While not one of the top issues during the U.S. presidential and Congressional elections, it’s clear that two different sanctions compliance policy paths have emerged and only one will prevail on Election Day. It’s also clear that a new sanctions problem is stirring with Russia, namely its evasion of the price cap economic sanctions imposed… Read More >>
Johnson Associates Projects Bonuses Up for Most Sectors
Recent market swings, jitters, and recession fears aside, bonuses may wind up higher for most Wall Street sectors after two years of steady declines, says Johnson Associates, Inc., a strategic compensation solutions provider based in New York City. The company is projecting “year-end incentives to be higher across almost all sectors” in its “Financial Services… Read More >>
ACA Group Acquires Encore Compliance
ACA Group (ACA), a provider of governance, risk, and compliance (GRC) solutions to the financial services industry, has acquired Encore Compliance (Encore), an A.I. compliance software solutions vendor, officials say. “This acquisition enhances ACA’s Managed Services suite of people, processes, and technology, adding A.I.-enabled surveillance for expert network chaperoning and research calls to help asset… Read More >>
Wall Street Braces for a Ban on Noncompetes
A decision by the Federal Trade Commission (FTC) rarely has multiple impacts on Wall Street securities trading institutions but a nationwide FTC ban on noncompete clauses and contracts is forcing the issue at many firms great and small. Noncompetes have become an essential aspect of Wall Street’s hiring and firing of executives, managers, and all… Read More >>
Clearstream Joins ECB’s DLT-for-Settlement Trials
Clearstream, the post-trade business unit of Deutsche Börse Group, has joined the distributed-ledger technology (DLT) trials and experiments of the European Central Bank (ECB), which is exploring DLT’s potential for wholesale central bank money settlement, given the emergence of a digital Euro. “The ECB trials will be conducted in a productive environment, using real central… Read More >>
DDoS Attacks Soared in 2023: FS-ISAC Report
The financial services sector was the top target for distributed denial-of-service (DDoS) attacks last year, and attacks on this sector jumped 154 percent, according to a new report from industry consortium the Financial Services Information Sharing and Analysis Center (FS-ISAC). However, the report, “DDoS: Here to Stay,” emphasizes that firms “can mitigate the impacts of… Read More >>
How to Survive the Recordkeeping Crackdown
The Securities and Exchange Commission’s (SEC) December 2021 announcement that J.P. Morgan Securities LLC had been fined $125 million for allegedly violating the agency’s recordkeeping rules amounted to a shot heard up and down Wall Street. The market regulator made clear that it took breaches of recordkeeping regulations seriously, and that the J.P. Morgan penalty… Read More >>
NY State Wants Firms to Report Ransomware
The state of New York has amended its “first-in-the-nation” cybersecurity regulations and will be requiring financial services firms to report ransomware amounts just as cyberattacks are increasing, according to the regulator New York State Department of Financial Services (NYS DFS) and New York Governor Kathy Hochul. In addition to the ransomware reporting, the updated regulations… Read More >>
NYFIX Launches Real-Time Recs & Other News
New Offering Matches Fills In Real-Time A FIX protocol-based reconciliation offering, dubbed NYFIX Fill Matching, has been launched by post-trade systems and services provider Broadridge Financial Solutions, which adds that the solution compliments Broadridge’s post-trade NYFIX Matching solution. NYFIX Fill Matching targets the needs of asset managers “with high volume and/or high-touch orders,” according to… Read More >>
Financial Crime Fighting’s Price Tag Hits $206B
Financial crimes cost banks and other financial services institutions big bucks. This means that complying with the rules and processes meant to deter those financial crimes costs big bucks too. Makes sense, right? Now, thanks to our friends at LexisNexis and Forrester Research, we have a snapshot of the actual numbers. According to the report “True Cost… Read More >>
