Eight major U.S. financial services firms may have another issue to worry about as ratings agency Standard & Poor’s is putting them on a watch list for ratings cuts because these firms may be affected by a proposed rule of the Federal Reserve ending bailouts for firms that are “too big to fail.” The eight… Read More >>
Citi to Pay $15M Penalty for Trade Review Failures
Citigroup Global Markets has agreed to pay a $15 million penalty to settle charges from the SEC that it had “failed to enforce policies and procedures” that would have prevented and detected securities transactions that involve the misuse of material, nonpublic information, according to the U.S. regulator. SEC officials also charge that firm also failed… Read More >>
SS&C to Buy Citi’s Fund Admin Unit for $425M
In a bid to increase its global fund administration footprint, SS&C Technologies, a provider of FinTech software and software-enabled services, has acquired Citigroup’s Alternative Investor Services business, which includes hedge fund and private equity fund services, officials say. SS&C will pay $425 million for the Citi business, subject to certain adjustments, officials add. The transaction… Read More >>
AcadiaSoft Forms Margining Hub for Non-Cleared Derivatives
Margining platform vendor AcadiaSoft has successfully linked its own system with that of several other providers in the margining automation space, creating the first industry-wide margining utility for non-cleared derivative instruments. AcadiaSoft linked its MarginSphere 2 electronic messaging service for over-the-counter (OTC) derivatives with TriOptima’s triResolve OTC trade reconciliation service and the DTCC-Euroclear’s Margin Transit… Read More >>
The Fed Hits Six Banks with Record Fines
The Federal Reserve has imposed $1.8 billion in fines, “among the largest ever assessed,” against UBS, Barclays Bank, Citigroup, JPMorgan Chase & Co., the Royal Bank of Scotland (RBS) and Bank of America Corp. (BofA) for what Fed officials call “their unsafe and unsound practices in the foreign exchange (FX) markets.” The dollar amounts for… Read More >>
BNY Taps Citi for Head of Corporate Trust Unit
BNY Mellon has hired Kathleen Scott from Citigroup to head a “newly created role to lead the corporate and insurance activities within [the bank’s] Corporate Trust business in the U.S.,” according to a company statement. In her new role, Scott will be responsible for all aspects of sales, business development and client relations at the… Read More >>
Prime Brokerages Share Their Pain with Hedge Funds
For hedge funds, change is in the air as prime brokers contemplate pulling back on financing options and raising fees, leaving some funds to consider parking excess cash and long securities at custodian banks. Prime brokerage units of A-List firms are beginning to feel the squeeze as big banks face stiff pressure from regulators to… Read More >>
The ADR Project’s Big Spinoff
A successful pilot project to automate corporate actions processing for American Depositary Receipts has inspired XBRL International’s Standards Board (XSB) to think seriously about a global corporate actions taxonomy (dictionary) for a digital language — the eXtensible Business Reporting Language (XBRL) — that could bring a new order to the reporting of corporate actions data…. Read More >>
ADR Corporate Action Processing Grows Up
Michael Silverence is hoping that the days of using PDFs to spread the word in the U.S. and globally about the corporate actions impacting American Depositary Receipts (ADRs) are numbered. The BNY Mellon vice president, who oversees global product management, particularly innovation and technology, has been heavily involved in a project to automate corporate actions… Read More >>
Forging IT Leadership in the Regulation Decade
A keynote speaker for the19th ISITC Annual Industry Forum and Vendor Show in Boston this week focused on the industry trade group’s raison d’être when he urged those in attendance to take on the “big challenges” such as driving a consensus to make standards reality such as the push for wider usage of ISO 20022-based… Read More >>
