(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 >>
SEC Bars Two People from Whistleblower Program
I should not have been surprised to learn that the SEC can bar people from becoming whistleblowers. In an unusual press release, the regulator, which in these cases, cannot name names, has “barred two individuals from the SEC’s whistleblower award program, each of whom filed hundreds of frivolous award applications.” It appears that the regulator’s… Read More >>
CME Group Offers Clearing for Sustainable Derivatives
Clearing Service to Launch Next Week CME Group is claiming a first for derivatives trading with the September 27 launch of the Sustainable Clearing service intended to help firms “track and report on how their hedging activities are advancing their sustainability goals,” officials announce. “This service will allow clients to demonstrate commitment to ESG-positive business… 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 >>
State Street Adopts Hybrid Model & Closes NYC Offices
State Street to Exit Midtown Manhattan The Boston-based State Street will be closing its midtown Manhattan offices and embracing a hybrid working model in response to staff members that have been working remotely in the wake of the COVID-19 pandemic, according to a prepared statement from the custodian banking giant. “Like most other companies, we… 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 >>
SEC Reveals Geeky Side via APIs for EDGAR
Wow. Who knew that the Securities and Exchange Commission (SEC) had a seriously geeky side? It’s no secret that the SEC and its documentation constitute an endless well of legal gobbledygook that will cure insomnia for many, instill zombie-like behavior in others, and force some individuals into an existential crisis. It is news, though, that… Read More >>
SIFMA, ICI, DTCC Seek SEC’s Help with T+1
The major backers of the move to shorten the U.S. securities industry settlement cycle from T+2 to T+1 by 2023 are moving full speed ahead as they reach out via a letter to the SEC about potential regulatory changes. Officials from the Securities Industry and Financial Markets Association (SIFMA), the Investment Company Institute (ICI), and… Read More >>
SEC Penalizes Poloniex via Digital Assets Case
Boston-based crypto-asset exchange Poloniex is paying more than $10 million in disgorgement and a civil penalty to the SEC to settle allegations that it once was operating as “an unregistered online digital asset exchange” in the U.S., according to the regulator. “Without admitting or denying the SEC’s findings, Poloniex agreed to the entry of a… Read More >>