Although it is too early predict the fate of the six traders charged by the U.K.’s Securities Fraud Office (SFO) for allegedly manipulating Euribor, the unexpectedly long jail sentence of Tom Hayes in a similar case could set a precedent if they are found guilty. Hayes is a former UBS and Citigroup derivatives trader who… Read More >>
2,000 Firms Use BearingPoint FATCA Service
While controversy swirls around the Foreign Account Tax Compliance Act (FATCA), management and technology consultancy BearingPoint reports that between March and August 2015, more than 2,000 financial institutions in 45 countries have been using its FiTAX financial information about U.S. clients to meet reporting requirements for local tax authorities and the Internal Revenue Service (IRS)…. Read More >>
Barclays Proposes ‘Ice Breaker’ $94M Settlement for Euribor Case
Barclays has stepped forward and proposed a potentially trend-setting $94 million settlement with U.S. authorities over the antitrust case brought against it and 10 other banks over allegations they commandeered the European Interbank Offered Rate (Euribor) to their advantage. This proposed settlement for Sullivan et al v Barclays Plc, case number 13-02811, is before Judge… Read More >>
AcadiaSoft Forms Margining Hub for Non-Cleared Derivatives
Margining platform vendor AcadiaSoft has successfully linked its own system with that of several other providers in the margining automation space, creating the first industry-wide margining utility for non-cleared derivative instruments. AcadiaSoft linked its MarginSphere 2 electronic messaging service for over-the-counter (OTC) derivatives with TriOptima’s triResolve OTC trade reconciliation service and the DTCC-Euroclear’s Margin Transit… Read More >>
ISDA Board Picks SocGen Vet to be Chairman
The board of the International Swaps and Derivatives Association (ISDA) has elected Eric Litvack as its new chairman, effective Jan. 1, 2015. Litvack, a member of the ISDA board since 2006, was appointed to the board’s vice-chairmanship in 2012. He is a managing director and head of regulatory strategy for Société Générale’s global banking and… Read More >>
EBS Hires New Head of Sales for Asia
Simon Winn has joined EBS, the electronic FX business of interdealer broker ICAP, as head of sales, Asia Pacific, according to a company statement. In his new role, Winn “will be responsible for driving new business in Asia Pacific across the expanding EBS product suite and for increasing EBS’s footprint in the region,” according to… Read More >>
SEC Tackles Hedge Fund Fraud via Deferred Prosecution as SG CIB Adopts Post-Trade Service
SEC Tackles Hedge Fund Fraud via Deferred Prosecution In a first for the regulator, the SEC has announced a deferred prosecution agreement (DPA) with former hedge fund administrator Scott Herckis who helped the regulator take action against hedge fund manager Heppelwhite Fund, which the SEC charged with stealing investor assets.The DPA states that Herckis… Read More >>
