MaxxTrader to Bolster Equiti’s Prime Services Equiti, an online trading technology provider, will be using the MaxxTrader foreign exchange platform from FlexTrade Systems as the basis for its prime of prime services offering, officials say. MaxxTrader will help Equiti provide its prime of prime customers with “global FX liquidity aggregation, trade execution management, and institutional… Read More >>
RJO Relaunches & Fills President’s Post
RJO Promotes Staniford to President Chicago-based R.J. O’Brien & Associates (RJO), which is generally regarded as the oldest and largest independent futures brokerage and clearing firm in the United States, reports that Daniel Staniford has been named president. Staniford will “act on behalf of RJO and all of its global affiliates and related entities, including… Read More >>
Neovest Charged with Acting as an Unregistered Broker
JPMorgan Chase & Co. (JPMC) will be paying a $2.75 million penalty to settle SEC allegations that its Neovest subsidiary was acting as an unregistered broker-dealer for more than a decade in addition to its role as an order and execution management system (OEMS) vendor. This case marks the first time that the SEC has penalized… Read More >>
SEC Penalizes Guggenheim via Whistleblower Suppression Case
Managers at Guggenheim Securities, LLC, a New York City-based unit of Chicago-based Guggenheim Partners, a securities broker-dealer, and investment advisory, attempted to violate whistleblower rules, according to charges filed by the Securities and Exchange Commission (SEC). The result: The SEC has slapped a cease-and-desist order and a $208,912 penalty on Guggenheim Securities. Guggenheim Securities has… Read More >>
Crypto Assets Mean Digital Ops for Hedge Funds
Over the next five years, hedge funds are on track for a greater embrace of crypto assets for their investments, and digital overhauls to manage cutting-edge securities operations, according to a survey released in late May by fund administration services provider Intertrust Group, based in Amsterdam, The Netherlands. The company surveyed 100 senior-level professionals at… Read More >>
FINRA Puts an Expiration Date on OATS
Self-regulatory organization, the Financial Industry Regulatory Authority (FINRA) is quietly putting an expiration date of September 1, 2021, on the Order Audit Trail System (OATS) as the Consolidated Audit Trail (CAT) reaches a new level of reliability. In typical legalese, FINRA officials released the following Regulatory Notice 21-21: “Effective September 1, 2021, FINRA is amending… Read More >>
JPMorgan Asset Management Buys Campbell Global
JPMorgan Asset Management Boosts ESG Offerings JPMorgan Asset Management has acquired Campbell Global, described as “a forest management and timberland investing company,” as a way of facilitating transitions to a low-carbon economy and opportunities for those investors that want to support environmental, social, and governance (ESG) concerns, officials say. JPMorgan officials declined to disclose the… Read More >>
Time to Learn More About Open Source?
Financial services firms are using a lot of open source software but there may be a gap in their understanding of how to manage the “opportunities and potential challenges” of the open source movement, according to the Fintech Open Source Foundation, also known as FINOS. FINOS is an independent, nonprofit organization whose mission is to… Read More >>
Do Regulators Need to Clarify CCO Liability?
“Regulators, compliance officers and the investing public would all benefit from the adoption of a framework for evaluating potential cases against chief compliance officers (CCOs) in the financial sector.” So says the New York City Bar Association, which has offered a proposal for doing just that. The proposal, a follow-up to the committee’s February 2020… Read More >>
FIS Uses Machine Learning to Fight Financial Crime
FIS Partners With C3 AI for New Solutions Financial technology systems and software provide FIS has unveiled the first in a series of solutions that uses artificial intelligence (A.I.) to help capital markets firms fight the increasing threat of financial crime, officials say. FIS developed these new offerings with C3 AI, and the AML Compliance… Read More >>
