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News & Commentary
Content tagged with Compliance posted in September 2012
Another Ex-Goldman Employee (And His Lawyer) Take Aim At Goldman Sachs
News  |  9/28/2012  | 
"He left Russia for freedom, justice, and the American way and he got Franz Kafka and Goldman Sachs," the Russian computer programmer's lawyer said. But there are many more issues at stake.
Ex-Goldman Programmer Rejects Plea Deal
News  |  9/28/2012  | 
A former Goldman Sachs Group computer programmer indicted on charges of stealing trade secrets has rebuffed a plea offer that would keep him out of prison, his lawyer said on Thursday.
Are HFT's Days Winding Down?
News  |  9/28/2012  | 
They just might be in Europe where lawmakers appear to be at their wits' end when it comes to high-speed trading.
Wall St Regulator Questions Sales of Complex Securities
News  |  9/27/2012  | 
The Financial Industry Regulatory Authority is looking at potential conflicts of interest and financial incentives stemming from sales of complex securities by major brokerages, the head of the Wall Street regulator said on Thursday.

Ex-Credit Suisse Trader to Fight U.S. Extradition
News  |  9/27/2012  | 
A former Credit Suisse Group AG trader, accused by U.S. authorities over a $3 billion fraud involving subprime mortgage bonds, said he would fight a U.S. extradition request when he appeared in a British court on Thursday.

Scranton, San Jose Show How Mainstream Hedge Funds Have Become
Commentary  |  9/26/2012  | 
One city is looking for a loan and the other is looking to boost returns, but both cases indicate that hedge funds have moved from an alternative into the mainstream.
Will New Regulation Mark the End of HFT in Europe?
Commentary  |  9/25/2012  | 
Germany and other EU countries are aiming to push through legislation that will rein in high-frequency trading. But are they looking at the right issue?
Can Bank Dealers Win the Swaps Collateral Optimization Race?
Commentary  |  9/25/2012  | 
Bank dealers will lose 20 percent of their trading revenues when mandatory clearing of OTC derivatives begins, but they can recoup these lost revenues through "collateral optimization," contends Sungard's Daniel Parker.
Fidessa Expands Buy Side Connectivity Service
News  |  9/25/2012  | 
The platform now offers full infrastructure outsourcing —including FIX and non-FIX-based connectivity— to buy side customers as they grapple with the complexity of running technology infrastructure for multi-asset trading and the operational needs of new regulations.
Corporate Borrowers Question Libor's Accuracy, But Still Use It
News  |  9/24/2012  | 
Some major corporate borrowers in Europe and the United States think Libor, the interest rate at the center of an international rate-rigging inquiry, is not an accurate benchmark against which to price loans, but few are considering using an alternative.

Some Corporate Borrowers Question Libor Accuracy, Here to Stay
News  |  9/24/2012  | 
Some major corporate borrowers in Europe and the United States think Libor, the interest rate at the centre of an international rate-rigging inquiry, is not an accurate benchmark against which to price loans, but few are considering using an alternative.

Fixing the U.S. Equity Markets: Limit Exchange/ATS Licenses and Other Steps
Commentary  |  9/21/2012  | 
In his Senate Hearing testimony on Thursday, Larry Tabb, founder and CEO of Tabb Group, advised the SEC and Congress to stop granting exchange and ATS licenses, among other remedies.
Paul Volcker Fears Long-Term Damage in Fed Bashing
News  |  9/21/2012  | 
Former Federal Reserve Chairman Paul Volcker believes it is a "troublesome time" for the Fed as it becomes increasingly mired in political debates.
Senator Reed Wants Review of Markets in Wake of Glitches
News  |  9/21/2012  | 
An influential U.S. lawmaker pledged to take a closer look at the safety and soundness of the equity markets following a recent string of technology glitches on Wall Street.
Volcker: Unclear Why Fed Still Pays Banks To Park Cash
News  |  9/20/2012  | 
The Federal Reserve's policy of paying banks interest on money parked at the U.S. central bank is at odds with its latest efforts to stimulate economic growth, former Fed Chairman Paul Volcker said.
Tabb Senate Testimony: First, Do No Harm
Commentary  |  9/20/2012  | 
In his testimony before the US Senate on Thursday, the Advanced Trading and Wall Street & Technology columnist Larry Tabb answers the question: What, if any, policy changes should be considered by regulators or Congress in order to better protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation?
Derivatives Industry Urges Caution on Libor Reform
News  |  9/20/2012  | 
Libor, the interest rate at the center of an international rate-rigging investigation, must not be scrapped hastily and any shift to alternatives should be gradual to avoid market disruption, the derivatives industry's leading global body said.

Mutual Funds: How To Find The Right Compliance and Financial Officer
Commentary  |  9/20/2012  | 
Regulation has led fund boards to reconsider the traditional roles played by financial officers and compliance officers.
Tabb Testimony: The Regulators Need Better Tools
Commentary  |  9/20/2012  | 
In his testimony before the US Senate today, the Advanced Trading and Wall Street & Technology columnist Larry Tabb answers the question: Do regulators have adequate tools to identify and limit manipulative or abusive strategies?
Tabb Senate Testimony: Beware Over-Regulation
Commentary  |  9/20/2012  | 
In his testimony before the US Senate today, Advanced Trading and Wall Street & Technology columnist Larry Tabb recommends changes to strengthen the markets without killing future profits.
Flash Crash Or A Turning Point For Oil Prices?
Commentary  |  9/20/2012  | 
Peregrine CEO Pleads Guilty to Fraud; To Stay in Jail
News  |  9/18/2012  | 
Peregrine Financial Group's former Chief Executive Russell Wasendorf Sr. pleaded guilty on Monday to embezzling more than $100 million from customers of his futures brokerage, lying to regulators to cover his tracks, and mail fraud.

Court Told of UBS "Rogue Trader" Spread-Betting Losses
News  |  9/18/2012  | 
Accused UBS "rogue trader" Kweku Adoboli lost 123,000 pounds ($200,000) on a spread-betting account in his last year at the Swiss bank even though he had been in trouble over personal trading and UBS had banned it, a British court heard on Monday.

For Exchanges, It’s Time To Shape Up and Spend More on Tech
News  |  9/17/2012  | 
The SEC's fine against NYSE is a strong signal that the regulator is focusing on exchanges.
Volcker Rule on Track for Completion by Year-End, Says FDIC Chief
News  |  9/17/2012  | 
Regulators are aiming to finalize the Volcker rule's curb on speculative trading by banks by the end of 2012.
Will The SEC's Fine Against NYSE Open A Can of Worms?
News  |  9/14/2012  | 
The SEC charged that NYSE's trading data gave select clients a split-second start over retail investors.
UBS "Rogue Trader" Put Bank's Survival at Risk, Court Told
News  |  9/14/2012  | 
"Naked gambling" by UBS trader Kweku Adoboli nearly brought down the massive Swiss bank as he wagered up to $12 billion, a prosecutor told a London court.
Sallie Weeps Blood, Greg Smith Cashes In, Breaking Up the Banks and More
Slideshows  |  9/14/2012  | 
Sallie Krawcheck gave what is likely the most graphic description of big bank complexity, while Goldman Sachs prepares for ex-employee Greg Smith's supposedly tell-all book. Here what people are saying about these newsmakers, breaking up the big banks and the euro's continued troubles in this week's top quotes.
Consolidated Audit Trail: More Than One Way to Skin This CAT
Commentary  |  9/14/2012  | 
It behooves today's investment firms to be prepared to tackle these new requirements now and in the future.
SEC Pushes Market Technology Roundtable to Oct. 2
News  |  9/12/2012  | 
In the aftermath of several high-profile technological mishaps in the marketplace, the SEC's roundtable next month will seek ways to prevent costly trading mistakes, and come up with best practices for handling crises in real-time.
UBS Culture and Practices in Spotlight as Former Trader Goes On Trial
News  |  9/10/2012  | 
A former UBS trader goes on trial in London this week in a case involving losses of $2.3 billion that will subject the Swiss bank to an "uncomfortable" examination of its culture and practices.
Mark Cuban Admits Being "Terrified of High Frequency Trading"
Commentary  |  9/7/2012  | 
The owner of the Dallas Mavericks doesn’t doubt that another Flash Crash will happen - and he's hedging his portfolio for that moment.
No Trust in the 'Futures,' Morgan Stanley Plays Mr. Fix It, Technology Bugs and More Quotes of the Week
Slideshows  |  9/7/2012  | 
Morgan Stanley officials vowed this week to fix the technology systems for the company's brokerage sales force, while the Peregrine and MF Global debacles have industry leaders losing faith in the futures industry. Plus, JPMorgan's new chief investment officer hopes for a return to a sense of normalcy at the firm after its own debacle.
Peregrine Financial Assets Far Less than Estimated
News  |  9/7/2012  | 
Peregrine Financial Group has total assets of $270.2 million, the firm's bankruptcy trustee said in a filing, far less than the $500 million to $1 billion estimated by the futures brokerage when it failed in mid-July.

Goldman Must Face Mortgage Debt Claims: US appeals court
News  |  9/7/2012  | 
A federal appeals court in New York on Thursday revived a lawsuit accusing Goldman Sachs Group Inc of misleading investors about the risks associated with 17 mortgage securities offerings.

Peregrine Trustee Seeks to Distribute $123 Million
News  |  9/6/2012  | 
Peregrine Financial Group's bankruptcy trustee is seeking court approval to distribute $123 million to former customers of the futures brokerage, the first they would see of their funds since Peregrine's collapse in mid-July.

Peregrine Trustee Seeks to Distribute $123 Mln
News  |  9/6/2012  | 
Peregrine Financial Group's bankruptcy trustee is seeking court approval to distribute $123 million to former customers of the futures brokerage, the first they would see of their funds since Peregrine's collapse in mid-July.

Europe, Equities Bear Brunt of Nomura's $1 Billion Cost Cuts
News  |  9/6/2012  | 
Nomura Holdings Inc, Japan's biggest brokerage, will make cuts in its equities and investment banking businesses as it looks to chop $1 billion in costs, with its loss-making European operations taking the biggest hit.

IRS Warned But Did Not Act on Private Equity Tax Strategy
News  |  9/4/2012  | 
The IRS took no formal action after launching a probe five years ago of tax strategies used by private equity managers at firms such as Bain Capital.
Newedge Gains Approval from CME to Clear OTC Interest Rate Swaps
News  |  9/4/2012  | 
The move positions Newedge to offer central counterparty clearing services in the $441 trillion OTC interest rate swaps market.


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