United States:
US Commodity Futures Trading Commission Settles With Teraexchange LLC, A Swap Execution Facility, For Failing To Enforce Trading Prohibitions
09 October 2015
Shearman & Sterling LLP
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On September 24, 2015, the CFTC issued an Order filing and
settling charges against TeraExchange LLC, a provisionally
registered Swap Execution Facility. TeraExchange was charged for
failing to enforce a prohibition on wash trading and prearranged
trading on the SEF platform in connection with the SEF's
offering for trade of a non-deliverable forward contract based on
the relative value of the US Dollar and Bitcoin. TeraExchange is
required to cease and desist from future violations regarding trade
practices.
The press release is available at: http://www.cftc.gov/PressRoom/PressReleases/pr7240-15.
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