Have a great holiday!As one can gather from the name, “spoofing” is not OK with the Commodity Futures Trading Commission, so it would like a couple of prominent exchanges it regulates to, you know, do something about it. Nothing big, but it would be nice if the New York Mercantile Exchange and Commodity Exchange at least knew whether it—it being high-frequency traders placing a whole bunch of orders they have absolutely no intention of following through with—was going on. Just sayin’. Read more »

  • 21 Nov 2014 at 4:30 PM

Deal Judge: We’re Going To Need A New Master of Coin

Elie's idea of an Icelandic prison.

Elie’s idea of an Icelandic prison.

Ed. note: This is a new weekly column by Elie Mystal, Managing Editor of Above the Law Redline, wrapping up the week that was in law and finance. Elie is not a practicing attorney, and anything he says that you listen to can and will be used against you.

Issue #1: How can you get a permit to do a damned illegal thing?

Bitcoins are a “real” commodity, so says the Commodity Futures Trading Commission. Commissioner Mark Wetjen “I do believe we have the authority because if you think of any reasonable reading of our statute, bitcoin classifies as a commodity, “I do believe we have the authority because if you think of any reasonable reading of our statute, bitcoin classifies as a commodity.”

Well maybe if Wetjen wishes really, really hard, Tinkerbell will spring to life and sprinkle enough regulatory pixie dust to give the CFTC the authority it believes it should have. Read more »

  • 19 Nov 2014 at 11:00 AM

The Bitcoin Definitional Debate Is Over

Commodified.The digital currency is a commodity, according to a guy whose job, coincidentally, is the regulation of commodities. Read more »

There it is.If yes, he’ll need a few extra bucks to pay for that something.

“Keep in mind that some of our major financial institutions are spending more on cybersecurity each year than our agency’s entire budget,” he said at an industry conference in Chicago.

CFTC’s Cybersecurity Checks Hurt By Budget Constraints, Chairman Says [WSJ]

  • 16 Sep 2014 at 12:20 PM

Brian Hunter Still Has $750K To His Name

He may have vaporized Amaranth Advisors’ clients’ money, but, apparently, not all of his own. And now Brian Hunter’s using it to preserve his anonymity. Alas, it will cost the most entertaining natural-gas trader in history’s his full freedom to play in markets he knows well enough to lose $6.6 billion in, but that’s a small price to pay for remaining, in the eye of Google Images, a fisherman. Or a fish. Whichever. Read more »

Eight years after the great fisherman, Canadian and hedge fund trader who was thisclose to making a mint on a whole mess of natural-gas contracts but instead wound up losing $6.6 billion and putting an end to a plucky little shop called Amaranth Advisors, Brian Hunter may be appearing in New York federal court to defend his honor against allegations that he planned to make that mint by manipulating the natural gas markets. Read more »

They won’t be able to enforce it, but they’ll promulgate the rule all the same. Read more »

  • 13 Mar 2014 at 2:23 PM

The Bitcoin Bugle: The Race is On

To regulate a certain sullied sort-of currency (or commodity?), that is. Read more »