Swiss investment banking giant UBS reports that it is live on a sponsored repo solution based upon distributed ledger technology (DLT), a.k.a. blockchain technology, that was developed by provider Broadridge Financial Solutions. UBS is no stranger to Broadridge’s application of DLT to repo trades as the bank completed “its first cross-border intraday repo transaction on… Read More >>
UBS Settles RMBS Dispute with DOJ for $1.4B
Kumbaya at last? UBS AG and “several” of its United States-based affiliates have agreed to pay the United States Department of Justice $1.435 billion to settle their RMBS dispute, which dates to 2006-2007. In other words, just before the first rumblings of the Great Recession. Which was when we all learned that RMBS stands for… Read More >>
UBS Fined $387M for Credit Suisse’s Archegos Chapter
UBS Group is paying $387 million in fines to the U.S. Federal Reserve System and the U.K.’s Prudential Regulation Authority and finalizing proceedings with the Swiss Financial Market Supervisory Authority (FINMA) — in an effort to close the Archegos Capital Management chapter in the history of Credit Suisse, now a subsidiary of its former Swiss… Read More >>
Credit Suisse Unit Fined for Alleged TRACE Woes
FINRA has fined and censured Credit Suisse Securities (USA), a division of the former Credit Suisse, for reporting 9,000 late trades to the self-regulatory organization’s Trade Reporting and Compliance Engine (TRACE) and for hundreds of thousands of inaccurate TRACE reports – all of which led to other complications. The Swiss banking giant Credit Suisse, beleaguered… Read More >>
UBS Completes Repo Trade via Blockchain & Other News
Banks Use Broadridge DLR Platform UBS and an unnamed Asian bank have “executed the first cross-border intraday repo transaction on Broadridge’s blockchain-enabled Distributed Ledger Repo (DLR) platform,” according to operations, systems, and services provider Broadridge Financial Solutions. The intraday trade “marks the launch of the next phase in the rollout of Broadridge’s DLR platform …… Read More >>
UBS to Acquire Credit Suisse via Rescue Plan
In a stunning move, UBS announced on Sunday, March 19, that it will acquire for more than $3 billion the ailing Credit Suisse Group, making it part of UBS. Bank and Swiss authorities further outlined a rescue plan that will combine the former rivals into “a business with more than USD 5 trillion in total… Read More >>
UBS Securities Hit With Another FINRA Fine
UBS Securities, a subsidiary of the world’s largest private bank, is in trouble with FINRA, the brokerage industry’s self-regulatory organization (SRO). It’s not the first time. From the regulatory authority’s customary Letter of Acceptance, Waiver and Consent (AWC), FINRA alleges: “From September 2015 through January 2019, UBS-S published inaccurate monthly statistics regarding execution of covered… Read More >>
UBS & FAB Go Live on CLSNet & Other News
UBS & FAB Will Use CLSNet for 120 Currencies UBS and First Abu Dhabi Bank (FAB) report that they have gone live on the CLSNet bilateral payment netting calculation service from FX settlement provider CLS. The CLSNet platform standardizes “post-trade processes across the global currency spectrum,” and is intended to cut risk, enhance efficiency, and… Read More >>
UBS Broker & SEC Settle Complex Case for $25M
UBS Financial Services has agreed to pay a total of $25 million to the SEC to resolve charges that it allegedly failed to give its financial advisors adequate training or supervisory oversight in support of a complex options trading effort, the Yield Enhancement Strategy (YES), that caused surprise losses for investors. SEC officials say that… Read More >>
UBS Pays $500K to Resolve Audio Deletion Case
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 >>
