Another day, another crypto failure? Seems that way, doesn’t it? Consider Coinbase, a cryptocurrency exchange. Coinbase, Inc. has agreed to pay a $50 million penalty and shell out another $50 million to bulk up its compliance program. The alleged compliance failures at Coinbase Inc. were wide-ranging and longstanding — so says the New York Department… Read More >>
Reporter’s Notebook: Is SBF a Gen X Madoff?
Is Sam Bankman-Fried (a.k.a. SBF) the Gen X Bernie Madoff? Or maybe he’s the Hairball-Grinch who stole Christmas? Of course, we won’t know for sure that he’s allegedly a con artist and a crook of epic proportions until he’s had his day in court. Maybe he’s just a kid who believed his own hype and… Read More >>
STP Investment Services Acquires WealthSite & Other News
STP to Add WealthSite’s Accounting Engine STP Investment Services, an investment-operations service provider, reports the acquisition of WealthSite. WealthSite is a company that “provides a customized accounting, portfolio management, reporting and analytics platform to single and multi-family offices, traditional wealth advisory firms and money managers serving ultra-high-net-worth (UNHW) clients,” STP officials say in a prepared… Read More >>
GSAM Settles ESG Policy Woes Case for $4M
The Securities and Exchange Commission (SEC) has charged Goldman Sachs Asset Management, L.P. for its “policies and procedures failures involving two mutual funds and one separately managed account strategy marketed as Environmental, Social, and Governance (ESG) investments.” GSAM officials neither admit nor deny the SEC charges. However, to settle the case, it will “consent to… Read More >>
FINOS Adds Seven Members to Boost Initiatives
A major force behind the open source movement for financial services is bolstering its initiatives with seven new members from the realms of regulatory technology, data quality management, and distributed ledger technology (DLT)/blockchains. The nonprofit Fintech Open Source Foundation, also known as FINOS, reports that it is adding REGnosys, Blockchain Technology Partners (BTP), ControlPlane, Luxoft,… Read More >>
Ops Needs to Work More Closely with IT: Q&A
(FTF News recently got time with Emin Tatosian, the co-founder and chief technology officer (CTO) of FX HedgePool, a matching platform for the FX swaps market that launched in 2019. The company, which targets the mid-market execution of FX swaps, says it separates liquidity from credit and helps passive hedgers move liquidity among themselves with… Read More >>
Investors Have High Hopes for Crypto Care & Other News
New Report Focuses on Digital Custody Needs of Investors Investors prefer an “institutional-grade infrastructure” for their crypto and other digital assets but securities firms will need time before they can provide that level of support, according to a new report from research firm Coalition Greenwich Market. The report, “Providing Digital Asset Services: An Institutional Infrastructure… Read More >>
FCA Targets False ESG Labels
Picture it, teatime at London’s Financial Adventurers Club. “I say, chaps,” says one disreputable fellow, “did you see what the Yanks have come up with? ‘Green investing’! ‘Sustainable’! Must be some way to pocket a few shillings peddling that to the punters.” That’s greenwashing, and you can add it to your list of financial scams…. Read More >>
SEC Ends WORM-Only Storage Requirement
At long last, the SEC is ushering in a new era of electronic recordkeeping and many across the land are happy about it. In particular, the SEC has voted to adopt amendments to its rules regarding “electronic recordkeeping, prompt production of records, and third-party recordkeeping service requirements applicable to broker-dealers, security-based swap dealers (SBSDs), and… Read More >>
Kim Kardashian Faces Harsh Crypto Realities
A reality star is facing the harsh truths of the world of cryptocurrencies and digital assets, and the consequences of a busy regulator who is closely watching celebrities endorsing a garden variety of cryptocurrencies, tokens, and other digital assets as securities. The SEC has just settled with reality star Kim Kardashian “for touting on social… Read More >>
