After showing consecutive, year-over-year growth of 100% for the past three years, know your customer (KYC) management software vendor Fenergo has secured a $75 million investment from Insight Venture Partners, a New York-based private equity and venture capital firm. The transaction is expected to close within the next few weeks, Fenergo officials say. Insight Venture… Read More >>
Barclays Board Dismisses CEO Antony Jenkins
Barclays’ board is parting company with Antony Jenkins, who is being dismissed from the post of chief executive after three years to make way for a CEO that can “accelerate the pace of execution going forward,” according to bank officials. While a search for Jenkins’ successor is underway, his temporary replacement is John McFarlane who… Read More >>
T+2 Committee Wants ‘Clear Action’ via the SEC
The goal of shortening the U.S. settlement cycle to T+2 (trade day plus two days) by 2017 should be achievable, representatives of a securities industry T+2 initiative say. But regulators will have to step up to the plate and make the rules changes essential to getting the initiative off the ground. Specifically, that means SEC… Read More >>
EFS Advisors Automates Web Scans to Prevent Rogue Reps
When it comes to images, records and social media postings available via the Web, most people are worried about insipid selfies, photos that reveal too much, and public documents that may be prove embarrassing. For securities firms, though, the concerns are more profound than drunken postings. They are under pressure by regulators to do a… Read More >>
Some Upsides from the NYSE Trading Halt
As of this posting, the New York Stock Exchange (NYSE) has resumed trading in equities and my heart goes out to those working in operations and IT at affected firms. These Ops foot soldiers will have to reconcile, track, record and reconstruct transactions that were caught short by the three-and-a-half hour systems halt on Wednesday,… Read More >>
Goldman Sachs Hit with $7M Penalty for Software Glitch
U.S. regulator, the SEC has hit investment banking giant Goldman Sachs with a $7 million penalty for allegedly violating the market access rule, “in connection with a trading incident that resulted in erroneous executions of options contracts,” officials say. An SEC investigation found that Goldman sent out roughly 16,000 mispriced options to various exchanges in… Read More >>
Former RBC CCO Joins Oyster Consulting
Financial consulting vendor Oyster Consulting has hired Richard T. Chase as the new managing director of its New York office, officials say. Oyster expects Chase’s hire to “continue Oyster’s expansion as a regulatory and compliance leader, enhancing its ability to help broker-dealers, exchanges and investment advisors respond to increasing SEC and FINRA expectations regarding trading… Read More >>
GoldPoint Partners Hires from Blackstone
GoldPoint Partners, a New York-based private equity manager that was formerly known as New York Life Capital Partners, and that is an affiliate of New York Life Investments, reports that CPA Sean Gelb has joined the firm as chief financial officer. Gelb will “oversee the day-to-day accounting for the firm and its funds,” GoldPoint says… Read More >>
Linedata Fills EVP Post for Sales
Linedata has appointed John Kiley executive vice president (EVP) of sales and co-head of the global front and middle office asset management business line, officials say. Kiley will be responsible for global business development and client adoption strategies across the front and middle office product suite, including Linedata Longview, Linedata Trader+, Linedata Compliance and Linedata… Read More >>
Brazilian Firm to Use Eze Software EMS, OMS
Vinci Partners, a Brazilian asset manager, has signed on as a client of Eze Software Group to implement the vendor’s order and execution management systems, Eze OMS and RealTick EMS, to streamline workflows across the investment lifecycle, vendor officials say. As part of the deal “Vinci Partners will build electronic connections to third-party execution providers… Read More >>
