(Confluence Technologies, a solutions provider for investment management firms, is no stranger the strong currents of change that ripple through the financial technology industry. Just last month, Confluence, backed by Clearlake Capital and TA Associates, acquired Compliance Solutions Strategies (CSS), a cloud-based regtech solutions vendor, and Investment Metrics, a provider of investment data, performance, analytics,… Read More >>
SEC Sought ISITC’s Advice on T+1: Q&A
(FTF News recently spoke with Lisa Iagatta, the ISITC chair for the past three years, as ISITC’s Virtual Fall Forum 2021, held earlier this month, was winding down. Iagatta touched on the T+1 shorter settlement cycle push, led by the DTCC, SIFMA, and the ICI, and looked back at her time at the helm, which… Read More >>
State Street & Spaulding Partner for GIPS Compliance
Partnership Targets Performance Measurement State Street is partnering with the Spaulding Group to offer performance services and operational support to asset owners that want to streamline Global Investment Performance Standards (GIPS) compliance, officials say. An investment performance measurement services provider, Spaulding offers educational, consulting, and verification capabilities that will be combined with State Street’s performance… Read More >>
Asset Managers Want Enterprise-Wide ESG: Survey
The securities industry wants to fully integrate environmental, social, and corporate governance (ESG) concerns across the enterprise and into decision-making processes if the emerging, relevant data and solutions can facilitate those goals. This is according to the ESG Global Survey 2021 that BNP Paribas conducted and just released. The BNP Paribas survey, based on interviews… Read More >>
Robo Adviser Settles Conflicts of Interest Case
San Francisco-based robo adviser SoFi Wealth, LLC stands accused by the Securities and Exchange Commission of “breaches of fiduciary duty” regarding approximately 20,000 exchange-traded-funds (ETF) customers. In the customary formulation, the advisory firm neither admits nor denies the SEC charges. However, it is paying the $300,000 penalty. And it has agreed to be censured and… Read More >>
Buy-Side Firms Want Data Science: Survey
Portfolio managers have no reason to fear data science as it cannot really replace what they do. But harnessing data in new ways could give them an unprecedented advantage, according to a survey of 300 asset management firms sponsored by custodian Northern Trust. “The business case for digital automation and the use of investment data… Read More >>
UBS Settles Volatility-Related ETP Case for $8M
UBS Financial Services Inc. has reached an $8 million settlement with the SEC over allegations that the firm had compliance failures via the sales of exchange-traded products (ETPs) tied to market volatility. UBS Financial Services Inc. is a broker-dealer and investment adviser that has had dual registration with the SEC since 1971, according to the… Read More >>
Merrill Lynch Pays $11M+ to Settle UIT Case
FINRA, the self-regulatory authority for broker-dealers, has fined Merrill Lynch, Pierce, Fenner & Smith, Inc. $3.25 million for “failing to reasonably supervise” early unit investment trust rollovers. In addition to the fine, the firm will be paying $8.4 million in restitution to “harmed” customers. In the usual formulation, Merrill Lynch neither confirms nor denies the… Read More >>
Bitcoin-Based Futures Are Risky Business: Regulators
An investor bulletin from the SEC and the CFTC is warning investors to be fully aware of the risks that come with Bitcoin-based futures given the many pitfalls that come with cryptocurrency trading. The “Funds Trading in Bitcoin Futures” bulletin from earlier this month targets “investors considering a fund with exposure to the Bitcoin futures… Read More >>
ICE’s Bitcoin Custody Firm Gets a BitLicense
NYSDFS Approves Bakkt Marketplace The New York State Department of Financial Services (NYSDFS) has approved the application of Bakkt Marketplace, LLC, a wholly owned subsidiary of Bakkt Holdings, LLC, for virtual currency and money transmitter licenses, Financial Services Superintendent Linda A. Lacewell reports. The licenses will allow Bakkt Marketplace, a digital currency trading platform,… Read More >>
