JPMorgan has reached a $850,000 settlement with the CFTC in a case involving charges that three of the investment bank’s units failed to comply with their reporting obligations as swap dealers. The CFTC order also requires JPMorgan and its swap-dealing entities to cease and desist from further violations of the Commodity Exchange Act (CEA) and… Read More >>
RA Capital Picks Xenomorph & Other News Briefs
Xenomorph to Support Key Groups at RA Capital Boston-based investment manager RA Capital has selected data management solutions vendor Xenomorph to provide enterprise data management (EDM) support for the firm’s bio-tech and financial data needs, officials say. “We were diligent in the selection of RA Capital’s data platform. We wanted more than a standard security… Read More >>
EY Penalized $100M via SEC’s Exam Cheating Case
The Securities and Exchange Commission has charged auditor Ernst & Young LLP with “cheating by its audit professionals on exams required to obtain and maintain Certified Public Accountant (CPA) licenses, and for withholding evidence of this misconduct from the SEC’s Enforcement Division during the Division’s investigation of the matter.” Ernst & Young (EY) “admits the… Read More >>
Corporate Actions Processing Meets ISO 20022: Q&A
(Officials at the Depository Trust & Clearing Corp. (DTCC) recently reported that they had taken a big step toward fully automating the corporate actions lifecycle via its subsidiary, The Depository Trust Company (DTC). The DTCC also worked with Broadridge Financial Solutions. In short, the DTC processed the “first-ever, fully-automated voluntary reorganization ISO 20022 instruction,” as… Read More >>
Schwab Subsidiaries Settle SEC Case for $187M
Three Charles Schwab investment adviser subsidiaries have agreed to pay a total of $187 million to settle SEC allegations that a robo-adviser system, Schwab Intelligent Portfolios (SIP), facilitated cash allocations in investors’ portfolios that ultimately lowered their returns “by approximately the same amount as an advisory fee would have,” according to the regulator. “Without admitting… Read More >>
Greenwashing Crackdowns Should Spur ESG Funds Review: Q&A
(For financial services firms, the term “greenwashing” refers to misleading marketing about investments based upon Environmental, Social and Governance (ESG) and sustainability concerns. The practice has been getting a lot of attention recently as major media have reported upon a raid by German authorities of Deutsche Bank’s DWS offices in an effort to gather evidence… Read More >>
Ad Campaign Exposes SEC’s Sense of Humor
Move over, “Jeopardy,” “Who Wants to Be a Millionaire?” “The Price is Right” and “Wheel of Fortune!” There’s a new game show in town and it’s backed by a well-known sheriff — the Securities and Exchange Commission (SEC) — now with a sense of humor. Well, sort of. No one expects a barrel of laughs to… Read More >>
SIFMA Praises CAT Compliance Deadline Extension
There’s a twist in the ongoing saga of the Consolidated Audit Trail (CAT) via a new delay that actually has the approval of a key player in the securities industry. To remind you, the CAT system is the result of SEC Rule 613, which requires U.S. securities exchanges and FINRA, the self-regulatory organization (SRO) for… Read More >>
Crypto’s Pitfalls Are the Focus of a New Guide
Say this for the computer kids who bought into the Great Crypto Scam: They (and others who dream of easy riches) are determined to tie themselves to the blockchain, no matter what. Even the recent $300 billion drop in value across the crypto economy (as calculated by the New York Times) hasn’t dissuaded them. The… Read More >>
Should Buy-Side IT Teams Embrace Open Source?
(FTF News recently reached out to Madeleine Dassule, partner and co-head, technology, at Wellington Management. Dassule has joined the Fintech Open Source Foundation (FINOS) board of directors, a move that coincided with Wellington joining the nonprofit organization. FINOS is a proponent of open source technology, open standards, and collaborative efforts among software development groups in… Read More >>
