Some observers on Wall Street are saying that the global pandemic may be heading toward an end phase. I hesitate to agree with that prediction given the many unexpected riptides that the potentially fatal COVID-19 virus has imposed upon the world since its onset in 2020 (or even sooner). So, while we hope that the… Read More >>
Wall Street Firms Show Resilience Amid the Pandemic
Securities trading firms in New York City have been doing well for the past 18 months despite the multiple challenges caused by a global pandemic, the ongoing market volatility, and the loss of 3,600 jobs, says New York State Comptroller Thomas P. DiNapoli in his annual report on firms that constitute Wall Street. “Wall Street’s… Read More >>
Ransomware Is Hitting Hard in 2021: FinCEN
Sadly, ransomware is hitting its stride in 2021, and is showing no signs of slowing down. While there have been multiple media reports about the rising threat of ransomware, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, recently provided proof that an increase is underway. The report, “Financial… Read More >>
CFTC Focuses on SOFR for Interdealer Brokers
Just in case you were wondering, the CFTC is doing its part for interdealer brokers transitioning from the ill-fated Libor reference rate to the Secured Overnight Financing Rate (SOFR) for U.S. Dollar (USD) non-linear derivatives, which are instruments whose rewards are not set in stone like swaps, futures, and forwards. In fact, the regulator has… Read More >>
Will Crypto Yield Fool’s Gold & New Op Risks?
The Office of the Comptroller of the Currency (OCC) and the International Monetary Fund (IMF) are calling for some brakes to be put upon the mad rush to cryptocurrencies and digital assets because of the threats they might pose to the global financial infrastructure and the operational woes they could present. Michael Hsu, the acting… Read More >>
SEC Bars Two People from Whistleblower Program
I should not have been surprised to learn that the SEC can bar people from becoming whistleblowers. In an unusual press release, the regulator, which in these cases, cannot name names, has “barred two individuals from the SEC’s whistleblower award program, each of whom filed hundreds of frivolous award applications.” It appears that the regulator’s… Read More >>
Lacewell Leaves Behind a Legacy of Activism
Linda A. Lacewell recently announced that she will be stepping down on August 24 from her position as superintendent of the New York State Department of Financial Services (NYSDFS) after two-and-a-half years at the helm. Her departure coincides with the resignation of Gov. Andrew Cuomo who is leaving because of a scandal involving sexual harassment… Read More >>
Crypto Assets Mean Digital Ops for Hedge Funds
Over the next five years, hedge funds are on track for a greater embrace of crypto assets for their investments, and digital overhauls to manage cutting-edge securities operations, according to a survey released in late May by fund administration services provider Intertrust Group, based in Amsterdam, The Netherlands. The company surveyed 100 senior-level professionals at… Read More >>
FINRA Puts an Expiration Date on OATS
Self-regulatory organization, the Financial Industry Regulatory Authority (FINRA) is quietly putting an expiration date of September 1, 2021, on the Order Audit Trail System (OATS) as the Consolidated Audit Trail (CAT) reaches a new level of reliability. In typical legalese, FINRA officials released the following Regulatory Notice 21-21: “Effective September 1, 2021, FINRA is amending… Read More >>
Time to Learn More About Open Source?
Financial services firms are using a lot of open source software but there may be a gap in their understanding of how to manage the “opportunities and potential challenges” of the open source movement, according to the Fintech Open Source Foundation, also known as FINOS. FINOS is an independent, nonprofit organization whose mission is to… Read More >>
