Bitnomial Exchange Designated as a Contract Market Chicago-based Bitnomial Exchange has gotten the greenlight from commodities regulator CFTC to become a designated contract market (DCM), which means that it can launch as a Bitcoin futures and options exchange. “The CFTC issued the order under Section 5 of the Commodity Exchange Act (CEA) and CFTC regulation… Read More >>
KPMG Settles SEC Misconduct Charges for $50M
KPMG, a major auditor serving Wall Street, has settled with the SEC for $50 million over multiple misconduct charges, including the allegation that former employees used “stolen information” from the Public Company Accounting Oversight Board to find out which past audits would be re-visited by the PCAOB. The PCAOB, created via the Sarbanes-Oxley Act of… 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 >>
SEC Charges Six CPAs with ‘Stealing the Exam’
The SEC and the U.S. Attorney’s Office for the Southern District of New York report consequential charges against six certified public accountants — including former staff members at the Public Company Accounting Oversight Board (PCAOB) and former partners at KPMG LLP. Those charges are based on their alleged “participation in a scheme to misappropriate and… Read More >>
KPMG, Exiger to Apply AI to Sanctions Compliance
The U.K. branch of auditor and accounting firm KPMG is partnering with financial crime, risk and compliance solutions provider Exiger in a bid to streamline regulatory efforts for financial services clients, including sanctions against rogue nations, firms and individuals. KPMG officials say that the exclusive collaboration will involve Exiger’s artificial intelligence (AI) technology and the… Read More >>
How Nimbrix Will Transform Software for Asset Managers
(Blockchain/distributed ledger technology (DLT) startup Nimbrix, based in London, recently announced that it’s at work on a forthcoming cutting-edge platform, targeting the needs of asset managers. In conjunction, the vendor has created an industry consortium with the help of KPMG International and Microsoft that’s intended to “bring to market a reinvention of financial services software.”… Read More >>
Hedge Funds to Use AI, Automated Trading over Next Five Years
Hedge fund managers say that technology including artificial intelligence (AI) and automated trading will have an increasing impact upon competition over the next five years, according to a survey of more than 100 global hedge fund managers, overseeing approximately $300 billion of assets under management (AUM). With a focus on regulatory and operational issues, the… Read More >>
Options Taps KPMG for CFO
Managed services provider Options has appointed former KPMG auditor Brian McKimm as its chief financial officer (CFO), officials say. In his new role, McKimm will be responsible for overseeing the development of Options’ global finance function across Europe, the U.S. and Asia, with “a particular focus on investor relations and strategic finance projects,” according to… Read More >>
Special Report: Surviving the Phenomenon of FATCA
No matter how hard financial services firms try, they cannot avoid the reach of the Foreign Account Tax Compliance Act (FATCA), a law meant to curtail offshore tax evasion. In this 15-page, in-depth report, FTF News explores the complexities of meeting the FATCA deadlines and the demands of the IRS even as the government provides… Read More >>
Financial IT Spending and the Hosting Option
My theory that financial IT spending is making a comeback has been reinforced by a new KPMG Banking Outlook Survey. In the survey, executives say they will make IT spending the priority to boost operational efficiency and cost-cutting. IT will help with their targets, but I predict that banks and other firms will be overwhelmed… Read More >>
