FINRA, the self-regulatory organization for broker-dealers, has censured and fined DriveWealth Institutional LLC, formerly known as Cuttone & Co., $100,000 for alleged violations of Regulation SHO rules. Last February, DriveWealth Holdings, Inc. acquired Cuttone & Co. and renamed it to DriveWealth Institutional. The renamed firm “specializes in execution services for institutional and broker-dealer clients. The… Read More >>
T+0 Settlement via New Exchange & Other Briefs
SEC Approves BSTX’s Launch The SEC has blessed the creation of a regulated, national securities exchange facility, dubbed BSTX, that can settle instruments in one day (T+0) while providing blockchain-based market data reporting, officials say. The BSTX is a trading facility of BOX Exchange and a joint venture of tZero Group, Inc., and BOX Digital… Read More >>
The Fed Is Starting to Think About CBDCs
The Federal Reserve is mulling what a digital currency backed by a central bank would look like. This should come as no surprise given the onset of blockchains and distributed ledger technology, and then cryptocurrencies and digital assets in many forms. They all have had an underlying driver – a disintermediation push to bring on… Read More >>
Ops Comes Second for Digital Overhauls: Survey
When it comes to deciding which division within a financial services firm should get priority for a digital overhaul, the operations and the sales and marketing groups come second to teams overseeing customer experiences, according to a new survey about next generational technology conducted by Broadridge Financial Solutions. The report, “Fast-tracking digital transformation through next-gen… Read More >>
Dash Overhauls Its OMS & Other FinTech News
OMS Update Also Links to Dash ATS Dash Financial Technologies, an options technology and execution vendor, is launching a redesigned version of its order management system (OMS) for options trading that provides access to all routing and algorithmic execution tools such as the Sensor suite, the Dash Alternative Trading System (ATS), and an integrated volatility… Read More >>
Citi & Bloomberg Target ETFs & Other FinTech Briefs
Citi Integrates ACES With Bloomberg’s BSKT Citi and Bloomberg officials report that they have integrated Bloomberg’s service for negotiating fixed income baskets, known as BSKT, with a proprietary platform from Citi known as ACES (Citi Advanced ETF System). The integration is intended to provide better support for Citi’s exchange-traded funds (ETF) clients that use BSKT…. Read More >>
tZero’s ATS Fumbled Disclosures: SEC
The SEC and the blockchain-based, broker-dealer tZero ATS have reached a settlement in a case where the regulator alleged that the firm while trading National Market System and digitally enhanced securities failed to make timely disclosures via Form ATS before key order book data was shared with third parties. tZero ATS, which is based in… Read More >>
Broadridge & DTCC Target Voluntary Corporate Actions
Broadridge Financial Solutions is laying the groundwork for an automated path for voluntary corporate actions in standardized ISO 20022 format via a connection to the Depository Trust & Clearing Corp.’s new automated process for submitting instructions, officials say. The securities industry has been wrestling with the inefficient manual aspects of corporate actions processing for many… Read More >>
Crypto Crime Hits $14B in 2021: Report
Crypto investors beware. The good news: Crypto-crime is “becoming a smaller and smaller part of the cryptocurrency ecosystem.” That’s according to a blog post “preview” of the 2022 “Crypto Crime Report” from Chainalysis, a cloud-based, blockchain data and analysis platform provider founded in 2014 and headquartered in New York City. The not-so-good news: Crypto crime… Read More >>
CFTC’s First Chief Diversity Officer & More Briefs
CFTC Appointee Has 20 Years of Diversity Experience Tanisha Cole Edmonds has been appointed the CFTC’s first chief diversity officer and has been tasked with helping the agency advance diversity, equity, inclusion, and accessibility (DEIA) at all levels, officials say. Edmonds, who reports to Rostin Behnam, chairman of the CFTC, will oversee the Office of… Read More >>
