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Accelerating Wall Street 2010
May 11, 2010
Bank Systems & Technology Executive Summit 2010
October 3-6, 2010
Advanced Trading's Buy-Side Trading Summit 2010
October 17-19, 2010
Web Events:
Online Account Acquisition - What are the Drivers of Abandonment and Conversion?
March 30, 2010
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Cloud Vendors: Are You Listening?
March 05, 2010 @ 12:30 PM | By Greg MacSweeney
The buzz and hype around cloud computing is practically deafening. However, despite all of the talk, users are still confused about the definition of cloud. But most important for the capital markets: cloud vendors still don’t “get it” when it comes to the regulatory and compliance concerns that most firms face on a daily basis. In fact, many capital markets executives feel that cloud vendors don’t grasp the the magnitude and severity of their security demands.
The results from a recent Wall Street & Technology Cloud Computing Survey (download here) and the following report from the Innovation Councils, a group of senior capital markets technology executives founded by Julio Gomez, echoes the concerns.
For the real scoop about what capital markets executives are saying about cloud computing, read Gomez’ take from the recent Innovation Council meeting that took place this past weekend ...
continued...Comments(3)
Brokers Get New Social Media Rules (video)
March 03, 2010 @ 11:02 AM | By Melanie Rodier
FINRA recently issued brokers with new guidelines regarding communications with the public through social networking sites. In this video, Larry Tabb, CEO and founder of TABB Group, outlines what policies and procedures financial firms should have in place to communicate with investors while staying on top of the newest trends in social media.
continued...
Comments(2)
Why Government Regulators Seem Unprepared
February 24, 2010 @ 11:29 AM | By Greg MacSweeney
The global financial crisis and Toyota's current mess have something in common -- government watchdogs didn't fully understand the complex systems they were supposed to be regulating. This is true with the SEC, as well as the NTHSA, which oversees the auto industry. Part of the problem is that they are severely underfunded and can’t hire the scientists and experts to oversee the industries they regulate. Consider this: if the SEC wants to oversee complex derivatives — you know, the ones that partially caused the financial crisis — it must hire financial experts who understand the products. However, the SEC is in competition with Wall Street firms which have the resources to pay top dollar for financial engineers with experience. How can the SEC compete? Certainly, it can’t compete with its current budget. American Public Media’s Bob Moon reports.
What Regs Are Next? (video)
February 23, 2010 @ 09:33 AM | By Melanie Rodier
In light of the Madoff scandal and the financial crisis, regulators who have been heavily scrutinized for their failings are under more scrutiny than ever before. In this video clip, Senior Editor Melanie Rodier speaks to Larry Tabb, CEO and founder of TABB Group, about what new regulations the financial community can expect, and about the future of the SEC.
continued...JPMorgan: Regulation Increases Costs
February 18, 2010 @ 10:48 AM | By Greg MacSweeney
Tighter regulation is supposed to be the price of making the banks stable and taxpayers whole, but JPMorgan Chase is warning it will also bring a much higher cost of doing business, according to this audio clip from American Public Media. Bob Moon reports.
Bankers Get the Cold Shoulder in Davos
January 29, 2010 @ 07:52 AM | By Greg MacSweeney
The atmosphere inside the World Economic Forum is warm and congenial. But bankers are feeling the chill wind of disapproval. Bankers are arguing that all of the new regulations — on both sides of the Atlantic — will cost jobs and reduce credit. But in the current global economic recession, bankers seem tone deaf to the realities of the world in which they live. Regulators and the public are wary that "too big to fail" banks could again cause another financial crisis. American Public Media’s Stephen Beard reports from Davos.
Executive Bonuses: What Will Regulators Do Next? (video)
January 27, 2010 @ 10:00 AM | By Melanie Rodier
In this video clip, Larry Tabb, CEO and founder of TABB Group, focuses on potential regulations regarding executive compensation. He also tells WS&T's Greg MacSweeney that if U.S. regulators levy a tax on bonuses they could cause a brain drain, but that Wall Street must nevertheless show more sensitivity to the markets.
continued...A Few Ideas For Obama On Financial Regulation (video)
January 25, 2010 @ 10:56 AM | By Melanie Rodier
WSJ's Jason Zweig discusses President Obama's plan to curb excessive risk taking at big banks, as well as his proposals for better financial regulation.
continued...New Fees Could Take a Swipe at Bank Profits
January 12, 2010 @ 10:25 AM | By Greg MacSweeney
The Obama administration is likely to slap banks with a fee designed to recoup losses associated with TARP, in a move that could help lower the deficit and reduce risk-taking by big banks. However, there are a number of problems with the proposed fees. WSJ's Deborah Solomon reports.
Fed Could Be Looking at a Record $45 Billion Profit
January 12, 2010 @ 10:24 AM | By Greg MacSweeney
Early reports indicate the Federal Reserve's 2009 earnings will show record profits — close to $45 billion because of the aggressive stance the bank took when the financial crisis hit. This is good news for the federal budget, as the profits will go right back to the U.S. Treasury. Bill Radke talks to American Public Media Marketplace's Sam Eaton about why the Fed was so successful last year.
FDIC Looking to Cash In on Risky Behavior
January 07, 2010 @ 11:20 AM | By Greg MacSweeney
In order to replenish dwindling reserves, the FDIC is considering charging member banks more if they're involved in risky behavior, according to this report from American Public Media’s Nancy Marshall Genzer.
House Finally Debates Financial Regulation Bill
December 11, 2009 @ 09:13 AM | By Greg MacSweeney
Fifteen months after Lehman Brothers collapsed there are still no new rules for the financial industry. But the bill for new regulations is finally on the House floor. American Public Media Marketplace’s Jeremy Hobson reports.
FBI May Be Eyeing SAC Capital
December 07, 2009 @ 10:23 AM | By Greg MacSweeney
After the Galleon insider trading arrests, the question is who is next. According to this Reuters article, SAC Capital Advisors -- Steven A. Cohen’s $12.9 billion Connecticut-based hedge fund — is under investigation by the FBI. SAC Capital has been investigated in the past, but no charges have ever been filed. This interesting, and long, article focuses on FBI Special Agent B. J. Kang who had had been at the center of a number of high profile securities cases, including the most recent case against Raj Rajaratnam and Galleon. Reuters investigative reporter Matthew Goldstein comments on the article and the SAC Capital investigation in this video.
Banks Are Surprise Supporters for Pay Regulation
November 30, 2009 @ 11:08 AM | By Greg MacSweeney
The public comment period on proposed rules by the Federal Reserve to crack down on executive pay is over. What would the regulations do? In a surprise, banks are generally supportive of pay regulations, according to Financial Services Roundtable.
CFTC Chairman Calls for Comprehensive Reform to OTC Derivatives Market
November 20, 2009 @ 11:23 AM | By Greg MacSweeney
Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), says that most important thing that needs to happen to the over the counter derivatives market is comprehensive reform. “The number one thing is transparency,” just like when securities are traded in the public market and everyone knows the price and the volumes. “We need to bring that same reform to this large and unregulated market,” Gensler said in an interview with MSNBC. Hear Gensler’s comments on OTC derivatives, futures contracts and more in this brief video clip.
Visit msnbc.com for Breaking News, World News, and News about the Economy
Congress to Take Closer Look at The Fed
November 20, 2009 @ 11:21 AM | By Greg MacSweeney
A House panel has voted in favor of letting Congress take a closer look at the Federal Reserve. American Public Media’s Bill Radke talks to Alisa Roth about what the measure means and why some Fed officials are worried about more transparency.
New Task Force Targets Financial Fraud
November 18, 2009 @ 11:23 AM | By Greg MacSweeney
Following a rise in Wall Street trading scandals, the Obama administration announced a new inter-agency task force to crack down on financial fraud.
Did Geithner Do Right By AIG?
November 18, 2009 @ 11:12 AM | By Greg MacSweeney
A report from the TARP Inspector General Neal Barofsky suggests the government overpaid a good deal to rescue AIG. American Public Media’s Senior Editor Paddy Hirsch discusses Treasury Secretary Timothy Geithner's role in the bailout of AIG. Did the government do all it could to save taxpayers' money? And could have Geithner done a better job of negotiating with the banks?
Politicians Should Keep Hands Off the Fed
November 04, 2009 @ 11:29 AM | By Greg MacSweeney
The Federal Reserve has received criticism from both the left and the right that it is too powerful, but Reuters columnist James Pethokoukis says politicians should keep their hands off the Fed and not try to bring the Reserve under Washington supervision.
Big Chill Seen if Bear Stearns Managers Walk
November 03, 2009 @ 10:48 AM | By Greg MacSweeney
Reuters Columnist Matthew Goldstein says too little attention is being paid to the criminal trial of of former Bear Stearns managers charged with lying to investors in the spring of 2007 about the health of once-giant hedge funds. Outcome of the trial could determine how other prosecutors pursue similar financial fraud cases.
Geithner Testifies on Regulation
October 30, 2009 @ 10:45 AM | By Greg MacSweeney
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.
More Financial Regulation Isn't the Only Answer
October 01, 2009 @ 11:34 AM | By Greg MacSweeney
Everyone is quick to blame the banks for the financial crisis because they took on too much risk. Many also point to the Canadian banking system as a model the U.S. should try to follow. However, it's not that simple and more financial regulation will not solve all of our housing problems. In this Marketplace audio clip, commentator David Frum says we may need to think beyond regulation to prevent the next crisis.
Walking a Tightrope: Financial Reform Options
September 24, 2009 @ 10:47 AM | By Greg MacSweeney
At a House committee hearing on how to reform the financial industry, Treasury Secretary Tim Geithner said he'd like regulation proposals to be tougher. Bob Moon, for American Public Media’s Marketplace program, reports on what the White House can do on its own.
Whatever does happen, Congress faces a mid-term election in 2010. So far, lawmakers have been all talk and no action on financial regulatory reform. Will voters be content with a lot of blather and little action when the elections come around? If the economy continues its jobless recovery, “throw the bums out” will be heard across the country next year.
E.U. Unveils Controversial Financial Regulatory Plan
September 23, 2009 @ 11:13 AM | By Greg MacSweeney
Today the E.U. unveiled a plan to overhaul the way banks and financial markets are overseen. Officials hope to present the plan to the G20 in Pittsburgh as a blueprint for averting financial crises. Marketplace's Stephen Beard describes the report.
But will anything actually be accomplished? It’s been more than a year since the credit crisis began and there has been a lot of talk on both sides of the pond about regulatory overhaul, yet nothing has happened. Talk is cheap, but modernizing the regulators so they can monitor today’s (high speed and innovative) financial markets is going to take a lot of work and a huge investment. Simply put, the regulators are not capable of monitoring a mostly electronic marketplace that is getting more complicated and innovative by the day. If lawmakers want to financial regulatory reform, they had better be ready to open the checkbook to the tune of millions of dollars.
Here in the U.S., Congress is beginning two weeks of hearings on banking reform. Treasury Secretary Tim Geithner will defend a plan to merge two of the four federal regulators. But the move is drawing its fair share of debate. Marketplace’s John Dimsdale reports.
Lawmakers' Insider Advantage to Trading
September 18, 2009 @ 09:20 AM | By Greg MacSweeney
Company executives are forbidden from trading stocks using insider knowledge, but no such law exists to prevent members of Congress from doing so.
In fact, although members of Congress deny they use insider information for their own benefit, the numbers don't lie. Members of Congress outperform the market in good markets or bad. According to Alan Ziobrowski, a business professor at Georgia State University who studied more than 6,000 personal financial disclosures from members of Congress, on average "Senators make significant abnormal returns, some place around 1 percent above the market, 12 percent a year," he told American Public Media in this audio clip. American Public Media’s Steve Henn reports.
UBS Settlement Could Unlock Bank Secrecy
August 20, 2009 @ 09:44 AM | By Greg MacSweeney
An agreement reached between the U.S. and Switzerland over secret American accounts held at the Swiss bank UBS may open the way for revelations of tax evasion at other banks. American Public Media’s John Dimsdale reports for the Marketplace Report.
Big Banks Face Further Scrutiny
August 03, 2009 @ 07:23 AM | By Greg MacSweeney
The worst may not yet be over for some of America's biggest banks. As the Wall Street Journal's John McKinnon reports, some of the country's biggest lenders, including Goldman Sachs, have been subpoenaed by a Senate committee as part of a fraud investigation. Law enforcement agencies will certainly pay attention to this committee’s findings.
New Rules Would Rein in Derivatives
August 03, 2009 @ 07:21 AM | By Greg MacSweeney
Democrats are working on a bill that would force most credit-default swaps onto exchanges where they can be monitored by the government. American Public Media’s Jeremy Hobson breaks down how these potential regulations would work and how they might help in this brief Marketplace audio clip.
Are Speculators Driving Up Oil Prices?
July 09, 2009 @ 11:35 AM | By Greg MacSweeney
The Commodity Futures Trading Commission (CFTC) certainly suspects that oil speculators are behind the wild swings in oil prices. Bart Chilton, commissioner of the CFTC, says “it’s not our job to set prices in government, but it is our job to make sure there is no fraud, abuse or manipulation.” For the first time, the CFTC is considering setting limits on speculators in the oil futures markets with the hope of increasing transparency. Commodities traders, naturally, don’t like the proposed regulations, with some analysts even calling it a “witch hunt,” in this CBS News video.
E.U. Drafts New Regulatory System
June 19, 2009 @ 10:11 AM | By Greg MacSweeney
E.U. leaders are backing a draft for a new regulatory system which includes a systemic risk board to spot credit problems before they become a danger to the financial system. Britain fought to retain total control over its financial oversight, but that may now be diluted in the regulatory draft. The draft also includes an upbeat note on financial recovery. Stephen Beard reports for American Public Media’s Marketplace.
The Most Sweeping Changes to Financial Regulation Since the 1930s
June 17, 2009 @ 10:52 AM | By Greg MacSweeney
President Obama is focusing on the next step to fix the financial system: proposing new regulations that are intended to help consumers and put limits on bankers. MSNBC’s Steve Liesman goes over some of the changes, as does CBS News’ Chip Reid in the following videos. Also, new financial regulations will create a new financial consumer protection agency, require banks to carry more capital on their books, regulate derivatives and more, reports American Public Media Marketplace’s Steve Henn in the following audio clip.
Visit msnbc.com for Breaking News, World News, and News about the Economy
Exploring What Really Broke Bank of America
June 16, 2009 @ 08:47 AM | By Greg MacSweeney
A new Frontline documentary titled "Breaking the Bank" is airing tonight that tells the tale of Bank of America's rise to its ill-fated takeover of Merrill Lynch. Also, American Public Media’s Bill Radke gets the bigger picture from "Breaking the Bank" producer Mike Kirk in the following Marketplace audio clip.
Overreaching Derivatives Regulation Worries Dealers
June 05, 2009 @ 07:36 AM | By Greg MacSweeney
The regulator of the futures trading industry is proposing new rules for trading financial contracts known as derivatives. John Dimsdale reports that big wheelers and dealers are now fretting about overreaching regulation in this American Public Media audio clip.
Commentary: One Financial Regulator to Rule Them All
June 04, 2009 @ 08:22 AM | By Greg MacSweeney
Who should regulate our financial system? American Public Media Marketplace’s Commentator Robert Reich, argues there should be one financial regulator to prevent the kind of fiscal meltdown that sent the U.S. into this recession.
The Rise of a Financial Stability Regulator
May 28, 2009 @ 10:14 AM | By Greg MacSweeney
Just as the Great Depression led to the creation of new institutions and financial practices, the Obama administration is on track to impact financial regulations. One of the new concepts involves a financial stability regulator, Wall Street Journal’s David Wessel explains. The big question remains: “How much power will be given to the new regulator?”
Treasury, Banks Negotiate Stress Tests
May 05, 2009 @ 10:19 AM | By Greg MacSweeney
I think it’s slightly amusing that the big banks' stress test results have been pushed back as executives try to convince the Treasury Department to give them passing grades. That’s kind of like trying to convince your cardiologist that although you failed the stress test, your heart is fine. Maybe bankers feel that hey know their respective companies better than the Treasury. That is probably true, but the collective track record during the past few years doesn’t provide much confidence that the bankers can objectively self regulate and self capitalize. Here is an interview on the stress tests from American Public Media.
SEC Starts Tweeting In Effort To Revamp Image and Increase Transparency
April 28, 2009 @ 10:55 AM | By Melanie Rodier
S.E.C. chief Mary Schapiro is expanding the regulator's presence on Twitter in an effort to boost its transparency and update its image, the Los Angeles Times reported.
continued...Was AIG's Fall Criminal?
April 28, 2009 @ 10:04 AM | By Greg MacSweeney
New information has surfaced in the federal investigation of the collapse of insurance giant AIG. As CBS News chief investigative correspondent Armen Keteyian reports, investigators wonder if AIG’s downfall was due to criminal acts, such as securities fraud. CBS News is reporting that a Justice Department criminal investigation is trying to figure out just how AIG crumbled. According to Keteyian, sources say investigators are digging into whether Joseph Cassano, the former head of London-based AIG Financial Products, and two of his top deputies -- Andrew Forster, an executive vice president, and Thomas Athan, a managing director -- committed securities fraud and other federal crimes.
Investigators Open 20 TARP-Fraud Criminal Probes
April 22, 2009 @ 09:54 AM | By Greg MacSweeney
Ever since taxpayer money was handed out to U.S. banks, the question has been "where did the money go?" TARP warns that one out of ten bailout dollars could be lost to fraud, amounting to possibly $100 billion or more. The lead investigator says that with so much money being handed out in such a short period of time, it is not surprising that schemes and criminals would try to benefit. Securities fraud and insider trading are just two types of crimes various government agencies are investigating. CBS News’ Chip Reid reports.
Restructuring and Job Losses in the Financial Sector
April 07, 2009 @ 10:49 AM | By Greg MacSweeney
John Garvey, partner at PricewaterhouseCoopers, discusses whether more job losses lie ahead, specifically in the financial sector, as well as how financial firms are completely restructuring their business. MarketWatch’s Kelsey Hubbard reports.
G-20 Takes Shape Around Regulation
April 02, 2009 @ 09:52 AM | By Greg MacSweeney
As the G-20 gets underway, regulation is the big theme, and countries are starting to pledge their support to do what's necessary to help their economies. American Public Media’s Steve Chiotakis reviews other decisions being made with Stephen Beard in London.
What Will the G20 Meeting Accomplish?
March 31, 2009 @ 10:15 AM | By Greg MacSweeney
As world leaders prepare for the G-20 summit, it's become clear that stimulus package increases won't be on the table. American Public Media’s European correspondent Stephen Beard tells Steve Chiotakis what likely will be accomplished at the meeting.
Watch Out for the Conficker Worm
March 31, 2009 @ 10:04 AM | By Greg MacSweeney
CNET's Natali Del Conte shares tips with Maggie Rodriguez about the April 1 ''Conficker'' worm, which could steal financial information and other data from computers. However, while experts are concerned about the complexity of the worm, they don't know if this virus is the real deal, or an April Fool's hoax.
How Can Firms Comply With Regs, While Downsizing Their Compliance Department? (video)
March 31, 2009 @ 10:02 AM | By Melanie Rodier
Companies are downsizing their operations as well as their headcount in internal audit and compliance. But they still need to comply with regulatory requirements, which are increasing.
continued...Obama Meets with Senior Bankers Today
March 27, 2009 @ 09:39 AM | By Greg MacSweeney
WSJ.com is reporting that President Obama is expected to meet with several high profile bankers in Washington as he seeks to gain support for the latest plan to stabilize the financial sector.
American Public Media’s Marketplace Morning Report has more on the bank executives' meeting with President Obama.
Maybe It's The Regulators Who Need Bonuses
February 04, 2009 @ 04:49 PM | By Melanie Rodier
NYT chief M&A reporter Andrew Ross Sorkin says Obama’s cap on executive pay isn’t going down well in the financial industry as Wall Street needs to incentivise its workers to do well, or risk losing its best people.
continued...Panel Pushes For More TARP Regulation (audio)
January 30, 2009 @ 01:27 PM | By Melanie Rodier
In this Marketplace interview, the chair of the Congressional Oversight Panel for the Trouble Assets Relief Program (TARP) talks about the new regulations it is urging the government to implement to stop another financial crisis of this magnitude from ever happening again.
continued...Compliance (and E-discovery) a Hot Topic Right Now
January 29, 2009 @ 03:27 PM | By Melanie Rodier
Compliance is one of the beats I cover for WS&T, and in spite of the market conditions, or perhaps precisely because of them, compliance seems to be one area that is positively thriving right now.
continued...Davos Diary, Day 1: First impressions at Davos: Collaboration is the Name of the Game
January 29, 2009 @ 10:55 AM | By Greg MacSweeney
Guest Blog Entry: by Ashok Vemuri, InfoSys
This is my third time in Davos for the World Economic Forum and my overwhelming impression is that the atmosphere is ‘muted’. If you walk through the Congress Hall or global village, it’s as if someone has thrown cold water over the delegates, plunging the temperature to match the weather outside. There is just not the same energy and ebullience that usually defines Davos.
continued...House Financial Services Committee Madoff Hearing (Video)
January 06, 2009 @ 08:54 AM | By Greg MacSweeney
If you missed the riveting, 3.5 hour House of Representatives Financial Services Committee hearing on the alleged Bernie Madoff affair, you missed one of CSPAN’s finest moments. View the full hearing, or a shorter version from CBS News, in the video players on the next page.
DISCLAIMER: Wall Street & Technology is not responsible for viewers’ irritation toward elected officials, Bernard Madoff, the SEC or your rapidly rising level of frustration and blood pressure while you watch this video.
Madoff hearings put SEC under fire
January 05, 2009 @ 04:23 PM | By Melanie Rodier
An hours-long congressional hearing on the Madoff fraud yielded next to no answers as to how the former Nasdaq chairman perpetrated his Ponzi scheme, instead reiterating disbelief that it could have gone unnoticed by the SEC for so long.
New Financial Products Need New Regulation
December 23, 2008 @ 07:14 AM | By Greg MacSweeney
The crash of the financial markets and the pile up of investment scams have some people asking -- Where were the regulatory agencies in all of this? Commentator Amelia Tyagi says financial products need to be regulated as strictly as the drug, toy and cosmetic industries to prevent further meltdowns, in this American Public Media audio clip.
Madoff and the SEC: how could the Wall Street exec have fallen through the cracks?
December 17, 2008 @ 12:31 PM | By Melanie Rodier
SEC chairman Christopher Cox admitted the agency missed repeated opportunities to discover what may be the largest financial scam in history. He said he was "gravely concerned" by the watchdog's "apparent multiple failures over at least a decade" to thoroughly investigate allegations or seek formal authority to pursue them.
But just how could the agency have failed to notice the red flags for so long?
continued...Update on the Madoff Scandal (media roundup)
December 17, 2008 @ 09:44 AM | By Melanie Rodier
As the dust settles on the Madoff scandal, the SEC blames itself for a decade-long failure to investigate the Wall Street executive. Meanwhile, Madoff is scrambling to find any remaining friends to keep him out of jail. Here’s the latest media roundup on the scandal:
The Latest on the Madoff Scandal
December 16, 2008 @ 10:13 AM | By Penny Crosman
As Wall Street tries to recover from the shock of the $50 billion Madoff Securities fraud case, new details are emerging about how the scheme worked, the federal investigation of Bernard Madoff and his firm, and how investors all over the world have been affected. The media usually benefits from tragedies such as these and surely some journalism career will be kick-started by Madoff's spectacular crash. Some of the most interesting stories we've seen this morning are these:
continued...Treasury on Hot Seat Over TARP Execution
December 11, 2008 @ 08:39 AM | By Greg MacSweeney
Two-and-a-half months after Congress gave Henry Paulson $700 billion, lawmakers made it clear today they're having second thoughts. The occasion was a hearing of the House Financial Services Committee. Members gave assistant Treasury Secretary Neel Kashkari, the TARP czar, a grilling.
continued...Regulators Place Hedge Funds on the Hot Seat
November 14, 2008 @ 08:03 AM | By Greg MacSweeney
Yesterday, Congress questioned heads of some of the worlds largest hedge funds about their role in the global financial meltdown in hearings on Capitol Hill. Not surprisingly, Congressional leaders are looking to regulate the largely unregulated hedge fund market.
continued...Why did Paulson Shift Bailout Focus? (video)
November 12, 2008 @ 04:06 PM | By Melanie Rodier
The Treasury realized it wasn't going to get bang for its buck, and it was going to be too complicated to go through with the auction procedure, according to experts in this MSNBC video.
Rubin, Volcker, Summers and Geithner on Short List for Obama’s Treasury Secretary (CNBC)
November 05, 2008 @ 05:07 PM | By Greg MacSweeney
One of the major issues President-elect’s Barack Obama’s new Treasury Secretary will need to deal with is managing the TARP, in addition to a large domestic spending agenda that will be needed to support new programs. CNBC speculates that Robert Rubin, Paul Volcker, Lawrence Summers, and Timothy Geithner are on Obama’s short list for Treasury Secretary
Who Will President-Elect Obama Choose as Treasury Secretary?
November 05, 2008 @ 09:51 AM | By Greg MacSweeney
Many expect Barack Obama’s incoming administration will act quickly to name the next Treasury Secretary, who will be given the enormous task of helping to get the economy moving again. On the short list: Paul Volcker, Lawrence Summers, and Timothy Geithner, to name a few. Hear more in this Marketplace segment from American Public Media.
Unknown Credit Default Data Could Inspire Regulators (audio)
November 04, 2008 @ 08:16 AM | By Greg MacSweeney
Regulators might be shocked into action when it comes to credit default swaps (CDS). The value of all the credit default swaps could be $40 trillion or $50 trillion -- nobody knows for sure, reports Bob Moon for American Public Media’s Marketplace radio program.
Related audio: The Sky Didn't Fall on Lehman Swaps, Yet
Is the bail out deal 'too sweet' for banks? (video)
October 30, 2008 @ 08:29 AM | By Greg MacSweeney
When financially sound banks (those not burdened with so-called toxic assets) are running to the Fed to take part in the bail out, is that a sign that the deal is too sweet for the banks? Washington Post business columnist Steven Pearlstein explains why the government has a hard time enforcing lending rules in banks, and why it will take time to get the economic system moving again, in this video from MSNBC.
Greenspan 'Shocked' by Breakdown (video)
October 24, 2008 @ 07:09 AM | By Greg MacSweeney
Former Fed Chairman Alan Greenspan said he was "shocked" by the breakdown in the credit system and told Congress the crisis was once in a century. (WSJ.com video)
Congressman Waxman No Longer Believes Markets Can Self Regulate (audio)
October 22, 2008 @ 08:56 AM | By Greg MacSweeney
Today, Congress is holding hearings on the role that the ratings agencies have played in the credit crisis. In this American Public Media Marketplace radio interview, U.S. Congressman Henry Waxman (D-CA) who chairs the House Committee on Oversight and Government Reform, discusses some of the causes of the crisis and what new regulations might be in store of banking. Hint: Congress is no longer listening to lobbying from Wall Street that contends that the markets can self regulate.
Federal and NY State Prosecutors Investigating CDS Trading (NPR.org audio)
October 21, 2008 @ 08:42 AM | By Greg MacSweeney
Prosecutors are looking to see if traders manipulated the prices of credit default swaps in order to weaken confidence in financial companies, according to this report from NPR’s Marketplace Morning Report. Then the traders would short the financial stocks as the prices fell.
continued...Comment on this blog entry
E-discovery requests expected to rise sharply with financial crisis
October 20, 2008 @ 03:32 PM | By Melanie Rodier
And then the investigators came marching in...
In the midst of the current financial turmoil, firms can expect a rise in the number of e-discovery requests they have to respond to, experts predict.
continued...Comment on this blog entry
E-discovery: What about blogs and wikis? (VIDEO)
September 03, 2008 @ 03:57 PM | By Melanie Rodier
Every company will almost certainly one day face the overwhelming task of answering an e-discovery request. But this is not just limited to e-mail and instant messages, says Marie-Charlotte Patterson, VP corporate marketing, AXS One. continued...
Comments(1)
U.S. Firms Must Start Preparing Now for Massive IFRS Reform, says Ernst & Young
August 07, 2008 @ 04:46 PM | By Melanie Rodier
The U.S. Conversion from GAAP to International Financial Reporting Standards (IFRS) should take place in 2013. But if financial firms want to be ready, they must start preparing now, says Ernst & Young.
continued...Comment on this blog entry
Michael Oxley Says SOX A Burden At First, But Now A Global Trendsetter
July 25, 2008 @ 01:48 PM | By Melanie Rodier
Former U.S. Congressman Michael Oxley, vice chairman of Nasdaq, acknowledges that the Sarbanes-Oxley Act he co-authored was too onerous at first -- but says it has since spurred a global compliance trend.
Comment on this blog entry
Roundtable Analyzes Hedge Funds Best Practices (Part 2)
July 25, 2008 @ 11:00 AM | By Greg MacSweeney
In a recent roundtable, panelists offered advice on why it is important for hedge funds to increase transparency, perform "checks and balances" on valuations, add dedicated risk management functions and have a business continuity plan for trading operations. Ultimately, these practices will help reduce hedge fund risk and improve investor protections.
continued...Comment on this blog entry
Despite SocGen, Most Firms Still Don't Fully Investigate Suspicious Alerts
July 16, 2008 @ 12:38 PM | By Melanie Rodier
In spite of recent high-profile financial scandals such as the SocGen rogue trader case, most financial firms are still not fully investigating all suspicious activity alerts.
continued...Comment on this blog entry
E-Discovery: IT Execs Overconfident and Underprepared
June 25, 2008 @ 05:04 PM | By Melanie Rodier
Almost 98% of IT executives rate their ability to respond to litigation as above average or very well prepared, according to a new survey from IDC. But according to analysts, they are vastly overrating themselves.
continued...Comments(2)
Hedge Funds Best Practices Outlined by President’s Financial Working Group
June 25, 2008 @ 09:18 AM | By Greg MacSweeney
Eze Castle Integration recently hosted a roundtable discussion about the April 2008 Hedge Fund Best Practices Peport from the Asset Managers’ Committee to the President’s Working Group on Financial Markets. A panel of hedge fund industry executives from Equinox Partners, Ernst & Young and the law firm Bingham McCutchen joined Eze Castle Integration in discussing the Asset Managers’ and Investors’ Committee reports. This blog is the first of two that discusses the reports and requirements for hedge funds, as well as the panel discussion and recommendations.
continued...Comment on this blog entry
E-Discovery Leads to Arrest of Bear Stearns Hedge Funds Managers
June 19, 2008 @ 02:31 PM | By Melanie Rodier
E-discovery is at the center of the arrest of two former Bearn Stearns managers, taken into custody today over their roles in the collapse of two hedge funds which triggered the sub-prime mortgage crisis.
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XBRL: Accounting on Steroids (video)
May 22, 2008 @ 12:16 PM | By Greg MacSweeney
Now that the SEC has mandated that all large publically held companies file their financial reports in XBRL format, the push is on to implement the necessary technology, codes and processes. However, some are asking: "Just what is XBRL?" As they say, a picture is worth a thousand words. Well, what is a video -- a collection of moving pictures -- worth? Well, check out this simple, sometimes witty and informative video primer on the SEC's XBRL mandate from Just Systems:
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Financial Firms Expect More Rogue Trading
May 20, 2008 @ 02:59 PM | By Melanie Rodier
In the aftermath of the SocGen scandal, a new study has found that 75% of investment firms expect another $100 million rogue trading loss to be uncovered at a large financial institution within the next 12 months.
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FINRA Issues Guidelines to Prevent Rogue Trading
April 14, 2008 @ 05:04 PM | By Melanie Rodier
In the aftermath of the clamorous Soc Gen scandal , FINRA has issued guidance to financial firms outlining best practices for detecting and preventing rogue trading.
FINRA CEO Mary L. Schapiro pointed out that while rogue trading isn't new, pervasive elctronic trading and market lingages have increased pressure on some firms to relax internal controls.
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SocGen: Another Trader is Detained
March 12, 2008 @ 01:04 PM | By Melanie Rodier
SocGen confirmed that police just searched its trading floor and held another trader and former colleague of rogue trader Jerome Kerviel, for questioning. Some records were also taken away by officers.
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IT Vendor Management More Important than Ever for Financial Firms
March 05, 2008 @ 10:29 AM | By Melanie Rodier
A new survey has found that IT vendor management is becoming increasingly important for banks, who now consider it an enterprise-wide issue that can help significantly reduce costs, as well as reduce corporate reputation risk.
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Soc Gen: Bank's Controls Didn't Work, says report
February 04, 2008 @ 02:43 PM | By Melanie Rodier
Christine Lagarde, France's economy minister, said some of Societe Generale's internal controls failed to work, leading to the scandal of the junior trader who "lost" $7 billion.
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Bird Flu Pandemic: Will Telecommuting Work on Wall Street?
January 30, 2008 @ 04:08 PM | By Melanie Rodier
While most large financial institution firms plan to rely on telecommuting in the case of a pandemic - new results of a financial industry drill show that few employees actually did telecommute at all.
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Societe Generale: Could it Have Prevented $7.2 billion fraud?
January 29, 2008 @ 03:46 PM | By Melanie Rodier
Jerome Kerviel, the Societe Generale trader who allegedly carried out a $7.2 billion fraud, confessed to police that he hid his activities from his superiors, and claimed both he and other employees had been carrying out risky trades since 2005. So how could Soc Gen have prevented the fraud?
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How Did the Societe Generale Fraud Happen?
January 24, 2008 @ 12:53 PM | By Melanie Rodier
France's second biggest bank, Societe Generale, is reeling from the discovery of a $7.14 billion fraud committed in 2007 and 2008 by Jerome Kerviel, a trader working on the futures desk at the bank's headquarters in Paris. So how did such massive fraud happen and lie undetected for so long?
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Brokerage Employee Pleads Guilty to Insider Trading Conspiracy
January 23, 2008 @ 02:11 PM | By Melanie Rodier
As one of Wall Street's most far-reaching cases of insider trading continues to unravel, a former employee of Hoboken, NJ-based brokerage firm Assent has pleaded guilty to conspiracy, after admitting he accepted bribes to conceal illegal trades based on inside information provided by a former employee at UBS.
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Financial Firms Must Spend More on Anti-Money Laundering
January 15, 2008 @ 05:34 PM | By Melanie Rodier
Financial firms say they need to dedicate more resources to their anti-money laundering (AML) programs and focus more on regulatory risk - the risk associated with the potential for laws to change and impact relevant investments, according to a new survey by London, UK-based Ernst & Young.
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SEC's Old Computer System Is Hampering Efforts to Stop Insider Trading
December 18, 2007 @ 04:58 PM | By Melanie Rodier
A new report found that deficiencies in the SEC's computer system are hampering the watchdog's efforts to thwart insider trading and spot other regulatory violations.
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What is the Actual Cost of a Data Breach for a Financial Firm?
November 28, 2007 @ 01:45 PM | By Melanie Rodier
As the number of data breaches reported annually continues to surge, costs incurred by companies who report an incident are also increasing, according to a new study by security and privacy research organization, the Ponemon Institute.
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How Well Can Wall Street Handle Pandemic Flu? Drill Results Are Mixed…
November 19, 2007 @ 03:34 PM | By Melanie Rodier
With bird flu outbreaks cropping up from Europe to Asia, scientists say the new pattern of spreading infection makes a worldwide human pandemic more likely. So how well prepared are U.S. financial firms for a pandemic?
Well, 2,775 financial firms recently took part in a drill to try and answer that very question.
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SEC Brings 14 Percent more cases, Insider Trading Focus set to Continue in 2008
November 13, 2007 @ 06:13 PM | By Melanie Rodier
The U.S. Securities and Exchange Commission (SEC) brought 14 percent more enforcement cases in fiscal 2007, the first increase in four years, according to official figures released this week.
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U.S. Banks Are Targets in 60% of Worldwide Phishing Attacks
November 13, 2007 @ 05:30 PM | By Melanie Rodier
A new report revealed that 60% of phishing attacks against global banking brands are targeted against U.S. institutions. UK banks trail in second place, although they currently are the victims in just 16% of all cases.
continued...
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More than 200 Bills on Identity Theft Pending, study reveals
November 06, 2007 @ 04:01 PM | By Melanie Rodier
Identity theft and consumer protection are a bigger priority than ever for state legislators, according to a new study by Boston-based Aite Group, which found that more than 200 bills focusing on the issue are currently pending at state level. As a result, financial institutions must keep a careful eye on any changes and be prepared to act on state legislature to avoid costly fines.
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Complinet launches global Online Networking Community for compliance professionals
November 02, 2007 @ 03:03 PM | By Melanie Rodier
Complinet, a provider of global compliance solutions, has launched a global networking community for compliance professionals in the financial services industry, enabling peer group information exchange about regulations and compliance.
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Oppenheimer & Co. fined $1M by FINRA
October 30, 2007 @ 04:36 PM | By Melanie Rodier
Oppenheimer & Co. Inc. has agreed to pay $1 million to settle charges it produced "flawed, incomplete and untimely data" in breakpoint self-assessment, the Financial Industry Regulatory Authority announced.
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FSA Dives into Hedge Funds and Sets Out Guidelines to Prevent Market Abuse
October 29, 2007 @ 04:11 PM | By Melanie Rodier
The UK's Financial Services Authority (FSA) is launching a formal assessment of the systems hedge fund managers have in place to prevent market abuse, after being "disappointed" by the controls at firms it visited.
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SEC heightens battle against "rampant" insider trading among Wall Street professionals, hedge funds, international rings
October 29, 2007 @ 12:48 PM | By Melanie Rodier
The SEC is stepping up its efforts to fight what a senior official called "rampant" insider trading among Wall Street professionals, and has formed a working group to focus on the crime. Peter Bresnan, the SEC's deputy director of enforcement, said the agency is seeing a trend in larger rings involving more people, international cases, as well as those involving securities professionals and hedge funds.
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MiFID Uncertainty Persists as Implementation Day Approaches
October 24, 2007 @ 12:57 PM | By Melanie Rodier
With the implementation of the Markets in Financial Instruments Directive (MiFID) just days away, a new study has found that a massive 93% of financial services institutions do not believe that MiFID will be consistently implemented and enforced across Europe.
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How can Companies Avoid Fines? Ex-SEC commissioner Offers Some Clues
October 23, 2007 @ 01:02 PM | By Melanie Rodier
Former SEC acting chairman and commissioner Laura Unger says companies should adopt cutting-edge technology and a best practices approach if they want to keep ahead of the regulators and avoid costly fines.
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Regulator Probes Bear Stearns
October 19, 2007 @ 03:39 PM | By Melanie Rodier
Bear Stearns is being investigated by Massachusetts securities regulators over whether the brokerage improperly traded with two in-house hedge funds that collapsed last summer, burdening investors with added losses.
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SEC sues New York Hedge Fund Over Illegal Trades
October 15, 2007 @ 05:17 PM | By Melanie Rodier
The Securities and Exchange Commission (SEC), which recently heightened its scrutiny of the hedge fund industry, is suing a New York hedge fund and its principal, alleging the fund made more than $1.48 million in profits from illegal trading.
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Trading Technologies wins $3.5 million patent suit against eSpeed
October 11, 2007 @ 05:17 PM | By Melanie Rodier
Trading Technologies, the world's largest technology provider for futures trading, has won a three-year-long lawsuit against eSpeed, the electronic bond trading unit of Cantor Fitzgerald
A jury in the U.S. District Court for the Northern District of Illinois awarded Trading Technologies $3.5 million after finding that certain versions of eSpeed's futures-trading software, last used three years ago, infringed on its patents.
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Regulators slap Morgan Stanley with another $7.5 million fine
October 10, 2007 @ 04:54 PM | By Melanie Rodier
Morgan Stanley has agreed to pay a $7.5 million fine to settle charges that over a five year period it provided customers with insufficient written trade confirmations for municipal securities and bonds, the Securities and Exchange Commission (SEC) said.
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EU Regulators Probe Thomson-Reuters deal
October 09, 2007 @ 04:33 PM | By Melanie Rodier
The European Commission has opened an in-depth investigation into the $18.4 billion takeover of Reuters by Canadian financial information company Thomson, saying the merger raises "serious doubts" about fair competition in the financial information business.
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NYSE fines Citigroup, DeutscheBank, UBS, JP Morgan and 11 other Wall St firms $10.4 million
October 08, 2007 @ 06:04 PM | By Melanie Rodier
The New York Stock Exchange (NYSE) fined 15 Wall Street firms a total of $10.4 million for violating rules governing delivery of prospectuses and other information to investors.
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Pump-and-dump spam down 30 percent following SEC drive
October 08, 2007 @ 05:44 PM | By Melanie Rodier
Pump-and-dump spam touting particular stocks has become one of the most common type of nuisance e-mail worldwide. But the Securities and Exchange Commission (SEC)’s anti-spam drive, code-named Operation Spamalot, has now caused a massive drop in this type of spam, according to new findings.
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SEC Enforcement Cases Rise for the first time Since 2003
October 05, 2007 @ 04:14 PM | By Melanie Rodier
The U.S. Securities and Exchange Commission (SEC) has been particularly busy this year, increasing enforcement actions in fiscal 2007 for the first time in four years.
Since 2003, charges brought by the SEC had fallen at an average rate of 5 percent per year. They reached a record high of 679 in 2003, following accounting frauds at Enron Corp. and WorldCom Inc.
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Morgan Stanley to pay $12.5 million fine to settle 9/11 e-mail charges
September 27, 2007 @ 05:26 PM | By Melanie Rodier
Morgan Stanley has agreed to pay $12.5 million to settle a case brought by the Financial Industry Regulatory Authority (formerly NASD) for failing to produce pre-9/11 e-mails to regulators and investor plaintiffs, while claiming that the destruction of the firm's email servers in the Sept. 11, 2001 terrorist attacks on New York's World Trade Center resulted in the loss of all pre-9/11 email.
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SEC May Act Too Fast in International Insider-Trading Cases like Dow Jones
September 25, 2007 @ 05:41 PM | By Melanie Rodier
The U.S. Securities and Exchange Commission (SEC)'s complaint in May against a Hong Kong couple for insider trading of Dow Jones stock may have come up against a brick wall.
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SEC Scrutinizes Hedge Funds for Insider Trading
September 19, 2007 @ 11:46 AM | By Melanie Rodier
The U.S. Securities and Exchange Commission (SEC) is scrutinizing hedge funds for signs of insider trading.
The regulator has been sending out a 27-page letter to registered advisers, asking them for information about relationships between managers, employees, family members and public companies.
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Regulator charges Morgan Stanley over Cold Calls
September 12, 2007 @ 04:05 PM | By Melanie Rodier
Massachusetts’ top securities regulator has charged Morgan Stanley and two Boston employees with illegally contacting clients by cold-calling people who posted resumes on the CareerBuilder.com Web site.
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SEC Continues to Encourage Interactive Filing, as NYSE Becomes First Exchange to Sign Up
September 12, 2007 @ 11:51 AM | By Melanie Rodier
As it continues to encourage XBRL filing, the Securities and Exchange Commission (SEC) has announced that NYSE Euronext has become the first stock exchange to submit financial reporting information using interactive data.
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SEC Fights Senior Citizen Fraud, Chairman Cox Speaks of Personal Experience
September 10, 2007 @ 05:20 PM | By Melanie Rodier
The number of baby boomers reaching retirement is on the rise; so is the number of senior citizens being swindled.
Now, the SEC has approved a ruling by the Financial Industry Regulatory Authority (formerly NASD) to ensure that securities firms use appropriate sales practices when dealing with people nearing retirement.
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Former Morgan Stanley Finance VP and Husband Plead Guilty to Insider Trading
September 07, 2007 @ 11:28 AM | By Melanie Rodier
A former Morgan Stanley finance vice president and her husband, an ex-hedge fund analyst at ING Investment Management, have pleaded guilty to conspiracy and insider trading.
The couple, Jennifer Wang, 31, and Ruben Chen, 34, of Englishtown, N.J., face from 30 months to 37 months in prison and fines of as much as $5 million.
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Regulators Fine AXA Advisors $1.2 Million for Fee-Based Account Violations
September 06, 2007 @ 01:54 PM | By Melanie Rodier
The Financial Industry Regulatory Authority (formerly NASD) has fined AXA Advisors $1.2 million for failing to adequately supervise its fee-based brokerage business and distributing misleading sales literature.
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SEC Charges Boston Stock Exchange and ex pres Crofwell with Surveillance Failures
September 05, 2007 @ 03:40 PM | By Melanie Rodier
The Securities and Exchange Commission (SEC) has charged the Boston Stock Exchange (BSE) and its former president James B. Crofwell for failing to enforce Exchange rules to prevent specialists from trading for their own accounts ahead of marketable customer orders.
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NYSE Heads out to China
September 05, 2007 @ 02:44 PM | By Melanie Rodier
The China Securities Regulatory Commission (CSRC) has approved NYSE Euronext, the operator of the New York Stock Exchange, to become the first foreign stock exchange to open a representative office in China.
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SEC Appoints Lineberry, Plotkin Pleads Guilty to Insider Trading
August 28, 2007 @ 08:22 PM | By Cory Levine
The SEC's Office of Market Surveillance, which enforces regulation on U.S. markets, appointed a new head in Mark Lineberry. He steps in for Joe Cella, who resigned earliers this year, according to reports.
Lineberry comes into the position during a flurry of activity surrounding insider trading. The SEC has of late stepped up its efforts to detect market timing abuses and shine the spotlight on criminal misuse of insider information.
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Top CEOs Believe Globalization is Vital and Regulation Must Be Changed, NYSE Survey reveals
August 22, 2007 @ 05:18 PM | By Melanie Rodier
U.S. capital markets would stand to gain from government legal and regulatory changes, according to a new NYSE survey of 240 chief executive officers of the world’'s top businesses.
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John Schmidlin Resurfaces at NYSE Regulation
August 06, 2007 @ 08:20 PM | By Cory Levine
Here's quick bit of appointment news from last week. Former JP Morgan Chase CIO, John Schmidlin has joined the board of directors for NYSE Regulation, the regulator announced.
Schmidlin spent 35 years at JPMC, working his way up from management trainee to stepping down from the CIO position in 2004. Prior positions at JPMC included head of enterprise technology services, and head of global technology and operations. He was among the architects of JP Morgan's $5 billion outsourcing relationship with IBM that took shape in 2003.
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Reg NMS and MiFID: Preparing for the Data Flood
August 01, 2007 @ 05:04 PM | By Melanie Rodier
The introduction of Reg NMS and MiFID could cause a 900% surge in the amount of market data being published by 2012, according to a new study from TowerGroup .
So, what will this market data explosion mean for technology at trading venues?
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Reg NMS and MiFid... Together Forever?
July 19, 2007 @ 03:46 PM | By Melanie Rodier
Is there a possibility that MiFid and Reg NMS could one day be accepted by regulators on both sides of the Atlantic as being equivalent?
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SEC Adopts Anti-Fraud Rule for Hedge Funds
July 12, 2007 @ 03:18 PM | By Melanie Rodier
The Securities and Exchange Commission (SEC) has adopted an anti-fraud rule that makes it easier for the regulatory body to sue money managers who mislead or defraud investors, including those in hedge funds.
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Wall Street Sets Guidelines on Electronic Communications
June 27, 2007 @ 12:15 PM | By Melanie Rodier
As Wall Street workers continue to furiously use their BlackBerrys, email, text messages and instant messaging to communicate, regulators have become increasingly concerned about the potential spread of confidential information through unsecure devices.
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New Survey Says Corporate Financial Misconduct Is Still Prevalent
June 15, 2007 @ 02:39 PM | By Melanie Rodier
Over 50% of certified fraud examiners say they have personally observed financial misconduct in the past year, according to a new survey on corporate fraud.
Around three-quarters of participants also said they felt institutional fraud was more prevalent today than in 2002, when the Sarbanes-Oxley (SOX) Act was passed in response to accounting scandals at companies such as Enron and WorldCom.
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Fiber Optic Network to Connect NYC and Pennsylvania
June 08, 2007 @ 04:53 PM | By Melanie Rodier
Wall Street firms are one step closer to getting a fiber optic network connecting lower Manhattan with northeastern Pennsylvania as part of a total back-up solution in the event of a disaster.
Level 3 Communications, a global provider of telecommunications solutions, has been selected as the company that will build the fiber optic network, following an agreement between the governor of Pennsylvania, Edward G. Rendell, and Wall Street West.
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SEC Makes Sarbanes-Oxley Compliance A Little Easier
May 24, 2007 @ 03:51 PM | By Melanie Rodier
In a move that will put a smile on the faces of large and small financial services firms, the U.S. Securities and Exchange Commission (SEC), has approved guidelines that will make it easier – and less costly - to comply with the Sarbanes-Oxley Act.
Meanwhile, the PCAOB body that oversees auditors, has voted on changes to audit rules too.
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SIFMA Chief Lackritz Testifies Before Senate
May 21, 2007 @ 09:02 PM | By Cory Levine
Marc Lackritz, CEO of the Securities Industry and Financial Markets Association, and the voice of the U.S. broker-dealer community, testified last week in front of the Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Securities, Insurance and Investments. In his testimony, Lackritz reaffirmed SIFMA's support of a single-regulatory force and the adoption of a principle-s based regulatory approach. Being one of the most influential lobby groups on Capitol Hill, SIFMA has considerable sway in regulatory matters, and their staunch support of regulatory reform may yield meaningful change in the way securities firms are governed.
Read the full testimony here (PDF).
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Sarbanes-Oxley Costs Take a Nose Dive
May 16, 2007 @ 05:01 PM | By Melanie Rodier
Costs to comply with the Sarbanes-Oxley governance law dropped last year for the third year in a row, largely because managers have been spending less time on reviews.
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SEC Imposter Alert
May 10, 2007 @ 04:53 PM | By Melanie Rodier
Not only do companies have to worry about stolen laptops, rogue employees and hackers -- now they also have to worry about fake SEC examiners.
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SEC Regs Too Much? Try Trading in 103 Foreign Countries
May 10, 2007 @ 11:10 AM | By Melanie Rodier
With full implementation of Reg NMS just around the corner and MIFID looming in Europe, broker dealers on both sides of the Atlantic are busy navigating new regulations. But what are the regulatory implications for a broker dealer who executes deals with countries around the world?
New York-based securities firm Auerbach Grayson provides trade and post-execution services in 103 countries, representing more than 250 equity and equity derivatives exchanges across the world's developed, emerging and frontier industries, from France to Uganda and North Korea to Bangladesh.
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Wall St. Still Unprepared for Pandemic, SEC Mulls Action
May 07, 2007 @ 09:00 PM | By Cory Levine
The United States Government Accountability Office released a report (PDF) on its latest year-long study on the resiliency of U.S. financial markets last week, and the results were mixed. After examining seven critical exchanges, clearing organizations, and payment processors, the GAO determined that the financial industry's progress in ensuring resiliency in the face of disaster was promising, but there is still much work to be done. The report's discussion of communications between the GAO and SEC were intriguing, indicating that disaster preparedness in the U.S. may evolve from being a matter of common sense to being a matter of regulatory compliance.
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Cuomo Wins Big on Data Privacy
May 01, 2007 @ 09:02 PM | By Cory Levine
New York's Attorney General Andrew Cuomo last week obtained the first settlement in court under the state's data breach notification legislation. While the punishment of the exposed company, Chicago-based claims management firm CS Stars, LLC, was relatively light, the development opens up new legal vulnerabilities for firms that do not follow proper procedure in the event of sensitive customer data exposure.
The leak potentially affected 540,000 New York consumers, according to Cuomo's office. New York law requires immediate notification in the event of a security breach involving customer data. CS Stars, complying with FBI instructions, did not announce the breach until 2 weeks after discovery.
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Keep An Eye On Your Outsourcers
May 01, 2007 @ 04:21 PM | By Penny Crosman
One message that rang out loud and clear from some of the compliance discussions today at the SIFMA show was: broker-dealers take outsourcing lightly at their peril. Broker-dealers retain regulatory responsibility for the functions they outsource. One of the regulators scrutinizing securities' firms outsourcing relationships is the NYSE. "There's been controversy over the rule we proposed [NYSE Rule 340]," said Grace Vogel, executive vice president, member firm regulation at NYSE Regulation. "We don't object to outsourcing. Where we see problems is when something goes wrong and a firm says, 'We're not responsible' and points to the outsourcer and says, 'go regulate them.' The outsourcer is outside of our jurisdiction. Firms should outsource functions, not responsibilities."
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SEC Aims to Make AML Compliance Easier
April 16, 2007 @ 07:19 PM | By Cory Levine
The SEC's Office of Compliance Inspections and Examinations (OCIE) today announced the availability of a new online resource for anti-money laundering (AML) information. The "AML Source Tool" compiles and organizes all of the major rules and regulations surrounding AML.
"We're hoping that this AML Source Tool will assist broker-dealers with their AML compliance efforts," said Lori Richards, director of OCIE, in a release. "It puts all AML requirements in one easy-to-reference location. While we initially developed the Source Tool for our own SEC examiners, we think it also will be an invaluable reference tool for broker-dealers and their internal AML compliance staff."
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22c-2 Compliance Date Nears
April 05, 2007 @ 07:44 PM | By Cory Levine
The April 16 compliance date for SEC Rule 22c-2 is fast approaching, and in less than two weeks, mutual funds and their intermediaries will have to have fleshed out their information-sharing agreements. Last year, funds and intermediaries alike reported their struggle to develop these agreements, which should now be nearly complete.
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Schapiro: Regulatory Sea Change on the Horizon
April 02, 2007 @ 07:53 PM | By Cory Levine
The very foundation of market regulation in the U.S. is under question, and could soon follow the model of European regulators, indicated NASD CEO Mary Schapiro at an industry conference last week. It seems as though rule-based lawmaking is slowly going the way of the buffalo and a principles-based approach, such as that utilized by the U.K.'s Financial Services Authority, is increasingly becoming en vogue.
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NASD Gives BrokerCheck a Face Lift
March 19, 2007 @ 10:57 PM | By Cory Levine
NASD announced today that it has updated and redesigned its BrokerCheck service -- a public, online service for reporting on the background of NASD member-firms. The update, says the regulator, should provide much-needed improvement in the usability and effectiveness of the service. Speaking from experience, the previous version of the BrokerCheck system, while loaded with potential was severely undermined by its own inefficiencies.
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Barney Frank: Banks’ Best Friend on Capitol Hill?
March 19, 2007 @ 04:49 PM | By Greg MacSweeney
If Barney Frank’s recently reported statements are accurate, banks and financial institutions may have a surprisingly friendly advocate on Capitol Hill. Frank, who also happens to be the influential chairman of the House Financial Services Committee, contends that banks should be exempted from SOX 404 compliance because they are already subject to similar provisions in an earlier law.
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Cox on SOX: No Need for Amendment
March 19, 2007 @ 10:21 AM | By Cory Levine
SEC Chairman Christopher Cox didn't mince words last week when addressing criticisms of the Sarbanes-Oxley (SOX) albatross. After this week's Chamber of Commerce suggestion that SOX be reeled in, Cox was definitive in his speech that alterations to the Act were unnecessary.
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E-Discovery: 100 Days and Counting
March 15, 2007 @ 03:12 PM | By Greg MacSweeney
This past weekend, we passed a milestone -- 100 days since the enacting of the new Federal Rules of Civil Procedure as they relate to eDiscovery. In summary, those Rules attempt to give courts guidance for how to treat digital data and information, in whatever form and context it is in.
The Rules try to contain the ever escalating costs that plaintiffs and defendants. So spreadsheets, letters, contracts, e-mails and all of those files that are stored on disk and on tape, on and off the network can, should, and must be “discoverable” to all of the parties engaged in litigation.
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Getting the Daylight Savings Monkey Off Your Back
February 27, 2007 @ 09:26 PM | By Cory Levine
On the list of forthcoming projects for CIOs is updating their systems to handle the changes in daylight savings time (DST) (DST). The Energy Policy Act of 2005 will cause DST to fall weeks earlier this year than in years past. With that in mind, industry analyst TowerGroup has issued recommendations on how financial institutions can deal with what they are calling "more a nuisance than the cause of any significant business outage."
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The Money's in MiFID
February 21, 2007 @ 03:38 PM | By Cory Levine
U.K. recruitment firm Joslin Rowe released a notice this week of what it is calling a "recruitment timebomb" for MiFID consultants. With just nine months to go before EU financial institutions are expected to be compliant with the Markets in Financial Instruments Directive, demand is soaring for experts who can help firms reach compliance.
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UNX Provides Access to Liquidity Sweeping Tools Via Instant Messaging
February 15, 2007 @ 09:28 AM | By Ivy Schmerken
Buy-side traders that feel comfortable using instant messaging to communicate with and route order flow to the sell-side community can now use IM to sweep crossing networks and dark pools.
The cool technology comes as the result of a partnership between Pivot Solutions, the developer of IMTRADER and UNX, an agency brokerage specializing in direct-market access and algorithmic technology.
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LSE Begins MiFID Consultation
February 14, 2007 @ 03:55 PM | By Cory Levine
The London Stock Exchange (LSE) announced that it has begun consultation with member firms on the services it will offer to keep members in compliance with MiFID.
The exchange has built its services on the TradeElect platform, which will utilize preexisting connectivity and infrastructure to offer a familiar market model under MiFID. LSE will extend its market-maker quoting facilities across EU securities to meet pre-trade transparency requirements. Meanwhile, in order to meet post-trade transparency requirements, the exchange will enhance its existing trade reporting services.
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Deutsche Bank Securities in the Dog House
February 13, 2007 @ 03:03 PM | By Cory Levine
We missed out on this little tidbit late last week. Deutsche Bank Securities, Inc. (DBSI) was fined $1.275 million by NYSE Regulation in two separate actions involving conflicts of interest in its published research, and an employee who accessed privileged information from a former employer.
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Morgan Stanley and the Great $10 Bil. Trade Debacle
February 07, 2007 @ 05:18 PM | By Cory Levine
NYSE Regulation fined Morgan Stanley $300,000 for a failure to provide sufficient inhibitors and blocks within its trading system that led to a massive botched trade.
According to the regulator, on the morning of September 1, 2004 a Morgan Stanley trader received instructions from a customer to unwind a portion of an existing swap, with an affiliate of the firm acting as the counterparty. To hedge its position, the affiliate took a short position in the shares of common stock underlying the basket. The mistake came about when the trader entered an order to buy 100,000 units of the basket to cover a portion of the affiliate's short position, not realizing that the tool used to create the basket had a built in multiplier of 1,000. The result was a basket with a value of $10.8 billion instead of $10.8 million.
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NASD Dings Bank of America for $3 Million
January 30, 2007 @ 09:44 PM | By Cory Levine
Banc of America Investment Services (BAI), a division of Bank of America, consented, without admitting or denying guilt, to $3 million in fines from NASD for failure to gather sufficient information about customers on certain high-risk accounts, an activity required by anti-money laundering regulation.
The failures, according to NASD, occurred with 34 accounts of trust and private investment corporations in the Isle of Man, which belonged to billionaires Sam and Charles Wyly, according to the Wall Street Journal (subscription required).
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Day 3: A good climate for global regulation?
January 25, 2007 @ 11:27 AM | By Greg MacSweeney
Delegates are calling for global regulation that directly addresses climate change at the World Economic Forum in Davos. But can business, government and scientists agree on a solution that could actually have some impact on a global scale?
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Microsoft Takes Aim at MiFID
January 24, 2007 @ 05:04 PM | By Cory Levine
Microsoft is positioning itself as a MiFID solutions provider, with an announcement today of an eight-solution technology grab bag intended to meet the requirements of the European uber-regulation. The software giant is parading out its partners as "mix and match" MiFID solutions that all focus on the MS architecture commonly used in the financial services industry (and, let's be honest — the world) including Office 2007, SQL Server, SharePoint and Windows. Notably, Windows 2003 is the operating system noted in the release, most likely because all of the partners' technologies aren't yet optimized for Vista.
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Day 2 at Davos: Setting the Security Standard
January 24, 2007 @ 03:20 PM | By Greg MacSweeney
Not surprisingly, information and data security is one of the hotter topics in Davos among the attendees at the World Economic Forum. Logically, if there are regulators for the Internet, telecommunications and accounting, why don’t we have a standards in place for information and data security?
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Cinnober Rocks the BOAT
January 22, 2007 @ 02:59 PM | By Cory Levine
Industry consortium BOAT selected trading technology provider Cinnober Financial Technology as the underpinnings of its market data platform. The consortium of global investment banks also announced that Markit Group Ltd. will partner with BOAT to manage business operations.
BOAT was launched in September 2006 to provide a reporting facility for pre- and post-trade data that will be distributed to banks in order to help meet the requirements of EU regulation MiFID. The database of trade data will be accessible by both the buy side and sell side.
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SIFMA Challenges Exchanges' Market Data Fees
January 19, 2007 @ 11:22 AM | By Cory Levine
SIFMA today sent over a note saying that they are urging the SEC to hold a moratorium on market data rule filings for U.S. exchanges and conduct further investigation into the conflict of interest issues that are created by for-profit exchanges.
U.S. exchanges are becoming commercial entities as a result of the electronification of the markets caused by Reg NMS, and subsequently several exchanges are planning on charging fees for distributing market data that was previously free. SIFMA points to a recent SEC filing by NYSE that proposes fees for redistributed depth of book market data that broker-dealers are legally required to provide the exchange. For more information on fee structures, see our Reg NMS-Compliant Exchange Trading Systems Directory.
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FinCEN Proposes More Transactional Information Sharing
January 17, 2007 @ 03:51 PM | By Cory Levine
The Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Treasury, released its paper today on the value of reporting on cross-border transfer of funds in fighting money laundering and terrorist sponsorship. According the document, such reporting would hold value, but would require that FinCEN implement a data warehouse architecture to manage the information submitted under any mandated reporting requirement.
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NYSE Fines Seven Specialists
January 17, 2007 @ 12:39 PM | By Cory Levine
NYSE Regulation yesterday announced censures and fines for seven member specialist firms, to the tune $2.8 million total. The fines are the result of multiple trading violations that occurred between 2003 and 2006.
The firms were fined for breaking the firm quote rule, under which NYSE specialists are required to execute orders presented to them at prices that are at least as favorable as the NYSE's published bid or offer. The specialists firms also failed to honor commitments to buy or sell coming from the Intermarket Trading System. Other violations included failure to maintain written supervisory procedures, failure to display eligible limit orders and improperly executed short sales.
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NYSE Behind the Ball
January 09, 2007 @ 04:09 PM | By Cory Levine
Cory Levine, Wall Street & Technology
The New York Stock Exchange yesterday filed a letter with the SEC requesting an extension to the deadline of the Reg NMS trading phase. The current target date is February 5, and the Exchange is looking for an extra four weeks to roll out Phase IV of its Hybrid Market.
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Orchestria Signs on 100 Bloomberg Clients
January 04, 2007 @ 11:08 AM | By Cory Levine
Cory Levine, Wall Street & Technology
Electronic communication compliance vendor Orchestria announced that it has reached the 100-user mark for financial institutions signing on for the company’s integrated Bloomberg Professional messaging compliance solution. The two companies first partnered on October 2004. While 100 institutional users is a nice feather in Orchestria’s, cap, I’m left wondering just what exactly the rest of the many thousands of Bloomberg Professional users are doing to ensure compliance over their messaging.
Orchestria’s solution is hosted in the Bloomberg data centers and monitors messages in real time. This enables firms to proactively approach the application of regulatory guidelines and company-specific policy to messages, and prevent non-compliant messages from being sent.
Does Bloomberg support other messaging compliance vendors, and does it go so far as to host Orchestria’s competition on its servers as well? I will update as soon as Bloomberg returns my call.
Comments(1)A Word for the Authentication Stragglers
December 13, 2006 @ 03:11 PM | By Cory Levine
Cory Levine, Wall Street & Technology
In just a few short weeks, stronger user authentication should be in place for the online financial services industry, or so the Federal Financial Institutions Examination Council (FFIEC) is hoping. According to research from Aite Group, the retail brokerage community should be ready for the FFIEC's end-of-year deadline, but there's nothing like a little last-minute advice. Authentication solution provider Cogneto offers some things to think about before leaving for your holiday vacation.
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Vanguard Signs On for Knowledge Based Authentication
December 11, 2006 @ 02:10 PM | By Cory Levine
Mutual fund giant Vanguard has implemented the Knowledge Based Authentication (KBA) platform from Verid to reduce fraud risk. The firm will use KBA as part of the account opening process in the online and phone channels with certain types of accounts.
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U.K. Law Enforcement Impotent to Fraud
December 05, 2006 @ 04:48 PM | By Cory Levine
Cory Levine, Wall Street & Technology
A report from U.K. newspaper The Guardian reveals that financial institutions in the country are purposefully choosing not to report instances of online fraud and financial crime because they don't want to risk public exposure by law enforcement bodies that can do little or nothing about the crime — this from the mouth of a Metropolitan Police Detective Russell Day!
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Mid-Sized Firms Cheated in NYSE/NASD Merger?
November 30, 2006 @ 10:30 AM | By Cory Levine
By Cory Levine, Wall Street & Technology
In a widely anticipated move, the NASD and NYSE Group this week announced their plans to merge regulatory arms into a single self-regulatory organization. The merger appears to be an effective play toward regulators’ aim to increase the efficiency and consistency of industry oversight, while reducing regulatory costs. However, there’s at least one constituency that can’t be thrilled about details of the announcement.
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FSA: U.K. Will Be OK in Flu Pandemic
November 28, 2006 @ 10:37 AM | By Cory Levine
Cory Levine, Wall Street & Technology
While I was eating leftover turkey last week, London's Financial Services Authority (FSA) completed a resiliency test of its financial markets and found that in the event of a bird flu pandemic, the backbone of the U.K. economy would be able to continue operating.
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Bharosa Announces Sterling Win
November 15, 2006 @ 04:51 PM | By Cory Levine
Fraud detection and multifactor authentication vendor Bharosa announced that Lancaster, Pa.-based Sterling Financial Corp. has signed on to use its solutions. Sterling chose the solutions to meet the year-end deadline for FFIEC recommendations.
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The Big Board’s Big Dog Nods at Regulatory Consolidation, SIFMA Appoints Co-Chiefs
November 10, 2006 @ 12:03 PM | By Cory Levine
Cory Levine, Wall Street & Technology
In a speech at the Securities Industry and Financial Markets Association (SIFMA) launch event in Boca Raton, Fla, yesterday, NYSE Group CEO John Thain hinted at the future convergence of industry regulators. According to a Forbes.com report, Thane indicated that the current regulatory environment is less than ideal, and that overregulation of domestic markets is hindering their global competitiveness. “If we are not careful, we will in fact make the U.S. less attractive to the rest of the world,” he said.
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It’s a MiFID World, and Telekurs Is Just Living in It
November 08, 2006 @ 10:34 AM | By Cory Levine
Cory Levine, Wall Street & Technology
Telekurs Financial, the Zurich, Switzerland-based market data provider, has laid out its plans to update its reference and market data products for the post-MiFID world. Some of the data required by firms to apply client classifications and best execution policies is already available, some new data will be added, and Telekurs plans to build a new market data platform to support the directive.
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Hedge Funds Huddle Up
November 02, 2006 @ 09:46 AM | By Cory Levine
Cory Levine, Wall Street & Technology
The alternative investment industry is getting ahead of the regulatory curve by forming an association focused on addressing legislative compliance and regulatory developments — the Alternative Investments Compliance Association (AICA). The effort has been organized by service provider HedgeOp Compliance and was founded by representatives from more than 10 alternative investment firms with a combined $12 billion in assets under management.
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What if I Have Laryngitis?
October 25, 2006 @ 03:08 PM | By Cory Levine
Cory Levine, Wall Street & Technology
RSA, the security company acquired earlier this year by mega-vendor EMC, announced yesterday its Adaptive Authentication for Phone service, which provides automated, risk-based caller authentication for telephone banking services. In addition to developing a risk score for phone-based transactions and taking appropriate authentication measures, the service features what RSA is touting as the financial services industry's first voice biometric solution suitable to meet the FFIEC standards on risk-based authentication.
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Industry Passes BCP Test, but Uncertainty Lingers
October 20, 2006 @ 01:58 PM | By Cory Levine
Cory Levine, Wall Street & Technology
The securities industry underwent a simulated business continuity planning (BCP) test last Saturday, October 14 conducted by the Securities Industry Association, the Bond Market Association, the Futures Industry Association and the Financial Information Forum. The test was similar to a BCP test held a year ago, but industry participation was up, with over 250 securities firms, exchanges, markets, service bureaus and industry utilities testing the functionality of backup data centers, work centers and communication links.
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Swiss Regulator Rails on SWIFT
October 19, 2006 @ 10:10 AM | By Cory Levine
Cory Levine, Wall Street & Technology
Swiss banks have been accused of breaking their country’s laws on data privacy, a charge that stems from their involvement in the SWIFT data-sharing debacle that was first exposed in June. According to a Finextra report, Switzerland’s federal data protection commissioner, Hanspeter Thür, claimed Swiss banks broke national data protection laws by not informing customers of that transaction information would be shared via the SWIFT network.
The U.S. Treasury used its authority to gain access to data traveling over the SWIFT network in order to monitor terrorist financing. SWIFT has defended its own compliance standards, asserting that as a multinational organization, its subjection to the U.S. government was unavoidable.
The Belgian Data Privacy Commission, however, has declared that SWIFT broke Belgian and EU data protection laws.
Comment on this blog entryWall St. Bests London in Both E-Mail Compliance and Compliance Evasion
October 16, 2006 @ 02:45 PM | By Cory Levine
Cory Levine, Wall Street & Technology
E-mail communications on Wall Street are under considerably more scrutiny than those traveling through the London financial industry, according to new survey results from e-mail compliance vendor Orchestria.
The survey conducted earlier this month questioned 300 people working on Wall Street in New York and in the City area of London. Sixty percent of workers in New York believed that their employers were in the right by monitoring their e-mail. In London, only 38 percent of respondents believed that that their firm was within its rights to do so.
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Hall of Shame: NYSE Regulation Releases October Rulings
October 12, 2006 @ 05:15 PM | By Cory Levine
Cory Levine, Wall Street & Technology
NYSE Regulation today released its monthly roundup of disciplinary actions. Some notable firms made the hit list this month as a result of technology failures, and one can only wonder how these violations got past the firms’ various regulatory checks. All totaled six firms and nine individuals were fined. Here are the highlights, or should we say lowlights:
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NSCC Offers to Open Up Trade Fail Data Under Reg SHO
September 29, 2006 @ 05:02 PM | By Cory Levine
Cory Levine, Wall Street & Technology
The National Securities Clearing Corp. (NSCC) has offered to work with the SEC to promote transparency in clearing and settlement by revealing closely guarded trade failure information sooner than it is currrently doing so. Forbes.com reported the development, noting that brokerages have criticized the notion because the information could be a tip-off to proprietary information including trading strategies.
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WS&T EXCLUSIVE PREVIEW: Actimize and LexisNexis Unveil CDD Solution
September 25, 2006 @ 04:39 PM | By Cory Levine
By Cory Levine, Wall Street & Technology
In the modern age of electronic workflow and data management, paper-based processes increasingly are becoming a liability, which is why it was surprising to hear about the large full-service financial services institution that brought together compliance and fraud prevention vendor Actimize, and information services provider LexisNexis.
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Regulator Turns Up the Heat on Derivatives Markets
September 20, 2006 @ 05:02 PM | By Cory Levine
By Cory Levine, Wall Street & Technology
The much-discussed global derivatives market had the spotlight turned its way this week by an official from the U.K.'s Financial Services Authority (FSA). In a speech at yesterday's International Swaps and Derivatives Association regional conference, Thomas Huertas, director of the Wholesale Firms division and banking sector leader at the FSA called out the continued inefficiencies, risks and "sheer sloppiness" within derivatives markets.
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Weblogs of Interest Dark Reading: Firewalled Chief Risk Officer: New Era of Risk Management InformationWeek's Blog Digest Parry Aftab, the Privacy Lawyer |
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