U.K. regulator, the Financial Conduct Authority (FCA), is causing a stir with its consideration of a ban on the sale of derivatives and exchange traded notes (ETNs) that are tied to certain types of crypto-assets. FCA officials say that they are considering new rules to “address harm to retail consumers” via the sale of these… Read More >>
CFTC, U.K. Build a Regulatory Bridge Over Brexit
As the United Kingdom faces the March 29 deadline for Brexit, the CFTC and the Bank of England along with the Prudential Regulation Authority (BoE), and the Financial Conduct Authority (FCA) are providing clarification on the regulatory framework governing derivatives processing and clearing between the U.K. and U.S. if and when the UK completes its… Read More >>
Electra Fills New Post for Data Services
New SVP to Oversee Customer Interactions Electra Information Systems, a reconciliation solutions and accounting data aggregation services vendor, has appointed Jennifer McMackin to the newly created role of senior vice president, data services, officials say. McMackin’s has more than 15 years of industry experience from positions at Mizuho America and Axiom Investors, officials say. “Her… Read More >>
FCA Greenlights More OTFs, MTFs in Time for MiFID II
BGC, Integral Get FCA Approvals Just in time for the onset of MiFID II, the U.K.’s Financial Conduct Authority (FCA) has authorized that BGC Brokers LP, GFI Brokers Ltd., GFI Securities Ltd. can each operate an organized trading facility (OTF), and Sunrise Brokers can operate a multilateral trading facility (MTF) via GFI Brokers Ltd. and… Read More >>
FCA Threadneedle Fine Highlights Trading Control Flaws
After providing inaccurate information to a U.K. regulator about its fixed income trading processes in 2011, U.K.-based Threadneedle Asset Management Ltd. fell prey to a fraudulent trade made via its emerging markets debt desk, according to the Financial Conduct Authority (FCA), which fined the firm £6,038,504 ($8.9 million) on Dec. 15, 2015, according to the… Read More >>
Regulators Hit Barclays with $62 Million in Fines
Taken together, Barclays Capital and Barclays Bank will be paying a total of $61,913,453 in penalties to U.S. and U.K. regulators for two past incidents — an inadequate compliance system for wealth management efforts, and a failure to properly protect clients’ custody assets. In the U.S., Barclays Capital is paying a $15 million penalty to… Read More >>
CFTC Fines Morgan Stanley $280K for KYC Oversight
U.S. regulators have fined Morgan Stanley’s wealth management division $280,000 over failures in its know your customer (KYC) processes that led to a fictitious hedge fund – in reality the front for a U.K.-based Ponzi scheme – being able to open accounts despite numerous red flags, officials say. The CFTC fined Morgan Stanley Smith Barney… Read More >>
Smarsh Opens London Office
Smarsh, a U.S.-based provider of cloud-based archiving solutions for compliance and e-discovery, reports the opening of a London office, which a statement characterizes as “fully operational.” Daniel Klein, director of business development for the vendor, is leading the Smarsh UK operation. The US-headquartered company says in a statement that it is “now well-positioned in the… Read More >>
