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 >>
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 >>
E.U. Regulators Push the Accelerator for T+1
The European Securities and Markets Authority (ESMA), the European Commission (EC), and the European Central Bank (ECB) put out a joint statement this week indicating support for a coordinated T+1 transition with other jurisdictions in the region including the U.K. and Switzerland. Despite the complex E.U. post-trade landscape, the regulatory trio stressed the urgency of… Read More >>
ESG Data, A.I. & DLT Top IT Agendas
Despite controversy and predictions of its death, principled investments based upon environmental, social, and governance (ESG) concerns are alive and kicking as evidenced by growing demands for ESG data. Also very much alive are artificial intelligence (A.I.) technologies, which could prove to be cost-effective for automated compliance and regulatory reporting, and for middle- and back-office… Read More >>
Look Before You Take That Quantum Leap
Quantum computing via cutting-edge hardware and algorithms is coming and there will be more hype as it gains ground in financial markets. First, a definition from IBM: “By taking advantage of quantum physics, fully realized quantum computers would be able to process massively complicated problems at orders of magnitude faster than modern machines. For a… Read More >>
TD Bank’s AML Woes: a Business Case for Compliance
As has been widely reported, TD Bank last week became “the largest bank in U.S. history” to plead guilty to Bank Secrecy Act (BSA) and anti-money laundering (AML) program failures, according to Merrick B. Garland, U.S. Attorney General. TD Bank N.A. and its parent company TD Bank US Holding Company pleaded guilty to resolve the… Read More >>
DTCC Hopes R&D Sandbox Fosters Digital Assets Ecosystem
The Depository Trust & Clearing Corp. (DTCC) is attempting to clear a path to a functional digital asset ecosystem that is as safe as the one in place for conventional securities trading. To get there, the post-trade market infrastructure provider is unveiling the “DTCC Digital Launchpad,” described as “an industry sandbox intended to bring together… Read More >>
Wall Street Profits Jump 79% for H1 2024
Securities-trading firms in New York City — the actual Wall Street institutions — appear to be sailing to a “dramatic” increase in profits for 2024 and that could mean bigger bonuses next year, according to an annual report from the Office of the New York State Comptroller (OSC) headed by Thomas P. DiNapoli. “Wall Street’s… Read More >>
