SIFMA wants Congress to shake up the legal framework for securities exchanges. This is because some key federal securities laws are preserving advantages for exchanges but may be harming investors, says Ellen Greene, SIFMA managing director, equity and options market structure, in her recent testimony before Congress. But there are ways to fix the situation,… Read More >>
BNY Mellon FSI DAC Fined $12M for Regulatory Breaches
Citing 16 breaches of the regulations governing fund administration outsourcing, the Central Bank of Ireland fined BNY Mellon Fund Services DAC a total of €10,780,000 ($11.9 million), making it the largest monetary penalty to date ever imposed on a fund services provider in Ireland. “BNY DAC is the second-largest fund administrator in Ireland with just… Read More >>
Broadridge Revamps ProxyVote App & Other News
ProxyVote Updates Target Ease-of- Voting & Query Concerns Broadridge Financial Solutions has improved its ProxyVote app to help investors gain easier access to proxy information, officials say. “The enhancements make it easier than ever for investors to access and review proxy information in upcoming annual meetings of the companies and mutual funds they own, and… Read More >>
SEC Advances Climate Risk Disclosure Rules
As many expected it would, the Securities and Exchange Commission (SEC) is pushing for new rules that will require public companies to report more details about the climate-related risks that could “have a material impact on their business, results of operations, or financial condition.” But not everyone is on board with this move, including a… Read More >>
Aladdin Grants BlackRock’s Wish & Other News
BlackRock Lands $150B Mandate with AIG BlackRock’s investment management technology platform Aladdin will play a key role in the $150 billion mandate that the asset manager just signed with insurance giant American International Group (AIG), officials say. The Aladdin platform encompasses portfolio management and risk analytics. The world’s largest asset manager will oversee key AIG… Read More >>
Alpine Securities to Appeal FINRA’s Expulsion
FINRA, the self-regulatory organization (SRO) for broker-dealers, has expelled Alpine Securities Corp. for its alleged misconduct. An attorney representing Alpine Securities, replying to questions from FTF News, took issue with FINRA’s finding, saying, “Alpine will be appealing the decision and, pursuant to applicable regulations, will continue to operate while the decision is reviewed.” Expulsion is,… Read More >>
Average Wall Street Bonuses Hit $257,500
Bonus season on Wall Street is here and it could be quite lucrative for some. For achievements in 2021, bonuses for staff at actual Wall Street firms grew by 20 percent over bonuses for 2020, according to the New York State Comptroller’s office. “The average bonus paid to employees in New York City’s securities industry… Read More >>
State Street Fast Tracks Digital Asset Custody Services: Q&A
(Earlier this month, State Street Digital, part of State Street Corp., signed a licensing agreement with an institutional digital asset custody and trading infrastructure vendor, Copper.co, based in London. State Street Digital is using Copper to fast track the construction of its custody services for active cryptocurrencies and other digital assets. Those services, which are… Read More >>
First OTC Crypto Trade for Goldman Sachs & Other Briefs
Goldman Sachs Completes a Bitcoin NDO Trade Goldman Sachs and Galaxy Digital Holdings Ltd. have executed the investment bank’s first over-the-counter (OTC) cryptocurrency transaction in “the form of a Bitcoin non-deliverable option (NDO),” officials say. Galaxy, which is a global provider of blockchain and cryptocurrency financial services for institutions, reports that the transaction “marks the… Read More >>
SEC Gets Serious About Cybersecurity Risks
We know that Vladimir Putin commands an army of hackers that he’s unleashed before — to interfere in American elections and to spread social-media disinformation. The current media and intelligence-services consensus is that — in the wake of the multiple economic sanctions imposed on him and his henchmen over the war against Ukraine — he’s… Read More >>
