The United States District Court for the District of Columbia has granted the U.S. Securities and Exchange Commission “emergency relief” that applies to “all the defendants in its litigation against Binance Holdings Limited, BAM Management US Holdings Inc., BAM Trading Services Inc.,” and the order states that Binance platform customers “can continue to withdraw their… 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 >>
Should Congress Fire Gary Gensler?
To say the least, the Securities and Exchange Commission (SEC) as led by the controversial Gary Gensler has been busy since the start of the Biden administration. Some people in the securities industry applaud Chair Gensler’s accelerated initiatives while others are up in arms. In particular, Gensler has raised the stakes recently with his dramatic… 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 >>
Exchanges Are Embracing ESG: WFE Report
Exchanges across the planet are getting on board with the environmental, social, and governance (ESG) push, a stark contrast to the backlash against asset managers and others who are embracing ESG policies and investment strategies. This is a new finding of the World Federation of Exchanges (WFE), which says that the ESG embrace is the… Read More >>
T+1 Spurs Demand for SS&C’s Settlement Service & Other News
150+ Clients Sign Up for SS&C’s Trade Matching Service Citing the U.S. funds industry gearing up for T+1 trade settlement next year, SS&C Technologies reports that “more than 150 clients are using its Trade Matching & Settlements Service to support post-trade execution functions.” “Using SS&C’s Trade Matching & Settlements Service has enabled us to ensure… 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 >>
‘Morgan Money’ Links to Clearwater Platform & Other News
Clearwater Analytics & JPAM Connect Systems JPMorgan Asset Management (JPAM) has launched a strategic effort to integrate its Morgan Money global trading platform with a key accounting and reporting platform from Boise, Idaho-based Clearwater Analytics, officials say. Morgan Money is a multi-currency, open architecture trading and risk management system that helps customers to view… Read More >>
FINRA Expels Long Island Firm & Suspends CEO
Forget for just a moment, if you can, the $75 million Deutsche Bank will pay to settle a lawsuit brought by the alleged victims of the late-but-not-great financier Jeffrey Epstein and turn your attention to Long Island, New York. (Forget too, if you can, that George Santos, the monumentally unfit U.S. Congressman is supposed to… Read More >>
SEC Pushes New ‘Living Wills’ for Clearing Agencies
Late last week, the SEC announced that it is proposing big changes for covered clearing agencies (CCAs) that “would augment and strengthen the requirements of the rules that govern CCAs.” When translated from the legal gobbledygook, the SEC really wants better “living wills” a.k.a. “recovery and orderly wind-down plans (RWP)” for clearing agencies that may… Read More >>
