Wall Street & Technology is part of the Informa Tech Division of Informa PLC
This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
Insider Trading Investigation Reaches A New Stage
Speculation intensified that federal prosecutors are looking at SAC Capital Advisers' owner Steven Cohen, but the government doesn't have enough evidence, a lawyer told American Public Media's Marketplace..
Proliferation of CSAs Causes Headaches for Brokers, Buy Side — Greenwich, Frost
An estimated 82 percent of U.S. asset managers surveyed by Greenwich Assoc. use CSAs for efficiency and transparency, but the trend is leading to a reduction in execution payments to smaller broker dealers and administrative headaches to buy side.
Two Charged With Insider Trading Over 2009 IBM Deal
Two former stock brokers at a
Connecticut financial services company were charged with insider
trading on Thursday over a 2009 acquisition by computer giant
IBM Corp.
Key Debt Limit Options, Dates for U.S. Treasury
President Barack Obama and
his Democrats are insisting that an increase in the $16.4
trillion U.S. debt limit be part of any deal to avert the
"fiscal cliff" of year-end tax hikes and automatic spending
cuts.
Investors Swarm into Stock ETFs Amid "Fiscal Cliff" Hopes—Lipper
Investors in U.S.-based
funds have pumped the most new money into stock exchange-traded
funds since mid-September, while adding to bond funds amid
growing optimism U.S. lawmakers will avoid the looming "fiscal
cliff" of tax hikes and spending cuts.
Data from Thomson Reuters' Lipper service showed on Thursday
that Stock ETFs raked in $7.66 billion in new investor cash in
the week ended Nov. 28, the most money since the week the U.S.
Federal Reserve announced its extended stimulus plan.
A Toast to Mary and 10 Suggestions for the New SEC Commissioner
Mary Schapiro's efforts to clean up our marketplace are her legacy.
At White House, CEOs Offer Support for Higher Tax Rates
Chief executives from
corporations such as Goldman Sachs and Deloitte LLP met
with President Barack Obama on Wednesday and offered support for
resolving U.S. fiscal problems with an approach that included
higher tax rates for wealthy Americans.
Why Are Suitors Vying for Knight Capital?
Rival firms are expected to submit bids this week to acquire Knight Capital Group, which could bring the potential acquirer savings in equity trading technology.
Following CFTC Lawsuit, Intrade Cuts Out US Customers
Prediction market Intrade said it will no longer accept U.S. customers because of what it called legal and regulatory pressures.
Global Regulators to Hold New York Meeting on Derivatives Rules
Global regulators will meet in New York on Wednesday, hoping to hammer out a deal on how to jointly supervise the $650 trillion derivatives market.
New SEC Head Faces Fights On Several Fronts, Legal Straitjacket
Mary Schapiro's successor as head
of the U.S. Securities and Exchange Commission is going to have
to hit the ground running.
Basel Committee Won't Delay Jan. 1 Rules Implementation — Head
The introduction of stricter
capital rules for banks will go ahead as planned on Jan. 1, the
head of the Basel Committee at the Bank of International
Settlements told Reuters on Tuesday.
Intrade Cuts Out US Customers After Regulatory Suit
Prediction market Intrade,
which allows spectators to bet on subjects ranging from
entertainment to elections, said on Monday it will no longer
accept U.S. customers because of what it called legal and
regulatory pressures.
SEC Chairman Schapiro to Step Down Dec. 14
Schapiro departs an SEC that’s better equipped to oversee an increasingly complex marketplace.
Spurred By Crisis, Euro Zone Is Shaping Up Study
The euro zone is turning into a
more balanced and potentially more dynamic economy thanks to
market pressure and the constant demand for structural reforms,
a study showed on Monday.
Prosecutors Charge ex-SAC Manager in $276 Mln Insider Scheme
U.S. prosecutors on Tuesday
charged a former SAC Capital employee with insider trading in a
series of transactions that hedge fund titan Steven A. Cohen had
personally signed off on.
New York Sues Credit Suisse Over Mortgage Securities
New York Attorney General Eric
Schneiderman brought a lawsuit on Tuesday accusing Credit Suisse
Group AG of deceiving investors in mortgage-backed
securities.
Ex-SAC Manager Charged With $276 Mln Insider Scheme
U.S. prosecutors on Tuesday
charged a former SAC Capital employee with insider trading in a
series of transactions that hedge fund titan Steven A. Cohen had
personally signed off on.
FINRA Threatens to Suspend Morgan Keegan in ex-NBA Star Flap
Wall Street's industry-funded watchdog,
FINRA, has notified Morgan Keegan & Co. that it will suspend the brokerage's license for not complying with an arbitration ruling
in favor of retired basketball star Horace Grant unless the firm
meets certain conditions, according to a letter reviewed by
Reuters.
Surveillance and Monitoring Through the Looking Glass
Looking ahead to 2013, European regulations are stepping up the need for automated surveillance and monitoring solutions on the buy side, writes SunGard Protegent's, Magnus Almqvist, who says firms must have audit trails and quick answers to questions on suitability and personal dealing.
Goldman’s Blankfein Says Entitlements Must Be Slowed, Contained
Goldman Sachs’ CEO says the deficit cannot be fixed without changes to Social Security, Medicare and Medicaid.
SEC Expands Probe Into Whether Exchanges Favor HFT
The heightened regulatory scrutiny comes on the heels of a series of major technical glitches at capital markets firms that have damaged investor confidence.
UBS Trader Gets 7 Years for $2.3 Bln Fraud
Former UBS trader Kweku
Adoboli was convicted and sentenced to seven years in jail on
Tuesday for the biggest fraud in British history, which resulted
in a loss of $2.3 billion for the Swiss bank.
Morgan Keegan And Ex-NBA Star in Dispute Over Interest
Morgan Keegan & Co is disputing the
amount of interest owed to retired NBA basketball player Horace
Grant on a $1.46 million arbitration award and has refused to
pay $333,000 in interest that Grant says he is owed.
Dark Trading Benefits Stocks Until 50 Percent Threshold— Study
A study conducted by CFA Institute of undisplayed trading in dark pools and via broker-dealer internalization found that market quality deteriorates once more than 50 percent of stock's volume is traded in the dark.
JPMorgan, Credit Suisse Settle with SEC for $417 Million
JPMorgan Chase and Credit Suisse will pay a combined $416.9 million to settle civil charges that they misled investors in the sale of risky mortgage bonds prior to the 2008 financial crisis.
Global Shadow Banking Hits $67 Trillion
The "shadow banking" system, blamed by some for aggravating the global financial crisis, grew to a new high of $67 trillion globally last year.
Obama Presses Case on 'Fiscal Cliff' with Dimon, Buffett
President Barack Obama's
intensive lobbying to avert big year-end tax hikes and spending
cuts resumed over the weekend as he spoke with senior corporate
chieftains, including JPMorgan Chase's Jamie Dimon and legendary
investor Warren Buffett.
Federal Reserve Releases Scenarios for Bank Stress Tests
The Federal Reserve released the economic scenarios, including a hypothetical sharp slowdown in China, that the biggest banks will use in the next round of stress tests.
MF Global Report: Regulators Need Better Grip on Finance
Poor supervision contributed to the downfall of futures brokerage MF Global, House Republicans said in a report.
Breaking Up Big Banks Still Not the Answer
There remains much work to fix the "too big to fail" bank problem, but breaking up big financial institutions is still not the answer.
Breaking Up Too-Big Banks Still Not the Answer: Fed's Dudley
There remains much work to fix
the "too big to fail" bank problem, but breaking up big
financial institutions is still not the answer, an influential
U.S. Federal Reserve official said on Thursday.
SEC Ruling Creates New Job Opportunities
While many Wall Street firms are laying off employees, the SEC is providing some unexpected new opportunities.
U.S House Committee Blames Everyone For MF Global's Collapse
Regulators, credit rating agencies and MF
Global itself were all to blame for the brokerage's collapse
last year, a U.S. congressional committee found.
SEC Intensifies the Knight Probe and Shifts Focus to Risk Controls
The regulatory investigation of Knight Capital's trading glitch on Aug.1 could turn into a lesson for Wall Street on how the regulator will enforce the new market access rule.
Goldman Chief Outlines Risky Asset Reduction Under New Rules
Goldman Sachs Group Inc would have
$728 billion in risk-weighted assets under yet-to-be-implemented
Basel III capital rules, 67 percent more than the investment
bank has under current regulations, Chief Executive Lloyd
Blankfein said on Tuesday.
Debate Over Market Data Fees to Resurface in Court Case
Lawyers representing a group of brokers, bankers and money managers, along with tech giants, will deliver closing arguments today in a court case fighting new market data fees charged by stock exchanges.
Ivy Asset Mgmt Settles With NY for $210 Mln Over Madoff
Ivy Asset Management agreed to pay $210 million to settle lawsuits over advising clients to invest with Ponzi schemer Bernard Madoff,
the New York State Attorney General said on Tuesday.
Ivy Asset Mgmt Settles With NY for $210 Mln Over Madoff
Ivy Asset
Management agreed to pay $210 million to settle lawsuits over
advising clients to invest with Ponzi schemer Bernard Madoff,
the New York State Attorney General said on Tuesday.
Investor Behavior Is At Odds with Goals, Says State Street Think Tank
Only one third of investors believe their primary investment provider is acting in their best interest, according to a study by State Street's Center for Applied Research.
DDoS Attacks on Financial Industry: Ignoring Them Won’t Make Them Go Away
After more than a decade of DDoS attack evolution, the information security profession employed by banks, is still is not equipped to deal with the problem, argues Jeffrey Lyon, president of Black Lotus.
Wall Street Gadfly Warren Stands Good Chance of Senate Banking Seat
The chances are good that Elizabeth Warren will secure a highly coveted seat on the Senate Banking Committee.
SEC Left Computers Vulnerable to Cyber Attacks
SEC staffers failed to encrypt some of their computers containing highly sensitive information from stock exchanges, leaving the data vulnerable to cyber attacks.
Regulators: Capital Rules Won't Take Effect Jan. 1
Banking regulators do not expect proposed rules requiring financial institutions to hold more capital to take effect at the start of next year.
SEC Charges Hedge Fund With Hiding Mortgage-Backed Securities Losses
The regulator says pension fund investors were among those burned by Commonwealth Advisors' fraudulent scheme.
SEC Left Computers Vulnerable to Cyber Attacks
Staffers at the U.S.
Securities and Exchange Commission failed to encrypt some of
their computers containing highly sensitive information from
stock exchanges, leaving the data vulnerable to cyber attacks,
according to people familiar with the matter.
UBS Trader Relying on Public Dislike of Banks, Jury Told
Former UBS trader Kweku
Adoboli was accused on Friday of trying to rely on public
hostility towards banks as a defence in his rogue-trading trial.
FINRA Expels Hudson Valley Capital, CEO in Day-Trading Fraud
Wall Street's industry funded regulator
has expelled Hudson Valley Capital management and its chief
executive officer from the securities industry for defrauding
its clearing firm and customers to cover losses from his day
trading.
Wall Street Left To Rebuild Obama Ties After Backing Romney
Wall Street firms gambled on Mitt Romney
and lost.
Wall Street Left to Rebuild Obama Ties After Backing Romney
Wall Street firms gambled on Mitt Romney
and lost.
|