HSBC is writing checks to the CFTC totaling $75 million via the resolution of two of the regulator’s orders — one involving alleged swaps transaction violations and a $45 million penalty, and the other based on charges of recordkeeping and supervisory failures that incurred a $30 million penalty. The swaps order encompasses allegations that HSBC… Read More >>
Scotiabank & HSBC Fined for Recordkeeping & Phone Woes
Using a mobile phone can get pricey if you’re not careful. That’s a lesson two banks have learned the hard way, each paying multi-million dollar penalties for alleged “recordkeeping and supervision failures for widespread use of unapproved communication methods.” The U.S. Commodity Futures Trading Commission (CFTC) has filed and settled charges against the Bank of… Read More >>
Wolters Kluwer & Broadridge Take On Taxes & Other News
Extended Partnership Focuses on Cost-Basis & Tax Reporting Wolters Kluwer Compliance Solutions and Broadridge Financial Solutions, Inc. report that they have “enhanced their longstanding relationship by entering into a strategic alliance to provide an industry-leading solution for cost basis and tax reporting processing needs.” The strategic alliance allows the firms to “seamlessly share necessary tax… Read More >>
Deutsche Bank to Restart Layoffs
The COVID-19 pandemic caused Deutsche Bank to pause one of several dramatic steps to improve itself — a global layoff of 18,000 staff members — but new economic pressures are causing the German banking giant to revive its headcount reduction. The about-face is in contrast to HSBC, which recently put the brakes on a layoff… Read More >>
HSBC Halts Layoff of 35,000 Staffers
HSBC is putting the brakes on a layoff of 35,000 staffers that was originally announced in February, in a move to ease hardships during the pandemic. Other firms such as Morgan Stanley either have or are mulling similar halts to staff reductions. “I take the well-being of our people extremely seriously,” says Noel Quinn, group… Read More >>
HSBC Shuffles Execs & Mulls Massive Layoff
An executive shuffle and a layoff of thousands of staff members are underway at HSBC Holdings plc as volatile market conditions have compelled the firm to rein in spending while searching for a way forward. Over the past week, the bank announced that John Flint, group CEO and a board director, will be stepping down… Read More >>
Buy Side Can Access Fenics UST via QuantHouse
New API & QuantLink Access via QuantHouse QuantHouse, a provider of market data services, an algo trading platform and infrastructure solutions, can now offer its buy-side clients “quick and streamlined access to normalized real-time and historical data to trade the U.S. cash treasuries market” via a new link to the Fenics USTreasuries platform. The… Read More >>
Could We Please Avoid the ‘The Blockchain Wars?’
Many industry observers are expecting the blockchain/distributed ledger technology (DLT) movement to yield real-world results (and tests) this year, which is making some entrenched concerns nervous and some rebels very happy. In fact, we reported on how HSBC has been using a DLT implementation internally to settle more than three million foreign exchange (FX) transactions… Read More >>
HSBC Uses DLT to Internally Settle FX Transactions
HSBC has been using distributed ledger technology (DLT) internally to settle more than three million foreign exchange (FX) transactions and to make more than 150,000 payments worth $250 billion, signaling that many of the industry’s DLT explorations will start to show results in 2019 especially for operations where the technology is a good fit. “This… Read More >>
SEC Charges KPMG, Deloitte & BDO Units with Improper Audits
SEC Focuses On Foreign Affiliates of Auditors The SEC has charged foreign affiliates of KPMG, Deloitte & Touche, and BDO for “their involvement in audit work that circumvented the full oversight of the Public Company Accounting Oversight Board (PCAOB).” The auditors have settled the charges by paying penalties or disgorging their profits from the audits,… Read More >>
