After years of preparation, the U.S. securities industry is taking its first steps toward shorter settlement, which for many banks and other financial services firms has meant an end-to-end overhaul for key operations. Over the Labor Day weekend, major industry associations and industry participants will be skipping their last summer holiday to oversee the shortening… Read More >>
FINRA Shuffles Board of Governors
FINRA Fills Multiple Governance Posts The Financial Industry Regulatory Authority reports several changes to its board of governors. Stephen M. Cutler, executive vice president and vice chairman, JPMorgan Chase & Co., has been elected as a large firm governor, one of three on the board. Stephen A. Kohn, president and CEO, Stephen A. Kohn &… Read More >>
FINRA to Conduct T+2 Tests on August 19
Tests to facilitate the move by U.S. financial markets to a shorter settlement cycle will be sponsored by the Financial Industry Regulatory Authority (FINRA) on Saturday, August 19, 2017, according to the self-regulatory organization. Underway for several years, the U.S. push for a shorter settlement cycle crossed a major milestone this past March when the… Read More >>
Four Big Brokers Charged with Market Access Misdeeds
Deutsche Bank Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Interactive Brokers LLC have been censured and fined a total of $4.75 million for violations of various provisions of the market access regulations (rule 15c3-5 of the Securities Exchange Act of 1934) and “related exchange supervisory rules,” according to a statement by… Read More >>
FINRA Promotes to Fill Top Enforcement Post
FINRA’s Susan Schroeder Moves Up Officials at the Financial Industry Regulatory Authority (FINRA) report that they have promoted Susan Schroeder to executive vice president and head of enforcement. Schroeder has been the acting head of enforcement since the departure of Brad Bennett earlier this year, FINRA officials say. Previously, she served as senior vice president… Read More >>
FINRA Taps Travelers to Fill Chairman’s Post
FINRA Picks William H. Heyman to Succeed Jack Brennan The self-regulatory organization for brokerages, the Financial Industry Regulatory Authority (FINRA), has a new chairman for its board of governors with the unanimous election of William H. Heyman, vice chairman and chief investment officer of The Travelers Companies, Inc. Heyman, who will take over as… Read More >>
Thomson Reuters & Symphony Partner to Integrate Messaging Wares
Partnership Will Facilitate Eikon and Symphony Links Securities trading could get a little easier with the integration to come between Thomson Reuters’ Eikon system and the Symphony Workflow Platform. The two have decided to work together to facilitate the sharing of Eikon objects such as charts, news and data via Symphony’s messaging and collaboration platform,… Read More >>
Regulators Catch Up to Social Media Usage
(Editor’s note: Digital compliance, archiving, and analytics vendor, Actiance, recently signed a global partnership with Hootsuite, a social media management platform provider. The partnership will combine Hootsuite’s platform with Actiance’s Socialite offering for compliance across public social networks, and Actiance’s Alcatraz, a context-aware, cloud-based archive. A key aspect of the collaboration is the growing list… Read More >>
FINRA Says Ex-Rep Hid $190M in Bond Trades
The Financial Industry Regulatory Authority reports that it has barred former Morgan Stanley Smith Barney registered representative John Batista Bocchino for “concealing approximately $190 million in Venezuelan bond trades from the firm, which had restricted such trading due to the regulatory, anti-money laundering and reputational risks it posed.” Instead, FINRA says, Bocchino, at the time… Read More >>
Text Messaging Adds to Compliance Staff Woes
Text messaging is moving up the ladder of concerns for financial services compliance professionals, according to a recent survey. Mobile devices and non-email communications channels such as text messaging are two of survey respondents’ “top three overall e-communications compliance concerns,” according to the findings of the seventh annual Electronic Communications Compliance Survey Report. “Not only… Read More >>
