NYSDFS Approves Bakkt Marketplace The New York State Department of Financial Services (NYSDFS) has approved the application of Bakkt Marketplace, LLC, a wholly owned subsidiary of Bakkt Holdings, LLC, for virtual currency and money transmitter licenses, Financial Services Superintendent Linda A. Lacewell reports. The licenses will allow Bakkt Marketplace, a digital currency trading platform,… Read More >>
Gensler’s SEC Chair Nomination Advances Amid GOP Pushback
Gary Gensler, President Joe Biden’s nominee for SEC chairman, last week won the approval of the U.S. Senate Banking Committee by a vote of 14 in favor to 10 against, signaling some resistance among Republicans as his nomination moves to a full vote before the U.S. Senate. If approved by the Senate, Gensler and the… Read More >>
Crashes & Competition Are Jumpstarting Digital Transformations
Although the coronavirus pandemic has loomed over global capital markets for much of 2020, the digital transformation of the securities industry is expected to continue into 2021 and beyond. Asset managers embarked on the current technology upgrade path following the 2008 financial crisis. The shock to the system forced them to improve operations just to… Read More >>
SEC to Patrol for ESG & Climate Change Sins
Climate change, a.k.a. global warming, and environmental, social, and governance (ESG) concerns are getting real for financial services firms, particularly those working in securities trading. This is also true for the regulators overseeing them such as the SEC. A case in point is our story this week about a $247 billion pension fund, the New… Read More >>
NICE Actimize Targets All Trading Floor Communication
Much of the communication happening in securities and commodities trading rooms has to be recorded for regulatory compliance purposes, and NICE Actimize has launched a solution that captures traditional, unified, and mobile channels via a single, cloud-based platform. The vendor says that the new NTR-X extends the capabilities of the NICE Trading Recording (NTR) compliance… Read More >>
FIA to Biden: Derivatives Can Combat Climate Change
After four long years of an administration that routinely dismissed and disparaged environmental issues, the pressing need to combat climate change finally has an ally. That ally is the new president. And in turn, President Biden has an ally in Walt Lukken, the president and chief executive officer of the Futures Industry Association (FIA), who… Read More >>
Biden Moves to Revamp the SEC & CFTC
President Joe Biden appears to be getting the SEC and CFTC that he wants after a bumpy transition period, and a rush of departures as the new team takes over. For starters, the Biden team has nominated Gary Gensler, the former chairman of the CFTC, to be the next chairman of the SEC. Gensler served… Read More >>
Yellen’s Mission Reaches Beyond the Pandemic
Late last month, Janet L. Yellen was sworn in as the 78th Secretary of the U.S. Department of the Treasury by Kamala D. Harris, the newly inaugurated vice president of the U.S. Yellen and Harris are pioneers and it was a breakthrough amid a great deal of turmoil. But this glass-ceiling shattering moment in history… Read More >>
Will the London Metal Exchange End Outcry Trading?
London Metal Exchange (LME) officials are seriously considering closing their 144-year-old open outcry futures trading floor, dubbed the Ring, but it’s unclear if this action is a sign that other outcry trading venues will follow suit. The Ring has been shut down for the past 10-plus months by the pandemic lockdown, and in that time,… Read More >>
ATS for Digital Securities Wins Regulatory Approval
Regulated broker-dealer Oasis Pro Markets reports that it has received approval from FINRA and the SEC for its cutting-edge digital security Alternative Trading System (ATS), which allows subscribers to trade digital/blockchain securities, and to make payments for them via digital cash such as Stablecoins. It’s important for Oasis to offer this kind of an ATS… Read More >>
