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News & Commentary
Content tagged with Compliance posted in July 2012
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Futures Industry Debates Solution to Protect Customer Segregated Accounts
Commentary  |  7/30/2012  | 
A CFTC panel agreed on the urgency of developing a technological solution for verification of funds in customer segregated accounts, but one industry veteran, warned not to wait until everything is perfect.
Capital Rules Drive Shifts in Fixed Income Trading
News  |  7/30/2012  | 
Deutsche Bank claimed the No. 1 ranking, while Goldman took second place, in a Greenwich Associates 2012 fixed income study as some dealers have pulled back on capital allocated to fixed income trading.
British bank RBS Bracing for Libor Rigging Fine - CEO
News  |  7/30/2012  | 
British bank RBS is braced to be punished over its role in the interest-rate rigging scandal that has rocked the industry, Chief Executive Stephen Hester said in an interview with The Guardian newspaper.
Bernanke, Geithner Response to Libor Scandal Rings Hollow
News  |  7/30/2012  | 
Ben Bernanke heads the most powerful central bank in the world. Yet the Federal Reserve chairman says he was largely powerless to stop what some are calling the biggest financial fraud in history.
Mobile First: Financial Firms Must Focus on Creating a Seamless Customer Experience
Commentary  |  7/30/2012  | 
When it comes to mobility, the biggest challenge for financial firms is in synchronizing their mobile, online and offline experiences to meet the expecations of both their customers and internal users.
The Mobile Frontier: Next-Gen Apps on the Street
Commentary  |  7/30/2012  | 
The rise of mobile apps is transforming Wall Street, enhancing the customer experience, improving portfolio and risk management, advancing the search for alpha, and even strengthening compliance.
Bernanke, Geithner Response to Libor Scandal Rings Hollow
News  |  7/27/2012  | 
Ben Bernanke heads the most powerful central bank in the world. Yet the Federal Reserve chairman says he was largely powerless to stop what some are calling the biggest financial fraud in history: the systematic manipulation of a key global interest rate.
JPMorgan Shuffles Managers Below Dimon
News  |  7/27/2012  | 
JPMorgan Chase & Co, the biggest U.S. bank, announced a broad management shakeup among the executives just below Jamie Dimon, signaling that the bank is preparing for life after its famed chief executive officer.
Barclays Dragged Into New Probe After Libor Blow
News  |  7/27/2012  | 
Barclays revealed a new regulatory probe and more U.S. lawsuits on Friday, making it harder for the British lender to rebuild its reputation damaged by the central role it played in the interest rate-rigging scandal shaking banks.
The True Cost of HFT, Sandy Weill's About Face, Death Star of Finance, and more
Slideshows  |  7/27/2012  | 
Sandy Weill, the former Citigroup chief executive and shatterer of Glass-Steagall says the industry needs a return to the separation of commercial and investment banks, while a recent study on HFT reveals that the practice costs long-term investors $2.5 billion per year.
Interactive Brokers to Pay $700,000 to Settle Charges
News  |  7/26/2012  | 
Interactive Brokers agreed to pay a $700,000 penalty to settle charges by the CFTC that it violated reporting rules and failed to "diligently" supervise the handling of accounts.
Geithner Says Did All He Could to Address Libor Problem
News  |  7/26/2012  | 
Timothy Geithner, U.S. Treasury Secretary, under pressure for not doing enough to stop fraudulent manipulation of a key benchmark interest rate, told lawmakers he alerted the appropriate authorities "early on."
CFTC Panel to Weigh New Customer Fund Safeguards
News  |  7/26/2012  | 
The CFTC is considering requiring direct electronic access to customer accounts in addition to other technological improvements in order to protect customer funds.
The Funniest Sandy Weill Twitter Responses
Slideshows  |  7/26/2012  | 
Former Citigroup CEO and the architect of the modern mega-bank dropped a bombshell on CNBC yesterday: We should break up the big banks that are too big to fail. This statement may seem simple and sensible but consider the source: this came from the man who created these very banking behemoths. Needless to say, Twitter was abuzz comparing Sandy Weill's truth bomb to other statements no one ever expected to hear. Enjoy.
CFTC Panel to Weigh New Customer Fund Safeguards
News  |  7/26/2012  | 
A commissioner charged with improving technology at the U.S. futures regulator plans to tell industry players that immediate action is needed to protect customer funds at an emergency advisory committee meeting on Thursday.
A Game Called Compliance
News  |  7/25/2012  | 
Sandy Weill: Break Up the Banks
Commentary  |  7/25/2012  | 
The man who created the modern bank supermarket and shattered Glass-Steagall thinks the banks are too big and should be broken up.
U.S. Big Banks' Glory Days Feared to Be Gone for Good
News  |  7/25/2012  | 
The summer of 2012 may be remembered as the time when regulation, scandals and a protracted slow-growth economy finally caught up with big American banks.
Libor Now Honest Says British Regulator
News  |  7/24/2012  | 
Dishonesty uncovered in setting Libor benchmark interest rates is now in the past and replacing them would be problematic, the head of Britain's financial regulator said.
The Biggest Pain Point in Dodd-Frank
News  |  7/23/2012  | 
So far, one rule stands out as the most burdensome in the 848-page Act.
The SEC Ups its Game with High Frequency Trading Tools
Commentary  |  7/23/2012  | 
The top regulator contracted with Tradeworx, a Redbank, NJ-based high frequency trading firm and tech vendor, to supply it with a market data and research platform for policing the equities and options markets in real time.
Prosecutors, Regulators Close to Making Libor Arrests
News  |  7/23/2012  | 
U.S. prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates.
Prosecutors, Regulators Close to Making Libor Arrests
News  |  7/23/2012  | 
U.S. prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rigging scandal.
Stuck in the Mud: Can the Economic Engine Pull Itself Out of Financial Crisis?
Commentary  |  7/23/2012  | 
Hidden dangers in dark pools and the buy side's intensifying pursuit of low latency, and the Pipeline saga seem to indicate that there are more storm clouds ahead for the financial industry.
Banks in Libor Probe Consider Group Settlement
News  |  7/20/2012  | 
A group of banks being investigated in an interest-rate rigging scandal are looking to pursue a group settlement with regulators rather than face a Barclays-style backlash by going it alone.
Wall Street's High Crime Area, Libor Scandal Expands, Confidence Crisis, and More
Slideshows  |  7/20/2012  | 
The Libor scandal continues to spread, with more banks and regulators being placed under the microscope for their involvement in rate rigging. Meanwhile, Wall Street's image continues to take a pounding while UBS Americas' chairman strikes out on his own.
Singapore Exchange Denies LSE Merger Talks
News  |  7/20/2012  | 
The Singapore Exchange (SGX) denied it was in talks to buy the London Stock Exchange, a sign there is little appetite for more large cross-border deals after several takeover attempts failed.
Options Trading Isn't Dead: Future Growth Will Occur When Investors Refocus on Equity Markets
Commentary  |  7/19/2012  | 
Options volumes may be down along with the equity markets, but the buy side's increasingly sophisticated use of options strategies and growing investments in supporting technology point to big things for the market.
Former Goldman Quant Breaks Down Why She Joined Occupy
Commentary  |  7/19/2012  | 
Alexis Goldstein, who worked as a quant strategist at Goldman Sachs, Deutsche Bank and Merrill Lynch, breaks down why she ditched the finance world for the Occupy Wall Street movement.
Ex-JPMorgan Banker Admits Role in Muni Bid-Rigging Scheme
News  |  7/19/2012  | 
A former JPMorgan Chase banker pleaded guilty to fraudulently rigging a municipal finance contract 10 years ago.
HSBC Exec Quits As Senators Hammer Money-Laundering Lapses
News  |  7/17/2012  | 
HSBC Holdings put itself at the mercy of the U.S. Senate on Tuesday, acknowledging shortcomings in its anti-money laundering operations and revealing the resignation of a global executive.
JPMorgan Disclosed Possible Misconduct to Feds Ahead of Earnings
News  |  7/17/2012  | 
In a matter of days, the criminal investigation into a $5.8 billion trading loss at JPMorgan Chase was transformed from dormant to potentially explosive.
Barclays Executive Says Acted on Orders on Libor
News  |  7/17/2012  | 
Barclays' former COO said he ordered staff to manipulate interest rates in line with instructions from his then boss, CEO Bob Diamond.
Feds Investigate Whether JPMorgan Traders Hid Losses
News  |  7/16/2012  | 
Federal investigators are looking at whether JPMorgan Chase traders hid trading losses that have since grown to $5.8 billion, after the bank said its own probe found reason for suspicion.
Outgunned: Why the SEC Can't Effectively Police Wall Street
News  |  7/16/2012  | 
Even as the SEC and CFTC ramp up their technology, they still lack the firepower to effectively police the capital markets.
PFGBest: Just Like Madoff, Regs Ignored Every Single Warning Bell
News  |  7/13/2012  | 
Regulators missed multiple red flags that something was amiss. And some of those signs were starkly similar to the clues they also missed in the Madoff scandal.
How Much Will Advertising Actually Help Hedge Funds?
Commentary  |  7/13/2012  | 
A report by the Hedge Fund Marketing Association casts doubt on what's supposed to be one of the JOBS Act's biggest benefits.
Dimon Denial: Not Too Big To Fail
Commentary  |  7/13/2012  | 
Despite the terrible losses, the PR nightmare and the firings of senior managers, JPMorgan CEO Janie Dimon still thinks his bank is just the right size.
Hot Remarks From JPMorgan's Earnings Call
Slideshows  |  7/13/2012  | 
The investment bank's $2 Billion "Bad Bet" has blossomed to a staggering $5 Billion as it unwinds, and industry observers predict it could continue to grow. In a dramatic quarterly earning report, JP Morgan CEO Jamie Dimon got a grilling from financial reporters compared to his appearance before Congress last month. Here are some of the most dramatic quotes from this morning's conference call.
Wall Street Ethics, Derivatives Rules Loopholes, The Weirdness of PFGBest and More
Slideshows  |  7/13/2012  | 
Wall Street’s take on ethics and the downfall of PFGBest dominated financial news this week, while the CFTC finally approved rules for derivatives trading and HSBC admitted that for years it had done next to nothing to prevent money laundering.
The CFTC Sniffs Out Another Bad Broker
Commentary  |  7/12/2012  | 
Investors: EU Hedge Fund Rules Could Hit Other Funds
News  |  7/12/2012  | 
Twenty investors - including Allianz, BlackRock, Fidelity and Schroders - have written to the Commissioner in charge of financial regulation.
TMX Aims To Acquire Direct Edge Holdings
News  |  7/12/2012  | 
U.S. Grain Trade Wants Answers in PFGBest Broker Scandal
News  |  7/12/2012  | 
The largest U.S. grain trade group was stunned by the latest scandal to hit the futures industry when Iowa-based brokerage PFGBest collapsed after regulators accused the firm of misappropriating customer funds.
Outgunned: Why the SEC Can’t Effectively Police Wall Street
News  |  7/12/2012  | 
Even as the SEC and CFTC ramp up their technology, they still lack the firepower to effectively police the capital markets.
US SEC Votes 3-2 to Adopt Consolidated Audit Trail
News  |  7/11/2012  | 
The rule is expected to bolster the securities regulator's ability to monitor the equities markets.
HSBC Admits Wrongdoing in Another Money Laundering Affair
News  |  7/11/2012  | 
Another day, and another bank fails to implement what should be standard controls and procedures.
Iowa Broker PFGBest Collapses After Hiding Millions
News  |  7/11/2012  | 
In what looks like a mini-Madoff scandal, $200 million is missing as the firm's founder and chairman Russell R. Wasendorf Sr. attempted suicide on Monday.
EU Banks Still Face Major Challenges
News  |  7/11/2012  | 
The European Banking Authority said there remained significant challenges ahead for Europe's banks after they successfully met new requirements to bolster their core capital buffers.
SEC Won't Require Real-Time Data in Market-Tracking System
News  |  7/10/2012  | 
Stock exchanges will not have to report trades in real-time under a rule set to be finalized by the U.S. Securities and Exchange Commission that would create a trail of market activity, according to people familiar with the matter.
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