Nasdaq and the CME Group are changing their executive line-ups just in time for what is likely to be a new regulatory and investing environment next year under the new Trump administration. Nasdaq has announced that its board of directors has selected Adena Friedman to be the next president and CEO, and a new member… Read More >>
BofA/Merrill Lynch Shuffles Execs in Wealth Management
BofA Names New Head of Wealth Management Bank of America reports that John Thiel, current head of Merrill Lynch wealth management, has “decided to step down from his position and will take on a new role as vice chairman of global wealth and investment management (GWIM), effective January 1, 2017.” Andy Sieg, current head of… Read More >>
Nasdaq Engine Drives Tokyo Commodity Exchange
The Tokyo Commodity Exchange (TOCOM) has launched its new trading system, which is operated by Nasdaq’s Genium INET technology, as well as Nasdaq Pre-Trade Risk and SMARTS Market Surveillance solutions, officials confirm. The new system is now fully integrated with the Osaka Stock Exchange’s derivatives trading system (J-GATE), which also runs on the same Nasdaq… Read More >>
NYSE, Nasdaq & Bats Join Forces on Volatility Rules
Bats Global Markets (Bats), the Nasdaq Stock Market and the New York Stock Exchange (NYSE), a subsidiary of Intercontinental Exchange, have been working together for about a year on a way to harmonize key functions of U.S equity markets to “increase resiliency during times of extreme volatility,” confirm officials from all three exchanges. “In the… Read More >>
Nasdaq Launches ‘Watershed’ Blockchain Framework
The Nasdaq Stock Market reports the launch of its Nasdaq financial framework (NFF), a new software solution that bundles “business functionality across the trade lifecycle” — and that includes a blockchain. The NFF is immediately available to its more than 100 market operator clients who maintain and run the infrastructure of the world’s capital markets,… Read More >>
Hackers Collective Declares Cyber War on Financial Services
A collective of hackers known as “Anonymous,” has declared a 30-day war on “all central banks” across the globe, the Nasdaq stock market, the Bank for International Settlements, the International Monetary Fund, the London Stock Exchange, and major outlets for consumer-oriented financial services. The hackers have claimed their first victim, the Central Bank of Greece,… Read More >>
ESMA Pries Open Derivatives Clearing
Although not all clearinghouses will be happy, the European Securities Market Authority Association (ESMA) decision to allow more choice in trading and clearing was welcomed by the London Stock Exchange Group (LSEG) and Nasdaq Stock Market, which have long championed greater competition in derivatives clearing. The so-called open access rule, set out under Markets in… Read More >>
U.S. Fights Back Against Iranian Hackers
The threat of cyberattacks was prominent again in the news last week as the Department of Justice via the U.S. Attorney’s Office for the Southern District of New York unsealed grand jury indictments against seven hackers based in Iran charged with running coordinated cyber-attacks on U.S. financial services firms and securities exchanges. In fact, Justice… Read More >>
FINRA Fines Wedbush $675K on Supervisory Violation Charges
The Financial Industry Regulatory Authority (FINRA) reports that it has censured and levied a $675,000 fine against Wedbush Securities Inc. for “supervisory violations” that concerned a client’s “chronic fails to deliver” after so-called naked trades of leveraged exchange-traded funds (ETFs), during the January 2010 to March 2012 period. The Wedbush client was broker-dealer Scout Trading,… Read More >>
CME May Spur Bidding War for the LSE
There is a sense of déjà vu in the air with talk of a $28 billion merger between Deutsche Börse and the London Stock Exchange Group (LSEG). The two have been circling around each other for years but as in the past, rival exchanges may try and break the bond. This time around the Intercontinental… Read More >>
