LTX, a corporate bond trading platform from Broadridge Financial Solutions, has a GenAI-based list trading function that will allow end-users to leverage Generative Pre-training Transformer (GPT) technology to “generate and execute multi-asset class, multi-directional trade lists” via RFQ+, officials say. “In response to clients’ positive engagement with our GenAI-powered app BondGPT and their request for… Read More >>
Credit Suisse Reaches $475M Settlement of Bond Scandal
Mozambique may seem far from Wall Street, but of course it’s not. Not in this interconnected world. And that means that a bond scandal in far-away Mozambique has attracted the attention of the Securities and Exchange Commission, the United States Department of Justice, and the United Kingdom’s Financial Conduct Authority. The SEC, the DoJ, and… Read More >>
Three Banks Face $34M in Fines via Cartel Charges
Bank of America-Merrill Lynch, Crédit Agricole, and Credit Suisse have been fined by the European Commission for their alleged involvement in a bond-trading cartel that also included Deutsche Bank, which escaped the fine because it reported the situation to E.U. officials. Late last month, the three banks were fined a total of €28,494,000 ($34,589,360) for… Read More >>
UBS Pays $10M to Resolve Bond-Flipping Case
The U.S. Securities and Exchange Commission (SEC) reports that UBS Financial Services Inc. will pay more than $10 million to “resolve charges that it circumvented the priority given to retail investors in certain municipal bond offerings.” For four years, according to the SEC’s allegations, UBS “improperly allocated bonds intended for retail customers to parties known… Read More >>
MarketAxess Europe Uses Ancoa for Bond Trading Scrutiny
Bond trading platform MarketAxess Europe has deployed surveillance and analytics software from vendor Ancoa to meet the fixed income oversight requirements of the Market Abuse Regulation (MAR) directive, which took effect in the E.U. July 3. The MAR regulations update the existing Market Abuses Directive (MAD) framework by “extending its scope to new markets and… Read More >>
