Tony Pettipiece, CDAA

As our Chief Product & Legal Officer Ciarán McGonagle writes in this comment, Tokenovate welcomes the recommendations from the U.S. Commodity Futures Trading Commission to expand use of non-cash collateral through the use of DLT. This recommendation is closely aligned with our own vision of building a comprehensive digital rights management system that embeds rights, rules, and permissions directly into tokenised trade and collateral workflows for financial products, including derivatives. #cftc #collateral #dlt #tokenisation #tokenization

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United States CFTC fines Taiwan Taishin Securities $200,000 for trader executing $17 million of futures via 50 wash trades & non-competitive transactions in 2022 on Chicago Mercantile Exchange, with the trader reaching internal trading limits with the 1st broker & transferred positions to 2nd broker, and placed offsetting futures orders with same delivery month & same price which minimised market competition.  Read - https://lnkd.in/gbPPqrNk follow Caproasia | Driving the future of Asia The United States Commodity Futures Trading Commission (CFTC) has fined Taiwan Taishin Securities $200,000 for a trader executing $17 million of futures via 50 wash trades & non-competitive transactions in 2022 on Chicago Mercantile Exchange, with the trader reaching internal trading limits with the 1st broker & transferred positions to 2nd broker, and placed offsetting futures orders with same delivery month & same price which minimised market competition.  United States CFTC (1/10/24): “The Commodity Futures Trading Commission today issued an order filing and settling charges against Taishin Securities Co., Ltd., a Taiwanese financial services company, for engaging in wash sales and non-competitive transactions on the Chicago Mercantile Exchange.  The order requires Taishin to pay a civil monetary penalty of $200,000 and to cease and desist from further violations of the Commodity Exchange Act and CFTC regulations, as charged.  Case Background – According to the order, Taishin engaged in multiple wash sales and non-competitive transactions while moving open futures positions it held from one broker to another broker.  Specifically, the order finds that in or around October 2022, a Taishin trader reached internal trading limits with the first broker and decided to transfer futures positions to Taishin’s account at the second broker. To make this transfer, the trader placed offsetting orders for the purchase and sale of the same delivery month of the same futures contract at the same price on the Chicago Mercantile Exchange with the intent that some or all of those orders would offset, knowing that the timing and structure of those orders would minimize market competition. In so doing, Taishin negated the risk or price competition incidental to an open and competitive marketplace. In total, the trader executed 50 wash trades between October and December 2022 encompassing 175 contracts with a value of approximately $17 million.”

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US investors are currently barred from clearing yen swaps at Japan Securities Clearing Corporation, shutting them out of a market that can be cheaper and more liquid for certain positions. 👉 Subscribe to our weekly LinkedIn newsletter, the "Japan FinTech Observer", here:  https://lnkd.in/gNjUuSxG

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The U.S. Commodity Futures Trading Commission sends out a strong sign it is in the forefront of defeating crypto crime through its strong resolution against FTX, albeit many may be scratching their head as CFTC Chairman Behnam was anything but conspicuously voluble when FTX was at its zenith. More in today’s Bitcarnage. Check link in comments. Get daily newsletters for an insider's peek into the thrilling world of cryptocurrency and digital asset market structure. With our wit, we decode crypto magic just for you! #CryptoNews #CryptoNewsDaily #CryptoTrading #Markets

Arca Labs President Jerald David recently talked about the importance of the Arca U.S. Treasury Fund launch on Securitize’s secondary market. “This is a super important development as it shows there are regulatory compliant ways whereby digital asset securities can be utilized in ways that people envisioned when they first started thinking about blockchain back in 2015 or 2016.” Read more from Shanny Basar on Markets Media: https://lnkd.in/egHnqUMm The fund is open to retail investors via our web portal. Create your Securitize iD or login to your existing account and start investing today: https://hubs.li/Q02Jy2hN0

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U.S. Commodity Futures Trading Commission’s digital asset committee backs blockchain for non-cash collateral efficiency The ‘record-setting’ 14th GMAC recommendation to adopt DLT for non-cash collateral has earned praise from Digital Asset and BNY for unlocking asset efficiency. 

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Digital Asset, DTCC, others pilot tokenized Treasuries for collateral - Ledger Insights - blockchain for enterprise https://buff.ly/3ZvVQFy Digital Asset, DTCC, and other industry leaders are collaborating on a groundbreaking initiative to pilot tokenized Treasuries for collateral. This innovative approach, highlighted by Ledger Insights, leverages blockchain technology to enhance the efficiency and security of financial transactions. By tokenizing Treasuries, the participants aim to streamline the collateral management process, reducing operational complexities and mitigating risks. This initiative marks a significant step towards modernizing traditional financial practices and underscores the growing adoption of blockchain solutions in the enterprise sector. #BlockchainInnovation #FinancialTechnology

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CFTC Advisory Committee Recommends Use of Tokenized Assets as Collateral The committee's Thursday approval of tokenized non-cash collateral like BlackRock’s BUIDL token paves the way for broader use in derivatives markets. More details from Olga Kharif in Bloomberg 👇 https://lnkd.in/dDAfrAcC

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✍🏻 FV Bank, a U.S.-licensed digital bank, expands stablecoin integration into the TradFi ecosystem, offering USD account holders the ability to fund deposits using USDT. Learn more about this new service on our website: https://lnkd.in/eix9Ya6T ✍🏻 The share of cash transactions in the U.K. rose to 19.9% in 2023. At the same time, debit and credit cards accounted for over 85% of all expenditures. Learn more about the U.K. payments market on our website: https://lnkd.in/e8_TzhQ3 ✍🏻 Brazilian residents will have an easier way to use cryptocurrencies for everyday purchases with the new Mastercard physical crypto card, for which Bybit recently launched pre-registration. Details on the website: https://lnkd.in/erPheJv2

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After submitting a repo trade in Eurex's F7 web-based trading system, and having triggered an earmark of collateral on HQLAᵡ and cash on the Fnality testnet, a fully automated and atomic test settlement occurred through smart contracts, meaning the simultaneous release of cash and securities at a predetermined time, contingent upon meeting all the required pre-conditions. This achievement signifies readiness for the Production phase and brings interoperability closer to actualisation. Fnality and its partners are actively building and promoting interoperability standards crucial for seamless intraday market operations. Read more: https://lnkd.in/dEw4Y2C4 #Interoperability #DLT #Fnality

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Bitget announces support for futures trading, spot margin trading, copy trading, and trading bots for HMSTR. The futures trading pair HMSTRUSDT will launch at 13:00 on September 26 with a maximum leverage of up to 75x. Spot margin trading, trading bots, and copy trading for HMSTR will go live at 04:00 on September 27. #Coinbay #Bitget #HMSTR #HamsterKombat

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Market Decline Flips WIF and ADA Rally While DTX Exchange Has Raised $2.2M Dogwifhat (WIF) and Cardano (ADA) are both facing market volatility despite the continuous downtrend of more than five months. Meanwhile, the new market entrant DTX Exchange (DTX) is leading the market with its outstanding presale. The recent testnet launch of the blockchain has led to more inflow of money. That’s because it indicates that the DTX will launch very soon. The Dogwifhat and Cardano (ADA) investors have booked their positions as the drawdown in the coins increases. They are investing the funds in newer opportunities like the DTX Exchange. #crypto #investors #cardano #exchange #DTX #cryptomarket #Dogwifhat https://lnkd.in/dzPtsjj8

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Breaking News: Excelia Investments No Longer Permitted to Operate on All Exchange Markets by ICE Futures. On May 28, 2024, ICE Futures U.S.' Market Regulation Department's Chief Regulatory Officer revoked access to all Exchange markets and the Exchange's electronic trading system for Anthony Scigliano and his company, Excelia Investments Limited. The access denial was predicated on a good faith assessment of activities indicating potential pre-arranged trading and detrimental activities to the Exchange. For the protection of the Exchange and other participants, access will be denied until November 24, 2024, based on Rule 21.02(f). Furthermore, the department encourages Clearing Members to promptly terminate access of any associated customers and contact the Exchange immediately if they have any direct or indirect relationship with Scigliano or Excelia, in line with Rule 4.10(e). Any lapse in alerting the Exchange may lead to a violation of Exchange rules. #ICEFuturesUS #MarketRegulation #RuleViolation

Breaking News: Excelia Investments No Longer Permitted to Operate on All Exchange Markets by ICE Futures. On May 28, 2024, ICE Futures U.S.' Market Regulation Department's Chief Regulatory Officer revoked access to all Exchange markets and the Exchange's electronic trading system for Anthony Scigliano and his company, Excelia Investments Limited. The access denial was predicated on a good faith assessment of activities indicating potential pre-arranged trading and detrimental activities to the Exchange. For the protection of the Exchange and other participants, access will be denied until November 24, 2024, based on Rule 21.02(f). Furthermore, the department encourages Clearing Members to promptly terminate access of any associated customers and contact the Exchange immediately if they have any direct or indirect relationship with Scigliano or Excelia, in line with Rule 4.10(e). Any lapse in alerting the Exchange may lead to a violation of Exchange rules. hashtag #ICEFuturesUS hashtag #MarketRegulation hashtag #RuleViolation