Crypto-currency is crapto-currency. Naturally, the U.S. Securities & Exchange Commission wouldn’t put it that way. The commission is much too proper. But take it from FTF News, that’s the gist of the SEC’s recent complaint against Binance Holdings Ltd. and Changpeng Zhao, its founder. It’s also the gist of a second legal complaint, alleging similar… Read More >>
T+1 Spurs Demand for SS&C’s Settlement Service & Other News
150+ Clients Sign Up for SS&C’s Trade Matching Service Citing the U.S. funds industry gearing up for T+1 trade settlement next year, SS&C Technologies reports that “more than 150 clients are using its Trade Matching & Settlements Service to support post-trade execution functions.” “Using SS&C’s Trade Matching & Settlements Service has enabled us to ensure… Read More >>
FINRA Fines Vanguard $800K for Inaccurate Fund Statements
Shouldn’t a firm like Vanguard Marketing Corp., (VMC) which has been a member of FINRA, the broker-dealer industry’s self-regulatory organization, since 1977, know better than to have allegedly “overstated projected yield and projected annual income for nine money market funds on approximately 8.5 million VMC account statements?” Says FINRA: “From at least October 2019 to… Read More >>
Adopt a Single Strategy & Functional Approach for T+1: Q&A
(Stephane Ritz, a managing principal at consultancy Capco, has more than two decades of experience in the administration and management of professional services for the banking, finance, and investment industries. His areas of expertise include financial accounting and taxation to business process re-engineering and IT technology implementation. Ritz specializes in leading large-scale, complex business transformations across… Read More >>
SEC & Ex-Coinbase Manager Settle Insider Trading Case
Ishan Wahi, a former product manager at U.S. cryptocurrency exchange Coinbase Global and his brother, Nikhil Wahi, have settled civil charges with the SEC in a case of insider trading in an age of emerging cryptocurrencies and digital assets. Early in May, in a separate criminal legal action, Ishan Wahi was sentenced to two years in… Read More >>
‘Morgan Money’ Links to Clearwater Platform & Other News
Clearwater Analytics & JPAM Connect Systems JPMorgan Asset Management (JPAM) has launched a strategic effort to integrate its Morgan Money global trading platform with a key accounting and reporting platform from Boise, Idaho-based Clearwater Analytics, officials say. Morgan Money is a multi-currency, open architecture trading and risk management system that helps customers to view… Read More >>
DLT-Based Ops Will Need Guardrails: Report
As more securities operations use distributed ledger technology (DLT), policymakers, regulators, and market participants need to identify regulation, supervision, and risk management practices that “support appropriate stability and protections for all industry stakeholders,” according to a new report, “The Impact of Distributed Ledger Technology in Global Capital Markets.” The report is the result of a… Read More >>
FTF Unveils Winners of the 2023 FTF Awards
With nods to established players and voter enthusiasm for other providers hitting their stride, Financial Technologies Forum (FTF) has unveiled the winners of the 2023 FTF News Technology Innovation Awards competition. The 30 winners of the FTF Awards competition — now in its 12th year — are being honored for achievements during 2022. “It’s not… Read More >>
Templum Brings Trading Technology to Securitized Artwork: Q&A
(Editor’s note: Earlier this month, Templum, a provider of capital markets infrastructure technology for alternatives and private securities, reported that it had a new client — Masterworks LLC. The new client is an alternative investment platform for buying and trading shares in works of art that are often worth millions. Masterworks, which finds and then… Read More >>
Scotiabank & HSBC Fined for Recordkeeping & Phone Woes
Using a mobile phone can get pricey if you’re not careful. That’s a lesson two banks have learned the hard way, each paying multi-million dollar penalties for alleged “recordkeeping and supervision failures for widespread use of unapproved communication methods.” The U.S. Commodity Futures Trading Commission (CFTC) has filed and settled charges against the Bank of… Read More >>
