Federal regulators overseeing financial markets are taking major steps to refine the Dodd-Frank Act’s Volcker Rule restricting proprietary trading so that it has a narrower focus. Since the recovery from the Great Recession, the rule, inspired by Paul Volcker, the former chairman of the U.S. Federal Reserve, has held back banks from proprietary trading and… Read More >>
ISITC Group Issues Guide for Common MBS Initiative
A key group of the ISITC organization for operations standards has issued a guide for industry participants to help them comply with the start of the “Single Security Initiative” of Fannie Mae and Freddie Mac, an effort to foster “a common mortgage-backed security.” The technical guide, “US Settlements and Confirmation Common Elements Market Practice,” was… Read More >>
Asset Managers Must Disrupt Hiring Practices: Report
The disruptions rocking the securities industry — fee compression and consolidation, artificial intelligence, big data, analytics and social media — are rippling through the asset management sector and compelling many to reconsider hiring practices for core business functions. This is according to a report from Greenwich Associates, “Top Asset Management Talent Will Need to Evolve…… Read More >>
Wall Street Bonuses Down for 2018: DiNapoli Report
2018 was a good year for the Wall Street securities industry, but that wasn’t reflected in the average bonuses paid out to the industry’s employees in New York City. That’s the word from New York State Comptroller Thomas P. DiNapoli, who unveiled his annual estimate of lagniappes paid out during the traditional bonus season to… Read More >>
Firms Need a ‘Ruthless Focus’ on Data: Q&A
(Kristin Swenton Hochstein wears many hats. She is the head of entity data services for Refinitiv, the company spun off from the former financial and risk businesses of Thomson Reuters. She also serves as the recently elected vice chair for ISITC, the securities industry group pushing standards and best practices to improve operations. She is… Read More >>
Get Ready for the FTF Awards 2019
Never mind the Golden Globes, the Oscars or any of the other awards events, the FTF News Technology Innovation Awards for 2019 are about to get underway. We will kick off the first step via the nominations process, which begins Monday, January 7. The nomination categories can be found here. You will have until January… Read More >>
U.S. Securities Industry Spends $25B on AML Compliance
A few weeks back I focused on the fines and penalties that firms paid to government authorities for violating anti-money laundering (AML) restrictions, know your customer (KYC) requirements, and economic sanctions. This time, however, I am focusing upon the money that the securities industry spends to be AML compliant, which as it turns out, is… Read More >>
Nasdaq to Bolster Infrastructure Offerings via Cinnober Acquisition
Trading exchanges company Nasdaq has made a $190 million, recommended all-cash public offer to purchase Swedish financial technology provider Cinnober, which serves key players in the securities industry. The offer to the shareholders and warrant holders of Cinnober is intended to strengthen Nasdaq’s position as an infrastructure provider of trading, clearing and exchange technology and… Read More >>
Visium Pays $10M to Settle Insider Trading Charges
The SEC reports that Visium Asset Management LP, a now-shuttered hedge fund advisory firm, has agreed to be censured and to pay approximately $10 million to settle charges related to asset mismarking and insider trading. Separately, the SEC says that Steven Ku, age 48 and a resident of Princeton Junction, N.J., Visium’s former chief financial… Read More >>
SEC, U.S. Attorneys Target ‘Financial Con Artist’
SEC officials are alleging that “financial con artist” Nicholas Joseph Genovese is a convicted felon perpetrating a fraud by misrepresenting his money management and securities industry experience as he raises money for his hedge fund Willow Creek Investments LP. Describing Genovese as “a purported hedge fund manager in New York City with a brazen offering,”… Read More >>
