U.S. markets now have a September 2017 date to work toward for the move from the current settlement cycle of trade date plus three days (T+3) to a two-day cycle (T+2) because of a recommendation from the T+2 Industry Steering Committee (T+2 ISC), which is guiding the transition. At the same time, officials at the… Read More >>
ISC Creates a Map for T+2 Move
The nitty gritty of shorter settlement cycles is getting clearer as the U.S. T+2 International Steering Committee (T+2 ISC) has submitted its Implementation Playbook to the SEC on December 18 and released to the industry on Dec. 21 to provide the industry with a timeline to help them move to a two-day settlement cycle (T+2)… Read More >>
FINRA Cracks Down on Deutsche Bank Securities, Scottrade
While alleged acts of fraud by Wall Street firms have gotten the spotlight this year, financial services regulator, the Financial Industry Regulatory Authority (FINRA), is making the point with some firms that they need to maintain high standards for regulatory reporting and for keeping their books and records as specified by industry watchdogs. Most recently,… Read More >>
Time to Ramp Up Social Media Risk Management?
Financial services firms may want to up their social media compliance training say industry experts reacting to the news that a federal grand jury in San Francisco and the SEC are charging James Alan Craig, who lives in Scotland, with securities fraud via an alleged scheme involving Twitter accounts and damaging messages. In fact, to… Read More >>
National Stock Exchange Announces Its Resurrection
After closing for 17 months, the National Stock Exchange (NSX) is in the final stages of relaunching a national securities exchange for trading equity securities and exchange-traded fund (ETFs) with a strategy to become “the leader in low-fee market access,” say NSX officials. The low-fee strategy is intended to drive higher levels of activity than… Read More >>
Former PIMCO Investment Exec Launches Consultancy
Maisonneuve Founds Financial Consulting Firm Virginie Maisonneuve, a former chief investment officer for equities at PIMCO, as the Pacific Investment Management Company is known, has founded Maisonneuve Global Advisors (MGA), where she is managing director. Maisonneuve is also a director at London-based Notting Hill Digital, which specializes in advising companies about Internet technologies, and is… Read More >>
Obama Announces Nominees for SEC Commissioners
The SEC may have a full slate of commissioners by the end of the year as the Obama administration has put forth two nominees — one to fill a current vacancy and another to step in for Commissioner Luis A. Aguilar, who completed his term this year. Aguilar has been serving since 2008 when he… Read More >>
LPL Financial to Pay $3.4M to Settle REITS, ETF Probes
Broker-dealer LPL Financial will be paying $3.4 million in settlements and penalties after allegations that the firm failed to properly handle the sales and oversight of complex, leveraged exchange traded funds (ETFs) and non-traded, real estate investment Trusts (REITs). In a settlement with Massachusetts and Delaware, the firm will be paying approximately $2 million to… Read More >>
Fears Over Liquidity Risk Spur SEC, FINRA Into Action
Better liquidity risk management amid volatile markets has become the new byword for regulators. The SEC is trying to rein in liquidity issues for mutual funds and exchange traded funds (ETFs) while independent regulator the Financial Industry Regulatory Authority is targeting liquidity problems for broker-dealers, even citing the liquidity risks that “played a large role… Read More >>
Sen. Warren Urges Regulators to Review Symphony’s Messaging
Wall Street critic U.S. Senator Elizabeth Warren is attempting to focus the attention of six federal regulators on “compliance and enforcement issues related to a new communications tool created by Symphony Communications” and used by financial institutions — many of whom are backing Symphony. Warren sent letters to the regulators about her main concern that… Read More >>
