Pershing X is Expanding Its Services The Pershing X technology provider and business unit of BNY Mellon reports that it hopes to bring new analytics and data management to clients via a collaboration with Snowflake, a data cloud provider. Pershing X is “expanding its stand-alone data service offerings to wealth management firms” via the Snowflake… Read More >>
NFA Adopts Rule Governing Digital Asset Commodities
The National Futures Association (NFA), a self-regulatory organization, is focusing its regulatory authority on digital asset commodity activities by adopting rules that set “anti-fraud, just and equitable principles of trade, and supervision requirements” for members and associates of the NFA. The scope of the newly adopted NFA Compliance Rule 2-51 “is currently limited to Bitcoin… Read More >>
Wells Fargo Settles Sanctions Violations Case for $97.8M
Wells Fargo Bank has settled a self-reported case of sanctions violations with two U.S. agencies — the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Federal Reserve — and will pay a total of $97.8 million to resolve violations of economic sanctions against Iran, Syria, and Sudan. The settlement with… Read More >>
UBS Completes Repo Trade via Blockchain & Other News
Banks Use Broadridge DLR Platform UBS and an unnamed Asian bank have “executed the first cross-border intraday repo transaction on Broadridge’s blockchain-enabled Distributed Ledger Repo (DLR) platform,” according to operations, systems, and services provider Broadridge Financial Solutions. The intraday trade “marks the launch of the next phase in the rollout of Broadridge’s DLR platform …… Read More >>
The SEC Wants Electronic Filing for All Forms
Late last month, the SEC put forward amendments intended to “modernize its information collection and analysis methods by, among other things, proposing that a number of filings be submitted to the Commission electronically on EDGAR [the Electronic Data Gathering, Analysis, and Retrieval] system using structured data where appropriate,” according to the regulator’s announcement. Many in… Read More >>
BNP Paribas & Clearwater Partnership Yields Combined Services
Custodian BNP Paribas Securities Services and service provider Clearwater Analytics have formed a partnership that is targeting asset owners by combining custody services with investment accounting support from Clearwater, officials say. The gain for potential clients of both is that BNPPSS and Clearwater have coupled their offerings to ensure a preconfigured set-up for all the… Read More >>
BNY Mellon Jolts Its Climate Strategy & Other News
BNY Mellon Taps Arjuna Capital Officials at the Bank of New York Mellon Corp. (BNY Mellon) say they are hoping to accelerate their climate strategy efforts via a collaboration with a sustainable investment management firm Arjuna Capital, which helps investors and institutions invest their assets according to environmental, social, and governance (ESG) concerns. “BNY Mellon… Read More >>
SEC Charges Tron Founder With Misleading Investors
It’s a time-tested way to con good, honest folks out of their hard-earned money. Dazzle them with celebrities while you pick their pockets! Case in point, according to recent allegations filed by the United States Securities and Exchange Commission (SEC): Justin Sun, a cryptocurrency entrepreneur, who paid a long list of celebrities big bucks to… Read More >>
Crypto Crash Fugitive Arrested in Montenegro
Do Hyeong Kwon, the alleged mastermind of a cryptocurrency fraud, has been arrested by authorities in Montenegro, a Balkan country, far from Terraform Labs, the company Kwon co-founded in Singapore. “One of the world’s most wanted fugitives was arrested in Podgorica,” according to Filip Adzic, the interior minister for Montenegro, who posted an update via… Read More >>
DTCC Solution Targets LIBOR-to-SOFR Transition
Post-trade infrastructure provider Depository Trust & Clearing Corp. (DTCC) has launched the LIBOR Benchmark Replacement Index Solution to help firms make the transition from the corrupted London Interbank Offered Rate benchmark to the Secured Offered Financing Rate (SOFR) and other replacement rate indices by June 30, 2023. The new offering is available now via DTCC’s… Read More >>
