Collaboration to Target Ongoing UMR Calculations CloudMargin, a collateral and margin management vendor, and Margin Tonic, a service provider for collateral and post-trade operations, are working together to launch “a global Average Aggregated Notional Amount (AANA) calculation service” that trading firms can use to navigate the phases of the Uncleared Margin Rules (UMR) regulatory reforms…. Read More >>
FIA Urges New Ops Standards Body for ETDs
The Futures Industry Association (FIA) wants to end post-trade bottlenecks through a new industry-governed standards body that will foster sweeping changes for processes, data, and technology via new standards intended to transform “pre-, at, and post-trade” operations. The objective is summed up in a new FIA report: “FIA wants to test the hypothesis that trade… Read More >>
Most Global Funds Still Support Pollution: CDP
“Money makes the world go round. The world go round.” So sang Joel Grey and Liza Minnelli. But don’t take it from “Cabaret,” set in the inter-war Weimar Era, or even from Christopher Isherwood’s “The Berlin Stories,” on which the big-screen, Oscar-winning musical was based. Money has always been the siren song of Wall Street,… Read More >>
‘Zombie Libors’ Don’t Exist & Can’t Help: OCC
Banks must avoid complacency in meeting the Dec. 31, 2021 deadline for transitioning from the ill-fated London Inter-Bank Offered Rate (Libor) to the Secured Overnight Financing Rate (SOFR) because failing to do so could cause problems with operations, safety, and soundness. In addition, banks should not be hoping for a “synthetic or zombie” Libor version that… Read More >>
Credit Suisse Reaches $475M Settlement of Bond Scandal
Mozambique may seem far from Wall Street, but of course it’s not. Not in this interconnected world. And that means that a bond scandal in far-away Mozambique has attracted the attention of the Securities and Exchange Commission, the United States Department of Justice, and the United Kingdom’s Financial Conduct Authority. The SEC, the DoJ, and… Read More >>
tZero’s ATS to Offer Clearing & Settlement
FINRA Gives tZero ATS the Green Light The tZero ATS, an alternative trading system/broker-dealer subsidiary of blockchain technology vendor tZero, reports that it has achieved what it says is a milestone development — the approval to offer settlement and clearing services for securities transactions for itself and its broker-dealer affiliates, officials say. The Financial… Read More >>
UBS Pays $500K to Resolve Audio Deletion Case
The Commodity Futures Trading Commission has issued an order “simultaneously filing and settling” charges against UBS AG for “failing to retain certain audio recordings for the time required under CFTC regulations.” Rather than retaining the recordings of more than 1,000 hours of audio data — including voice recording files that were required by CFTC regulations… Read More >>
ICE Sells Stake in Euroclear for $825M
Silver Lake Buys ICE’s 9.85 Percent Stake American private equity firm Silver Lake likes Euroclear Holding’s growth path and has purchased Intercontinental Exchange’s 9.85 percent stake in Euroclear for €709 million ($824.8 million), officials say. Officials at ICE, the owner of the New York Stock Exchange (NYSE), say the past investment in Euroclear has been… Read More >>
SEC Updates Filing Fee Disclosure & Payment Methods
SEC Modernizes Fee Payments U.S. financial markets regulator, the SEC is revising “most fee-bearing forms, schedules, and related rules” and requiring companies and funds to “include all required information for filing fee calculation in a structured format,” officials announced. The regulator has “adopted amendments to modernize filing fee disclosure and payment methods” that will… Read More >>
NatWest Pleads Guilty to Money-Laundering Violations
A large bank is guilty of violating the United Kingdom’s money-laundering regulations. Says who? Says the bank itself. FTF News readers, who are familiar with all the ploys financial institutions employ to avoid saying they’ve done wrong (all that neither-confirming-nor-denying while paying up and agreeing to be censured), will know just how unusual that is…. Read More >>
