SEC: Current NMS Has Too Many Conflicts of Interest Citing conflicts of interest in the current national market system (NMS), the SEC is ordering equity exchanges such as the Nasdaq Stock Market and New York Stock Exchange, and FINRA, the self-regulatory organization (SRO) for U.S. broker-dealers, to revamp and improve the governance of market data… Read More >>
BlackRock Vet Joins Arcesium & Other News
Arcesium Hires from BlackRock Arcesium reports that it has hired the former commercial director for BlackRock’s Aladdin Data Cloud, Mahesh Narayan, to be the institutional asset manager segment head for the data management solutions vendor. Narayan will oversee Arcesium’s “cloud-native data platform, investment lifecycle solutions, and associated financial operations,” according to the official announcement. These… Read More >>
ICE Shakes Up NYSE’s Executive Team
December has always been full of surprises — good and bad — and the Intercontinental Exchange (ICE), the exchanges company that owns the New York Stock Exchange, has announced a slew of executive surprises this week for NYSE and ICE. In a press release and an accompanying letter from Jeff Sprecher, founder, chairman, and CEO… Read More >>
NYSE Mandates Vaccinations for Trading Floor Participants
Vaccinated Personnel Not Required to Wear Masks The New York Stock Exchange (NYSE) is requiring all personnel working on its open outcry trading floor at 11 Wall Street to be vaccinated, but “masks are optional for vaccinated personnel at this time,” according to a memo obtained FTF News. The Aug. 11 memo to the NYSE… Read More >>
Wall Street Braces for a Safe Return
Wall Street is moving cautiously toward reopening and Monday, June 22, will serve as a milestone for when the securities industry took its first step into the new normal following a crushing pandemic that took 21,000 lives in New York City and brought the world to a halt. After three months of a pandemic lockdown,… Read More >>
SEC Slams NYSE with Multiple Regulatory Violations
The SEC reports that it has charged the New York Stock Exchange (NYSE) and two affiliated exchanges (NYSE American and NYSE Arca) with “regulatory failures in connection with multiple episodes, including several disruptive market events.” The violations alleged by NYSE officials include “erroneously implementing a market-wide regulatory halt, negligently misrepresenting stock prices as ‘automated’ despite… Read More >>
Buy Side Spared Direct CAT Reporting Requirements
(U.S. securities exchanges and the Financial Industry Regulatory Authority (FINRA) pushed for the creation of an uber market surveillance/database system, the Consolidated Audit Trail (CAT), to support SEC Rule 613. Plans for implementation have been underway since July 2012 and got a boost when SEC officials finally approved the CAT NMS Plan on Nov. 15,… Read More >>
FINRA EVP of Regulatory Ops to Depart
FINRA’s Axelrod to Help with Transition The Financial Industry Regulatory Authority reports that Susan F. Axelrod will leave the organization early in the new year for the private sector, after 28 years at FINRA and NYSE Regulation, its predecessor. She has been executive vice president for regulatory operations since 2013, responsible for heading the member… Read More >>
ICE Agrees to Sell Trayport to TMX Group
ICE to Get Cash & Some TMX Group Assets The Intercontinental Exchange (ICE), which owns the New York Stock Exchange (NYSE), is selling a Trayport, a vendor of pre-trade energy solutions for traders, brokers and exchanges, to the TMX Group, parent company of the Toronto Stock Exchange, in exchange for certain TMX Group assets and… Read More >>
ICE Expands Reach of NYSE Trading Floor
The New York Stock Exchange (NYSE) is expanding its floor-based transaction operations so that by the end of this year the venue will trade 8,600 U.S. listed securities — including exchange traded products (ETFs) — facilitated by the migration to an integrated trading technology platform NYSE Pillar. The expansion plans of NYSE, which is owned… Read More >>