More than 70 firms have signed up for a service that manages regulatory reporting requirements for 14 jurisdictions — the DTCC Report Hub — an offering of post-trade systems and services provider Depository Trust & Clearing Corp., officials say. In late 2020, the DTCC acquired a platform for compliance management reporting, dubbed the Compliance Management… Read More >>
Corporate Actions Processing Meets ISO 20022: Q&A
(Officials at the Depository Trust & Clearing Corp. (DTCC) recently reported that they had taken a big step toward fully automating the corporate actions lifecycle via its subsidiary, The Depository Trust Company (DTC). The DTCC also worked with Broadridge Financial Solutions. In short, the DTC processed the “first-ever, fully-automated voluntary reorganization ISO 20022 instruction,” as… Read More >>
National Securities Corp. Pays $9M to Settle FINRA Case
Clearly, FINRA, the brokerage industry’s self-regulatory authority, is not happy with the National Securities Corp. FINRA has ordered NSC to pay approximately $9 million, “including disgorgement of $4.77 million in net profits the firm received for underwriting 10 public offerings in which NSC attempted to artificially influence the market for the offered securities.” The firm neither confirms nor… Read More >>
Northern Trust’s Digital Assets Team & Other News
Northern Trust Combines Groups for Digital Effort Northern Trust has combined teams and launched a Digital Assets and Financial Markets group that will be “responsible for supporting the fast-growing digital asset markets and those dedicated to providing market access and insights across the traditional securities services markets,” officials say. The step is a recognition of… Read More >>
DTCC’s 20022 Corporate Actions Leap & Other News
DTC & Broadridge Score a Corporate Actions First With help from Broadridge Financial Solutions, the Depository Trust & Clearing Corp. (DTCC) reports that it has taken a big step toward fully automating the corporate actions lifecycle via its subsidiary, The Depository Trust Company (DTC). The DTC processed the “first-ever, fully-automated voluntary reorganization ISO 20022 instruction,” part… Read More >>
Schwab Subsidiaries Settle SEC Case for $187M
Three Charles Schwab investment adviser subsidiaries have agreed to pay a total of $187 million to settle SEC allegations that a robo-adviser system, Schwab Intelligent Portfolios (SIP), facilitated cash allocations in investors’ portfolios that ultimately lowered their returns “by approximately the same amount as an advisory fee would have,” according to the regulator. “Without admitting… Read More >>
Senate Bill Pushes Regulation & Innovation for Digital Assets
A bipartisan bill, co-sponsored by U.S. Senators Kirsten Gillibrand (D-NY), and Cynthia Lummis (R-WY), offers a comprehensive regulatory framework for digital assets that encourages innovation while also protecting against “bad actors” in volatile and highly risky markets. The proposed law, the Responsible Financial Innovation Act, is also meant to boost “financial innovation, flexibility, transparency and… Read More >>
SIFMA Praises CAT Compliance Deadline Extension
There’s a twist in the ongoing saga of the Consolidated Audit Trail (CAT) via a new delay that actually has the approval of a key player in the securities industry. To remind you, the CAT system is the result of SEC Rule 613, which requires U.S. securities exchanges and FINRA, the self-regulatory organization (SRO) for… Read More >>
Glencore Penalized $1B+ via Corruption Cases
Glencore International A.G. and Glencore Ltd., which are part of a commodity trading and mining firm based in Baar, Switzerland, have admitted their guilt in sprawling schemes of foreign bribery and market manipulation that led to market advantages but also scandal, plea bargains, and a billion-dollar fine. Among many authorities across the globe, the complex… Read More >>
Germany’s LPA Plans U.S. Expansion & Other News
Germany’s LPA Plans U.S. Expansion LPA, the capital markets technology and advisory firm headquartered in Frankfurt am Main, Germany, with offices in a dozen cities around the world, reports a United States expansion plan. The plan calls for a new office in New York City and the appointment of Serge Malka as the firm’s U.S…. Read More >>
