SEC Chairman Walter Joseph “Jay” Clayton III confirmed earlier this week that he will be stepping down from his post by the end of December instead of June 2021, paving the way for President-Elect Joe Biden to appoint a successor in time for the start of the new administration. When he steps down, Clayton, a… Read More >>
Deutsche Bank Sells Postbank Systems to TCS
Sale Underscores Deutsche Bank’s Transformation Deutsche Bank is selling Postbank Systems AG to outsourcing giant Tata Consultancy Services (TCS), a key milestone in the bank’s efforts to streamline operations and transform itself. “Under the terms of the transaction, TCS will acquire 100 percent of the shares of Postbank Systems AG from Deutsche Bank AG,” according… Read More >>
Firms Should Fund Ops Despite Fee Woes: Q&A
(FTF News recently got time to talk with David Campbell, vice president, strategy and business development — message automation for Broadridge Financial Solutions, about the company’s win via the 2020 FTF News Technology Innovation Awards. The systems and services provider to Wall Street firms got the most votes to win the honor of Best RegTech… Read More >>
Morgan Stanley Fined $60M for Data Security Problems
Morgan Stanley will pay a civil monetary penalty of $60 million to resolve charges via the Office of the Comptroller of the Currency (OCC) that the firm’s information security practices did not comply with the OCC’s standards. The incidents that drew the attention of the OCC are the allegedly mismanaged 2016 disposal of the hardware… Read More >>
CFTC Fines Citi for Glitchy Audio Recording System
The Commodity Futures Trading Commission has fined specific Citibank swap dealers who erased key 2018 recordings that were meant for preservation and review by the CFTC’s division of enforcement. The CFTC’s $4.5 million penalty hits Citibank N.A. and Citigroup Energy Inc., two registered swap dealers, and Citigroup Global Markets, Inc., a registered swap dealer and… Read More >>
Kroll Settles CMBS, CLO Ratings Case for $2M
The Kroll Bond Rating Agency (KBRA) has settled with the SEC over allegations that the ratings company had problems with the internal controls governing the rating of commercial mortgage-backed securities (CMBS), and of collateralized loan obligation combination notes (CLO Combo Notes). KBRA has agreed to pay more than $2 million to settle the charges. “KBRA… Read More >>
Hardware Glitches Halt TSE Trading for a Day
Tokyo Stock Exchange Said to Relaunch Oct. 2 The Tokyo Stock Exchange (TSE) is slated to resume trading on Friday, Oct. 2, after an unprecedented halt to trading for a full day because of hardware glitches that prevented the distribution of market data, according to TSE officials. “Currently, the Tokyo Stock Exchange is proceeding… Read More >>
Credit Suisse Securities Settles Another Blue-Sheets Case
Are blue sheets difficult to file correctly? The question arises because Credit Suisse Securities (USA) LLC has been fined $600,000 for “failure to submit to the [Securities and Exchange] Commission true and complete data in response to Commission staff electronic blue sheets (‘EBS’) requests, resulting in the reporting of EBS that was incomplete or deficient.”… Read More >>
Nasdaq & Caspian Take On Automated AML Investigations
Nasdaq Sytem Targets Gap in AML Inquiries Nasdaq just launched a “cloud-deployed” anti-money laundering (AML) system, the Nasdaq Automated Investigator for AML, that is intended to help financial services firms use IT to detect evidence of money laundering. The new system has been designed in partnership with Caspian, a company based in Newcastle upon Tyne,… Read More >>
Supervisory Failures Alleged in Wells Fargo Annuity Switches
The Financial Industry Regulatory Authority reports that Wells Fargo Clearing Services, LLC, and Wells Fargo Advisors Financial Network, LLC, two units of the San Francisco-based, multinational financial services company, will pay more than $2 million on charges of “supervisory violations related to variable annuity switches.” The Wells Fargo units will pay an additional $1.4 million… Read More >>
