Richard Ketchum Joins MarketAxess Board of Directors Richard G. Ketchum, a Nasdaq and SEC veteran and former chairman and CEO of the Financial Industry Regulatory Authority (FINRA), will be serving on the board of directors of MarketAxess Holdings Inc., as of April 1, 2017, officials say. In his career, Ketchum has served in many senior… Read More >>
Citi Pays $18M Penalty to Settle Overbilling Charges
The SEC reports that Citigroup Global Markets Inc. (CGMI) has agreed to pay $18.3 million for over-billing investment advisory clients and misplacing client contracts. In fact, the SEC contends that “at least 60,000 advisory clients were overcharged approximately $18 million in unauthorized fees because Citigroup failed to confirm the accuracy of billing rates entered into… Read More >>
Citadel, Morgan Stanley & JPMorgan Settle with Pre-Trump Regulators
Shortly before the Trump administration came to power on January 20, the SEC and CFTC settled with some major industry players such as Citadel Securities, Morgan Stanley Smith Barney, and J.P. Morgan Securities (JPMS). The violations ranged from charges of misleading statements about trade orders to billing and supervisory failures. Some of the penalties paid… Read More >>
Citi Pays $25 Million Penalty for Spoofing
The CFTC has fined Citigroup Global Markets Inc. $25 million for spoofing, citing the actions of traders and managers who demonstrated a lack of proper supervision, training and regulatory compliance. Spoofing, the commission says, is “bidding or offering with the intent to cancel the bid or offer before execution.” In this case, the spoofing took… Read More >>
Giancarlo Moves Up to Acting Chairman of CFTC
CFTC Shuffle: Aitan Goelman to Exit As expected, the CFTC designated J. Christopher Giancarlo, a current commissioner, as the acting chairman of the CFTC on January 20. At the same time, just as the Trump team took power Aitan Goelman, a key enforcement director for the futures, options and swaps regulator, announced his plans to… Read More >>
HSBC Private Bank to Use Bloomberg Collateral Management System
Firms Prep for New Margin Requirements HSBC Private Bank and unnamed corporations and financial institutions have adopted Bloomberg’s MARS Collateral Management and reconciliation solution to help them meet new variation margin requirements for non-centrally cleared over-the-counter (OTC) derivatives, according to Bloomberg officials. “It’s a business imperative to trade these types of instruments, so compliance too… Read More >>
Deutsche Bank, Credit Suisse Deals May Mark the End of an Era
Deutsche Bank and Credit Suisse Group struck end-of-year, billion-dollar deals with the Obama administration over cases involving toxic securities and fraud allegations, perhaps signaling the end of the era of Big Settlements. As has been widely reported, Deutsche Bank agreed to a $7.2 billion settlement with U.S. authorities while Credit Suisse is going to pay… Read More >>
Corzine to Pay $5M to Settle M.F. Global Mess
The M.F. Global debacle appears to be drawing to a close with a federal court’s approval of a consent order against defendant Jon S. Corzine, former CEO of M.F Global Inc. that requires him to pay a $5 million civil monetary penalty for his role in the demise of the futures commission merchant (FCM), which… Read More >>
Goldman Sachs Settles ISDAFIX Woes for $120M
Wall Street giant Goldman Sachs will pay a $120 million fine for manipulating and making false reports concerning the U.S. dollar International Swaps and Derivatives Association fix (USD ISDAFIX), a global benchmark for interest rate products, say CFTC officials in an order simultaneously filing and settling charges against the Goldman Sachs Group, Inc. and Goldman,… Read More >>
Trump Moves to Fill Top SEC Post as Massad Resigns
The SEC has an official nominee for its next chairman and the head of the CFTC has just announced his resignation as President-elect Donald J. Trump fills out his administration and signals a new approach to regulation. During the U.S. presidential campaign, Trump sounded clarion a call for less regulation via the federal government. His… Read More >>
