Goldman Sachs and the law firms representing 2,800 women — Lieff Cabraser Heimann & Bernstein, and Outten & Golden — announced that they have resolved a gender discrimination class action lawsuit for $215 million, ending a legal action that began in 2010 and would have gone to trial next month, officials say. A lawyer for… Read More >>
SEC Whistleblower Awarded Nearly $279M & Other News
Biggest SEC Whistleblower Award to Date A whistleblower somewhere recently got a check or two for nearly $279 million from the Securities and Exchange Commission, according to the SEC, which adds that it is the “largest-ever award” to date. The whistleblower’s “information and assistance led to the successful enforcement of SEC and related actions,” according… Read More >>
Firms Can Consolidate Ops Silos: Q&A
(In early March, financial information provider SIX announced that its global pricing, market, and reference data can be delivered to investment accounting platform FundGuard’s investment book of record (IBOR), accounting book of record (ABOR), and net asset value (NAV) solutions. The partnership means that FundGuard has access to SIX’s end-of-day market prices, core security master… Read More >>
Will Europe Move to T+1?
The move to a shorter settlement cycle for European equities has many more moving parts than the transition in the U.S. and Canada, which are moving fast from the current trading day plus two (T+2) settlement cycle to the shorter, one-day, T+1 time frame for equity markets. In addition, Europe does yet face pressure from… Read More >>
Time to Rethink A.I.?
You don’t need artificial intelligence (A.I.) to predict what the economy is up to, or the perils of global climate change, or even what the local weather will be like next weekend. But that does appear to be where we are headed. Don’t just take it from FTF News. Ask Jamie Dimon, the chief executive… Read More >>
T. Rowe Price & Others to Test Public Blockchains
While the hype surrounding blockchain technology cooled long ago, the hope remains that it will yield trading technology breakthroughs. With that hope in mind, T. Rowe Price Associates, WisdomTree, Wellington Management, and Cumberland are “an initial cohort” of financial services firms participating in a test of public blockchain infrastructure. They will explore the benefits of… Read More >>
Goldman Sachs Settles Swap Violations Case for $15M
Goldman Sachs & Co. is settling a case of alleged swap-trading violations with the Commodity Futures Trading Commission (CFTC) for $15 million. The regulator alleges that the firm in 2015 and 2016 “failed to provide the clients with the transparency that the regulations require.” In particular, the CFTC “found that Goldman failed to disclose dozens… Read More >>
SWIFT Optimistic After Applying Blockchain to Corporate Actions
Six major financial services firms and the SWIFT financial messaging cooperative report that late last month they pilot-tested a blockchain-based solution that streamlines the communication of “significant corporate events to investors” by getting rid of multiple data problems. In an announcement and a report, SWIFT provided details about this latest collaborative experiment with six securities… Read More >>
NFA Adopts Rule Governing Digital Asset Commodities
The National Futures Association (NFA), a self-regulatory organization, is focusing its regulatory authority on digital asset commodity activities by adopting rules that set “anti-fraud, just and equitable principles of trade, and supervision requirements” for members and associates of the NFA. The scope of the newly adopted NFA Compliance Rule 2-51 “is currently limited to Bitcoin… Read More >>
BlackRock Tops the Broadridge FB50 List
Despite volatile markets last year, the current Fund Brand 50 (FB50) rankings of the best-performing, third-party asset management brands revealed that seven of the top 10 asset managers held the same position in 2022 as they did the year before. The annual study is sponsored by Broadridge Financial Solutions, a provider of securities operations systems,… Read More >>
