The Commodity Futures Trading Commission has issued an order “simultaneously filing and settling” charges against UBS AG for “failing to retain certain audio recordings for the time required under CFTC regulations.” Rather than retaining the recordings of more than 1,000 hours of audio data — including voice recording files that were required by CFTC regulations… Read More >>
ICE Sells Stake in Euroclear for $825M
Silver Lake Buys ICE’s 9.85 Percent Stake American private equity firm Silver Lake likes Euroclear Holding’s growth path and has purchased Intercontinental Exchange’s 9.85 percent stake in Euroclear for €709 million ($824.8 million), officials say. Officials at ICE, the owner of the New York Stock Exchange (NYSE), say the past investment in Euroclear has been… Read More >>
Firms & Providers Disagree About T+1’s Rewards: Survey
Shorter settlement of U.S. equities transactions from trading day plus two days (T+2) to one day (T+1) will happen within the next five years, according to nearly half of the respondents to a global survey and study conducted by Citi Securities Services. But, beyond that point of agreement, the survey results showed that financial market… Read More >>
SEC Updates Filing Fee Disclosure & Payment Methods
SEC Modernizes Fee Payments U.S. financial markets regulator, the SEC is revising “most fee-bearing forms, schedules, and related rules” and requiring companies and funds to “include all required information for filing fee calculation in a structured format,” officials announced. The regulator has “adopted amendments to modernize filing fee disclosure and payment methods” that will… Read More >>
CFTC Fines Citi in Second Swaps Reporting Case
The United States Commodity Futures Trading Commission has settled charges against Citibank, N.A. and Citigroup Global Markets Ltd. — two provisionally registered swap dealers, aka Citi — for allegedly “failing to comply with certain swap dealer requirements,” and for related charges of supervision failures. Specifically, the CFTC charged that those two Citi units did not… Read More >>
BofA Global Research Launches Coverage of Digital Assets
BofA Research Publishes Crypto Primer Bank of America reports the publication of an instruction and information book entitled “Digital Assets Primer: Only the first inning,” marking the start of the bank’s cryptocurrency research coverage. The bank’s head of global cryptocurrency and digital asset strategy, Alkesh Shah, led the primer’s publication, according to a BofA… Read More >>
Justice Department, SEC Focus on Stopping Crypto Crime
Two powerful extensions of the U.S. federal government – the Department of Justice and the SEC – are gearing up to counter the fraud, scams, and abuse that are the dark side of cryptocurrencies and emerging digital assets. Lisa O. Monaco, deputy Attorney General for Justice, launched the National Cryptocurrency Enforcement Team (NCET) this week… Read More >>
DeepSee’s Mission: Unlock Trapped Data via A.I.
Trapped data has always been the bane of the back office, and the reason so much manual processing remains in middle- and back-office roles. “For DeepSee.ai, unlocking that data is the key to success as firms look to accelerate their move toward full-scale digital transformation,” says Steve Shillingford, CEO of DeepSee. “Much of the most… Read More >>
Trading Glitch Spurs CFTC Fine for Interactive Brokers
An electronic trading system that was not ready to receive negative crude oil futures prices and to calculate margin upon them serves as the basis for the CFTC’s recently settled case against Interactive Brokers in its role as a registered futures commission merchant (FCM). The CFTC is alleging that Interactive Brokers failed to prepare its… Read More >>
Fiserv Plans N.J. Hub for 2,000 New Jobs
Berkeley Heights Is Site of New Fiserv Campus Payments and financial technology vendor Fiserv is expanding its presence in New Jersey via a new location in Berkeley Heights that will bring approximately 2,000 jobs to the area, officials say. “The planned Fiserv campus will serve as a strategic center of excellence for technology and product… Read More >>
