Citigroup is partnering with MSCI and Confluence to develop “user-friendly services” that will help the bank’s clients adjust to the SEC’s reporting modernization and liquidity risk management rules, slated to take effect later this year. “The SEC’s sweeping reporting modernization and liquidity risk management rules place an added operational burden on asset managers,” according to… Read More >>
Citi Settles Swap Data Reporting Violations Case
Citibank, N.A. (CBNA) and Citigroup Global Markets Ltd. (CGML) have settled with the CFTC on charges that they failed to properly report Legal Entity Identifier (LEI) information about swap transactions properly to a swap data repository (SDR). CBNA acts as a swap dealer and has been registered with the CFTC since December 31, 2012 while… Read More >>
Frankfurt Leads in Race to Be Next E.U. Financial Hub
As U.K. and European Union officials battle it out over Brexit financial settlements and border resolutions, Paris, Amsterdam, Dublin and Frankfurt are vying to be the city of choice for London-based financial institutions searching for a new European base. Competition is fierce but Germany’s largest city and financial capital, already home to the European Central… Read More >>
Brexit-Born Bank Exodus Begins
Frankfurt and Dublin are emerging as the favorite hotspots for foreign banks as United Kingdom and continental European negotiators hammer out a Brexit deal by March 2019. Although many observers believe that the Brexit process will take longer than the earmarked two-year period, there has been a spate of announcements because banks, fund managers, insurers… Read More >>
Global Exchanges Hit Record 6.83% Jump in Revenues
Global exchanges enjoyed a 6.83 percent jump in revenues to a record $28.3 billion in 2016, according to the latest sector report by Burton-Taylor International Consulting, a division of interdealer broker TP ICAP’s Data and Analytics group. The main drivers were market data and index businesses, which reported a 29.2 percent hike in revenues to… Read More >>
London Could Lose 9,000 Bank Jobs in First Brexit Wave
Although the U.K. hopes to retain as many financial services activities as possible in the wake of Brexit, big banks are making contingency plans and could shift at least 9,000 jobs out of the country, according to a tally collated from Reuters. To date, 13 major banks including Goldman Sachs, UBS, JPMorgan, Deutsche Bank and… Read More >>
CFTC Fines, Bans Two Citi Traders for Spoofing
The CFTC has issued two separate but related orders settling charges against Stephen Gola and Jonathan Brims for spoofing — generally defined as “bidding or offering with the intent to cancel the bid or offer before execution” — in U.S. Treasury futures markets while trading for Citigroup Global Markets Inc. (CGMI). The actions against the… Read More >>
Wall Street Banks Push Back on Trump Travel Ban
President Donald J. Trump’s executive order banning people traveling to and from seven countries in the Middle East has had many ripple effects across many circles, including Wall Street. Yet, while the political ramifications have been explosive, the staffing and hiring impacts may turn out to be minimal for Wall Street firms, according to key… Read More >>
Citi Pays $18M Penalty to Settle Overbilling Charges
The SEC reports that Citigroup Global Markets Inc. (CGMI) has agreed to pay $18.3 million for over-billing investment advisory clients and misplacing client contracts. In fact, the SEC contends that “at least 60,000 advisory clients were overcharged approximately $18 million in unauthorized fees because Citigroup failed to confirm the accuracy of billing rates entered into… Read More >>
Citi Pays $25 Million Penalty for Spoofing
The CFTC has fined Citigroup Global Markets Inc. $25 million for spoofing, citing the actions of traders and managers who demonstrated a lack of proper supervision, training and regulatory compliance. Spoofing, the commission says, is “bidding or offering with the intent to cancel the bid or offer before execution.” In this case, the spoofing took… Read More >>
