The Financial Industry Regulatory Authority (FINRA) has fined Oppenheimer & Co. $525,000 on allegations that it “negligently misrepresented” cost basis information for customer account statements and IRS 1099 tax forms and is requiring the firm to bring in a consultant to recommend changes to the procedures, systems, and controls used to track cost basis data…. Read More >>
TriOptima & AcadiaSoft Target Collateral Interest Payments
The processing of collateral interest payments needs automation, and vendors TriOptima and AcadiaSoft are partnering to change that as financial services firms gear up for the onset of the Uncleared Margin Rules (UMR) regulations. Cash collateral accounts for approximately 70 percent of all collateral exchanged for non-cleared derivatives, according to the International Swap Dealers Association… Read More >>
Firms Need Multi-Disciplinary & Complex IT Responses to Sanctions
World events are hitting home for financial services firms as the Obama and Trump administrations have been steadily issuing a growing list of complex economic sanctions against countries that have been hotspots across the globe, including Venezuela, North Korea, Cuba, Iran, Ukraine, Russia, and Syria. These sanctions are compelling firms to formulate multi-disciplinary responses and… Read More >>
Sapient’s RegRecon Targets Key Recs Woes
Consultancy Sapient Global Markets says it’s taking on the reconciliation issues of low-match rates and inaccurate regulatory reporting via the launch of the RegRecon middleware that the vendor says will facilitate automated trade matching and reconciliation, break management, and a workflow for resolution. “The regulators require institutions to establish processes for identifying and resolving data… Read More >>
