Using a mobile phone can get pricey if you’re not careful. That’s a lesson two banks have learned the hard way, each paying multi-million dollar penalties for alleged “recordkeeping and supervision failures for widespread use of unapproved communication methods.” The U.S. Commodity Futures Trading Commission (CFTC) has filed and settled charges against the Bank of… Read More >>
N.Y. Attorney General Wants New Crypto Regulations
New York Attorney General Letitia James is no stranger to controversy and to major legal forays such as her recently proposed legislation, described as “the strongest and most comprehensive set of regulations” in the U.S. to govern cryptocurrency markets. The proposed legislation, the Crypto Regulation, Protection, Transparency & Oversight (CRPTO) Act, would give James more… Read More >>
Solve the SSI Issue Once & For All: Q&A
(Editor’s note: It looks as if industry veteran Bill Meenaghan, founder and CEO of SSImple, a fintech startup is on a mission to resolve the “age-old” problem of manually-based Standard Settlement Instruction (SSI) systems via distributed ledger technology (DLT). Meenaghan, who has more than 20 years of financial services experience, the relatively new company want… Read More >>
DLT Meets Standing Settlement Instructions & Other News
London Startup Takes on SSI Problems It’s a case of distributed ledger technology (DLT) meeting standing settlement instructions (SSIs), according to a London-based newcomer that developed SSImple, a post-trade, DLT platform offered on a software as a service (SaaS) basis. SSImple, also the name of the company, was built via R3’s distributed application platform Corda, officials… Read More >>
Goldman Sachs Settles Gender Bias Case for $215M
Goldman Sachs and the law firms representing 2,800 women — Lieff Cabraser Heimann & Bernstein, and Outten & Golden — announced that they have resolved a gender discrimination class action lawsuit for $215 million, ending a legal action that began in 2010 and would have gone to trial next month, officials say. A lawyer for… Read More >>
Mason Stevens Taps Citi Securities Services for Custody
Mason Stevens Ltd., a private investment manager, has tapped Citi Securities Services, the custodian group at Citi, for custody as the Sydney, Australia-based firm sets in motion plans to expand its wealth management platform, officials say. Mason Stevens, which offers investment administration and managed account solutions, is actually expanding its relationship with Citi as they… Read More >>
SEC Whistleblower Awarded Nearly $279M & Other News
Biggest SEC Whistleblower Award to Date A whistleblower somewhere recently got a check or two for nearly $279 million from the Securities and Exchange Commission, according to the SEC, which adds that it is the “largest-ever award” to date. The whistleblower’s “information and assistance led to the successful enforcement of SEC and related actions,” according… Read More >>
Firms Can Consolidate Ops Silos: Q&A
(In early March, financial information provider SIX announced that its global pricing, market, and reference data can be delivered to investment accounting platform FundGuard’s investment book of record (IBOR), accounting book of record (ABOR), and net asset value (NAV) solutions. The partnership means that FundGuard has access to SIX’s end-of-day market prices, core security master… Read More >>
Deutsche Bank Buys Numis for $511M & Other News
Acquisition Helps Deutsche Bank’s Global Strategy Deutsche Bank reports that it has agreed to an all-cash offer of $511 million for the acquisition of London-based corporate broking and advisory firm Numis Corp., and that the transaction will allow the German banking giant to advance its Global Hausbank strategy. Numis provides strategic advice and capital market… Read More >>
Coinbase Sues SEC for Crypto Clarity
A big cryptography firm is suing a big government regulator. It may be a pivotal moment in the sometimes fraught relationship between crypto and the U.S. Securities and Exchange Commission (SEC). Paul Grewal, Coinbase’s chief legal officer, says that the crypto exchange is taking “another formal step to seek regulatory clarity from SEC for the crypto… Read More >>
