Smoothing. It sounds like porn, and that’s because it is. Financial porn, that is. Here are the questions of the week: Is a six-million dollar penalty for “incorrectly reporting swaps and adjusted daily mark disclosures” enough of a hit to the nose that it will get an alleged wrongdoer’s attention? Or is six-million smackers simply… Read More >>
CAT Overseers Shift Key Deadline for Broker-Dealers
A new deadline has been set for a key aspect of the ambitious, big data, securities transaction monitoring project known as the Consolidated Audit Trail (CAT). The new deadline is intended to help broker-dealers grappling with the inclusion of information about customer accounts, and the deadline extension will give CAT participants more time to deal… Read More >>
SocGen Joins Broadridge’s Repo Platform & Other News
Société Générale Supports Repos via DLT French banking giant Société Générale reports that it is now “live on the distributed ledger technology repo platform” created by vendor Broadridge Financial Solutions. The platform “accelerates the digitization of the global repo market, empowering participants to realize immediate benefits of reduced risk and operational costs and enhanced… Read More >>
RA Capital Picks Xenomorph & Other News Briefs
Xenomorph to Support Key Groups at RA Capital Boston-based investment manager RA Capital has selected data management solutions vendor Xenomorph to provide enterprise data management (EDM) support for the firm’s bio-tech and financial data needs, officials say. “We were diligent in the selection of RA Capital’s data platform. We wanted more than a standard security… Read More >>
Interactive Brokers Settles Exchange Fees Case for $1M
The Commodity Futures Trading Commission reports that it has settled charges against Interactive Brokers LLC, a registered futures commission merchant, for “failing to diligently supervise its employees’ handling of exchange fees charged to customers.” The commission’s order calls for Interactive Brokers to “cease and desist from violating the CFTC regulation addressing supervision, pay $710,828.14 in… Read More >>
SS&C’s Asset Allocator Platform Launches & Other News
SS&C Uses FundHub for New Platform Post-trade systems and software vendor SS&C Technologies reports that it has launched the Asset Allocator Platform, based on FundHub, to provide a holistic view of portfolio holdings, a fund document repository, and performance analysis features. SS&C GlobeOp describes FundHub as “a web-based tool for building and managing alternative investment… Read More >>
DTCC Report Hub Attracts 70+ Clients
More than 70 firms have signed up for a service that manages regulatory reporting requirements for 14 jurisdictions — the DTCC Report Hub — an offering of post-trade systems and services provider Depository Trust & Clearing Corp., officials say. In late 2020, the DTCC acquired a platform for compliance management reporting, dubbed the Compliance Management… Read More >>
UBS Broker & SEC Settle Complex Case for $25M
UBS Financial Services has agreed to pay a total of $25 million to the SEC to resolve charges that it allegedly failed to give its financial advisors adequate training or supervisory oversight in support of a complex options trading effort, the Yield Enhancement Strategy (YES), that caused surprise losses for investors. SEC officials say that… Read More >>
SETL Acquired by Colendi & Other News Briefs
SETL & Colendi to Focus on Tokens & Smart Contracts London-based blockchain settlements vendor SETL reports that it has been acquired by Colendi, an embedded fintech services platform provider, based in Instanbul, Turkey, and they plan to create a new public blockchain infrastructure to host native tokens and smart contracts for Colendi’s users. “As… Read More >>
Corporate Actions Processing Meets ISO 20022: Q&A
(Officials at the Depository Trust & Clearing Corp. (DTCC) recently reported that they had taken a big step toward fully automating the corporate actions lifecycle via its subsidiary, The Depository Trust Company (DTC). The DTCC also worked with Broadridge Financial Solutions. In short, the DTC processed the “first-ever, fully-automated voluntary reorganization ISO 20022 instruction,” as… Read More >>
