It’s been a while since my last gadget-based-on-your-bonus report and I would be remiss if I didn’t mention that bonuses took a hit. Many working on Wall Street and elsewhere have found that their bonuses delivered in 2024 shrunk compared to last year. The average Wall Street bonus, based on performance in 2023, shrunk by… Read More >>
The SEC Is Charging More to Regulate You
As the SEC very publicly takes on major matters such as its climate disclosure requirements — the fate of which is playing out in court and in Congress — the regulator has quietly moved ahead with an increase in the rate that securities exchanges and broker-dealers pay to be regulated by the commission. “Starting on… Read More >>
NY State Wants Firms to Report Ransomware
The state of New York has amended its “first-in-the-nation” cybersecurity regulations and will be requiring financial services firms to report ransomware amounts just as cyberattacks are increasing, according to the regulator New York State Department of Financial Services (NYS DFS) and New York Governor Kathy Hochul. In addition to the ransomware reporting, the updated regulations… Read More >>
Will Europe Move to T+1?
The move to a shorter settlement cycle for European equities has many more moving parts than the transition in the U.S. and Canada, which are moving fast from the current trading day plus two (T+2) settlement cycle to the shorter, one-day, T+1 time frame for equity markets. In addition, Europe does yet face pressure from… Read More >>
T. Rowe Price & Others to Test Public Blockchains
While the hype surrounding blockchain technology cooled long ago, the hope remains that it will yield trading technology breakthroughs. With that hope in mind, T. Rowe Price Associates, WisdomTree, Wellington Management, and Cumberland are “an initial cohort” of financial services firms participating in a test of public blockchain infrastructure. They will explore the benefits of… Read More >>
The SEC Wants Electronic Filing for All Forms
Late last month, the SEC put forward amendments intended to “modernize its information collection and analysis methods by, among other things, proposing that a number of filings be submitted to the Commission electronically on EDGAR [the Electronic Data Gathering, Analysis, and Retrieval] system using structured data where appropriate,” according to the regulator’s announcement. Many in… Read More >>
BlackRock Tops the Broadridge FB50 List
Despite volatile markets last year, the current Fund Brand 50 (FB50) rankings of the best-performing, third-party asset management brands revealed that seven of the top 10 asset managers held the same position in 2022 as they did the year before. The annual study is sponsored by Broadridge Financial Solutions, a provider of securities operations systems,… Read More >>
CFTC Mandates UPIs for Swaps Records & Reporting
Without much fanfare, the CFTC in mid-February ordered registered entities and swap counterparties to use the unique product identifiers (UPIs) supplied by the Derivatives Service Bureau (DSB) for swaps in the credit, equity, foreign exchange, and interest rate asset classes to bolster transparency and compliance with CFTC swap recordkeeping and reporting requirements. In addition, the… Read More >>
DTCC Guide Demystifies T+1 Testing
In the U.S., there have been many serious discussions and efforts to move the securities industry from the trading day plus two (T+2) settlement cycle to T+1. In addition, the regulators, standards groups, and industry associations are mulling the changes that must be made to facilitate the shift to T+1. But, at some point, the… Read More >>
Is a Roku-Designed TV Bonus Worthy?
As Wall Street navigates bonus season, I have another entry in my ongoing quest to provide information about gadgets, services, and consumer goods worthy of your bonus. This time I am eager to shine the spotlight on Roku, the San Jose, Calif.-based maker of digital media players that have an operating system for streaming digital… Read More >>
