Would it really be such a bad idea for the CFTC to charge a user’s fee? That issue may wind up being a spinoff from a bill put forth late last month by the Wall Street lightning rod U.S. Senator Elizabeth Warren (D-Mass.) with the support of Mark Warner (D-Va.), and Congressman Elijah Cummings (D-Md.)…. Read More >>
Even the GOP Worries about TBTF
It only took six years but the Republicans have finally issued a response to the much-maligned Dodd-Frank Act, and there was a disturbingly familiar refrain amid the rants of the Republican chairman of the House Financial Services Committee, Texas Congressman Jeb Hensarling, who is the proponent of the GOP alternative. To recap, moving from the… Read More >>
House Financial Services Chair Offers Plan to Gut Dodd-Frank
The Republican chairman of the House Financial Services Committee, Texas Congressman Jeb Hensarling, has unveiled a plan to repeal the Dodd-Frank Act, which he has called a “grave mistake,” and replace it with the Financial CHOICE Act. CHOICE, in the Hensarling plan, is an acronym for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs…. Read More >>
Q&A: Why OpenDoor is Building a T-Bond Trading Platform
(Editor’s note: Trading systems vendor OpenDoor Trading announced last week that it is working closely with high-performance financial technology solutions provider Broadway Technology to hasten the development of a transaction platform for the U.S. Treasury bond market. They are joining forces and “ramping up for an early-Q4 launch” to meeting the demands of institutional investors… Read More >>
A Wish List for the Presidential Debates
Now that the smoke is clearing from the U.S. presidential primary battles and we have two clear winners, let me offer a few suggestions to the presumptive nominees Donald Trump for the Republicans and Hillary Clinton for the Democrats. (Bernie, please exit while you still have your dignity.) This is a wish list of Wall… Read More >>
CFTC Penalizes Bitfinex $75K for Illegal Transactions
The CFTC has ordered online bitcoin exchange Bitfinex to pay $75,000, settling charges that it offered illegal off-exchange financed retail commodity transactions in bitcoin and other cryptocurrencies, and that it failed to register as a futures commission merchant (FCM). The bitcoin exchange says in its own statement that it “proactively contacted the CFTC in September… Read More >>
LSEG & Boat to Launch Combined Reporting Services
TRADEcho to Hit Early Next Year The London Stock Exchange Group (LSEG) and Boat Services Ltd. will be offering TRADEcho, a combination of the two vendors’ existing and complimentary trade reporting services, officials say. TRADEcho is slated to be available by the first quarter of 2017 and will offer a single trade reporting venue and… Read More >>
Why Trump Has Few Friends on Wall Street
As we have seen during the endless presidential campaign, Donald J. Trump, the presumptive nominee of the Republican Party has skillfully ducked specifics when making speeches or during debates. Until last week, Trump, who loves to blast his own horn, has been rather quiet about the Dodd-Frank reforms. But that is over. “Dodd-Frank has made… Read More >>
Schroders Luxembourg to Use KYC Hub
Asset manager Schroder Investment Management (Luxembourg) S.A (SIM) is using a centralized service that stores legal entity level information, documentation and ownership information that are key components for several operations that require accurate know your customer (KYC) client documentation and related data. Founded in August 1991, SIM, aka Schroders Luxembourg, provides central support to Schroders’… Read More >>
CFTC Wants a Game-Changer for Swaps Data Reporting
The CFTC is working hard to refine the swaps data reporting process and hopes that those changes and subsequent data harmonization internationally will be a game-changer for the derivatives industry, reports Petal Walker, chief counsel for CFTC Commissioner Sharon Bowen. Walker, who spoke at FTF’s DerivOps North America conference in Chicago last month, says that… Read More >>
