Photo of Jeffry M. Henderson

Jeffry M. Henderson, a former general counsel for a publicly traded futures commission merchant, has deep futures and derivatives industry experience. He focuses his practice on a variety of complex compliance, regulatory, investigation, litigation, and managed fund matters. This representation regularly involves futures, derivatives, swaps, forex, securities, cryptocurrency, and binary options. He represents and advises a broad range of clients, including futures commission merchants, broker-dealers, investment advisers, commodity trading advisers, introducing brokers, forex trading firms, commodity pool operators, and hedge fund managers. He also provides counsel to a variety of industry participants, including proprietary trading firms and exempt investment managers regarding disclosure matters and compliance obligations and regulatory and enforcement matters. He is also regularly involved in defending member and member firms before CFTC, NFA, SEC and FINRA. He currently serves as a public director for an applicant Designated Contract Market and an applicant Designated Clearing Organization.

On Sept. 12, 2024, the Commodity Futures Trading Commission (CFTC) took another step toward limiting the availability and scope of relief provided by CFTC Regulation 4.7 (Reg. 4.7) under the

Continue Reading CFTC Further Narrows Scope of Relief Under Regulation 4.7 ‘Registration Lite’


Continue Reading Commodity Futures Trading Commission Issues Time-Limited Relief from CFTC Rule 1.56


Continue Reading CFTC Proposes Expanding Exemption for Non-U.S. Commodity Pool Operators

On March 21, 2019, in Whitaker v. Wedbush Securities, an Illinois appellate court for the first time addressed the liability of a futures commission merchant (FCM) or broker-dealer (BD)
Continue Reading When Can Futures Commission Merchants and Broker-Dealers Be Deemed Banks?

In a recent public speech, CFTC Chairman Timothy Massad described cybersecurity as “perhaps the single most important new risk to market integrity and financial stability.”  On March 18, 2015, CFTC staff conducted a roundtable regarding this topic, during which CFTC suggested possible proposed rulemaking.  CFTC staff said that CFTC is considering a rule imposing cybersecurity requirements on exchanges and clearing organizations, but one that at least initially would not apply to other market participants.  Chairman Massad indicated that a proposed rule would focus on setting standards for testing: (a) system safeguards; (b) vulnerability and penetration; (c) key controls; and (d) business recovery and disaster recovery. 
Continue Reading Cybersecurity Viewed as Market Risk by CFTC