FINRA has fined and censured Credit Suisse Securities (USA), a division of the former Credit Suisse, for reporting 9,000 late trades to the self-regulatory organization’s Trade Reporting and Compliance Engine (TRACE) and for hundreds of thousands of inaccurate TRACE reports – all of which led to other complications. The Swiss banking giant Credit Suisse, beleaguered… Read More >>
Deutsche Bank Slates Single-Dealer Platform for U.S.
Deutsche Bank Securities Inc. will be using the market technology infrastructure offerings of Nasdaq to build its forthcoming, U.S.-based single-dealer platform, which Nasdaq will host, officials say. The single-dealer platform (SDP) usually consists of software applied by an investment bank to capital markets “to deliver trading and associated services via the web,” according to Wikipedia…. Read More >>
Global Framework Would Fix Fragmented OTC Repositories: DTCC
A new report from the DTCC calls for a new global reporting framework to complete the Great Recession mandate of the Group of 20 (G20) to establish repositories of over-the-counter (OTC) derivatives trades, intended to help regulators sift out potential risks. The DTCC is also pointing to the possibilities of distributed ledger technology (DLT) and… Read More >>
Risk Focus Helps Deutsche Börse Detect MiFID II Woes
Deutsche Börse Group, which oversees key trading venues, will be using offerings from Risk Focus and its software subsidiary, RegTek.Solutions to detect problems with the contents of each field of a MiFID II trade message. In particular, Risk Focus will provide Deutsche Börse with a version of Validate.Trade via RegTek.Solutions that users of Deutsche Börse’s… Read More >>
Australian Firm to Use Eagle Platform for Data & Performance Management
QIC Moves Away from Global Custodian QIC, the Australian investment fund for the Queensland government, will be using cloud-based data management and performance measurement solutions from Eagle Investment Systems, which marks a move away from a global custodian that had been providing outsourced data and performance measurement functions. The firm, which has A$81 billion in… Read More >>
RegTek Launches EMIR-Focused Reporting Service
The push to be ready for the next phase of the Markets in Financial Instruments Directive (MiFID II) reforms is not the only European regulatory initiative that global firms have to worry about. On November 1, firms face a deadline to comply with the revised reporting specifications (RTS) required by the European Securities and Markets… Read More >>
Squawker’s Equity Finance Platform Tackles Manual Processes
London-based vendor Squawker’s Equity Finance platform has completed its launch phase and has been deployed at six of the top 10 global investment banks in large part because the platform provides an alternative for investment banks that usually book trades via manual processes and over-the-counter (OTC) against interdealer brokers, officials say. Three more major banks… Read More >>
SEC Approves FINRA’s Plan to TRACE U.S. Treasuries
The SEC has approved the Financial Industry Regulatory Authority’s proposal to require FINRA members to report transactions in U.S. Treasury securities, with the sole exception of savings bonds, to TRACE, FINRA’s trade reporting and compliance engine. July 10, 2017 is the implementation date for the bond-trade reporting requirement, says FINRA, the nonprofit industry organization that… Read More >>
Citi and Others Sing the ‘Blue Sheet’ Blues
Regulators are continuing their crackdown on securities firms that send erroneous or incomplete information about their transactions as evidenced by the SEC hitting Citigroup Global Markets with the largest penalty so far — $7 million — for “a computer coding error” that caused incomplete “blue sheet” information about executed trades to be sent to the… Read More >>
CFTC Fines Barclays $650K for Wrong LTR Data
The CFTC has fined London, U.K.-based Barclays Bank PLC $650,000 for “failing to submit accurate large trader reports (LTRs) for physical commodity swap positions,” a violation of the Commodity Exchange Act and CFTC regulations. Barclays has been provisionally registered with the CFTC as a swap dealer since December 12, 2012, and the commission requires dealers… Read More >>
