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News & Commentary
Content tagged with Compliance posted in November 2012
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Insider Trading Investigation Reaches A New Stage
Commentary  |  11/30/2012  | 
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
News  |  11/30/2012  | 
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
News  |  11/30/2012  | 
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
News  |  11/30/2012  | 
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
News  |  11/30/2012  | 
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
Commentary  |  11/29/2012  | 
Mary Schapiro's efforts to clean up our marketplace are her legacy.
At White House, CEOs Offer Support for Higher Tax Rates
News  |  11/29/2012  | 
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?
Commentary  |  11/27/2012  | 
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
News  |  11/27/2012  | 
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
News  |  11/27/2012  | 
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
News  |  11/27/2012  | 
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
News  |  11/27/2012  | 
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
News  |  11/27/2012  | 
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
News  |  11/26/2012  | 
Schapiro departs an SEC that’s better equipped to oversee an increasingly complex marketplace.
Spurred By Crisis, Euro Zone Is Shaping Up Study
News  |  11/26/2012  | 
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
News  |  11/21/2012  | 
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
News  |  11/21/2012  | 
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
News  |  11/21/2012  | 
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
News  |  11/21/2012  | 
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
Commentary  |  11/21/2012  | 
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
Commentary  |  11/20/2012  | 
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
News  |  11/20/2012  | 
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
News  |  11/20/2012  | 
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
News  |  11/20/2012  | 
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
News  |  11/19/2012  | 
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
News  |  11/19/2012  | 
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
News  |  11/19/2012  | 
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
News  |  11/19/2012  | 
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
News  |  11/16/2012  | 
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
News  |  11/16/2012  | 
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
News  |  11/16/2012  | 
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
News  |  11/16/2012  | 
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
News  |  11/15/2012  | 
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
News  |  11/15/2012  | 
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
Commentary  |  11/14/2012  | 
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
News  |  11/14/2012  | 
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
News  |  11/13/2012  | 
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
News  |  11/13/2012  | 
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
News  |  11/13/2012  | 
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
News  |  11/12/2012  | 
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
Commentary  |  11/9/2012  | 
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
News  |  11/9/2012  | 
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
News  |  11/9/2012  | 
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
News  |  11/9/2012  | 
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
News  |  11/9/2012  | 
The regulator says pension fund investors were among those burned by Commonwealth Advisors' fraudulent scheme.
SEC Left Computers Vulnerable to Cyber Attacks
News  |  11/9/2012  | 
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
News  |  11/9/2012  | 
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
News  |  11/8/2012  | 
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
News  |  11/7/2012  | 
Wall Street firms gambled on Mitt Romney and lost.

Wall Street Left to Rebuild Obama Ties After Backing Romney
News  |  11/7/2012  | 
Wall Street firms gambled on Mitt Romney and lost.

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