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FINRA Alleges DriveWealth Broke Regulation SHO Rules

February 4, 2022 by Eugene Grygo

FINRA Alleges DriveWealth Broke Regulation SHO Rules

FINRA, the self-regulatory organization for broker-dealers, has censured and fined DriveWealth Institutional LLC, formerly known as Cuttone & Co., $100,000 for alleged violations of Regulation SHO rules. Last February, DriveWealth Holdings, Inc. acquired Cuttone & Co. and renamed it to DriveWealth Institutional. The renamed firm “specializes in execution services for institutional and broker-dealer clients. The… Read More >>

Filed Under: Securities Operations, Buy-Side, Data Management, Middle-Office, Operational Risk, Ops Automation, Reconciliation & Exceptions, Risk Management, Settlement, Governance, Back-Office, Integration, Standards, Performance Measurement, KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Regulatory Reporting Tagged With: Dodd-Frank, Eugene Grygo, fines, FINRA, OMS, Regulation SHO, SEC, Securities Operations, sell side

T+0 Settlement via New Exchange & Other Briefs

February 2, 2022 by FTF News

T+0 Settlement via New Exchange & Other Briefs

SEC Approves BSTX’s Launch The SEC has blessed the creation of a regulated, national securities exchange facility, dubbed BSTX, that can settle instruments in one day (T+0) while providing blockchain-based market data reporting, officials say. The BSTX is a trading facility of BOX Exchange and a joint venture of tZero Group, Inc., and BOX Digital… Read More >>

Filed Under: Derivatives Operations, Securities Operations, Buy-Side, Data Management, Industry News, Middle-Office, Ops Automation, Outsourcing, Private Markets, Reconciliation & Exceptions, Risk Management, Settlement, Governance, Diversity, Equity, and Inclusion (DEI), Digital Transformation, FinTech Trends, Blockchain/DLT, Standards, Performance Measurement, KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Cybersecurity, Regulatory Reporting, Social Media, Industry News, People Moves Tagged With: automation, back office, Buy-side, compliance, electronic communication, exchanges, SEC, Securities Operations, settlement, social media compliance, Standards, wall street

Gensler Mulls New Cybersecurity Rules via Expanded SCI

January 28, 2022 by Eugene Grygo

Gensler Mulls New Cybersecurity Rules via Expanded SCI

SEC Chair Gary Gensler wants to breathe new life into the fight against cyberattacks and is calling for a refresh of Regulation Systems Compliance and Integrity (Reg SCI) that might mean new cybersecurity hygiene and incident reporting rules for investment companies, investment advisers, and broker-dealers. During his speech for the Northwestern Pritzker School of Law’s… Read More >>

Filed Under: Securities Operations, Operational Risk, Ops Automation, FinTech Trends, Back-Office, AML/Fraud/Financial Crime, Regulation & Compliance, Regulatory Compliance, Regulatory Reporting, Industry News Tagged With: automation, back office, cloud computing, cybercrime, Cybersecurity, data management, Dodd-Frank, Financial Crime, Gary Gensler, operational risk, regulatory reporting, SEC, wall street

Credit Suisse Securities Settles Conflicts of Interest Case

January 26, 2022 by Louis Chunovic

Credit Suisse Securities Settles Conflicts of Interest Case

FINRA, the financial industry’s non-profit self-regulatory authority, has fined Credit Suisse Securities $9 million for “failing to comply with securities laws and rules designed to protect investors, including the Securities and Exchange Commission’s Customer Protection Rule and FINRA rules requiring firms to disclose potential conflicts of interest when issuing research reports.” In a formulation that’s… Read More >>

Filed Under: Securities Operations, Data Management, Operational Risk, Governance, Diversity, Equity, and Inclusion (DEI), Standards, AML/Fraud/Financial Crime, Regulation & Compliance, Regulatory Reporting, Industry News Tagged With: compliance, Credit Suisse Securities, FINRA, governance, regulation, regulatory reporting, SEC, wall street

tZero’s ATS Fumbled Disclosures: SEC

January 21, 2022 by Eugene Grygo

tZero’s ATS Fumbled Disclosures: SEC

The SEC and the blockchain-based, broker-dealer tZero ATS have reached a settlement in a case where the regulator alleged that the firm while trading  National Market System and digitally enhanced securities failed to make timely disclosures via Form ATS before key order book data was shared with third parties. tZero ATS, which is based in… Read More >>

Filed Under: Securities Operations, Data Management, Industry News, Operational Risk, Ops Automation, Governance, Digital Transformation, KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Regulatory Reporting, Industry News Tagged With: ATS, automation, back office, blockchain, compliance, Digital Assets, National Market System (NMS), operational risk, regulatory reporting, SEC, Securities Operations, tZero

Crypto Crime Hits $14B in 2021: Report

January 19, 2022 by Louis Chunovic

Crypto Crime Hits $14B in 2021: Report

Crypto investors beware. The good news: Crypto-crime is “becoming a smaller and smaller part of the cryptocurrency ecosystem.” That’s according to a blog post “preview” of the 2022 “Crypto Crime Report” from Chainalysis, a cloud-based, blockchain data and analysis platform provider founded in 2014 and headquartered in New York City. The not-so-good news: Crypto crime… Read More >>

Filed Under: Securities Operations, Buy-Side, Data Management, Operational Risk, Ops Automation, Private Markets, Risk Management, Governance, Digital Transformation, FinTech Trends, Back-Office, Blockchain/DLT, Standards, KYC, Industry News Tagged With: automation, back office, blockchain, CFTC, crypto crime, crypto-assets, cryptocurrencies, data management, Financial Crime, fines, operational risk, SEC, Securities Operations

Should the SEC & CFTC Create a Crypto Bureau?

January 6, 2022 by Eugene Grygo

Should the SEC & CFTC Create a Crypto Bureau?

Two of the major overseers of financial markets — the SEC and the CFTC — appear to be in a bureaucratic tug-of-war when it comes to the regulatory oversight of emerging digital assets, and former CFTC Chairman J. Christopher Giancarlo is proposing that the agencies work together to co-create a crypto bureau. In addition, an… Read More >>

Filed Under: Derivatives Operations, Collateral & Margin Management, Derivatives Processing, Securities Operations, Buy-Side, Clearing, Data Management, Industry News, Middle-Office, Operational Risk, Ops Automation, Risk Management, Governance, Digital Transformation, FinTech Trends, Back-Office, Blockchain/DLT, Standards, KYC, Regulation & Compliance, Regulatory Compliance, Regulatory Reporting, Industry News Tagged With: automation, back office, blockchain, CFTC, compliance, data management, Digital Assets, ISITC, operations, regulatory reporting, SEC, Securities Operations

FinCEN Wants Better AML Regs for the U.S.

January 3, 2022 by FTF News

FinCEN Wants Better AML Regs for the U.S.

FinCEN Wants to Improve AML/CFT Regs The Financial Crimes Enforcement Network, the bureau of the United States Department of the Treasury better known as FinCEN, has issued a request for information that asks for comments on “ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the… Read More >>

Filed Under: Derivatives Operations, Collateral & Margin Management, Securities Operations, Buy-Side, Clearing, Corporate Actions, Data Management, Middle-Office, Operational Risk, Ops Automation, Reconciliation & Exceptions, Risk Management, Settlement, General Interest, Governance, Diversity, Equity, and Inclusion (DEI), Digital Transformation, FinTech Trends, Back-Office, Blockchain/DLT, Integration, Standards, Performance Measurement, KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Cybersecurity, Regulatory Reporting, Economic Sanctions, Industry News, People Moves Tagged With: automation, back office, blockchain, compliance, governance, Northern Trust, OTC derivatives, SEC, Securities Operations, settlement

Navigating GIPS, SEC & ESG Rules: Q&A with Confluence

January 3, 2022 by Eugene Grygo

Navigating GIPS, SEC & ESG Rules: Q&A with Confluence

(Regulatory and industry standards compliance concerns are hitting home for many securities firms, and Kate Maryniak, head of product management for Revolution at Confluence Technologies, spoke with FTF News about them in the second half of our recent Q&A. Maryniak, who originally joined StatPro in 2001, has served in many client-facing roles to help deliver… Read More >>

Filed Under: Securities Operations, Buy-Side, Data Management, Middle-Office, Operational Risk, Ops Automation, Risk Management, Governance, Digital Transformation, FinTech Trends, Back-Office, Integration, Standards, Opinion, Q&As, GIPS News, KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Regulatory Reporting, Economic Sanctions, Industry News Tagged With: automation, back office, Central Securities Depositories Regulation (CSDR), compliance, Confluence Technologies, environmental, environmental, social and governance (ESG), GIPS, GIPS compliance, regulatory reporting, SEC, Securities Operations

Wedbush Settles Charges of Unregistered Sales & Activity

January 3, 2022 by Louis Chunovic

Wedbush Settles Charges of Unregistered Sales & Activity

The U.S. Securities and Exchange Commission (SEC) reports that Wedbush Securities Inc. will pay more than $1.2 million to “settle charges arising from the unlawful unregistered distribution of nearly 100 million shares of more than 50 different low-priced microcap companies, and from Wedbush’s failure to file suspicious activity reports (SARs) pertaining to those transactions.” Wedbush,… Read More >>

Filed Under: Securities Operations, Data Management, Operational Risk, Governance, Standards, KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Regulatory Reporting, Economic Sanctions Tagged With: compliance, Microcap securities, operational risk, SARS, SEC, SEC enforcement, Securities Operations, Wedbush Securities

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