ABN AMRO Bank NV is paying approximately $575 million, which includes a fine and disgorgement, to the Netherlands government to resolve charges that the Dutch banking giant violated anti-money laundering (AML) and counter terrorism financing laws. The bank has accepted an offer from the Netherlands Public Prosecution Service (NPPS) in a case that encompasses violations… Read More >>
Score Priority Settles AML Case with FINRA
Broker-dealer Score Priority has settled with the Financial Industry Regulatory Authority, which charged the New York City-based firm with anti-money laundering (AML) violations. According to FINRA, the firm, which changed its name from Just2Trade, Inc. in January 2020, “failed to develop and implement an anti-money laundering (AML) program reasonably designed to achieve and monitor the… Read More >>
What Will Post-Pandemic Ops Look Like?
Like millions of Americans, I got my second vaccination shot over the weekend and I allowed myself to start thinking about a time when the COVID-19 pandemic and lockdown might be history. Of course, it’s difficult to entertain such thoughts when there are still hotspots in the U.S., and when several parts of the world… Read More >>
Momentum is Building for T+1: Q&A
(Editor’s Note: The COVID-19 pandemic impacted many aspects of securities operations and the DTCC just released a white paper, “Managing through a Pandemic: The Impact of COVID-19 on Capital Markets Operations,” that explores how securities operations teams functioned during the worst of the lockdown. The report acknowledges that firms will “further automate” post-trade lifecycles and… Read More >>
OCC Lowers Equity Derivatives Clearing Fee
High Volumes Facilitated OCC’s Reduced Fees The Options Clearing Corp. (OCC), which describes itself as “the world’s largest equity derivatives clearing organization,” is cutting its clearing fee from four-and-a-half cents ($0.045) per equity derivatives contract to two cents ($0.02) per contract effective June 1, 2021, subject to regulatory review, officials say. “The two-cent clearing fee… Read More >>
Lockdown Hit Dealers Harder Than Buy Side: Survey
Sell-side firms had a tougher time with post-trade operations during the depths of the pandemic-induced lockdown. But buy-side firms had their Ops woes too, according to a new report from the DTCC, the major post-trade infrastructure services and systems provider for the securities industry. Not surprisingly, the report finds that “cash fixed income and cash… Read More >>
SteelEye to Expand into North American Markets
SteelEye Raised $17 Million to Fund Growth SteelEye, a compliance technology and data analytics vendor based in the United Kingdom, reports that it plans to expand into North America. Founded in 2017, SteelEye offers a software-as-a-service (SaaS) based regulatory-technology platform for “banks, brokers, and asset managers” that is meant to simplify their compliance processes, officials say. In… Read More >>
A.I. Is On the Regulators’ Radar
Almost all facets of securities operations are investigating or even embracing cutting-edge technologies, particularly the extensions of artificial intelligence (A.I.) such as machine learning, natural language processing (NLP), and deep learning. Many firms are also exploring how robotic process automation (RPA) may make their lives easier. But, as these advanced technologies become more prevalent, the… Read More >>
Gensler’s SEC Will Face ESG, Crypto & Investor Woes
By a vote of 53 to 45, Gary Gensler, a former CFTC chairman, won confirmation by the U.S. Senate to become the next chair of the SEC, ushering in what many expect will be a new era of regulation requiring adherence to Environmental, Social, and Governance (ESG) reforms. The Senate vote, which got the support… Read More >>
M&G Outsources Middle Office to State Street
M&G Extends Current Arrangement M&G Corporate Services Ltd., a part of M&G plc, has picked State Street to provide outsourced middle office services in an arrangement that extends a 10-year partnership with M&G, officials say. M&G is already getting fund accounting and custody services from State Street. The extension will mean that State Street can… Read More >>
