As the SEC very publicly takes on major matters such as its climate disclosure requirements — the fate of which is playing out in court and in Congress — the regulator has quietly moved ahead with an increase in the rate that securities exchanges and broker-dealers pay to be regulated by the commission. “Starting on… Read More >>
Stock Markets Lost $25 Trillion in 2022: Report
Many observers have noted that last year was not a banner year for stock markets and a global industry group for exchanges and central clearing counterparties has backed up that point of view via a new report showing that “$25 trillion was wiped off global stock markets in 2022.” The new report from the London-based… Read More >>
Cboe’s New Trading Floor Mixes Past & Present
With a lot of fanfare earlier this month, Cboe Global Markets, Inc., a Chicago-based exchanges company that offers trading, clearing, and investment solutions, bucked more than a few trends when it launched a hybrid, open outcry trading floor in “the historic Chicago Board of Trade (CBOT) building” at 141 West Jackson Boulevard. “We are continuing… Read More >>
SEC Advances T+1 via Proposed Rules Changes
The SEC has given a major boost to the movement to shorten settlement times in U.S. equities markets from T+2 to T+1 via a vote this week to formally propose rule changes that tighten clearing and settlement time-frames and facilitate T+1 by mid-2024. The SEC wants the proposed changes because they will “reduce the credit,… Read More >>
T+1 Update: Feedback Will Determine Time Frame
The push to shorten the U.S. securities settlement cycle from T+2 to T+1 by 2023 is well into the information-gathering stage via private industry workshops that will decide the details of the time frame for the transition, which is expected to be announced during the last quarter of this year. The workshops are also helping… Read More >>
FINRA Alleges Worden Excessively Traded Customer Accounts
FINRA, the U.S. Financial Industry Regulatory Authority, has penalized Worden Capital Management LLC “more than” $1.2 million in restitution, plus a fine of $350,000 on charges that the firm “excessively traded” customer accounts. Worden has agreed to pay. In addition, the firm must also “retain an independent consultant to conduct a comprehensive review of the relevant… Read More >>
Buy-Side Traders Are Surviving Electronic Trading
Buy-side traders may have one reason to breathe a little easier amid the pandemic-induced downturn and related market volatility. State-of-the-art, integrated, electronic transaction platforms are not likely to replace humans on the trading desks any time soon, according to researchers at market research firm Greenwich Associates. “The average number of traders on buy-side trading desks… Read More >>
Liquidnet Hires from Goldman Sachs
Ex-Goldman MD Is New Head of Equities Tech Liquidnet, a block liquidity and investment network services provider, reports that it has named Sujay Telang as its new head of equities technology. Telang is a former Goldman Sachs managing director and an electronic trading executive, the vendor notes. Liquidnet officials call their new hire the “latest… Read More >>
Olivetree Group Taps CRT Capital for Top U.S. Post
Agency broker Olivetree Group has appointed Chris Pilder as the new CEO of its U.S. business, alongside two other new hires for the U.S. business, officials say. Pilder has more than 27 years of experience in the financial services industry and comes to Olivetree from a decade at CRT Capital Group, where he most recently… Read More >>
