Governance, risk, and compliance (GRC) solutions provider ACA Group hopes to bolster the FINRA and SEC compliance services it offers to broker-dealers via the acquisition of FINOP Consulting, an outsourcer for broker-dealers, officials say. Officials declined to provide the financial terms of the acquisition. FINOP Consulting offers financial operations services “that ensure a broker-dealer’s financial… Read More >>
A Glimpse at Gary Gensler’s Legacy
With the second Trump administration coming to power in January, Gary Gensler, chair of the Securities and Exchange Commission (SEC), is unlikely to be a part of the new team. During the campaign, Trump stated that he would replace Gensler. In fact, multiple media outlets have recently reported that Trump’s transition team is searching for a replacement… Read More >>
SEC Bolsters Security for the EDGAR Platform
In case you missed it, the Securities and Exchange Commission adopted “rule and form amendments” late last month that the SEC says will improve the security of its Electronic Data Gathering, Analysis, and Retrieval system, otherwise known as the venerable EDGAR platform. The improvements cover the access and management of filers’ accounts and have been… Read More >>
SS&C Acquires Battea Class Action Services for $670M
SS&C Technologies is acquiring Battea-Class Action Services, a securities class action claims management and settlement recovery services provider for $670 million, subject to certain adjustments, officials say. “Battea helps more than 900 banks, asset managers hedge funds and proprietary trading firms receive the maximum distribution of entitled settlements. The acquisition is expected to close this… Read More >>
T+1 Hit Home Harder Than Expected
A new survey from Citi Securities Services is lifting the lid on the widespread ramifications of North America’s recent shift to T+1 settlement, with effects rippling across the entire trade lifecycle. While the DTCC, brokers, and custodians have remained relatively quiet since the May transition, Citi’s Securities Services Evolution 2024 survey shows that 44 percent… Read More >>
India’s T+1 Journey Has Lessons for North America
Nearly a year-and-a-half before the U.S., Canada, Mexico, Argentina, and Jamaica transitioned to a shorter settlement cycle for equities, corporate bonds, and municipal securities, India quietly implemented its T+1 settlement cycle intending to enhance liquidity and operational efficiency for India’s growing domestic markets. India also appears to have made a cost-effective transition — which may… Read More >>
Macro Hedge Fund Maniyar Capital to Close
Hedge fund Maniyar Capital Advisors, based in London, England, is shutting down and has begun alerting its investors that they will have their redemptions by October 1 of this year, according to a Bloomberg report and an industry source. On its website, the firm describes itself as “an investment management firm focused on discretionary macro… Read More >>
SEC Kicks Off a T+1 Compliance Sweep
The U.S. Securities and Exchange Commission (SEC) has begun detailed examinations of industry participants to ensure compliance with its new T+1 trade settlement and recordkeeping requirements. Both investment advisors and broker-dealers are being audited to provide information on their policies, procedures, and records related to trade allocation, confirmation, and affirmation processes to the SEC’s Division… Read More >>
The SEC Has Contingencies After Supreme Court Loss
If major media organizations even bothered to cover the U.S. Supreme Court’s 6-to-3 decision against the Securities and Exchange Commission (SEC) on June 27, the initial takeaway was that the regulatory agency suffered a massive blow to its abilities to take legal action in civil cases, particularly anti-fraud cases. But that might be too dire… Read More >>
EDGAR Now Supports IFRS, Security-Based Swap Taxonomies
The SEC has upgraded the popular public database of financial information and operations of public companies, the Electronic Data Gathering, Analysis, and Retrieval, or EDGAR, to support more industry-relevant taxonomies. EDGAR Release 24.2, released on July 1, “now supports the 2024 version of the International Financial Reporting Standards (IFRS) taxonomy and now accepts the Security-Based… Read More >>
