FinTech Innovation Lab to Help Eight Entrepreneurs Eight financial technology vendors with a range of new offerings including a know your customer (KYC) combination with distributed ledger technology, have been accepted into a 12-week mentorship program in the third annual FinTech Innovation Lab Asia-Pacific, officials say. Other startups participating in the lab are working on… Read More >>
Markit, ISDA Move to Settle EU Probe
Markit, the U.K. data provider, and the International Swaps & Derivatives Association (ISDA), an industry trade group, have offered concessions in an effort to settle a European Union antitrust investigation into possible collusion in the credit default swaps (CDS) market, according to the European Commission. The Commission is seeking feedback from interested parties on the… Read More >>
Morgan Stanley’s RMBS Penalty Payments Hit $5 Billion
Morgan Stanley faces a total tally of $5 billion in penalties as it settles claims with federal and state government authorities over charges that the firm misled investors via its marketing, sale and issuance of residential mortgage-backed securities (RMBS) during the years leading up to the Great Recession. The penalties and related payments stem from… Read More >>
Morgan Stanley Names Kelleher President as Fleming Departs
Morgan Stanley officials have confirmed via a regulatory filing that Colm Kelleher has been appointed president of the company and is overseeing the institutional securities and wealth management business segments. Kelleher reports to James P. Gorman, chairman and CEO of the firm. Shortly after this clarification in executive succession, officials reported in an SEC 8K… Read More >>
S&P May Cut Ratings for BofA, Citi, JPMorgan, Morgan Stanley & Others
Eight major U.S. financial services firms may have another issue to worry about as ratings agency Standard & Poor’s is putting them on a watch list for ratings cuts because these firms may be affected by a proposed rule of the Federal Reserve ending bailouts for firms that are “too big to fail.” The eight… Read More >>
Does Markit Have a ‘Game-Changer’ for Mitigating Third-Party Op Risk?
(Editor’s note: Markit, a financial information services vendor, has launched a seminal offering, dubbed the Know Your Third Party (KY3P) service. It’s a centralized, cloud-based data hub intended to help financial services firms better manage the operational risk that comes with third-party risk providers. The service, hosted by Dell Cloud Services, can be used for… Read More >>
Morgan Stanley Shuffles Execs for the Drive to Electronification
Investment bank Morgan Stanley is signaling its senior leadership directions for sales and trading, and reinforcing the firm’s commitment to the ongoing automation of the firm’s equities and fixed income businesses, according to internal memos obtained by FTF News. One of the memos outlines the firm’s efforts to envision the future while clarifying and easing… Read More >>
CFTC Hits Morgan Stanley with $300K Penalty for Swaps Reg Violation
Morgan Stanley & Co., a registered futures commission merchant and swap dealer, will have to pay a $300,000 civil monetary penalty for failing to hold sufficient U.S. dollars in segregated accounts as regulators appear to be paying closer attention to firms missing or neglecting regulatory reporting and related requirements. The CFTC cited Morgan Stanley for… Read More >>
BGC Partners Replaces CIO
Interdealer broker BGC Partners has hired Eric Hirschhorn as its new chief information officer (CIO), replacing BGC’s previous CIO Yevette Tierney, who “left the company to pursue other interests, effective immediately,” according to the statement. “I would like to acknowledge the outstanding work performed by Yevette and her team over the past eight years,” says… Read More >>
Financial Technologies Forum to Ring NASDAQ Bell
Subscribers to FTF News and attendees of FTF’s events already know the company has its finger on the pulse of the post-trade processing realm of securities trading. But tomorrow morning the founder and CEO of FTF will literally take the markets by the hand as Maureen Lowe rings the NASDAQ opening bell. On Thursday, Sept…. Read More >>
