Gary Gensler will not be filling out his term as chair of the Securities and Exchange Commission (SEC) as he will be stepping down as its 33rd Chair effective at Noon on Inauguration Day, January 20, 2025, according to an SEC announcement With the onset of the second Trump administration, Gensler was never expected to… Read More >>
ESMA Sets Target Date for E.U.’s T+1 Move
The European Union’s head regulator and supervisor, the European Securities and Markets Authority (ESMA), has set a definitive target date of Oct. 11, 2027, for the bloc’s highly anticipated transition to a T+1 settlement cycle. The announcement of the transition date is part of ESMA’s final report on shortening the settlement cycle, which includes the… Read More >>
Liquidnet Launches Liquidity-Seeking Algorithm
Agency execution specialist Liquidnet has released in the U.S. a new algorithm for its equities platform. Dubbed SmartDark, the algorithm is intended to help institutional traders prioritize “routing to venues with larger execution sizes and better price stability,” officials say. “SmartDark incorporates a variety of yield and quality metrics to give traders an optimal blend… Read More >>
ACA Group Acquires FINOP Consulting
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 Revises ‘Living Wills’ for Clearinghouses
The Securities and Exchange Commission (SEC) is revising the “living will” for covered clearing agencies (CCAs) through rule amendments and a new rule —approved late last month — all intended to boost the resilience, recovery, and wind-down planning for CCAs, officials say. “CCAs are registered clearing agencies that act as central counterparties, meaning that they… Read More >>
E.U. Task Force Urges CSDR Adjustment for T+1
European capital markets firms are navigating a long list of regulatory changes required to enable a smooth transition to a shortened, T+1 settlement cycle, likely in 2027 and in coordination with the UK. The European T+1 Industry Task Force, comprised of 21 trade associations, outlined these regulatory changes in a recent work paper — “High-level… Read More >>
Election Results Will Impact Firms’ Sanctions Compliance
While not one of the top issues during the U.S. presidential and Congressional elections, it’s clear that two different sanctions compliance policy paths have emerged and only one will prevail on Election Day. It’s also clear that a new sanctions problem is stirring with Russia, namely its evasion of the price cap economic sanctions imposed… Read More >>
T+1 Paves the Way for Modernized Settlement
(In North America, the move to shorter T+1 settlement has helped BNY clients to refocus on the lifecycle of a trade in new ways as they strive for optimal clearing and settlement. So says Brian Ruane in a Q&A with FTF News. A member of BNY’s Executive Committee, Ruane is senior executive vice president and… Read More >>
Meradia Is the First Partner in FundGuard’s Training Program
Investment accounting platform provider FundGuard reports that Meradia, an operations and technology consultancy for investment managers, is the first participant in FundGuard’s implementation partner training program. “Meradia has been our inaugural participant for the training program and we appreciate their collaboration and feedback,” John Lehner, president of FundGuard, tells FTF News. “The training program is… Read More >>
