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News & Commentary
Content tagged with Compliance posted in January 2013
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Mandatory Electronic Exchange: Determining the Right Market Model for OTC Derivatives
Commentary  |  1/31/2013  | 
While global derivatives regulations are in various stages of implementation, there is a concern that moving bespoke swaps from low-tech, high-touch, bi-lateral voice transactions to multiple trading venues could harm liquidity, according to consultants at Sapient Global Markets.
Deutsche Bank Swallows $4 Bln of Charges for Clean Up
News  |  1/31/2013  | 
Deutsche Bank plunged to its worst quarterly loss in four years on Thursday after it took nearly $4 billion in charges to try and draw a line under a slew of scandals and boost its balance sheet without asking shareholders for cash.
Pimco's Gross Calls US Economy 'Supernova' on Path to Extinction
News  |  1/31/2013  | 
Bond guru Bill Gross of Pimco warned on Thursday that the U.S. economy has become too credit-reliant and is requiring more and more government stimulus to produce ever-diminishing rates of growth, much like Japan has experienced over the past decade.

The Hedge Fund Transparency Challenge
News  |  1/31/2013  | 
As hedge funds face an onslaught of financial regulations and data reporting requirements from regulators and investors, they're scrambling to aggregate data and calculate risk metrics.
JPMorgan Bet Against Itself in 'Whale' Trade
News  |  1/30/2013  | 
There is a new twist in the London Whale trading scandal that cost JPMorgan Chase $6.2 billion in trading losses last year. Some of the firm's own traders bet against the very derivatives positions placed by its chief investment office, said three people familiar with the matter.
US Treasury Allowed Excessive Pay at TARP Firms
News  |  1/29/2013  | 
The Treasury Department failed to curb executive pay last year for the second year running at companies rescued by the government.
U.S. Probed Media's Handling of Economic Data — Source
News  |  1/29/2013  | 
U.S. law enforcement authorities conducted an investigation into whether media companies facilitated insider trading by prematurely releasing market-sensitive government data, but decided not to bring charges, a source familiar with the probe said.

RBS Close to Libor Settlement with U.S., UK Authorities - WSJ
News  |  1/29/2013  | 
Royal Bank of Scotland Group is close to a 500 million pounds ($785.32 million) settlement with U.S. and British authorities over claims that some of its employees submitted false Libor rates, the Wall Street Journal reported, citing people briefed on the negotiations.

Video: The Future Of Data Management
News  |  1/29/2013  | 
Larry Tabb of TABB Group recently discussed with WS&T senior editor Melanie Rodier how firms are adapting their data management processes to the post-financial-crisis environment.
Buy Side Needs to Assess Readiness for Derivatives Regs
News  |  1/28/2013  | 
With mandatory clearing of derivatives set to begin on March 13, Woodbine Associates provides a checklist for buy-side firms to assess their readiness for new derivatives regulations, including clearing, execution venues and pre-trade analysis.
Peregrine Financial's ex-CEO's ex-Wife Sued Over Divorce Money
News  |  1/28/2013  | 
Some of the more than $100 million Peregrine Financial's former chief executive stole from his brokerage's clients went to pay for his divorce settlement, the trustee of the now-bankrupt brokerage said in a lawsuit late Friday against the former wife.

The Other Side Of An Insider Trading Investigation
News  |  1/28/2013  | 
When the SEC suspects an organization is involved in fraud, the investigation can last for months, if not years.
Peregrine Financial's ex-CEO's ex-Wife Sued Over Divorce Money
News  |  1/28/2013  | 
Some of the more than $100 million Peregrine Financial's former chief executive stole from his brokerage's clients went to pay for his divorce settlement, the trustee of the now-bankrupt brokerage said in a lawsuit late Friday against the former wife.

Spain May End Short-Selling Ban as Crisis Eases
News  |  1/28/2013  | 
Spain may end its ban on short-selling stocks and bonds this week as the euro zone crisis relents, although controls could stay for bank shares which speculators targeted heavily during last year's turmoil.

Lautenberg Charity, Other Madoff Investors Try to Revive Claims
News  |  1/25/2013  | 
A federal appeals court signaled that victims of Bernard Madoff's fraud more than four years ago might be allowed to eventually sue the swindler's family members over their losses, if they're willing to wait longer.

SEC taps Capitol Police Inspector General as Top Watchdog
News  |  1/25/2013  | 
The U.S. Securities and Exchange Commission has selected a criminal investigator as the agency's new top internal watchdog, a hire that comes just one day after President Barack Obama tapped a former criminal prosecutor to chair the SEC.

Does The SEC Really Need Mary Jo White?
News  |  1/25/2013  | 
Some observers have serious reservations about the former John Gotti prosecutor.
When Wall Street Meets Antitrust Enforcers
News  |  1/25/2013  | 
Antitrust enforcers are increasingly scrutinizing the world's major banks.
Whitman Capital Founder Gets Two Years for Insider Trades
News  |  1/25/2013  | 
Hedge fund manager Doug Whitman was sentenced to two years in prison after he became the first defendant in a broad U.S. crackdown on insider trading to take the stand to convince jurors of his innocence.
Open Letter to Mary Jo White
Commentary  |  1/25/2013  | 
Themis Trading's letter to Mary Jo White asks the SEC Chairman nominee to consider regulating dark pools, changing the SRO rule-making process and banning payment for order flow at all levels.
Italy's Monti Calls for Investigation of Monte Paschi Scandal
News  |  1/25/2013  | 
Italian Prime Minister Mario Monti called on Friday for an immediate investigation of a widening scandal at Monte dei Paschi di Siena over the historic bank's losses of nearly $1 billion in a series of complex derivatives deals.

Financial Industry Is Massively Underprepared for OTC Regulation
News  |  1/24/2013  | 
Meanwhile, 95 percent of firms said they are already trading swaps or other OTC derivatives.
Obama to Tap Former Federal Prosecutor to Head SEC
News  |  1/24/2013  | 
President Barack Obama will nominate former federal prosecutor Mary Jo White to head the SEC.
Banks Try to Put Past Sins Behind Them at Davos
News  |  1/24/2013  | 
Leaders of the world's largest banks have gone some way to persuading investors that their industry's near-death experience is over, even though the public still don't trust them.
UK Court Forces Barclays to Reveal Staff on Libor List
News  |  1/24/2013  | 
A British judge forced Barclays to identify top executives alongside traders linked to a probe into rate fixing, naming ex CEOs Bob Diamond and John Varley and current Finance Director Chris Lucas on Thursday despite requests for anonymity.

Obama to Tap Former Federal Prosecutor to Head SEC — Source
News  |  1/24/2013  | 
President Barack Obama will nominate former federal prosecutor Mary Jo White to head the Securities and Exchange Commission (SEC), a White House source said, restoring the agency's power to work on its overhaul of Wall Street.

Investors Blinded By Banks' Calculation of Risky Assets —Basel
News  |  1/24/2013  | 
Material differences in the way banks define their risky assets is blinding investors' ability to make informed choices about where to put their money, a top regulator said on Thursday.

Ex-Goldman Director Gupta Seeks Conviction Reversal
News  |  1/23/2013  | 
Lawyers for former Goldman Sachs Group Inc board member Rajat Gupta are urging a federal appeals court to reverse his insider trading conviction, arguing that a judge shouldn't have allowed wiretaps to be heard at trial.

Peregrine Financial Fraud Loss Exceeds $200 Mln
News  |  1/23/2013  | 
Peregrine Financial Group's former chief executive embezzled more than $215 million from customers of his now-defunct futures brokerage, U.S. prosecutors said in court documents filed on Tuesday.

Stanford ex-CFO Davis Gets 5-Year Prison Sentence
News  |  1/23/2013  | 
James Davis, the government's top witness in convicted swindler Allen Stanford's fraud trial, was sentenced to 5 years in prison for his role in a $7 billion Ponzi scheme.

Peregrine Financial Fraud Loss Exceeds $200 Million: U.S. Prosecutors
News  |  1/23/2013  | 
Peregrine Financial Group's former chief executive embezzled more than $215 million from customers of his now-defunct futures brokerage, U.S. prosecutors said in court documents filed on Tuesday.
Re-Thinking Operational Risk on Wall Street
Commentary  |  1/22/2013  | 
With no let-up in the flow of operational risk accidents at major banks, firms are hiring more seasoned experts and throwing more resources at the function. But more work needs to be done.
Stanford ex-CFO Davis Gets 5-Year Prison Sentence
News  |  1/22/2013  | 
James Davis, the government's top witness in convicted swindler Allen Stanford's fraud trial, was sentenced on Tuesday to five years in prison for his role in a $7 billion Ponzi scheme.

Geithner Allegations Beg Fed Reform
News  |  1/22/2013  | 
Allegations that Timothy Geithner, then head of the New York Federal Reserve, may have told banks ahead of time about a surprise policy move in 2007 underscores the pressing case for reform to safeguard the integrity and independence of the central bank.
Schroders UK Trader Held in Insider Dealing Probe
News  |  1/22/2013  | 
British police have arrested a trader at asset manager Schroders and four other men and women in the latest swoop on suspected insider dealing as part of a regulatory crackdown on market abuse.

The SEC Squashes Nasdaq's Algo Proposal, Citing Competitive Issues with Brokers
News  |  1/18/2013  | 
A proposal by Nasdaq OMX to offer benchmark order that are similar to algorithms offered by brokers, raised regulatory, risk and competitive issues at the SEC.
New Head of SEC: Cross-Border Swaps Plan At Top Of Agenda
News  |  1/18/2013  | 
The new head of the U.S. Securities and Exchange Commission unveiled some of her top agenda items on Friday, saying the agency will focus how to apply new swaps rules overseas and capital-raising reforms.

US SEC Chairman - Cross-Border Swaps Plan at Top of Her Agenda
News  |  1/18/2013  | 
A proposal addressing how over-the-counter derivatives rules will apply overseas will be at the top of the U.S. Securities and Exchange Commission's agenda for 2013, the agency's new chairman, Elisse Walter, said Friday.

Libor Probe May Further Shrink RBS Investment Bank
News  |  1/18/2013  | 
Royal Bank of Scotland will face pressure to further shrink its investment bank should an investigation into interest rate rigging show cultural failings persist in the business, political and industry sources have said.

Q&A: Deutsche Bank Advises What To Do When Your Algo Fails a Risk Check
News  |  1/18/2013  | 
Deutsche Bank’s director, and head of algorithmic execution for listed derivatives and foreign exchange in the Americas, Greg Wood, recently sat down with WS&T to talk about some controversial risk measures that can safeguard the markets.
Lloyds Lacking Risk Controls? Weisel's Armstrong Ties Questioned, and More News of the Week
Slideshows  |  1/18/2013  | 
Lloyds Bank, following a few systems failures in 2012, is facing accusations from a former executive that risk controls are lacking, while Thomas Weisel is under scrutiny for ties to Lance Armstrong, HSBC can't get away from its money laundering settlement and "genius" trader risk top this weeks chatter in the press and on Twitter.
As SEC Pushes for Hard Drives, Defense Lawyers Balk
News  |  1/17/2013  | 
The SEC has become more aggressive in seeking full hard drives from the companies and individuals it investigates, startling defense lawyers.
Goldman, Morgan Stanley to Pay $557 Mln in Foreclosure Case Deal
News  |  1/16/2013  | 
Goldman Sachs Group Inc and Morgan Stanley will pay $557 million in cash and other assistance to troubled borrowers to end a case by case review of foreclosures required by U.S. regulators.

JPMorgan Ordered to Improve Controls After 'Whale' Loss
News  |  1/15/2013  | 
U.S. banking regulators on Monday ordered JPMorgan Chase & Co to tighten its risk controls after the bank lost billions of dollars due to bad bets from a trader known as the "London Whale."

Peregrine Financial's Ex-CEO Faces Jan. 31 Sentencing
News  |  1/15/2013  | 
Peregrine Financial Group's former chief executive, who pleaded guilty to embezzling more than $100 million from customers of his futures brokerage, will be sentenced on Jan. 31, according to court documents filed on Monday.

SEC Settlements Reach Highest Level Since 2007
News  |  1/15/2013  | 
U.S. securities regulators reached 714 settlements with defendants in civil cases in the 2012 fiscal year - the highest number since 2007, a report released on Monday showed.

Canada Sets Plan to Resuscitate Venture Capital Sector
News  |  1/15/2013  | 
Canadian Prime Minister Stephen Harper announced a plan on Monday to provide C$400 million ($408 million) in venture capital to stem the loss of young entrepreneurs to the United States and to rekindle investor interest in providing start-up funds for new ventures.

JPMorgan Ordered to Improve Controls After 'Whale' Loss
News  |  1/15/2013  | 
U.S. banking regulators on Monday ordered JPMorgan Chase & Co to tighten its risk controls after the bank lost billions of dollars due to bad bets from a trader known as the "London Whale."

How to Manage "Genius Trader Risk"
Commentary  |  1/14/2013  | 
After a series of trading blow-ups by rogue traders, meet "the genius trader," who can do even worse damage. With their superior intellect, big egos,and technical expertise, they can easily win over CEOs. But, can risk managers reign them in?
Judge Backs U.S. Extradition of Ex-Credit Suisse Trader
News  |  1/14/2013  | 
A British court approved the extradition of a former Credit Suisse trader to the United States, where he is accused of inflating the prices of subprime mortgage-backed bonds to the tune of $540 million.
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