Crypto-currency is crapto-currency. Naturally, the U.S. Securities & Exchange Commission wouldn’t put it that way. The commission is much too proper. But take it from FTF News, that’s the gist of the SEC’s recent complaint against Binance Holdings Ltd. and Changpeng Zhao, its founder. It’s also the gist of a second legal complaint, alleging similar… Read More >>
FINRA Expels Long Island Firm & Suspends CEO
Forget for just a moment, if you can, the $75 million Deutsche Bank will pay to settle a lawsuit brought by the alleged victims of the late-but-not-great financier Jeffrey Epstein and turn your attention to Long Island, New York. (Forget too, if you can, that George Santos, the monumentally unfit U.S. Congressman is supposed to… Read More >>
N.Y. Attorney General Wants New Crypto Regulations
New York Attorney General Letitia James is no stranger to controversy and to major legal forays such as her recently proposed legislation, described as “the strongest and most comprehensive set of regulations” in the U.S. to govern cryptocurrency markets. The proposed legislation, the Crypto Regulation, Protection, Transparency & Oversight (CRPTO) Act, would give James more… Read More >>
Goldman Sachs Settles Gender Bias Case for $215M
Goldman Sachs and the law firms representing 2,800 women — Lieff Cabraser Heimann & Bernstein, and Outten & Golden — announced that they have resolved a gender discrimination class action lawsuit for $215 million, ending a legal action that began in 2010 and would have gone to trial next month, officials say. A lawyer for… Read More >>
Goldman Sachs Settles Swap Violations Case for $15M
Goldman Sachs & Co. is settling a case of alleged swap-trading violations with the Commodity Futures Trading Commission (CFTC) for $15 million. The regulator alleges that the firm in 2015 and 2016 “failed to provide the clients with the transparency that the regulations require.” In particular, the CFTC “found that Goldman failed to disclose dozens… Read More >>
SWIFT Tests API for CBDCs & Other News
SWIFT’s CBDC Connector Shows ‘Potential’ Officials at SWIFT, the global financial messaging services and systems cooperative, say that 18 central and commercial banks foresee “clear potential and value” in a connector for Central Bank Digital Currencies (CBDCs) based upon an application programming interface (API) that is SWIFT’s experimental solution for interlinking CBDCs. SWIFT reports that… Read More >>
Swiss Central Bank Throws Credit Suisse a Lifeline
Credit Suisse Group will be borrowing $54 billion from the Swiss National Bank (SNB), the central bank for Switzerland, in an effort to stabilize its fiscal situation, which began spinning out of control at about the same time as Silicon Valley Bank (SVB) in the U.S. collapsed. These parallel but essentially unrelated events have together… Read More >>
SEC Denies FTX Meeting Spurred General Counsel’s Exit
The SEC is denying media reports that Dan Berkovitz, general counsel for the regulator, is leaving his post as a result of a meeting he had with controversial crypto exchange FTX founder Samuel Bankman-Fried (SBF) when Berkovitz was a CFTC commissioner. Late last month, as the FTX scandal grew, Bankman-Fried’s past donations to politicians and… Read More >>
BNY Mellon & Baton Bring DLT to Collateral & Other News
BNY Mellon & Baton Systems Form Partnership Distributed ledger technology (DLT) is at the heart of a new post-trade, collateral management collaboration between BNY Mellon and Baton Systems. The joint offering links Baton’s central clearing counterparty (CCP) network with BNY Mellon’s Enterprise Continuous Portfolio Optimization (ECPO) service in an effort to help mutual clients improve… Read More >>
Insurers to Ramp Up Investment Management IT: Survey
Asset and liability management, compliance, and market data top global insurers’ lists of planned technology investments, according to a new BlackRock survey. In fact, insurers plan to speed up digital transformation over the next 12 to 24 months as they wrestle with rapidly changing markets, according to the survey. Sixty-five percent of insurers surveyed see… Read More >>