With apologies to the bodacious Miss Tina Turner, who was singing about Nutbush, her hometown, in 1973, and to Wedbush Securities, a member of FINRA since way back in 1955, the Questions of the Week are these: How did a firm with Wedbush’s experience come to “negligently” misrepresent on “monthly account statements that it sent… Read More >>
BondWave Bolsters Liquidity Access to ICE Bonds & Other News
BondWave Builds New Links to ICE Bonds Fixed income solutions vendor BondWave reports that has much more tightly integrated its Effi Markets with the transaction platforms of ICE Bonds, part of the Intercontinental Exchange, so that Effi users can have better access to liquidity pools and execution protocols. “BondWave and ICE Bonds have enjoyed a… Read More >>
Succession Plans Will Prevent Chaos & Failure: FINRA
Here’s a good idea: Plan for life events, whether expected or unexpected. That’s the helpful word from FINRA, the broker-dealer sector’s own regulatory authority. “Succession planning can benefit customers, member firms and registered representatives,” the regulatory authority declares in its recent Regulatory Notice 22-23, which “discusses these benefits, as well as common types of succession… Read More >>
Chicago Firm Streamlines Ops via INDATA & Other News
Asset Manager Moves to Single, Cloud-based System Boutique asset manager Advisory Research Investment Management (ARI) reports that it has gone live with a software as a service (SaaS)/cloud solution that combines front-office trade order management with back-office portfolio accounting and reporting functions. The implementation of the investment management system from vendor INDATA replaces an order… Read More >>
FINRA Eases Compliance via a Machine Readable Rulebook
It’s clear that during the Biden administration U.S. federal regulators and self-regulatory organizations (SROs) have been a little busy formulating new regulations and guidelines. They have also been keeping an eye on how updated technology can help firms meet their compliance obligations. In fact, the SEC recently greenlit a new era of electronic recordkeeping by… Read More >>
FCA Targets False ESG Labels
Picture it, teatime at London’s Financial Adventurers Club. “I say, chaps,” says one disreputable fellow, “did you see what the Yanks have come up with? ‘Green investing’! ‘Sustainable’! Must be some way to pocket a few shillings peddling that to the punters.” That’s greenwashing, and you can add it to your list of financial scams…. Read More >>
Credit Suisse Settles Great Recession Case for $495M
The New Jersey Attorney General’s Office has reached a $495 million “settlement in principle” with Credit Suisse to resolve “allegations of fraud and deceit in the sale of the toxic mortgage-backed securities,” that fueled the 2008 financial crisis. For those who might have forgotten: That was the financial crisis that rocked Wall Street at the… Read More >>
BNY Mellon’s Digital Custody Launches & Other News
BNY Mellon’s Digital Asset Custody Goes Live BNY Mellon reports that its Digital Asset Custody platform has gone live in the U.S. and key clients can “hold and transfer bitcoin and ether,” establishing the custodian’s capability to offer traditional and digital asset servicing. The firm launched an enterprise digital assets unit in 2021 “to develop… Read More >>
SS&C Advances Blue Prism & Mainstay Offerings at ‘Deliver’
SS&C Technologies updated many of its mainstay systems and yet advanced key leading-edge offerings at the financial technology provider’s Deliver conference, held in Orlando, Fla., the week of Oct. 3. The event got underway even though Hurricane Ian made a turn toward Orlando prior to the start of the conference. SS&C’s Global Crisis Management (GCM)… Read More >>
Kim Kardashian Faces Harsh Crypto Realities
A reality star is facing the harsh truths of the world of cryptocurrencies and digital assets, and the consequences of a busy regulator who is closely watching celebrities endorsing a garden variety of cryptocurrencies, tokens, and other digital assets as securities. The SEC has just settled with reality star Kim Kardashian “for touting on social… Read More >>
