The World Federation of Exchanges (WFE), an industry group for securities exchanges and central counterparty clearing houses (CCPs), has published a briefing paper that focuses on human rights protections and spotlights the need for definitions of “responsible business” and human rights protections — key social aspects of ESG investing. The paper points out that “while… Read More >>
New SmartStream Team to Investigate AI for Ops
SmartStream Creates ‘Innovations Team’ SmartStream Technologies, which characterizes itself as a financial transaction lifecycle management provider, reports that its new “innovations team” is “working with financial institutions to optimise workflows, using Artificial Intelligence (AI), Machine Learning (ML) and blockchain technologies, in the areas of reconciliations, cash management and fees and expense management.” The new… Read More >>
Goldman Sachs VP Charged with Insider Trading
An investment bank vice president has been arrested and stands accused in a SEC complaint filed in a New York federal court of using a nominee trading account, held in the name of a close friend, to make “numerous” securities trades on material nonpublic information (MNPI). According to the SEC complaint, Woojae Jung, 37, a.k.a…. Read More >>
Deutsche Börse’s ‘Roadmap 2020’ Will Require 350 Layoffs
Deutsche Börse executives are planning an overhaul that will result in 350 job losses, a new focus on organic growth, acquisitions, and new technologies, according to the German exchanges company’s “Roadmap 2020” strategy presentations at its annual Investor Day in London, May 30. In particular, Deutsche Börse officials want: To grow structural net revenue “by… Read More >>
FINRA, SEC Slam ICBCFS Over Allegedly Inadequate AML
The Financial Industry Regulatory Authority (FINRA) reports that it has censured and fined Industrial and Commercial Bank of China Financial Services (ICBCFS) $5.3 million for systemic anti-money laundering compliance failures, including its failure to have a “reasonable” AML program in place to monitor and detect suspicious transactions, as well as other violations, including financial, record-keeping… Read More >>
Voya Settles SEC’s Conflict of Interest Charges
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 >>
