The United States Securities and Exchange Commission reports that Fixed Income Clearing Corp. (FICC), a clearing agency that is a wholly owned subsidiary of the Depository Trust & Clearing Corp. (DTCC), will pay an $8 million penalty in a settlement of the commission’s charges that it “failed to have adequate risk management policies” within its… Read More >>
Global Uncertainty Boosts Profits for U.S. Banks
U.S. banks enjoyed a bumper crop of results during the third quarter thanks to volatile conditions in fixed income trading. While some attribute the healthy performance to the so-called Brexit bounce, others point to a wider range of factors behind the better-than-predicted numbers. Analysts had forecast a downbeat earnings season for the U.S. banking sector,… Read More >>