Pacific Investment Management Company LLC (PIMCO) has agreed to a $9 million settlement with the Securities and Exchange Commission (SEC) over two enforcement actions concerning alleged disclosure violations and policies and procedures woes directly related to two funds that the bond giant oversees. “In the first action, the SEC found that, from September 2014 to… Read More >>
Should Congress Fire Gary Gensler?
To say the least, the Securities and Exchange Commission (SEC) as led by the controversial Gary Gensler has been busy since the start of the Biden administration. Some people in the securities industry applaud Chair Gensler’s accelerated initiatives while others are up in arms. In particular, Gensler has raised the stakes recently with his dramatic… Read More >>
Old Ops IT Systems Can’t Support T+1: Q&A
(Editor’s note: Earlier this year, Sam Farrell was appointed as head of North America for Torstone Technology, maker of a software-as-a-service (SaaS) platform for post-trade securities and derivatives processing. Based in Toronto, he oversees U.S. and Canadian operations. A key focus for Farrell will be the North American push for trading day plus one (T+1)… Read More >>
Ex-SEC Enforcement Attorney Calls Crypto ‘Inherently Unsafe’
The question of the day was posed recently by a headline in The New York Times: Why Did Washington Fall So Hard for the Bankman-Fried Brothers? Of course, FTF News knows the answer. Washington politicos, like kids at the ice cream store, tend to fall for the flavor of the day. And until recently, that… Read More >>
SEC Takes Aim at Binance & Coinbase: Reporter’s Notebook
Crypto-currency is crapto-currency. Naturally, the U.S. Securities & Exchange Commission wouldn’t put it that way. The commission is much too proper. But take it from FTF News, that’s the gist of the SEC’s recent complaint against Binance Holdings Ltd. and Changpeng Zhao, its founder. It’s also the gist of a second legal complaint, alleging similar… Read More >>
Exchanges Are Embracing ESG: WFE Report
Exchanges across the planet are getting on board with the environmental, social, and governance (ESG) push, a stark contrast to the backlash against asset managers and others who are embracing ESG policies and investment strategies. This is a new finding of the World Federation of Exchanges (WFE), which says that the ESG embrace is the… Read More >>
T+1 Spurs Demand for SS&C’s Settlement Service & Other News
150+ Clients Sign Up for SS&C’s Trade Matching Service Citing the U.S. funds industry gearing up for T+1 trade settlement next year, SS&C Technologies reports that “more than 150 clients are using its Trade Matching & Settlements Service to support post-trade execution functions.” “Using SS&C’s Trade Matching & Settlements Service has enabled us to ensure… Read More >>
SEC Hits Back at Coinbase
It looks like the SEC and Coinbase, Inc. will have their day in court. The SEC raised the legal stakes last week by charging the cryptocurrency exchange with illegally running its crypto-asset transaction platform “as an unregistered national securities exchange, broker, and clearing agency,” and that Coinbase allegedly failed to register the sale of its… Read More >>
FINRA Fines Vanguard $800K for Inaccurate Fund Statements
Shouldn’t a firm like Vanguard Marketing Corp., (VMC) which has been a member of FINRA, the broker-dealer industry’s self-regulatory organization, since 1977, know better than to have allegedly “overstated projected yield and projected annual income for nine money market funds on approximately 8.5 million VMC account statements?” Says FINRA: “From at least October 2019 to… Read More >>
Adopt a Single Strategy & Functional Approach for T+1: Q&A
(Stephane Ritz, a managing principal at consultancy Capco, has more than two decades of experience in the administration and management of professional services for the banking, finance, and investment industries. His areas of expertise include financial accounting and taxation to business process re-engineering and IT technology implementation. Ritz specializes in leading large-scale, complex business transformations across… Read More >>
