1 million fines in commodity crack
regulators punished two more firms uk canada goose for excessive speculation in cotton markets during one of the most Canada Goose Parka tumultuous periods in the contract canada goose clearance history, tagging JP Morgan and Australia and New Zealand Banking Group canada goose uk outlet Ltd Bank with fines totaling nearly canada goose $1 million. Commodity Futures Trading Commission is canada goose uk black friday cracking down on trading limits in futures markets, JP Morgan agreed to pay cheap canada goose uk $600,000 for exceeding buy canada goose jacket cheap position limits in canada goose coats on sale the cotton market in September and October buy canada goose jacket 2010, one of the agency largest civil penalties ever for position limits violations.
Earlier in the day it said Australia and New canada goose black friday sale Zealand Canada Goose online Banking Group Ltd would pay $350,000 for exceeding limits in the CME Group Chicago Board of canada goose coats Trade wheat futures contract on multiple occasions in August 2010, and in canada goose store IntercontentalExchange cotton futures in https://www.canadagoosejacketsaleca.com February 2011.
breaches of CFTC regulations were inadvertent, technical in nature and confined to a small number of transactions. However, ensuring we are compliant with regulations is a key priority in every part of ANZ, ANZ Chief Risk Officer Canada Goose Online Nigel Canada Goose Outlet Williams said canadian goose jacket in a statement.
JPMorgan declined to comment.
Coupled with two previous settlements over the past week and one in February, the CFTC has collected more than $2 million in five civil fines related to position limits this year.
Prior to the summer of 2010, when the Dodd Frank financial reforms set in motion new rules that would expand federal trading Canada Goose Jackets limits to all commodity markets, the CFTC had only issued five fines uk canada goose outlet since 1995, according to a Reuters review of enforcement actions on the agency website.
The JPMorgan order is the latest in a flurry of position limits settlements announced by the CFTC in the lead up to the October 12 effective canada goose clearance sale date for new caps on the number of contracts that traders can hold in certain markets.
They are also the second and third penalties related to a particularly volatile period in the cotton market, which surged more than three fold from August 2010 to March 2011 and then more than halved in five months.
On cheap Canada Goose Tuesday, the CFTC said Sheenson Investments Ltd, a little known Shanghai, China based firm, and its founder Weidong Ge had agreed to return $1 million in ill gotten gains and pay a $500,000 civil penalty for exceeding federal limits on speculative bets in soybean oil Canada Goose Coats On Sale and cotton futures.
Cotton traders say some companies may have inadvertently exceeded their limits during this period because of the extraordinary volatility of the market, as well as the difficulty of managing complex options positions.
But cotton is not the canada goose uk shop only market facing heightened scrutiny.
Last Friday, the canada goose factory sale agency ordered Citigroup Inc and a subsidiary to pay $525,000 for violating limits in the wheat market.
The settlements come before a new set of trading curbs canada goose online outlet kicks in October 12. The rules, which aim to rein in speculation and limit price spikes, were included in the 2010 Dodd Frank financial reform law and finalized by the agency last October. Additional caps are expected to kick in Canada Goose sale next year.
Financial industry groups have sued to stop the new position limit rules from taking effect, saying they would irreparably harm the marketplace and that the CFTC failed to sufficiently weigh the economic consequences of the rule, as is required by law.
Traders and some Republican lawmakers have argued there is no evidence that speculators inflate prices.
A judge has not yet ruled in the case, which was filed by the Securities Industry and Financial Markets Association and the International Swaps and Derivatives Association in December.