Wells Fargo, SEC Told to Meet in Subpoena Dispute
A federal judge rejected the U.S.
Securities and Exchange Commission's demand that Wells Fargo &
Co comply with subpoenas related to a probe of the
bank's sale of $60 billion of mortgage-backed securities, but
directed both sides to meet.
FINRA Investigating Exchange-Traded Notes
The U.S. regulator that oversees the
sale of investment products to investors is investigating how
companies are marketing exchange-traded notes, a niche category
that gained some notoriety when one ETN experienced a huge loss
Top Quotes of the Week
What a week! Europe double dips, hedge fund managers have big egos, MF Global pleads the Fifth, and everybody is leaving Goldman Sachs. Advanced Trading gathered up the funniest and the most revealing quotes from the capital markets thought leaders. There's a lot of bad news out there, but there are some bright spots. Enjoy.
Goldman Sach's Gupta Loses Wiretap Ruling
Former Goldman Sachs Group director Rajat Gupta lost his bid to suppress wiretap evidence at his upcoming criminal trial on charges that he leaked boardroom secrets to hedge fund founder Raj Rajaratnam.
Volcker Backs Contentious Auditor Rotation Idea
Former Federal Reserve Chairman Paul Volcker supports a controversial term-limit proposal for audit firms, a rule aimed at preventing them from becoming complacent over time and less willing to question senior management.
Buffett Millionaires Tax Would Raise $47 Bln
A proposed 30 percent
minimum tax on millionaires backed by President Barack Obama -
dubbed the Buffett tax after investor Warren Buffett who
supports it - would raise about $47 billion over a decade,
according to a congressional report.
The Attraction of OTC Clearing
Despite all the noise and hoopla, market participants seem to be huddled together at the top of the diving board waiting for someone else to take the plunge first.
NY Mets Owners To Pay $162 Mln Madoff Settlement
Owners of the New York Mets
baseball team have agreed to pay $162 million to settle a
lawsuit by the trustee seeking money for victims of Bernard
Madoff's fraud, just before a trial was scheduled to begin.
Explosive Goldman Sachs Exit Fuels Volcker Rule Push
Reform advocates are pointing to Greg Smith's very public resignation from Goldman Sachs as another reason why the industry needs a strong Volcker rule, though it remains unclear if it will influence regulatory thinking.
SEC's Schapiro Renews Call for Money Fund Reforms
The top U.S.
securities regulator is determined to implement a new round of
money market fund reforms, despite facing strong resistance from
many of the biggest industry players who say more regulations
SEC Charges Five With Insider Trading From AA Tip
U.S. securities regulators
charged two Ameriprise Financial advisers and three
others with insider-trading, saying they made $1.8 million in
illicit profits based on confidential merger information one of
the advisers learned through an Alcoholics Anonymous
Who's Hiring in Financial Tech?
Two different companies hiring service and support staff are involved in social media compliance and derivatives trading solutions.
MF Global Customers Get Offers for Claims
Some big financial firms have
offered to buy the claims of thousands of MF Global
customers, whose money went missing after the brokerage firm
collapsed last year, the New York Times said, citing people
involved in the negotiations.
Market Fraudsters vs. the Genuine(rs): Who's Winning?
Managing systemic risk — and preventing market abuse — is one of today’s greatest challenges, and regulators have been intensifying their efforts to clean up the markets. But are the good guys winning the war against fraudsters?
Dodd Frank Confusion Reigns on Buy Side — Study
While sell side firms are investing heavily due to Dodd Frank, a new study finds that buy side firms are confused about clearing deadlines and favor Bloomberg as the execution venue of choice.
A Former SEC Enforcer On Slowing Down HFT
After years of trading near the speed of light can regulators realistically place a speed limit on high frequency trading? Mark Fickes, a former attorney for the SEC enforcement division and currently with BraunHegey & Borden of San Francisco, weighs in.
The 3 Biggest Pain Points on the Road to Swaps Clearing
Central clearing promises to bring transparency to the OTC derivatives market and reduce participants' risk. But dragging swaps out into the open is a difficult road. Here are three challenges adding to the buy side's pain -- and insight into how they can be overcome.
Who Do Buy-Side Firms Trust With Their Money?
In the absence of clear rules on customer collateral protection, the question of default risk weighs on investment managers entering the swaps clearing game, and some market participants argue that custodians offer a safer option than brokers.