DTCC officials report that the Global Markets Entity Identifier (GMEI) utility, a local operating unit (LOU) of the growing global Legal Entity Identifier (LEI) system, has issued approximately half of all LEIs registered so far, or 165,000, to entities from more than 140 jurisdictions. The GMEI’s progress reflects the growth of the global machinery behind… Read More >>
Tough NY State Data Security Bill Worries Wall Street
A new data security law proposed by New York’s Attorney General Eric Schneiderman could be a boon for cyber-security vendors, and have consequences that reach far beyond New York State, industry observers say. The bill, proposed in late January, seeks to impose tougher disclosure requirements for companies affected by cyber-breaches and heighten standards for data… Read More >>
CFO for BGC Partners to Retire
Interdealer broker BGC Partners has announced that its chief financial officer (CFO) Graham Sadler will be retiring. Sadler will stay on at BGC until a replacement has been found, officials say. “Graham has been with us for more than six years and represents a key part of our senior management team. His financial acumen, industry… Read More >>
CME to Cut 60 Jobs as Most Outcry Trading to End
The CME Group will be eliminating 60 positions as it shuts down trading pits in Chicago and New York by July 2, 2015, effectively ending most of its open outcry futures trading, say officials at the exchange trading and clearing company. “Sixty positions will be eliminated, and those are predominantly in floor operations areas,” says… Read More >>
Compliance Vendor’s MD from BTMU
Officials at Exiger, a regulatory and financial crime, risk and compliance vendor, report the appointment of John W. Melican as managing director. Melican joins the company from Bank of Tokyo-Mitsubishi UFJ (BTMU), where, most recently, he was head of bank secrecy act/anti-money laundering, sanctions and anti-corruption compliance for the Americas, according to a statement from… Read More >>
Firms Uncertain About Derivatives Clearing: Sapient Report
Derivatives markets participants face a great deal of uncertainty over post-crisis clearing mandates, and are interested in the establishment of a purpose-built market utility to address buy-side clearing requirements, according to a survey released by Sapient Global Markets. The survey features the responses of 153 market participants and was conducted at the 2014 Futures Industry… Read More >>
Calypso Readies Initial Margin Calculation Offering
San Francisco-based Calypso Technology, a specialist in capital markets software, reports that it will be releasing a “new solution for calculating the initial margin required on non-cleared derivatives trades,” officials say. The solution will meet the requirements of the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) for margin… Read More >>
Obama Wants a New Tax on the 100 Biggest Firms
President Obama’s just released 2016 fiscal year federal budget proposal is already ruffling Republican feathers in Washington, D.C., and it’s no wonder as it includes taxes meant to stimulate controversy. In particular, the Obama administration is taking aim at big Wall Street banks and other securities firms. “The President’s proposal would make it more costly… Read More >>
SEC Fills Enforcement Post for San Francisco
The SEC reports that Erin E. Schneider has been named the associate regional director for enforcement in the San Francisco office, and will oversee the office’s enforcement efforts for northern California and the Pacific Northwest. Schneider began working in the San Francisco office in 2005 as a staff attorney and became an assistant regional director… Read More >>
Blue River Partners Hires CFO, Managing Director
After a year of growth, compliance and administrative services provider Blue River Partners is preparing for the future via adding executive staff, the launch of a new service offering, and internal promotions, officials say. Last year “was a phenomenal year at Blue River Partners,” says Mark Fordyce, CEO at Blue River Partners in a prepared… Read More >>
