Kumbaya at last? UBS AG and “several” of its United States-based affiliates have agreed to pay the United States Department of Justice $1.435 billion to settle their RMBS dispute, which dates to 2006-2007. In other words, just before the first rumblings of the Great Recession. Which was when we all learned that RMBS stands for… Read More >>
DTCC Shuts Down Its GMEI LEI Utility
The DTCC has confirmed to FTF News that it is shutting down its Global Markets Entity Identifier (GMEI) utility and leaving the Legal Entity Identifier (LEI) services business by Aug. 22, and that the Global Legal Entity Identifier Foundation (GLEIF) will assign current LEIs to new, accredited local operating units (LOUs) as part of a… Read More >>
Deutsche Bank Fined $186M for Money Laundering Woes
Deutsche Bank AG, its New York branch, and other U.S. affiliates have been fined $186 million by the Board of Governors of the Federal Reserve System because the German banking giant moved too slowly to resolve allegedly inadequate sanctions compliance and anti-money laundering (AML) controls, officials say. The Fed’s fine, consent order, and written agreement… Read More >>
FINRA Expels Firm on Multiple ‘Reg BI’ Charges
Broker-dealer Monmouth Capital Management has been expelled by the self-regulatory organization FINRA, which cites a long list of alleged violations led by excessive trading of client accounts that was not rectified despite many red flags pointing to problems. “Monmouth has been a FINRA member since July 2018. The firm has one branch office located in… Read More >>
PIMCO Settles Disclosure & Procedure Case for $9M
Pacific Investment Management Company LLC (PIMCO) has agreed to a $9 million settlement with the Securities and Exchange Commission (SEC) over two enforcement actions concerning alleged disclosure violations and policies and procedures woes directly related to two funds that the bond giant oversees. “In the first action, the SEC found that, from September 2014 to… Read More >>
Nasdaq Buys Adenza for $10.5 Billion
Nasdaq, known for its exchanges, will be securing its goal of becoming mostly a solutions provider with its just announced definitive $10.5 billion agreement to acquire Adenza — which is a combination of Calypso and AxiomSL — from private equity firm Thoma Bravo. Once authorities approve the $10.5 billion price tag, which consists of cash… Read More >>
GOP Crypto Control Bill Aims for Clarity
Two key Republicans in the U.S. House of Representatives have drafted legislation that they say could help to end the confusion about cryptocurrencies and other digital assets and will set up “a functional framework” to clarify regulatory lines between the CFTC and the SEC. Patrick McHenry (NC-10), who is the chairman of the House Financial… Read More >>
TPG Buys Angelo Gordon for $2.7B & Other News
TPG-Angelo Gordon’s Combined AUM Is $208 Billion Private equity asset manager TPG Inc. is acquiring Angelo Gordon, a $73 billion credit and real estate investment firm via a cash and equity transaction valued at approximately $2.7 billion, officials say. Acquiring Angelo Gordon “marks a significant expansion into credit investing for TPG, establishing additional levers to… Read More >>
DTCC Solution Targets LIBOR-to-SOFR Transition
Post-trade infrastructure provider Depository Trust & Clearing Corp. (DTCC) has launched the LIBOR Benchmark Replacement Index Solution to help firms make the transition from the corrupted London Interbank Offered Rate benchmark to the Secured Offered Financing Rate (SOFR) and other replacement rate indices by June 30, 2023. The new offering is available now via DTCC’s… Read More >>
Riding Out the Ripple Effects of the Bank Failures
The rapid collapse of Silicon Valley Bank and Signature Bank, and the troubles swirling around First Republic Bank, which offers private banking and wealth management services, are technically happening separately from global securities markets. But actual regulatory and operational impacts and the contagion of panic are causing real ripple effects upon regulators, other banks, and… Read More >>
