The top spot at a top Wall Street bank is no longer a boys-only club. And that is because Jane Fraser will succeed Citi CEO Michael Corbat following his retirement in February 2021. Fraser will join the multinational bank’s board of directors immediately, Citi says in a statement. Her appointment was hailed on Wall Street,… Read More >>
Citi Fined for Allegedly Inadequate Background Checks
The Financial Industry Regulatory Authority, better known as FINRA, reports that it has fined Citigroup Global Markets Inc. $1.25 million for “failing to conduct timely or adequate background checks on approximately 10,400 non-registered associated persons spanning a seven-year period.” Citigroup Global Markets (CGMI) characterizes itself as a provider of “products and financing solutions for corporations,… Read More >>
Citi Cuts Trading Staff & Merges Other Groups
Citigroup is readying layoffs in the hundreds for its equity and fixed-income trading and operations staffs due to shrinking revenues from trading, according to media reports. The bank is also consolidating its equities and prime, futures and securities services (PFSS) businesses into a new division, the Equities and Securities Services (ESS) group, that will offer… Read More >>
CFTC Swears In New Chairman
Tarbert is 14th CFTC Chairman Dr. Heath P. Tarbert, the CFTC’s new chairman, is vowing to “hit the ground running” as his term kicked off July 15, and marks the end of J. Christopher Giancarlo’s service as head of the regulator for the commodities and derivatives trading industry. “At its core, the CFTC is a… Read More >>
Buy Side Can Access Fenics UST via QuantHouse
New API & QuantLink Access via QuantHouse QuantHouse, a provider of market data services, an algo trading platform and infrastructure solutions, can now offer its buy-side clients “quick and streamlined access to normalized real-time and historical data to trade the U.S. cash treasuries market” via a new link to the Fenics USTreasuries platform. The… Read More >>
Citi Settles Benchmark Manipulation Charges with 42 States
Citibank has settled with 42 states in a major case based on charges of fraudulent conduct via the alleged manipulation of the U.S. Dollar LIBOR benchmark interest rate and will be paying $100 million as part of a recent settlement. The LIBOR benchmark, now overseen by the ICE Benchmark Administration (IBA), helps financial services firms… Read More >>
FINRA Sanctions Citigroup Global Markets $11.5 Million
The Financial Industry Regulatory Authority reports that it has fined Citigroup Global Markets Inc. (CGMI) $5.5 million and required the firm to pay “at least” $6 million in compensation to retail customers for “displaying inaccurate research ratings for numerous equity securities during a nearly five-year period, and for related supervisory violations.” In fact, according to… Read More >>
Integral Readies Market Data Support for Crypto Currency Pairs
Integral Also Launches iOS App Foreign exchange (FX) technology vendor Integral is now offering market data support for Bitcoin, Ethereum, Bitcoin Cash and Litecoin via its trading platform, the Open Currency Exchange (OCX), officials say. The expanded market data coverage will include the top pairings of: BTC/USD; ETH/USD; BCH/USD; and LTC/USD. Over the coming weeks,… Read More >>
Four Big Brokers Charged with Market Access Misdeeds
Deutsche Bank Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Interactive Brokers LLC have been censured and fined a total of $4.75 million for violations of various provisions of the market access regulations (rule 15c3-5 of the Securities Exchange Act of 1934) and “related exchange supervisory rules,” according to a statement by… Read More >>
FINRA Promotes to Fill Top Enforcement Post
FINRA’s Susan Schroeder Moves Up Officials at the Financial Industry Regulatory Authority (FINRA) report that they have promoted Susan Schroeder to executive vice president and head of enforcement. Schroeder has been the acting head of enforcement since the departure of Brad Bennett earlier this year, FINRA officials say. Previously, she served as senior vice president… Read More >>
