The United States Commodity Futures Trading Commission (CFTC) has announced the issuance of orders filing and simultaneously settling charges against BGC Financial, LP and GFI Securities, LLC. The orders find that brokers employed by BGC and GFI on their respective emerging markets foreign exchange options desks made false representations that certain bids and offers were executable and that certain trades had occurred. The respective orders impose a $15 million penalty on BGC and a penalty of $10 million on GFI. They also require each of the companies to enhance their internal controls and procedures, to appoint a ... (full story)