(The Fintech Open Source Foundation (FINOS) and financial services giant Citi recently announced that they launched an open standard project that will formulate consistent controls for cloud computing cybersecurity, resiliency, and compliance that cloud service providers (CSPs) can use as the basis for a common set of services. The “Common Cloud Controls (CCC)” effort is… Read More >>
Instinet Fined $3.8M for Alleged CAT Reporting Failures
Instinet has paid a $3.8 million fine to the Financial Industry Regulatory Authority (FINRA) and settled allegations that the institutional broker failed to fulfill its reporting obligation “timely and accurately” to the Consolidated Audit Trail (CAT) system from June 2020 to the present, according to the self-regulatory organization (SRO). The ambitious, big data, securities transaction… Read More >>
The Fed Will Supervise Crypto Assets & More
In early August, the Federal Reserve Board let the banks know that it is keeping an eye on their “novel activities” such as those involving crypto-assets and distributed ledger technology (DLT) otherwise known as blockchain systems. “The Federal Reserve Board on Tuesday [Aug. 8] provided additional information on its program to supervise novel activities in… Read More >>
Watson Wheatley to Use Daymi’s APIs & Other News
New Links Will Help Users Manage iRecs Projects Watson Wheatley, a London-based provider of securities reconciliation, and Daymi, an interactive operations playbook provider based in Stockholm, have launched a connectivity partnership that will enable operations teams to better manage recurring projects, routines and tasks, officials say. “Using the API [application programming interface] connection that… Read More >>
Wedbush Pays $16M to Resolve Recordkeeping Problems
Accusations don’t equal proof of guilt. Lawyers for a certain much-indicted ex-president will tell you that. However, multiple accusations by credible accusers aren’t a particularly good look, whether for a politician or a registered futures commission merchant. Which brings us to Wedbush Securities. The Commodity Futures Trading Commission (CFTC) recently ordered Los Angeles-based Wedbush Securities… Read More >>
Fund Fees Fell in 2022 & Other News
Investors Fled to Low-Cost Funds: Morningstar Investors paid less in fund fees last year mostly because they went for low-cost funds, according to Morningstar’s U.S. Fund Fee Study, an annual review. “Asset-weighted fund fees fell to 0.37 percent in 2022 from 0.40 percent in 2021. This might not sound like much, but it amounted… Read More >>
SEC Wants to Rein In Predictive Analytics
The SEC has approved a proposal that attempts to control firms’ usage of predictive data analytics and it has opened a new rift as key commissioners say the regulator is overreaching and preventing investors from benefitting from new technology all in the name of preventing firms from putting their interests first. The new rules under consideration, which… Read More >>
SEC to Broker-Dealers: Tighten Up AML Controls
Do the SEC and the Office of Foreign Assets Control (OFAC) need to tighten up anti-money-laundering (AML) and countering-the-financing-of-terrorism (CFT) requirements? You don’t need to know the lyrics to “Tighten Up,” by Houston’s Archie Bell & the Drells, to puzzle out the answer. It does. The SEC’s Division of Examinations (a.k.a. EXAMS) oversees broker-dealers and… Read More >>
Time to Ban Stock Trading by Federal Officials?
U.S. Senator Kirsten Gillibrand (Democrat of New York) and U.S. Senator Josh Hawley (Republican of Missouri) have introduced a bill that would “create stringent stock trading bans and disclosure requirements for Congress, senior executive branch officials, and their spouses and dependents.” The Ban Stock Trading for Government Officials Act prohibits “stock trading, stock ownership, and blind… Read More >>
Socium Fund Services Deploys Broadridge’s Sentry & Other News
Socium to Manage Portfolios & Ops via Sentry A private equity and private credit fund administrator, Socium Fund Services reports that it has deployed the Sentry loan portfolio management technology solution from Broadridge Financial Solutions, a post-trade systems, services, and applications provider. Socium will use the Sentry system “to more efficiently manage complex private credit… Read More >>
