The U.S. Securities and Exchange Commission (SEC) reports that broker Cantor Fitzgerald & Co. will pay more than $647,000 and broker BMO Capital Markets Corporation will pay more than $3.9 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs). ADRs are U.S. securities that represent foreign shares of a foreign company,… Read More >>
Merrill Lynch Pays $8M to Settle ADR Allegations
Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $8 million to settle charges of improper administration of “pre-released” American depositary receipts (ADRs), the Securities and Exchange Commission (SEC) reports. Merrill Lynch neither admits nor denies the SEC’s findings, but did submit an “Offer of Settlement.” In it, the firm agreed to pay… Read More >>
Wells Fargo Readies New London Headquarters
Wells Fargo to Move 1,200 Into London HQ Wells Fargo & Co. recently completed its purchase of 33 King William Street (formerly known as 33 Central) in the City of London from the international real estate developer HB Reavis, bank officials say. The office development effort, announced in July 2016, marks the “first international real… Read More >>
MiFID II Unbundling Will Come to the U.S.: Q&A
(Editor’s Note: U.S. securities firms breathed a collective sigh of relief when the SEC in late October decided to pause for 30 months the MiFID II unbundling stipulation. The controversial E.U. market reform specifies that buy-side firms unbundle the money they pay for research from the money that they spend on execution via sell-side firms…. Read More >>
