Two of the major overseers of financial markets — the SEC and the CFTC — appear to be in a bureaucratic tug-of-war when it comes to the regulatory oversight of emerging digital assets, and former CFTC Chairman J. Christopher Giancarlo is proposing that the agencies work together to co-create a crypto bureau. In addition, an… Read More >>
FinCEN Wants Better AML Regs for the U.S.
FinCEN Wants to Improve AML/CFT Regs The Financial Crimes Enforcement Network, the bureau of the United States Department of the Treasury better known as FinCEN, has issued a request for information that asks for comments on “ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the… Read More >>
ISITC Promotes Vice Chair to Top Post
Industry standards trade group ISITC has named Kristin Hochstein, the current vice chair, to be its new chair for the 2022-23 term, and she will take over for Lisa Iagatta, who will finish her three-year term as chair by the end of this month. The group, which develops standards and best practices for financial services… Read More >>
ICE & RIMES Weave ETF Data Into Key Products
Integration Opens Access to Equity & Fixed Income Data Exchanges and technology company Intercontinental Exchange (ICE), owner of NYSE, reports that it has integrated exchange-traded funds (ETF) data managed by RIMES into key offerings such as ICE ETF Hub, ICE Portfolio Analytics, and ICE FI Select offerings, officials say. The enhancement will enable clients to… Read More >>
Wells Fargo Fined $2.25M for Document Storage Woes
Ironic, isn’t it, that just when cryptography enthusiasts are touting the capability of the blockchain to memorialize complex sequences of transactions, major units of a big bank find themselves in trouble over their own record-keeping? FINRA, the broker-dealer industry’s self-regulatory authority, charges Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network — two units… Read More >>
BNY Mellon Buys Optimal’s Indexing for ‘Pershing X’
Other BNY Mellon Units to Get Direct Indexing Too The Pershing clearing and custody services business of BNY Mellon is acquiring Optimal Asset Management, a direct indexing solutions provider, and will offer Optimal’s capabilities to advisory clients within Pershing, and to institutional and retail clients within BNY Mellon’s Investment Management business. If the acquisition… Read More >>
Crypto to Face New Rules in 2022: Regulators
Heavy-hitter federal regulators say new rules are coming for cryptocurrencies, the new, mostly unregulated financial sector that competes with traditional banks without offering deposit insurance, the banks’ most important protection. And cryptography has been beset by high-profile scandals that have cost some would-be crypto millionaires their entire fortunes. As well, at a time of worsening… Read More >>
Is DLT Finally Ready for Prime Time?
When the bragging goes quiet on Wall Street, you know the serious talk has begun. This has been the case with blockchain/distributed ledger technology (DLT). The hype evaporated pretty fast when the securities industry began to seriously test the glibly christened savior of disruptive technologies. Banks, exchanges, hedge funds, vendors, and everything else in between… Read More >>
Iress Completes QuantHouse Integration via Team Launch
New Iress Team to Drive Combined Solutions Financial technology provider Iress has completed its integration of the offerings of QuantHouse — acquired two years ago — with the launch of the Iress API Data and Trading Solutions team, which will drive the sales and support for a suite of trading data solutions and managed services,… Read More >>
Yellen & Others Want Congress to Regulate Stablecoins
A Biden Working Group Says Stablecoins Are Risky Stablecoins lack good oversight, making them risky for users and financial markets, says Janet L. Yellen, secretary of the U.S. Treasury, in a prepared statement. Yellen’s comments follow the release of a report from the President’s Working Group on Financial Markets (PWG), which is recommending that Congress… Read More >>
