Shouldn’t a firm like Vanguard Marketing Corp., (VMC) which has been a member of FINRA, the broker-dealer industry’s self-regulatory organization, since 1977, know better than to have allegedly “overstated projected yield and projected annual income for nine money market funds on approximately 8.5 million VMC account statements?” Says FINRA: “From at least October 2019 to… Read More >>
GOP Crypto Control Bill Aims for Clarity
Two key Republicans in the U.S. House of Representatives have drafted legislation that they say could help to end the confusion about cryptocurrencies and other digital assets and will set up “a functional framework” to clarify regulatory lines between the CFTC and the SEC. Patrick McHenry (NC-10), who is the chairman of the House Financial… Read More >>
Thai Exchange Trading System Uses Nasdaq Wares & Other News
SET Upgrades Core Platform The Stock Exchange of Thailand (SET) reports that it has launched a new trading platform that includes market data distribution and market surveillance systems — based on Nasdaq technology. “The new system implementation is an upgrade of the core operating system that is the heart of the Thai capital market, making… Read More >>
‘Morgan Money’ Links to Clearwater Platform & Other News
Clearwater Analytics & JPAM Connect Systems JPMorgan Asset Management (JPAM) has launched a strategic effort to integrate its Morgan Money global trading platform with a key accounting and reporting platform from Boise, Idaho-based Clearwater Analytics, officials say. Morgan Money is a multi-currency, open architecture trading and risk management system that helps customers to view… Read More >>
Securities Tainted via Sanctions Up by 262% & Other News
Sanctioned Securities Creating New Woes for ETFs Data vendor SIX reports that the “number of securities tainted by sanctions has increased by 262 percent since the Ukraine war began in February 2022,” which creates a new set of operational problems for buy and sell-side firms especially those working in exchange-traded funds (ETFs). The discovery stems… Read More >>
FINRA Expels Long Island Firm & Suspends CEO
Forget for just a moment, if you can, the $75 million Deutsche Bank will pay to settle a lawsuit brought by the alleged victims of the late-but-not-great financier Jeffrey Epstein and turn your attention to Long Island, New York. (Forget too, if you can, that George Santos, the monumentally unfit U.S. Congressman is supposed to… Read More >>
SEC Pushes New ‘Living Wills’ for Clearing Agencies
Late last week, the SEC announced that it is proposing big changes for covered clearing agencies (CCAs) that “would augment and strengthen the requirements of the rules that govern CCAs.” When translated from the legal gobbledygook, the SEC really wants better “living wills” a.k.a. “recovery and orderly wind-down plans (RWP)” for clearing agencies that may… Read More >>
Templum Brings Trading Technology to Securitized Artwork: Q&A
(Editor’s note: Earlier this month, Templum, a provider of capital markets infrastructure technology for alternatives and private securities, reported that it had a new client — Masterworks LLC. The new client is an alternative investment platform for buying and trading shares in works of art that are often worth millions. Masterworks, which finds and then… Read More >>
DLT Meets Standing Settlement Instructions & Other News
London Startup Takes on SSI Problems It’s a case of distributed ledger technology (DLT) meeting standing settlement instructions (SSIs), according to a London-based newcomer that developed SSImple, a post-trade, DLT platform offered on a software as a service (SaaS) basis. SSImple, also the name of the company, was built via R3’s distributed application platform Corda, officials… Read More >>
FINRA to Tag Errant Firms as ‘Restricted’
If you’re a broker-dealer firm, you might want to mark June 1, 2023 on your calendar. That’s the enforcement start date for a new FINRA designation: Restricted. Restricted as in there’s a history of misconduct allegations against the firm. And restricted because the firm presents a “high degree of risk to the investing public.” So… Read More >>
