Authorities: Steer Clear of USD LIBOR Key industry regulators are warning financial services firms not to use U.S. dollar (USD) LIBOR as a reference rate after Dec. 31, 2021 to avoid “consumer protection, litigation, and reputation risks.” The Nov. 30 statement, which underscores the need for firms to move away from the London Inter-bank Offered… Read More >>
Credit Suisse Securities Settles Another Blue-Sheets Case
Are blue sheets difficult to file correctly? The question arises because Credit Suisse Securities (USA) LLC has been fined $600,000 for “failure to submit to the [Securities and Exchange] Commission true and complete data in response to Commission staff electronic blue sheets (‘EBS’) requests, resulting in the reporting of EBS that was incomplete or deficient.”… Read More >>
Blockchain Successor to CHESS to Launch in 2022
Pandemic Delays Launch of New ASX System The Australian Stock Exchange (ASX) has set its new go-live date of April 2022 for the blockchain-based system that will replace its incumbent clearing and settlement, the Clearing House Electronic Subregister System (CHESS), officials say. The new launch date is 12 months beyond the original launch date, which… Read More >>
Credit Suisse in Hong Kong Settles FCPA Charges
The Hong Kong-based subsidiary of the Credit Suisse Group AG (CSAG), a Swiss-based issuer of publicly traded securities in the United States, has reached an agreement with the U.S. Department of Justice to pay a $47 million criminal penalty for its role in a scheme to “corruptly win banking business” in the Asia-Pacific region by… Read More >>
UBS Leads Project for MiFID II LEI Compliance
UBS is collaborating with Barclays, Credit Suisse, KBC Asset Management, SIX and Thomson Reuters to meet MiFID II legal entity identifier (LEI) requirements and improve the quality of counterparty reference data using Ethereum smart contracts. The project, which was kick started by UBS in its London-based innovation lab Level39, is currently in a pilot phase,… Read More >>
Credit Suisse Tackles Trading Fees & Expense Management
(Editor’s note: During the SIBOS conference and exhibition last month SmartStream Technologies and Credit Suisse announced that they have expanded their invoice processing agreement so that the vendor will be handling the listed derivatives brokerage fees via the vendor’s proprietary transaction execution fees and expense management software. The software program encompasses the receipt of invoices,… Read More >>
Credit Suisse, BNP Paribas Control Transaction Fees via SmartStream
SmartStream Technologies and Credit Suisse have expanded their invoice processing agreement so that the vendor will be handling the listed derivatives brokerage fees, officials from both companies announced at the SWIFT SIBOS event in Toronto this week. SmartStream also unveiled at SIBOS the latest version of its TLM Reconciliations Premium solution. The bank will be… Read More >>
UBS Adds Six Banks to Crypto-Currency Settlement Push
The buzz around crypto-currency blockchain/distributed ledger technology (DLT) continues with UBS’s utility settlement coin (USC), adding six of the world’s largest banks — Barclays, HSBC, State Street, Credit Suisse, MUFG and the Canadian Imperial Bank of Commerce — to its roster. The new members join UBS, Deutsche Bank, Santander, BNY Mellon and the financial services… 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 >>
Cordium Appoints New Head of Cybersecurity
Cordium Hires from Mizhuo Bank Cordium, a provider of governance, risk and compliance services to financial and professional services firms, has appointed Richard Hudson vice president of its cybersecurity and data protection consulting services. Hudson joins from Mizuho Bank, where he was the information security officer for 17 years, managing the information security program for… Read More >>
