Investors want to close the gap between their expectations and what they receive in fees and performance from their investment managers or they will walk. This is according to a new study about investors and their increasing demands upon investment management firms. Along with optimal performance, they want firms to provide “regular, clear communications about… Read More >>
Broadridge, Accenture and PwC Join Forces with Digital Asset
Blockchain startup Digital Asset Holdings has signed non-exclusive strategic business relationships with IT consultancy Accenture, financial technology vendor Broadridge and auditor and professional services provider PwC to hasten the progress of Digital Asset’s distributed ledger solutions to come, which will target financial services firms. Digital Asset has already been working with Accenture, Broadridge and PwC,… Read More >>
Beware the Next Avalanche, Warns CFTC’s Sharon Bowen
New regulations may require that “all swaps transactions, whether cleared or uncleared” be reported to a trade repository, but more needs to be done, according to U.S. CFTC Commissioner Sharon Y. Bowen In a recent speech at George Washington University Law School, she called for closing loopholes and ending risky practices, as well for as… Read More >>
SEC Puts Industry on Notice for 2016 Exams
Liquidity controls, public pension advisers, product promotion, exchange-traded funds and variable annuities are on the SEC’s radar as far as issues that have risen to the top for the regulator’s examination priorities in 2016. Through the Office of Compliance Inspections and Examinations (OCIE), the SEC is setting priorities for the new year, and in addition… Read More >>
Deutsche Bank Creates Combined IT/Ops Head Positions
Deutsche Bank Creates Combined Post to Oversee Corporate and Investment Banking Deutsche Bank reports that Pascal Boillat will join in the newly created post of chief information officer and head of operations to oversee corporate and investment banking. The appointment is effective February 1, 2016, bank officials say. In another combined post, Boillat will report… Read More >>
Regulators Will Likely Pay Attention to the Senator’s Letter
As FTF News is reporting, U.S. Senator Elizabeth Warren is reaching out to six federal regulators via letters to raise concerns that the banks and trading firms using Symphony Communications’ instant messaging and collaboration services will have their interactions hidden from regulatory scrutiny. First, I am impressed that a U.S. Senator and her staff have… Read More >>
Cyberattack Costs to Hit $2 Trillion by 2019: Report
New research suggests the total cost of cyberattacks could reach $2.1 trillion annually by 2019, four times the estimated cost of breaches in 2015, according to a new report by market research firm Juniper Research. While the Juniper report, “The Future of Cybercrime and Security: Financial and Corporate Threats and Mitigation,” doesn’t break down those… Read More >>
NY Regulator Warns of Third-Party Cyber-Security Risk
Financial services firms are largely ignoring the critical role third-party vendors play in an overall cyber-security strategy, a blind spot that could make them vulnerable to infiltration, according to a recent report by the New York Department of Financial Services (NYDFS). The report, titled “Report on Cyber Security in the Banking Sector,” is based on… Read More >>
SEC, FINRA to Wall Street: Bolster Your Cyber-Security Defenses
Two new reports by regulators on the state of the financial services industry’s cyber-security readiness find that while firms have made definite progress in recent months, much work remains to be done to shore up cyber-defenses. The reports, issued Feb. 3 by the Financial Industry Regulatory Authority (FINRA) and the SEC, draw on the findings… Read More >>
Cyber-Attacks Force Firms to Prepare for the Worst
The number of detected cyber-security incidents across the financial sector rose 8 percent from 2013 to 20414, and the total cost of those incidents has jumped by 24 percent according to a new report by PriceWaterhouseCoopers (PwC). But, over that time, total spending by Information Security (InfoSec) departments at larger financial services firms is up… Read More >>
