The Securities and Exchange Commission has charged that Barclays PLC and Barclays Bank PLC offered and sold “an unprecedented amount” of unregistered securities because of a “failure to implement any internal control to track such transactions in real time.” One result of that alleged failure is that both Barclays PLC and Barclays Bank PLC had… Read More >>
Can SWIFT Make Post-Trade Ops More Transparent?
SWIFT is strongly urging that the industry adopt Unique Transaction Identifiers (UTIs) as a way to bring more transparency to post-trade processing. The new UTI support would come via the SWIFT Securities View capability, which has had a successful pilot test, dubbed the “SWIFT Securities Tracking Pilot,” according to officials of the financial messaging, systems,… Read More >>
Nasdaq Overhauls Its Corporate Structure & Other News
Nasdaq Sets Up Three New Divisions Nasdaq has announced that it is reorganizing its business units into three divisions that better reflect “the foundational shifts” of the global financial system and will help the exchanges company better serve client needs. The three new business divisions are Market Platforms, Capital Access Platforms, and Anti-Financial Crime, officials… Read More >>
DTCC & Snowflake Expand Partnership & Other News
DTCC to Build Upon Previous Snowflake Efforts Post-trade market infrastructure provider the Depository Trust & Clearing Corp. (DTCC) will be building applications with data cloud vendor Snowflake “to transform how data is accessed, shared and leveraged across a number of its services,” officials say. The effort is a continuation of a previous Snowflake effort to… Read More >>
Data Disposal Case Spurs $35M Penalty for MSSB
The Securities and Exchange Commission (SEC) reports settling charges against Morgan Stanley Smith Barney LLC (MSSB) “stemming from the firm’s extensive failures, over a five-year period, to protect the personal identifying information, or PII, of approximately 15 million customers.” MSSB neither admits nor denies the charges. However, it has agreed to pay a $35 million… Read More >>
Firms Must Capture Risky Communications: Q&A
(Gone are the days when financial services firms could tightly control contact between staff and clients and limit the behavior that facilitates transactions. But, in 2022, firms have to capture a growing list of digital interactions such as unified communication (UC) and web collaboration platforms such as the popular Microsoft Teams, Zoom, Symphony, and Cisco… Read More >>
Hearsay Updates System as SEC Readies New Rules
Financial services firms have about six weeks to comply with a new SEC rule that regards testimonials as advertisements, and many perceive the changes they will need to make as daunting. Hearsay Systems, a social media compliance, and digital client engagement provider, reports that it has updated its compliance capabilities to help firms come up… Read More >>
Broadridge Links NYFIX to Coinbase Prime & Other News
Broadridge & Coinbase Target Buy-Side Firms Broadridge Financial Solutions is partnering with crypto exchange Coinbase to provide an integrated solution that enables NYFIX clients to route order flow to Coinbase Prime via the FIX protocol for electronic trading, officials say. The partnership will also allow “buy-side traders to source crypto liquidity from Coinbase and trade… Read More >>
BofA Securities Fined $5M via OTC Reporting Case
“Oops, I did it again” might work as an excuse once, maybe even twice, especially if accompanied by a twinkly smile. But 7.4 million times? It’s not that innocent, as Britney might say. Let’s all sing along with the verse: FINRA, the self-regulating authority for U.S. broker-dealers, which is overseen by the Securities and Exchange… Read More >>
24 States Forbid ESG Investing via Public Pension Funds
A major Republican backlash is underway in at least 24 U.S. states against public pension fund managers making investment decisions based upon environmental, social, and governance (ESG) concerns and principles. Those leading the backlash say that when the ESG filter is applied to investment decisions, it leads to portfolio losses, which harm pensioners. Non-ESG investments… Read More >>
