Securities firms are going to feel over the coming months multiple stings of regulation via Dodd-Frank, the EU’s European Market Infrastructure Regulation (EMIR) legislation and Basel III that will cause collateral management and margining requirements and calls to skyrocket. So says industry veteran Ted Leveroni, chief commercial officer for DTCC-Euroclear GlobalCollateral Ltd., a joint venture… Read More >>
SEC to Ease Up on Key Internal Court Burdens
Should the cop on the beat be able to appoint the judges who hear the case against the defendants that get hauled in? That, essentially, is the central criticism of the SEC’s system of internal administrative law judges and its various rules and procedures that allegedly disadvantage defendants. Now, the SEC has responded to the… Read More >>
CFTC Signs MOU with Korean Regulators
The CFTC, the Korean Financial Services Commission (FSC) and the Korean Financial Supervisory Service (FSS) have signed a memorandum of understanding (MOU) regarding “cooperation and the exchange of information in the supervision and oversight of clearing organizations that operate on a cross-border basis in the United States and in the Republic of Korea,” the CFTC… Read More >>
Looking for a Few Silver Linings
For this week’s posting, I purposely tried to find news items that if not necessarily good news had some silver linings of hope and progress. I found three via my random, unscientific search. SEC Achieves Early $30 Million Settlement in Newswire Hacking Case The first piece I hit upon was the news from the SEC… Read More >>
Is ‘Too Big to Fail’ Too Big to Fix?
(Editor’s note: This is the second part of a two-part series on the problem of financial services firms that are “Too Big to Fail” and therefore must be propped up during an economic crisis at taxpayers’ expense. This problem became acute during the Great Recession and many had hoped reform legislation such as the Dodd-Frank… Read More >>
Firms Ready but Wary as Volcker Rule Becomes Reality
When the Volcker Rule provision of Dodd Frank finally goes into effect on Tuesday, July 21, the banks affected will have already done most of the heavy lifting, industry observers say. But banks will still face an arduous few months as they struggle to pin down the practice of a law they’ve spent so long… Read More >>
Euro Regs Top Concern for Boutique Asset Managers
The number-one concern among 110 boutique asset managers, nearly 90 percent of whom are doing business in European markets, is market regulation. That concern was cited by 68 percent of managers polled in a survey conducted by the Tabb Group for SunGard. By comparison, just 17 percent cited regulations first in a similar 2013 survey…. Read More >>
Firms Topple the Securities Lending Silo
The deep recession of 2007-08 and the wave of regulatory reforms that followed have spurred a transitional period for the niche realm of securities lending operations as firms struggle to balance the competing demands of operational efficiency and organizational oversight, according to a new report from market research firm Finadium. The report, “A New Look… Read More >>
Elizabeth Warren Blasts SEC Chair’s Performance
Outspoken Wall Street critic U.S. Senator Elizabeth Warren (D-Mass.) is blasting SEC Chair Mary Jo White and the regulator’s record over the past two years in a letter that raises “serious concerns” about White’s leadership of the agency. Describing White’s tenure as “extremely disappointing,” Warren says that the agency is not “consistently and aggressively” enforcing… Read More >>
Deutsche Bank’s $55M Settlement Could Boost Transparency
Deutsche Bank settled charges of misstating the value of a derivatives portfolio with the SEC to the tune of $55 million, the latest in a string of regulatory penalties to hit the bank that could potentially provide another nail in the coffin for the opaque processes common at major banks before the Great Recession, industry… Read More >>
