Barclays Capital Inc. and Credit Suisse Securities (USA) LLC will pay a combined total of $154.3 million to the State of New York and the SEC to settle investigations into “false statements and omissions made in connection with the marketing of their respective dark pools and other high-speed electronic equities trading services,” according the office… Read More >>
ISE to Launch Third Options Exchange
The SEC has approved an application from the exchanges conglomerate International Securities Exchange Holdings (ISE) for a third options exchange, dubbed ISE Mercury, that is intended to help ISE build upon the reach of ISE and ISE Gemini and expand the ISE customer base. With the regulatory approval, ISE Mercury will begin trading listed option… Read More >>
ICE Promotes to Fill Senior Management Posts
ICE Promotes Senior Managers Intercontinental Exchange, Inc. (ICE), the operator of clearinghouses, data services and such exchanges as the New York Stock Exchange, reports the following senior management moves: Ben Jackson, president and chief operating officer (COO) of ICE Futures U.S., has been named to the newly created post of ICE chief commercial officer, where… Read More >>
SEC and CFTC Reinforce Whistleblower Programs
U.S. regulators the SEC and the CFTC are reaffirming their commitment to make their whistleblower systems more accessible to industry participants and financially rewarding. Most recently, the SEC has given a whistleblower an award of more than $700,000 to “a company outsider who conducted a detailed analysis that led to a successful SEC enforcement action,”… Read More >>
State Street to Pay SEC $12M in Pay-to-Play Settlement
Boston-based State Street Bank and Trust Co. will pay $12 million to settle SEC charges that it “conducted a pay-to-play scheme through its then-senior vice president and a hired lobbyist to win contracts to service Ohio pension funds.” State Street, a venerable financial institution founded near the end of eighteenth century, describes itself as being… Read More >>
Goldman Sachs to Pay $5.2 Billion to Settle Key Cases
The Goldman Sachs Group will be writing a lot of checks during 2016 as it has agreed to separate settlements with the SEC and the Residential Mortgage-Backed Securities Working Group of the U.S. Financial Fraud Enforcement Task Force (RMBS Working Group) that will likely total approximately $5.2 billion, and will impact the firm’s bottom line…. Read More >>
SEC Puts Industry on Notice for 2016 Exams
Liquidity controls, public pension advisers, product promotion, exchange-traded funds and variable annuities are on the SEC’s radar as far as issues that have risen to the top for the regulator’s examination priorities in 2016. Through the Office of Compliance Inspections and Examinations (OCIE), the SEC is setting priorities for the new year, and in addition… Read More >>
Will Steven A. Cohen Return to the Fray in 2018?
Former hedge fund heavyweight Steven A. Cohen, who has just settled with the SEC, could return to managing other people’s money again in 2018. However, an internal memo that he penned and which was obtained by FTF News, indicates that Cohen may not automatically return to the fray. In the memo, Cohen acknowledges that he… Read More >>
Steven A. Cohen Accepts Two-Year Ban from Trading
Steven A. Cohen, who has been under investigation for the better part of a decade over insider trading charges by the SEC, can begin managing other people’s money again in 2018. Until then, according to a recent SEC settlement, Cohen is “prohibited from supervising funds that manage outside money … in order to settle charges… Read More >>
T+2 Systems Will Get Built in 2016: DTCC
(Editor’s note: The push for a shortened settlement cycle got major boosts last year when SEC Chair Mary Jo White gave a provisional nod to the two-day settlement cycle (T+2), and when the U.S. T+2 Industry Steering Committee (T+2 ISC) submitted its Implementation Playbook to the SEC and released it publicly. The T+2 ISC is… Read More >>
