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News & Commentary
Content tagged with Compliance posted in November 2009
Banks Are Surprise Supporters for Pay Regulation
News  |  11/30/2009  | 
The public comment period on proposed rules by the Federal Reserve to crack down on executive pay is over. In a surprise, banks are generally supportive of pay regulations
FSA Fines Nomura $2.9 Million For Inadequate Derivatives Controls
News  |  11/24/2009  | 
Nomura International has been fined $2.9 million by the FSA for systems and controls failings around book marking within its International Equity Derivatives business.
Senator Kaufman Calls for End to Sponsored Access
News  |  11/23/2009  | 
Senator Ted Kaufman (D-DE) has delivered a letter to SEC Chairman Mary Schapiro and four commissioners urging them to end sponsored access and “combat manipulative high frequency trading algorithms."
Congress to Take Closer Look at The Fed
News  |  11/20/2009  | 
A House panel has voted in favor of letting Congress take a closer look at the Federal Reserve.
Tabb Study: Unintended Consequences of Regulatory Action Top Buy Side Concern
News  |  11/19/2009  | 
The risk of unintended regulatory consequences is the top market structure concern facing U.S. equity markets, according to buy side traders in Tabb Group’s annual study, “Institutional Equity Trading 2009-2010: Dark Pools, Transparency and Consequences.”
Mereor Absolute Return Fund Picks GlobeOp as Fund Administrator
News  |  11/19/2009  | 
Merger and credit arbitrage fund cited GlobeOp's middle- and back-office support, integrated reporting and SAS 70 certification as factors.
OTC Derivatives Market Reform Update (VIDEO)
Commentary  |  11/19/2009  | 
Tabb Group Senior Analyst Kevin McPartland discusses OTC derivatives reform and broader financial reform in this video.
Ten Take Aways from Our Trading Summit
News  |  11/18/2009  | 
I just got back from Advanced Trading's fourth Buy Side Trading Summit. And although the event is off the record (no reporting using trader's or company names - a way to ensure the buy side feels free to open up -) I figured I'd share the top general takeouts from the event.
New Task Force Targets Financial Fraud
News  |  11/18/2009  | 
Following a rise in Wall Street trading scandals, the Obama administration announced a new inter-agency task force to crack down on financial fraud.
OTC Derivatives Reform Doesn't Go Far Enough
News  |  11/18/2009  | 
Independent consultant calls for more competition between securities and futures clearinghouses, allowing ATSs into futures and combining the CFTC and SEC into one agency.
Northern Trust Building Better Views of Liquidity for Asset Managers
News  |  11/17/2009  | 
How the custodian is renovating IT and operations to support intra-day calculations, dashboards, and a five-petabyte data store intended to help hedge fund and private equity investors know precisely who and what they're dealing with.
Prognosticating About 2010 and the Magic 8-Ball
Commentary  |  11/17/2009  | 
Regulatory changes, electronic trading solutions and international policy will dominate 2010. How so? 'Reply hazy, try again.'
Two Madoff Programmers Arrested
News  |  11/13/2009  | 
The SEC has charged two of Madoff’s former computer programmers for their role in covering up the fraud at Bernard L. Madoff Investment Securities for over 15 years.
TowerGroup Regulation Outlook: Risk And Derivatives Top List
News  |  11/10/2009  | 
Regulation and the many anticipated changes coming in the next year were the focus on a briefing hosted by TowerGroup and Sybase this morning.
New SEC Zeal Helped Dismantle Hedge Fund Insider Trading Scheme
News  |  11/10/2009  | 
The SEC is under tremendous pressure because of its failure with Madoff, says Larry Tabb, founder of Tabb Group. "We'll be seeing more fines and more criminal proceedings as the SEC tries to re-establish its reputation."
Money Manager, Ex-SEC Lawyer Pleads Guilty In Dreier Case
News  |  11/10/2009  | 
A New Jersey money manager, who worked as a lawyer at the SEC in the 1980s, has admitted to helping disgraced lawyer Marc Dreier carry out a scheme to attempt to sell $44.7 million in fake promissory notes by impersonating people at a hedge fund and a pension plan.
Plethora of New Regulations Requires Data-Driven Enterprise
News  |  11/10/2009  | 
Informatica announces version 9 of its data integration platform, providing a framework for business users to find data spread across multiple systems.
New Regulatory Requirements Require Data On-Demand
News  |  11/9/2009  | 
With a plethora of proposed regulations in the pipeline, financial services firms are facing more strenuous audits and data reporting requirements that could result in penalties if firms get them wrong.
Former Jefferies Money Manager Indicted for Insider Trading
News  |  11/9/2009  | 
Joseph Contorinis, a former managing director at Jefferies, has been charged with a $7 million insider trading scheme.
What Will 2010 Bring for the Buy-Side Trading Desk?
News  |  11/6/2009  | 
The events of the past year and a half forever altered the financial markets. With the fall of top firms, the rise of volatility, the glaring publicity around high-frequency trading and a dramatically new regulatory climate, the trading desk of 2010 is in for some major changes.
Regulators, Be Careful What You Wish For
Commentary  |  11/6/2009  | 
While some change may be necessary, regulators must remember that even the smallest shifts in policy can have wide-ranging and unpredictable effects on the markets.
Central Clearing of Derivatives Could Help Prevent "Too Bigger to Fail"
News  |  11/6/2009  | 
WS&T Editor-at-Large Ivy Schmerken spoke with Chris Edmonds, CEO of the International Derivatives Clearing Group, about the value of central clearing in the interest rate derivatives markets.
Investors Demand Hedge Fund Transparency
News  |  11/6/2009  | 
Institutional investors are already demanding more transparency from hedge funds. Not to be outdone, regulators are readying new rules for hedge fund reporting.
FSA Fines UBS $13 Million for Unauthorized Trades
News  |  11/5/2009  | 
UBS settled early to receive 20% discount in its fine.
Seven More Charged in Insider Trading Probe
News  |  11/5/2009  | 
The latest charges include current and former employees at Galleon Group as well as Incremental Capital and the law firm Ropes & Gray. The charges focus on insider trading activities around mergers and acquisitions.
Industry Participants Weigh Proposals to Monitor Sponsored Access in Real Time
Commentary  |  11/3/2009  | 
Worried about systemic risk caused by naked access, industry participants push for concurrent monitoring of high-frequency trades.
PhaseCapital Passes on Sponsored Access In Favor of DMA
News  |  11/3/2009  | 
Buy-side high-frequency trading firm taps Lime Brokerage for colocation, access to markets and data, with Goldman Sachs as prime broker.
Spotlight on Regulation: The New Rules of the Game
News  |  11/3/2009  | 
The SEC has had a busy summer not only revamping its internal processes and procedures but also focusing on potential regulation in four major areas: the over-the-counter derivatives market, short selling, dark pools and sponsored access to exchanges.
Quod Financial To Demo Adaptive Cross
News  |  11/2/2009  | 
Releases white paper outlining the importance of internal crossing mechanisms as a liquidity source within next generation trading technology.

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