BNP Paribas Takes On 900 Staff Members BNP Paribas and Deutsche Bank officials report that they completed by the end of last year the “transfer of clients, technology and key staff from Deutsche Bank’s global prime finance and electronic equities businesses to BNP Paribas,” which was according to the agreed-upon timeline. “Over the course of… Read More >>
NatWest Pleads Guilty via Fraud Case & Pays $35M
NatWest Markets Plc, a London, U.K.-based banking and financial services firm, has entered guilty pleas to charges of perpetrating frauds in the markets for U.S. Treasury securities and futures contracts, the United States Department of Justice reports. The NatWest guilty pleas, tendered in the District of Connecticut, were, specifically, to one count of wire fraud… Read More >>
JPMorgan Fined $200M for Skipping Digital Recordkeeping
JPMorgan Chase & Co. is paying a hefty $200 million in fines to the SEC and the CFTC on charges that it failed to retain and store trading-related digital communication records of staff members of JPMorgan Securities (JPMS), a broker-dealer subsidiary of the financial services giant. JPMorgan will be paying $125 million to the SEC… Read More >>
ISITC Promotes Vice Chair to Top Post
Industry standards trade group ISITC has named Kristin Hochstein, the current vice chair, to be its new chair for the 2022-23 term, and she will take over for Lisa Iagatta, who will finish her three-year term as chair by the end of this month. The group, which develops standards and best practices for financial services… Read More >>
CloudMargin & Margin Tonic to Launch AANA Service
Collaboration to Target Ongoing UMR Calculations CloudMargin, a collateral and margin management vendor, and Margin Tonic, a service provider for collateral and post-trade operations, are working together to launch “a global Average Aggregated Notional Amount (AANA) calculation service” that trading firms can use to navigate the phases of the Uncleared Margin Rules (UMR) regulatory reforms…. Read More >>
Did a Deutsche Bank Whistleblower Get Nearly $200M?
The Commodity Futures Trading Commission (CFTC) has just announced a record-setting whistleblower award of nearly $200 million but it was quickly followed by a report in The Wall Street Journal that identified the tipster as someone from Deutsche Bank. The CFTC protects all whistleblowers via confidentiality. In a press release dated Oct. 21, CFTC officials acknowledged… Read More >>
Will Crypto Yield Fool’s Gold & New Op Risks?
The Office of the Comptroller of the Currency (OCC) and the International Monetary Fund (IMF) are calling for some brakes to be put upon the mad rush to cryptocurrencies and digital assets because of the threats they might pose to the global financial infrastructure and the operational woes they could present. Michael Hsu, the acting… Read More >>
CFTC Cracks Down on Swaps Data Noncompliance
The CFTC is cracking down on the alleged failures of supervisory systems and other controls that swap dealers and other swap industry participants have set up to be compliant. In particular, the regulator has just announced enforcement actions against Société Générale S.A., Mizuho Capital Markets, and the Refinitiv SEF, among others. “Swap dealer registrants must… Read More >>
Gensler Wants Proof That Firms Are Going Green
In the future, funds with a green sales pitch will need to prove that they understand and appreciate the importance of an ESG agenda. In other words, that it’s more than just a good story to con a customer to sign on the bottom line. “ESG” stands for environmental, social, and corporate governance, and it… Read More >>
Canadian Regulator Takes Aim at Crypto-Trading Platform
Canadian financial services regulator, the Toronto-based Ontario Securities Commission (OSC) has officially charged a Seychelles-based firm with running an online digital asset trading platform that is noncompliant with the securities-trading laws of the Canadian province. The allegations could result in millions of dollars in penalties and disgorgements. The OSC is formally charging Aux Cayes Fintech… Read More >>
