A decision by the Federal Trade Commission (FTC) rarely has multiple impacts on Wall Street securities trading institutions but a nationwide FTC ban on noncompete clauses and contracts is forcing the issue at many firms great and small. Noncompetes have become an essential aspect of Wall Street’s hiring and firing of executives, managers, and all… Read More >>
Clearstream Joins ECB’s DLT-for-Settlement Trials
Clearstream, the post-trade business unit of Deutsche Börse Group, has joined the distributed-ledger technology (DLT) trials and experiments of the European Central Bank (ECB), which is exploring DLT’s potential for wholesale central bank money settlement, given the emergence of a digital Euro. “The ECB trials will be conducted in a productive environment, using real central… Read More >>
DDoS Attacks Soared in 2023: FS-ISAC Report
The financial services sector was the top target for distributed denial-of-service (DDoS) attacks last year, and attacks on this sector jumped 154 percent, according to a new report from industry consortium the Financial Services Information Sharing and Analysis Center (FS-ISAC). However, the report, “DDoS: Here to Stay,” emphasizes that firms “can mitigate the impacts of… Read More >>
How to Survive the Recordkeeping Crackdown
The Securities and Exchange Commission’s (SEC) December 2021 announcement that J.P. Morgan Securities LLC had been fined $125 million for allegedly violating the agency’s recordkeeping rules amounted to a shot heard up and down Wall Street. The market regulator made clear that it took breaches of recordkeeping regulations seriously, and that the J.P. Morgan penalty… 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 >>
NYFIX Launches Real-Time Recs & Other News
New Offering Matches Fills In Real-Time A FIX protocol-based reconciliation offering, dubbed NYFIX Fill Matching, has been launched by post-trade systems and services provider Broadridge Financial Solutions, which adds that the solution compliments Broadridge’s post-trade NYFIX Matching solution. NYFIX Fill Matching targets the needs of asset managers “with high volume and/or high-touch orders,” according to… Read More >>
Financial Crime Fighting’s Price Tag Hits $206B
Financial crimes cost banks and other financial services institutions big bucks. This means that complying with the rules and processes meant to deter those financial crimes costs big bucks too. Makes sense, right? Now, thanks to our friends at LexisNexis and Forrester Research, we have a snapshot of the actual numbers. According to the report “True Cost… Read More >>
Goldman Sachs Reportedly Hiring for Ops & Other News
Fed Concerns May Be Spurring Hiring Spree Goldman Sachs Group has reportedly been on a hiring spree for back-office operations and its compliance department positions as a result of supervisory issues raised by Federal Reserve officials, according to multiple media reports, including those from Bloomberg and Reuters. The Bloomberg report noted that the firm intends… Read More >>
CCOs Worry Most About SEC’s Marketing Rule: Survey
The SEC’s controversial marketing rule, a comprehensive effort to regulate investment advisers’ marketing communications, remains a top concern among the chief compliance officers (CCOs) at these firms, according to the results of the 2023 Investment Management Compliance Testing (IMCT) survey. Nearly three-quarters of survey respondents, or 70.32 percent, chose advertising/marketing as the hottest compliance issue… Read More >>
BT Trading Integrates Flexenet Private Wires & Other News
BT and Flexenet Launch Partnership BT officials can now offer Flexenet Private Wires connectivity “fully integrated with its BT Trading unified communications and collaboration (UCC) platform” via a new partnership between BT and Flexenet. Officials from both companies report that the new partnership is intended to provide clients with more options for cloud-based trading floor… Read More >>