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Tag >> Commodity Futures Trading Commission
Oct 05
2010

Two accounting firms fined $1.7 million for audit

Posted by Stephen Taub in McGladrey & PullenLLPcomplianceCommodity Futures Trading CommissionCFTCauditAccounting

Stephen Taub

Two accounting firms agreed to pay a total of $1.7 million and a certified public accountant (CPA) agreed to a permanent bar stemming from Commodity Futures Trading Commission charges of failing to audit properly a client that was earlier accused of fraud and misuse of customer funds.

According to the CFTC, McGladrey & Pullen, LLP and Altschuler, Melvoin & Glasser LLP and partner G. Victor Johnson II failed to properly audit Sentinel Management Group, a Northbrook, Ill.-based futures commission merchant that declared Chapter 11 bankruptcy in August 2007. M&P acquired assets relating to AMG's audit practice in 2006.

Sep 27
2010

Commodity traders gone wild

Posted by dbedell in volatilitysupply chainNicolas Sarkozyhedgingexportsenergycurrency volatilityCommodity Futures Trading CommissioncommoditiesChristine Lagardeagriculture

dbedell

 With French president Nicolas Sarkozy set to take over the G-20 leadership in November, he and French Finance Minister Christine Lagarde are clearly focused on an overhaul of commodities speculation practices in major developed economies.

On Monday, Lagarde reiterated this message in an interview on Europe 1 radio, calling on G-20 leaders to coordinate efforts to reduce speculation on commodities and currencies in order to better manage the extreme volatility seen in recent months—and indeed to reduce the wave of highs and lows that often drive these markets.

Aug 05
2010

Rising wheat prices could affect hedging

Posted by dbedell in wheatRussiaRiskhedginggrainDodd-Frank billCommodity Futures Trading CommissioncommoditiesCME

dbedell

Russian president Vladimir Putin’s announcement on Thursday of a temporary ban on grain exports led to the latest in a series of runs on grain prices on global commodities exchanges over the past few weeks.

Wheat prices on the CME in Chicago have risen almost 80 percent over the past month. For companies in the food production industry, the question is what impact it will have on hedging programs.

Jul 21
2010

Chocfinger sparks debate over limits

Posted by dbedell in Riskposition limitsNYSE LiffeDealsCommodity Futures Trading Commissioncommodities

dbedell

Chocfinger has struck the cocoa market--buying up and taking delivery of 241,000 tons of cocoa last week at a value of £658 million ($1 billion). The purchases were made by hedge fund Armajaro under the direction of fund co-founder Anthony Ward—called Chocfinger after Goldfinger of James Bond fame—the legendary super villain who attempted to corner the gold market in the movie of the same name.

The purchase accounts for about 15 percent of global cocoa supplies and 25 percent of European cocoa supplies, according to the International Cocoa Organisation, and is the largest physical delivery of cocoa on the Liffe in 14 years.

Jul 01
2010

Gensler: financial reg bill "strong, comprehensive and historic."

Posted by Stephen Taub in swaps dealersGary GenslerderivativescomplianceCommodity Futures Trading CommissionCFTC

Stephen Taub

Gary Gensler said the financial legislation reported by the Conference Committee earlier this week is "strong, comprehensive and historic."

In his first detailed analysis of the legislation he worked tirelessly to support, the chairman of the Commodity Futures Trading Commission (CFTC) applauded the legislation for including strong regulation of over-the-counter derivatives dealers for the first time. "This includes both bank dealers on Wall Street and nonbank dealers, such as the next AIG," he said in testimony Thursday before the Financial Crisis Inquiry Commission.

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