Voya Holdings Inc. has settled with the SEC over charges that two investment adviser subsidiaries did not disclose conflicts of interest and made misleading disclosures “in connection with their practice of recalling securities on loan so their affiliates could receive tax benefits,” SEC officials say. The Voya adviser affiliates have agreed to be censured and… Read More >>
No Bonus Again for Deutsche Bank Execs
It appears that a CEO of a major, global bank is suggesting that for the second consecutive year executive managers do not exactly deserve a bonus. By contrast, the CEO is indicating that the rank and file employees should get one this year. John Cryan, the CEO of Deutshe Bank, made these declarations last week… Read More >>
U.S. Firms Prepare for Tougher E.U. Privacy Regs
(Editor’s note: The General Data Protection Regulation (GDPR) from the European Union was created to do two major jobs: replace the Data Protection Directive 95/46/EC, and to harmonize data privacy laws across Europe, officials report. The new legislation, when it takes effect May 25, 2018, is intended to “protect and empower” data privacy and “reshape… Read More >>
BNP Paribas USA Pleads Guilty to FX Price-Fixing
Officials of the U.S. Justice Department and BNP Paribas USA Inc. (BNPP USA) have settled a case in which the subsidiary of BNP Paribas is pleading guilty to one count of price-fixing via foreign exchange (FX) markets and has agreed to pay a criminal fine of $90 million. According to documents filed recently with the… Read More >>
Exchange Data International to Offer Key Content via QuantHouse
Exchange Data International (EDI) will be offering its securities reference data and end of day pricing through the QuantHouse hub of services accessed via application programming interfaces (APIs), which is intended to help a quant trader’s decision-making, among other operations. The London-based EDI has a content database that covers major markets, particularly emerging and frontier… Read More >>
DTCC Works with Taskize on an Exception Manager
An exception manager solution from the Depository Trust & Clearing Corp. (DTCC) is incorporating technology from a vendor known as Taskize whose offering helps securities operations teams quickly resolve post-trade exceptions. The DTCC Exception Manager helps market participants “publish, manage and communicate exceptions throughout the trade lifecycle,” officials say. The offering sets up a central… Read More >>
Industry Cries Out for Bitcoin & Blockchain Reality Checks
Bitcoin futures contracts launched Monday, Dec. 18, via the CME Group to a mix of fanfare and skepticism about the crypto currency and the underlying infrastructure that are captivating securities operations. Reflecting the concerns of many, ING analysts posted an analysis Sunday, Dec. 17, “Why Bitcoin is Destined to Become a Niche Asset,” that advocates… Read More >>
New Collateral Management Strategies Require New Building Blocks
Post-crisis regulation and competitive market conditions have forever changed the collateral management process for securities trading firms. The push to develop new collateral optimization strategies has often uncovered major problems within a firm’s own systems and processes. Most firms have had to move quickly to revamp their internal systems and craft new collateral management operations… Read More >>
Federal Reserve Fines Deutsche Bank $156 Million
The central bank for the U.S., the Federal Reserve System, has hit troubled Deutsche Bank with $156.6 million in civil money penalties and requirements that the bank improve its senior management oversight and controls relating to foreign exchange (FX) trading. “Deutsche Bank lacked adequate governance, risk management, compliance, and audit policies and procedures to ensure… Read More >>
SEC Shuffles Personnel in Chief Accountant’s Office
SEC Names Interim Chief Accountant as Deputy Chief Accountant to Exit The SEC reports that Wesley R. Bricker has been named the interim chief accountant, heading the commission’s office of the chief accountant, while Chief Accountant James V. Schnurr “recovers from a serious bicycle accident.” In his interim post, Bricker will be the “principal advisor… Read More >>
