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Broker-Dealer Foreign Exchanges

WilmerHale

Binance Ruling Spotlights Muddled Post-Morrison Landscape

WilmerHale on

The March decision in Williams v. Binance from the U.S. Court of Appeals for the Second Circuit marks the latest chapter in the judiciary's struggle to apply the U.S. Supreme Court's 2010 decision in Morrison v. National...more

Cornerstone Research

Alleged Market Manipulation and the Pre-hedging of Large Trades

Cornerstone Research on

Pre-hedging, or anticipatory hedging, is one of many risk management tools often used in principal-based OTC markets, such as commodities, foreign exchange (FX), or interest rate swap markets. It refers to trading conducted...more

Cadwalader, Wickersham & Taft LLP

New 871(m) Regulations Finalize Dividend Equivalent Payment Withholding Rules for Equity Derivatives

On September 17, 2015, the IRS and the Treasury Department issued final, temporary, and proposed regulations under section 871(m) of the Internal Revenue Code (collectively, the “new regulations”) that provide the rules for...more

Katten Muchin Rosenman LLP

SEC Extends Interim Final Temporary Rule for Broker-Dealers Engaging in a Retail Forex Business

As reported in Corporate & Financial Weekly Digest edition of July 15, 2011, the Securities and Exchange Commission adopted interim final temporary Rule 15b12-1T to allow a registered broker-dealer to engage in a retail forex...more

Morgan Lewis

CFTC Adopts Tape-Recording and Recordkeeping Rules

Morgan Lewis on

Final rules require tape recording by futures commission merchants, introducing brokers, retail foreign exchange dealers, and commodity trading advisors; affected CFTC registrants must implement systems to comply by December...more

Katten Muchin Rosenman LLP

No-Action Letter Regarding Definition of "Ready Market" with Regard to Foreign Equity Securities Pursuant to SEC Rule...

Currently, under Securities and Exchange Commission Rule 15c3-1 (the Net Capital Rule), broker-dealers may treat equity securities of a foreign issuer that are listed on the FTSE World Index as having a ready market. A ready...more

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