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News & Commentary
Content tagged with Compliance posted in April 2012
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Buy-Side Traders Find Liquidity in Dark Pools
News  |  4/30/2012  | 
With U.S. equity volumes in the dumps, the buy side increasingly is searching for liquidity in dark pools, stoking fears about a lack of execution transparency in the opaque markets. But buy-side traders are finding value in the dark -- if they know where to look.
Rogue Trader Kerviel Accuses SocGen of Forgery
News  |  4/30/2012  | 
Former Societe Generale trader Jerome Kerviel says six hours of interviews were cut from evidence and plans to sue his former employer for forgery and manipulation of evidence.
Big Isn't Bad, U.S. Banks Tell Fed
News  |  4/30/2012  | 
The largest U.S. banks say large banks are needed and are accusing the Federal Reserve of attempting to misuse its new regulatory powers to shrink financial giants under the misguided belief that "big is bad."
How the JOBS Act Will Impact Hedge Funds
News  |  4/30/2012  | 
The recently passed Jumpstart Our Business Startups Act is about more than jobs. The new regulation is likely to drive consolidation among asset managers, and small hedge funds are in danger of being forced out of the game.
US Mortgage Funds Emerge As Housing Sways
News  |  4/30/2012  | 
The U.S housing market may still be in the doldrums, but funds that are betting on big gains in mortgage-related investments are a hot ticket this year on Wall Street.
Emerging Markets Hold Breath As EU Banks Shrink
News  |  4/30/2012  | 
LONDON, April 30 (Reuters)- From Beijing to Bucharest, emerging market policymakers are as worried as those in Brussels that the rapid contraction in western European banks' balance sheets will compound the debt crisis and further delay economic recovery.
Credit Suisse Suffers Pay Revolt, Barclays Next?
News  |  4/27/2012  | 
Almost a third of Credit Suisse shareholders rejected the bank's pay plan on Friday and UK rival Barclays was braced for a similar revolt as investors vented their fury at executive pay deals and called for a bigger slice of profits.
Spanish Economy In 'Huge Crisis' After Credit Slash
News  |  4/27/2012  | 
Spain's sickly economy faces a "crisis of huge proportions", a minister said on Friday, as unemployment hit its highest level in almost two decades and Standard and Poor's downgraded the government's debt by two notches.
Lazard Profit Drops, Still Beats Street
News  |  4/27/2012  | 
Lazard Ltd's first-quarter earnings dropped sharply because of higher costs, but the boutique investment bank beat analyst expectations by a wide margin when excluding a previously announced charge related to severance packages.
Blankfein Sounds Off, Dow 15,000?, Taibbi on Senate’s MF Global Inquiry, and more Quotes of the Week
Slideshows  |  4/27/2012  | 
Lloyd Blankfein opens up (well, sort of), Dow 15,000, Matt Taibbi on the Senate's MF Global hearings and the increasing use of consumer devices in the enterprise, also known as Bring Your Own Device (BYOD), are some of the topics people are chattering about this week. Wall Street & Technology keeps you in the loop by compiling some of the best quotes of the week. Enjoy!
In Surprise Move, Citi Promotes Executive Tied to Grubman Scandal
News  |  4/26/2012  | 
The SEC approved a request by Citigroup to promote an executive disciplined by regulators for failure to properly oversee Jack Grubman, a research analyst who issued fraudulent reports on companies, but will have to strictly monitor the executive's behavior.
Lehman Brothers Still Being Probed by SEC, Says Schapiro
News  |  4/26/2012  | 
The SEC has reviewed millions of documents and questioned all senior executives, but it is still probing Lehman Brothers more than three years after the investment bank collapsed, chairman Mary Schapiro said.
Goldman Sachs CEO: We Are Not "Anti-Client."
Commentary  |  4/25/2012  | 
In a rare interview, embattled Goldman Sachs CEO Lloyd Blankfein defends his firm after a public relations nightmare.
Half of Hedge Funds Skittish on 2012: Survey
News  |  4/25/2012  | 
Roughly 48 percent of hedge fund managers surveyed indicated that 2012 will be a difficult year for the sector, with nearly 40 percent expressing concern that the U.S. could enter a 'double-dip' recession.
Priority No. 1: Rebuilding Confidence in the Capital Markets
Commentary  |  4/25/2012  | 
As more negative news batters Wall Street's public image further, brokers must realize that something is broken and make the necessary repairs to rebuild confidence in the financial system.
Connecticut Hedge Fund Manager Found Dead in NC
News  |  4/24/2012  | 
Money manager B. Robert Williamson Jr., the nephew of Wall Street investment guru Julian Robertson, was found dead on Sunday in North Carolina, in water surrounding an island.
Former Calpers CEOS Charged With Fraud Scheme by SEC
News  |  4/24/2012  | 
The SEC says Calpers ex-CEO and an ex-board member fabricated documents that allegedly defrauded a firm of $20 million in placement fees.
Bitran Father and Son Pay $4.8M SEC Fine, Leave Securities Industry
Commentary  |  4/24/2012  | 
The once heralded father and son hedge fund GMB Capital Management admit no wrong-doing in feeding Bernard Madoff and faking their profits.
SEC Charges Former Calpers CEO With Fraud Scheme
News  |  4/24/2012  | 
A former chief executive of the biggest U.S. public pension fund, and a former board member were charged by federal regulators with scheming to defraud Apollo Global Management of more than $20 million in placement fees.
Penny Stock Picking Robot A Fraud, Says SEC
News  |  4/23/2012  | 
More than 75,000 investors were defrauded by a pair of teenage British twins who claimed their stock-picking robot could unearth penny stocks ready to soar, the SEC said.
Electronic Trading Blooms in Latin America
Commentary  |  4/23/2012  | 
Brazil, Mexico and Chile have made significant investments in their exchange technology to provide lower latency and higher throughput execution for their participants.
Hedge Fund Manager Sentenced for Ponzi Scheme
News  |  4/20/2012  | 
Hedge fund manager Brian Kim was sentenced on Friday in New York state court to up to 15 years in prison, a month after pleading guilty to running a $6 million Ponzi scheme.
What Led to the Crisis? The Repeal of Glass-Steagall, Stupid
Commentary  |  4/20/2012  | 
Just like his predecessor John Reed, former Citigroup Chairman Richard Parsons holds the fateful 1999 repeal of Glass-Steagall responsible for the financial crisis.
Goldman Sachs Facing a New Insider Trading Probe
News  |  4/20/2012  | 
Federal prosecutors in California are investigating a current Goldman Sachs employee for insider trading, with a possible link to the Rajaratnam scandal.
OptionsXpress Charged in Second SEC Case
News  |  4/20/2012  | 
For the second time this week Securities regulators charged an affiliate of online brokerage optionsXpress with a violation, this time for breaking rules that it must be a registered dealer to engage in trading.
Eyeing the SEC, Hedge Funds Shore Up IT
News  |  4/20/2012  | 
According to an Omgeo survey, hedge funds are addressing the demands of the SEC and other regulators.
Goldman Sachs Facing a New Insider Trading Probe
News  |  4/20/2012  | 
Federal prosecutors in California are investigating a Goldman Sachs employee for insider trading, according to prosecutors and defense lawyers who attended a hearing in U.S. federal court in New York on Thursday.
Dutch Hedge Funds Face Supervision
News  |  4/20/2012  | 
BlackRock Warns Banks, Is Big Data Overrated?, and more Quotes of the Week
Slideshows  |  4/20/2012  | 
Too-big-to-fail, finding the best price, big data and off-exchange trading dominated some of the chatter this week. Wall Street & Technology keeps you in the loop by compiling some of the best quotes of the week. Enjoy!
DTCC and EFETnet Launch 1st Global Commodity Swaps Repository
News  |  4/19/2012  | 
Submission testing for Dodd-Frank Swap Data Repository (SDR) requirements will begin May 14.
Stakeholders React to CFTC and SEC Swap Dealer Rules
News  |  4/19/2012  | 
U.S. regulators finalized rules defining a "swap dealer," giving long-awaited guidance on which firms will be subject to tough new oversight of their derivatives trades.
Wire-Wearing Inside Trader Avoids Prison Time
News  |  4/19/2012  | 
A former trader, whose willingness to wear a recording device helped the U.S. government bring several high-profile charges of insider-trading in 2009, avoided a prison term at sentencing on Wednesday.
Regulators Pull Back on Swap Dealer Crackdown
News  |  4/18/2012  | 
U.S. regulators limited the number of market players that will be slapped with a pricey "swap dealer" tag, part of an effort to reduce risk in the financial system, but left room to later change the thresholds for the designation.
SEC Finalizes Swap Dealer Definition Rule
News  |  4/18/2012  | 
U.S. securities regulators on Wednesday finalized long-awaited rules that will dictate which companies will be deemed swap dealers, a tag that will subject them to costly capital, margin and business conduct requirements. requirements.
CFTC Approves "Commodity Options" Rule
News  |  4/18/2012  | 
The U.S. Commodity Futures Trading Commission voted 5-to-0 on Wednesday to adopt a final rule that would subject commodity options to the same rules that govern swaps, and would exempt some "physically delivered" options from the regulation.
Call-Out To Regulators: Banks Just Can’t Get Enough Stress Testing
News  |  4/17/2012  | 
Banks want more - and better stress testing, according to a global Sybase survey.
Bloomberg Tradebook Launches Commission Recapture
News  |  4/17/2012  | 
The agency broker teamed with financial tech company UAT to launch Boomerang, an algo that boosts trader productivity and enables commission savings for asset owners.
SEC Looks To Economists For Legal Cover
News  |  4/17/2012  | 
The U.S. Securities and Exchange Commission is taking extra steps to bulletproof its rulemaking, after U.S. appeals court judges, Republican lawmakers and government watchdogs have criticized how the agency measures the economic impact of its rules.
SEC Charges OptionsXpress Over Naked Short Selling
News  |  4/17/2012  | 
The online brokerage OptionsXpress and five individuals were charged by the U.S. Securities and Exchange Commission with involvement in an abusive naked short-selling scheme.
SEC Charges optionsXpress With Operating Naked Short Selling Scheme
News  |  4/16/2012  | 
The regulator said the firm, and one of its customers, conducted phony transactions to get around close-out obligations.
Judge To Review Moving Hundreds of Madoff Cases
News  |  4/16/2012  | 
In the sprawling litigation to recover money related to Bernard Madoff's fraud, a federal judge said he would decide whether a 2011 U.S. Supreme Court ruling prevents a bankruptcy court from resolving hundreds of lawsuits brought by the Madoff firm's trustee. ruling prevents a bankruptcy court from resolving hundreds of lawsuits brought by the Madoff firm's trustee.
OpenLink Launches CFTC Large Trader Reporting Solution
News  |  4/16/2012  | 
Releases comprehensive, XML-based reporting package for clearing members and swap dealers to report physcial commodity and swaption positions to the CFTC under Dodd Frank.
CFPB Warns U.S. Financial Firms About Contractors
News  |  4/13/2012  | 
U.S. financial institutions may be held accountable for the actions of the companies they contract with for services such as telemarketing or product development, the new U.S. Consumer Financial Protection Bureau said on Friday.
U.S Tests Rare Legal Path in Financial Crisis Cases
News  |  4/13/2012  | 
An Obama administration task force established to investigate misconduct that fueled the financial crisis is turning to a little-used statute that may make such cases easier to bring, according to people familiar with the matter.
Top Quotes of the Week From the Street
Slideshows  |  4/13/2012  | 
It's been another busy week on Wall Street. BlackRock noted that it has no plans to cannibalize Wall Street, Barclays' CEO was paid $18 million too much, CIOs are sure they know best, and Goldman Sachs bankers only had to work 7 hours to pay a multimillion dollar SEC fine. Wall Street & Technology brings you some of the choicest quotes from Wall Street.
Big Banks Face $638 Bln Shortfall On New Rules
News  |  4/12/2012  | 
The world's biggest banks would have needed more than $600 billion based on last year's balance sheets to achieve the minimum capital ratios required under tough new rules.
Group of 30 urges big banks to reform governance
News  |  4/12/2012  | 
The Group of Thirty, a private organization of influential regulators, financial executives and academics, has thrown its weight behind reform of corporate governance practices at the world's biggest financial companies, implicating executives, board members, shareholders and regulators for past failures.
Goldman To Pay $22 Million In Info Sharing Case
News  |  4/12/2012  | 
U.S. regulators said on Thursday that Goldman Sachs Group Inc will pay $22 million to settle civil charges that it lacked adequate policies to prevent its analysts from sharing non-public information with Goldman traders and select clients.
Big Hedge Funds Welcome Dodd-Frank Transparency Regs
News  |  4/12/2012  | 
Hedge funds think the finance reform law will help them be seen as a more mainstream investment vehicle by institutional investors, according to a study.
Upstart Exchanges Eye Spain, Final EU Frontier
News  |  4/12/2012  | 
Europe's aggressive new low-cost stock markets are set to storm into the only major European market where they still lack a significant share, helped by the collapse of a Spanish bank plan to set up their own rival to the main exchange.
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