcement action, ruling that a federal district court correctly ruled that an individual had committed commodity pool fraud and failed to register as a commodity pool operator, but did not have to pay restitution. [read post]
6 Jan 2016, 8:20 am
By Lene Powell, J.D.In the guise of a comment letter on a BATS proposal to strengthen its authority to combat disruptive trading, a commenter pretending to represent a fictional proprietary trading firm pilloried SEC Investor Advocate Rick Fleming on the subject of high-frequency trading. [read post]
23 Dec 2015, 8:08 am
By Lene Powell, J.D.In an issue of first impression, an Illinois federal district court ruled that a Commodity Exchange Act provision on the use of a “manipulative or deceptive device” specifically prohibits fraudulent manipulation and must meet heightened pleading requirements for fraud allegations. [read post]
17 Dec 2015, 8:36 am
By Lene Powell, J.D.The CFTC proposed new rules to increase system safeguards for critical infrastructure including derivatives exchanges, swap execution facilities, clearinghouses, and swap data repositories. [read post]
23 Nov 2015, 9:03 am
By Lene Powell, J.D.The Delaware Court of Chancery dismissed an action alleging that a company director breached his fiduciary duty in a merger, ruling that although the statute of limitations had not expired, the action was barred by laches as a matter of equity. [read post]
11 Nov 2015, 6:23 am
By Lene Powell, J.D.As the CFTC mulls an upcoming proposal on automated trading, the agency is considering what controls are needed to safeguard against market disruptions rather than any change to the speed of trading itself, said CFTC Chairman Timothy Massad. [read post]
28 Oct 2015, 5:30 am
By Lene Powell, J.D.A combination of rules in the U.S. and abroad are, when taken together, depriving financial markets of critical liquidity in times of market stress, warned CFTC Commissioner J. [read post]
19 Oct 2015, 5:00 am
By Lene Powell, J.D.A group of commodity customers asked the Supreme Court to decide whether their professional negligence claims against PricewaterhouseCoopers (PwC) were improperly barred on the basis of in pari delicto, as the Second Circuit ruled. [read post]
30 Sep 2015, 2:30 am
By Lene Powell, J.D.In remarks at a derivatives industry conference, CFTC Chairman Timothy Massad discussed issues relating to market infrastructure stability, saying he expects the CFTC to propose risk management and cybersecurity requirements for core infrastructure sometime this fall. [read post]
21 Sep 2015, 4:43 am
By Lene Powell, J.D.The CFTC ordered an Australia-based financial services company to pay a $150,000 penalty for failing to submit accurate large trader reports for physical commodity swap positions in violation of Section 4s(f) of the Commodity Exchange Act (CEA) and CFTC Regulations 20.4 and 20.7. [read post]
31 Aug 2015, 8:34 am
By Lene Powell, J.D.The European Securities and Markets Authority (ESMA) is seeking feedback on a new consultation paper addressing the amount of margin required to be collected by clearinghouses. [read post]
5 Aug 2015, 7:27 am
By Lene Powell, J.D.Adding certainty to the status of event prediction contracts under federal commodities law, the D.C. federal district court handed the CFTC a win in its enforcement action against two Irish companies that operated an online event predictions market, ruling that the contracts offered by Intrade.com were commodity options within the CFTC’s jurisdiction and that one company had violated a 2005 CFTC administrative order prohibiting it from accepting orders… [read post]
20 Jul 2015, 7:12 am
By Lene Powell, J.D.Senator Elizabeth Warren (D-Mass) and Rep. [read post]
8 Jul 2015, 2:48 pm
By Lene Powell, J.D.The New York Stock Exchange (NYSE and NYSE MKT) today suspended trading across all symbols for more than three hours, between 11:32 am and 3:10 pm ET. [read post]
7 Jul 2015, 5:04 am
By Lene Powell, J.D.Newman did not add a requirement for tippers to receive a “quid pro quo” from tippees, so Rajat Gupta lost his bid to have his two-year sentence for insider trading vacated. [read post]
24 Jun 2015, 7:03 am
By Lene Powell, J.D.At a conference of the Federation of European Accountants (FEE) in Belgium, PCAOB Chairman James Doty stressed the importance of international cooperation in joint inspections and policy work. [read post]
27 May 2015, 5:36 am
By Lene Powell, J.D.In the wake of multiple enforcement actions against major banks for benchmark rate rigging, CFTC Chairman Timothy Massad sounded a warning about legislation being considered in Europe that could stop European banks and asset managers from trading in U.S. markets unless benchmarks are supervised in an “equivalent” manner. [read post]
5 May 2015, 7:57 am
By Lene Powell, J.D.In a petition to dissolve a deadlocked company, the Delaware Court of Chancery held that although a subsidiary lacked standing to bring a petition for statutory dissolution under the Delaware Limited Liability Company Act, it could bring a petition for dissolution in equity. [read post]
29 Apr 2015, 6:29 am
By Lene Powell, J.D.A panel of the Ninth Circuit affirmed the dismissal of a counterclaim alleging breach of fiduciary duty by directors of a California corporation with a Canadian parent company. [read post]
