LME to Use Itiviti’s FIX-based Offerings London Metal Exchange (LME) will be automating its client onboarding process with the help of FIX protocol-based offerings from technology and service provider Itiviti, officials say. The exchange will use Itiviti’s FIX Conductor and VeriFIX Enterprise solutions for onboarding as part of the LME’s effort “to refresh its overall… Read More >>
Goldman Sachs Charged with Fingerprint Screening Failures
Fingerprints are important to crime detection. Sometimes they are crucial, uncovering evidence of unknown felonies. You don’t have to be Sherlock Holmes to know that. Which is why it is striking that, between January 2015 and November 2019, Goldman Sachs allegedly “failed to fingerprint and screen for statutory disqualification a significant number of its U.S.-based… Read More >>
Wall Street Execs Want Trump Transition to Start
A letter sent to the Trump administration from New York City’s A-List business leaders, including many from top Wall Street financial services firms, underscores the need for “an orderly presidential transition process” so that the country can re-focus on ending the global pandemic. The letter also underscores the need for more cooperation among groups and… Read More >>
Goldman Sachs Admits Guilt in Foreign Bribery Case
Goldman Sachs is admitting guilt and paying a fine of $2.9 billion for its role in a scandal that saw officials from the firm bribing Malaysian and Abu Dhabi officials from 2009 to 2014 in order to secure ongoing business for the multinational investment bank. After much negotiation, the firm has begun to resolve the… Read More >>
Morgan Stanley Buys Eaton Vance & E*TRADE
Amid a lot of conflicting news stories, Morgan Stanley recently announced that it wants to acquire the wealth and investment management firm, Eaton Vance Corp., and that it closed its acquisition of online, discount brokerage E*TRADE Financial Corp. — signs that Morgan Stanley and other Wall Street giants are trending toward safer waters than the… Read More >>
AML, KYC Fines Hit $5.6B as of mid-2020
Penalties assessed against financial institutions for non-compliance with anti-money laundering (AML), know your customer (KYC), and sanctions regulations totaled $5.6 billion by the end of July 2020, according to a mid-year report from a well-known fintech provider. That provider, Fenergo, founded in 2008, characterizes itself as a “digital enabler of client and regulatory technology for… Read More >>
Goldman Sachs Reaches $3.9B Settlement with Malaysia
Goldman Sachs is settling with Malaysia, whose sovereign-wealth fund was looted in the 1Malaysia Development Berhad scandal, the Malaysian sovereign wealth fund better known as 1MDB, to the tune of more than $2.5 billion. It’s the latest episode in the long-running saga of 1MDB, the fugitive financier Jho Low, and the New York City-based multinational… Read More >>
Fifty Firms Sign Up for DTCC’s MTU
Firms Automate Margining Tasks The DTCC’s Margin Transit Utility (MTU), an automated margin call service, now has the support of 50 financial services firms that are striving to automate manual systems amid volatile markets, officials say. The MTU service includes connectivity from AcadiaSoft’s Margin Manager and DTCC’s Alert for standing settlement instructions (SSIs), links to… Read More >>
$96M of Luxury Loot Sought via 1MDB Scandal
The United States Justice Department (DoJ) reports that it has filed civil forfeiture complaints aimed at the “recovery of approximately $96 million in assets allegedly associated with an international conspiracy to launder funds misappropriated from 1Malaysia Development Berhad (1MDB), a Malaysian sovereign wealth fund.” Those assets include “luxury real estate in Paris, artwork by Claude… 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 >>
