New RIA to Be Independent of T. Rowe Price T. Rowe Price officials report that the firm’s funds’ board added a new subadviser — T. Rowe Price Investment Management (TRPIM) — the firm’s own SEC-registered and fully independent investment adviser. Late last year, T. Rowe Price Group, Inc. announced that it would establish TRPIM as a… Read More >>
NYSDFS to Probe Diversity at Financial Services Firms
Linda A. Lacewell, superintendent of financial services for the New York State Department of Financial Services (NYSDFS), is acting to “promote diversity, equity and inclusion” by making financial services firms provide data about the diversity of their corporate boards and managers. NYSDFS officials say the data “will be collected in the fall of 2021 and… Read More >>
TIAA-CREF Subsidiary Hit With $97M Penalty
The Securities and Exchange Commission and the New York State Attorney General have a problem with how TIAA-CREF Individual & Institutional Services, LLC did its business in the 2012 to 2018 period. The SEC and the NY AG allege that TIAA-CREF Individual & Institutional Services (TC Services) failed to “adequately” disclose conflicts of interest and… Read More >>
Merrill Lynch Pays $11M+ to Settle UIT Case
FINRA, the self-regulatory authority for broker-dealers, has fined Merrill Lynch, Pierce, Fenner & Smith, Inc. $3.25 million for “failing to reasonably supervise” early unit investment trust rollovers. In addition to the fine, the firm will be paying $8.4 million in restitution to “harmed” customers. In the usual formulation, Merrill Lynch neither confirms nor denies the… Read More >>
Why the World Needs Wall Street: SIFMA
While many politicians and others slam Wall Street, the securities industry advocacy group SIFMA wants to remind everyone that the engine that is the financial services industry will be a key component of the post-pandemic recovery and growth for all sectors of the U.S. economy and will spur positive ramifications across the globe. To make… Read More >>
Should the SEC Become a Crypto Cop?
The Securities and Exchange Commission (SEC) may be taking on more oversight of the cryptocurrency trading world as there are many troubling regulatory gaps, says SEC Chair Gary Gensler in testimony May 26 before the subcommittee on financial services and general government, which is part of the U.S. House Appropriations Committee. In testimony that covered… Read More >>
Abel Noser to Acquire Competitor Trade Informatics
Abel Noser Bolsters Wares via Acquisition Brokerage Abel Noser Holdings is hoping to offer a comprehensive suite of trade analysis, compliance products, and agency-only brokerage technology services by acquiring competitor Trade Informatics LLC, officials say. Like Abel Noser, Trade Informatics provides equities trade cost analysis (TCA), officials say. Trade Informatics also offers the START systematic… Read More >>
Goldman Sachs & QC Ware’s Monte Carlo Breakthrough: Q&A
(Editor’s note: Researchers at investment banking giant Goldman Sachs and quantum software vendor QC Ware Corp. made an unusual announcement late last month. They declared that they achieved a breakthrough for Monte Carlo simulations. However, they noted that the advancement may have more meaning in about five years. Simply put, the breakthrough is a quantum… Read More >>
T+1 Gets a Nod from SEC Chair Gensler
Gary Gensler, the new chair of the SEC, is provisionally endorsing the industry effort to shorten trade settlement time from T+2 to T+1 as evidenced by his recent testimony before the U.S. House Committee on Financial Services, overseen by Chairwoman Maxine Waters (D-CA). “I believe shortening the standard settlement cycle could reduce costs and risks… Read More >>