Pershing Creates Two New Units Starting May 1, BNY Mellon’s Pershing clearing and custody provider is re-aligning its U.S. business group under two main segments — Wealth Solutions and Institutional Solutions, officials say. The realignment is an effort by Pershing to reorganize “its people, services and technology to deliver a simplified and enhanced experience and… Read More >>
A.I. Is On the Regulators’ Radar
Almost all facets of securities operations are investigating or even embracing cutting-edge technologies, particularly the extensions of artificial intelligence (A.I.) such as machine learning, natural language processing (NLP), and deep learning. Many firms are also exploring how robotic process automation (RPA) may make their lives easier. But, as these advanced technologies become more prevalent, the… Read More >>
JPMorgan Chase & OCC Resolve Risk Control Charges
The Office of the Comptroller of the Currency (OCC), an independent bureau within the United States Department of the Treasury, has hit JPMorgan Chase, with a $250 million fine. The reason for the civil penalty: “The OCC found the bank’s risk management practices were deficient and it lacked a sufficient framework to avoid conflicts of… Read More >>
Multiple Shocks Are Driving Up Op Risks: OCC
The banking system is under stress on multiple fronts. Stress from the pandemic. Stress from a defeated presidential candidate and his coterie of enablers, denying the results of the recent election, fomenting rancor and unrest and deepening the country’s ideological divide, all the while insisting that “we are rounding the turn,” even as coronavirus cases… Read More >>
OCC Settles Charges of Compliance Failures for $20M
The U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) report jointly that the Chicago-based Options Clearing Corp. (OCC) will make “pay $20 million in penalties to settle charges that it failed to implement policies to manage certain risks as required by U.S. laws and SEC and CFTC rules.” It… Read More >>
Federal Reserve Wants New Framework for Big Banks
The Federal Reserve Board is proposing a new regulatory framework that it says will “more closely match the regulations for large banking organizations with their risk profiles.” The new proposed framework would “reduce compliance requirements for firms with less risk while maintaining more stringent requirements for firms with more risk,” according to a Fed statement…. Read More >>
CFTC, EU Finally Agree on a Clearing Deal
After three years of often bitter political squabbling, the European Commission and its U.S. counterpart the commodities regulator CFTC finally reached an agreement on a common approach to equivalent recognition of central clearing counterparties (CCPs). The two sides, which oversee around 90 percent of the $553 trillion derivatives market, have been at loggerheads over mutual… Read More >>
Dash Financial Debuts Data Visualization System
Agency broker-dealer Dash Financial has launched Dash360, a data visualization tool intended to help buy-side firms achieve more transparency and attribution into the order routing, execution behavior, costs and performance of securities transactions overseen by Dash, which works in U.S. options and equities markets. “We provide the transparency to see where we routed the order,… Read More >>
T+2 Systems Will Get Built in 2016: DTCC
(Editor’s note: The push for a shortened settlement cycle got major boosts last year when SEC Chair Mary Jo White gave a provisional nod to the two-day settlement cycle (T+2), and when the U.S. T+2 Industry Steering Committee (T+2 ISC) submitted its Implementation Playbook to the SEC and released it publicly. The T+2 ISC is… Read More >>
ISC Creates a Map for T+2 Move
The nitty gritty of shorter settlement cycles is getting clearer as the U.S. T+2 International Steering Committee (T+2 ISC) has submitted its Implementation Playbook to the SEC on December 18 and released to the industry on Dec. 21 to provide the industry with a timeline to help them move to a two-day settlement cycle (T+2)… Read More >>
