Securities firms, investors, government officials, and all other capital markets participants rely on the financials that auditors of public companies provide. Yet scandals large and small led to the creation of an auditor of the auditors in 2002, dubbed the Public Company Accounting Oversight Board (PCAOB), which was fostered by the U.S. Congress and then-President… Read More >>
Joint Whistleblowers Share $6M from the SEC
Two whistleblowers were likely celebrating during the Spring holidays as they were awarded approximately $6 million by the Securities and Exchange Commission (SEC). They provided new information “that led to the opening of an examination and provided a roadmap for an enforcement action that resulted in the covered action,” according to the SEC. The financial… Read More >>
SEC Green-Lights Half-Penny Stocks
While the world was watching and waiting for the Fed to cut interest rates, the Securities and Exchange Commission (SEC) in a rare, quiet, bipartisan, and unanimous decision adopted “amendments to certain rules under Regulation NMS [National Market System]” that will allow U.S. stock exchanges to have transactions via increments of half a penny —… Read More >>
Malaysian Bank Taps Broadridge for Securities Finance Services
AmInvestment Bank, based in Kuala Lumpur, Malaysia, has deployed a securities finance and collateral management platform from Broadridge Financial Solutions to help the firm expand its prime brokerage business lines and boost its value proposition, officials say. The investment banking arm of the Ambank Group, AmInvestment Bank officials say that the single platform allows the… Read More >>
The SEC Has Contingencies After Supreme Court Loss
If major media organizations even bothered to cover the U.S. Supreme Court’s 6-to-3 decision against the Securities and Exchange Commission (SEC) on June 27, the initial takeaway was that the regulatory agency suffered a massive blow to its abilities to take legal action in civil cases, particularly anti-fraud cases. But that might be too dire… Read More >>
T+1: No Victory Until Affirmations Reach 100%
As many teams in North America canceled their weekly T+1 transition meetings, Securities and Exchange Commission Chair Gary Gensler has called on the U.K. to trigger its own implementation. Top of the list of lessons to learn from North America’s transition, Gensler said, is setting a date. “Until you do that, it is a lot… Read More >>
Trading Technologies Acquires ATEO SAS
Trading Technologies International (TT) intends to expand its reach into clearing and other middle-office technologies and services via its acquisition of ATEO SAS, a provider of post-trade solutions for listed derivatives, officials say. TT is a software-as-a-service (SaaS) technology platform provider to global capital markets. The financial terms of the transaction, which closed on Feb…. Read More >>
BBH Takes Aim at Latencies in Securities Lending
(To help its securities lending clients with their transition to T+1 shorter settlement, Brown Brothers Harriman (BBH) is examining securities loan recall lifecycles to find any latencies that may be caused by batch processing or bespoke messaging for Swift processes, says Sarah Holmes, global head of securities lending at BBH. In her new role, Holmes… Read More >>
DSB’s UPI Service Targets Swap Reporting Regs
The Derivatives Service Bureau (DSB) reports that it has launched a service, dubbed the Unique Product Identifier (UPI), that industry participants will be required to use for swap recordkeeping and reporting to trade repositories, giving authorities a new view into potential systemic risks. Officially, UPI has been established as International Organization of Standardization standard (ISO)… Read More >>
SIFMA Wants SEC to Drop PDA Ban & Other News
SIFMA: SEC Rule Puts Too Many Limits on Firms Securities industry trade association SIFMA and its Asset Management Group (AMG) are strongly urging the SEC to abandon proposed rules that would end or nullify the use of predictive data analytics (PDA) and PDA-like technologies by broker-dealers and registered investment advisors (RIAs). In August, the SEC… Read More >>
