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News & Commentary
Content tagged with Compliance posted in October 2009
The SEC put forth a series of proposals it believes will enhance transparency, reduce asymmetries, and enhance public confidence in the equity markets but discussing these proposals in advance of releasing them in written form has raised significant confusion in the industry.
The Federal Reserve should lose its authority to bail out big, failing financial firms like AIG and Bear Stearns under proposed reforms aimed at limiting the collateral damage from such failures, U.S. Treasury Secretary Timothy Geithner said. Geithner added in this video from the Wall Street Journal that the bankruptcy code should be the primary tool for failing financial institutions, but there might be some cases where a bail out would be necessary.
At SIFMA’s Annual Meeting SEC Chairman Mary Schapiro announced that she has asked her staff to come up with two new market structure proposals focusing on sponsored exchange access and high frequency trading.
Datawatch's Monarch software, which converts reports to Excel spreadsheets, can now embed the original source document in the Excel file. Fraud examiner Phillip Levi says this should shorten and simplify internal fraud investigations.
And the saga continues. CNN's Chloe Melas reports on a recent lawsuit filed by former Madoff investors claiming that "Madoff's workplace was rife with cocaine and sex." The 264-page law suit claims Madoff "financed a cocaine-fueled work environment and a "culture of sexual deviance."" The complaint alleges Bernard Madoff Investment Services was known by insiders as the ""North Pole", in reference to the excessive amount of cocaine use in the work place." The law suit also
claims that "Madoff di
Electronic discovery is proving to be one of the most powerful tools in the corporate and legal arsenal. As corporations come to rely more heavily on e-discovery, however, some serious flaws in traditional e-discovery processes have become more and more prevalent.
Adam Sussman, TABB Group’s director of research, comments on the SEC and dark pools, specific to today’s SEC open meeting in Washington, DC beginning at 10:00 am ET to consider whether to propose regulatory changes regarding dark pools.
Following yesterday’s press conference call with NYSE chief executive Duncan Neiderauer, Senator Chuck Schumer (D-NY) sent an official letter to SEC Chairman Mary Schapiro with six proposals to regulate alternative trading systems (ATSs) more like traditional exchanges.
A media advisory from Senator Charles Schumer's (D-NY) office was released today announcing that he will hold a conference call with Duncan Niederauer, CEO of NYSE Euronext today at 12:30 to urge the Securities and Exchange Commission to institute a series of reforms to better regulate dark pools.
New York Times Reporter Andrew Ross Sorkin discussed his new book "Too Big To Fail" with CNBC today in which he discloses some behind-the-scenes conversations that took place at Goldman Sachs and at Lehman
According to Cuttone & Company's McSherry, a sweeping reevaluation of current market structure should be undertaken immediately, before new rule changes are erected atop a flawed regulatory foundation.
Check out this developing story on Penson Financial Services, which was accused of a serious securities law violation (approving a large naked short) by Rolling Stone columnist Matt Taibbi. Penson wrote a letter to the SEC denying any wrong doing.
Here is a story that appeared in The Business Insider that recounts what happened.
Why Penson's Letter To SEC On Matt Taibbi Changes Everything