Commodity Futures Trading Commission (CFTC) has continued its push to clean up illegal fx trading firms with seven cases brought or concluded over the past six weeks. The move coincides with increased convergence of fx and futures markets, as evidenced by the recent deal between Chicago Mercantile Exchange and Reuters (see FO Week Vol 9 No 21).
Paul Hayeck, CFTC associate director of the division of enforcement, told FO Week that fx fraud continues to be a focus for the Commission. Since December 2000, when the Commodity Futures Modernisation Act was enacted, through 15 June, CFTC has brought or filed 62 enforcement actions against individuals or firms. In sum, those cases totaled more than $268.6m allegedly taken in...