Raymond James Deploys Syn-TAC Upgrade Raymond James officials report that they have renewed an existing contract for GBST’s middle-office post-trade solution, Syn~TAC, in a bid to boost the firm’s straight through processing (STP). A GBST client for more than seven years, the firm has also completed an upgrade to the latest version of Syn~TAC, officials… Read More >>
Raymond James Settles Improper Charges Case for $15M
Raymond James has settled SEC charges that three of its units improperly charged advisory fees on inactive retail client accounts and charged excess commissions for brokerage-customer investments in certain unit investment trusts (UITs). The firm, a St. Petersburg, Florida-based investment bank and financial services company founded in 1961, has agreed to be censured and will… Read More >>
SEC Fills Deputy Director Post for Corporation Finance
SEC Hires from Shearman & Sterling LLP SEC officials report that Robert Evans III has been named deputy director in the division of corporation finance, where he will join Shelley Parratt, also a deputy director, as a senior advisor to the division’s director, William H. Hinman. Most recently, Evans, who, according to the commission, has… Read More >>
Head of State Street Global Exchange Appointed
State Street Corp. reports that John Plansky will be named global head of State Street Global Exchange. Plansky will report to Executive Vice President Lou Maiuri. Plansky will be responsible for “global strategy, new product development and developing solutions for clients that help them manage increasingly complex data, search for better performance, focus on attracting… Read More >>
Raymond James, Robert W. Baird Penalized for Wrap Fee Problems
The SEC reports that two well-known investment advisory firms — St. Petersburg, Fla.-based Raymond James & Associates and Milwaukee-based Robert W. Baird & Co. — are “settling charges related to compliance failures within their wrap fee programs.” As part of the settlements, Raymond James is paying a $600,000 civil penalty and Baird is paying a… Read More >>
Raymond James Fined $17M for AML Deficiencies
The Financial Industry Regulatory Authority (FINRA) has fined the financial advisory firm Raymond James a total of $17 million, citing deficiencies in its ant-money laundering (AML) staffing and systems, which the firm says has been rectified via “significant resource, process and technology enhancements.” FINRA officials fined Raymond James & Associates, Inc. (RJA) $8 million, and… Read More >>
RJO Turns 100
Chicago-based R.J. O’Brien & Associates (RJO), the venerable futures brokerage and clearing firm, has celebrated its centenary birthday. It is the “oldest and largest independent” brokerage and clearing firm in the U.S., the company reports. The 100-year milestone, recognizing RJO as the Chicago exchange’s “last surviving founding member firm,” was marked by an award ceremony… Read More >>
Raymond James Unit Gets Rid of Manual Tasks
Struggling with legacy systems and manual processes, employees of the middle office at financial holding company Raymond James’ Equity Capital Markets (ECM) division were finding it next to impossible to do their jobs in a timely and efficient manner. Since implementing financial technology provider GBST’s pre-settlement processing engine GBST Syn~ however, says the ECM middle… Read More >>
CCOs Must Step Up to Prevent the Worst
Donald Runkle left his post as chief compliance officer for broker-dealer Raymond James Financial Services (RJFS) in April to join law firm Edgerton & Weaver. He is the firm’s new director of consulting services. He recently spoke to FTF News about his new position, building a compliance team, how Ops and compliance work together and… Read More >>
Raymond James CCO Moves to Law Firm
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