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News & Commentary
Content tagged with Compliance posted in August 2012
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After Latest Financial Scandal, Another Regulator Set To Review Staffing Practices
News  |  8/30/2012  | 
The last 12 months have seen a host of financial scandals. Now, the NFA has ordered a review of its staff. But can it really revamp its staff?
Asian Regulators Urge CFTC to Review Dodd-Frank Swap Rules
News  |  8/29/2012  | 
Market regulators from Australia to Singapore have asked their U.S. counterparts to review proposed rules on derivatives trading, pointing out the potential for conflict with domestic rules and the risks of systemic instability.

SEC Proposes Lifting Ad Ban on Private Stock Offers
News  |  8/29/2012  | 
U.S. securities regulators voted 4-1 on Wednesday to propose lifting a long-standing ban on general advertising for private securities offerings, a measure that some say will spur economic growth but one which critics fear could pave the way for fraud.

US SEC Proposes Lifting Ad Ban on Private Stock Offers
News  |  8/29/2012  | 
U.S. securities regulators voted 4-1 on Wednesday to propose lifting a long-standing ban on general advertising for private securities offerings, a measure that some say will spur economic growth but one which critics fear could pave the way for fraud.

Gamification Gets Serious for Financial Services Compliance Training
News  |  8/29/2012  | 
True Office, a start-up that gamifies compliance training, has named former SunGard CEO and financial technology innovator Cristóbal Conde as executive chairman.
Buy-Side Firms Fund Lab to Promote Supercomputing for Market Regulation
News  |  8/28/2012  | 
Infinium Capital Managment, Tudor Investment Corp., and AJO Partners are helping fund research aimed at stabilizing and enforcing an increasingly complex marketplace.
The SEC Fumbles a Crucial Post-Crisis Battle
News  |  8/24/2012  | 
And so we've marked a defining moment: Securities and Exchange Commission Chairman Mary Schapiro's hard-fought effort to re-regulate money market funds was the first real litmus test of the agency's approach to individual investor protection in a post-financial-crisis world.

Nasdaq Systems Issue Impacts Short Sales, Points to Ongoing E-Trading Glitches
Commentary  |  8/23/2012  | 
This is the latest in a series of technical glitches that have eroded investor confidence in the market infrastructure.
Goldman Tells Clients to Bail Out of Equities As Fiscal Cliff Looms
Commentary  |  8/23/2012  | 
The bank's chief U.S. equity strategist says stocks are due to plunge with Congress unlikely to address the fiscal cliff before Election Day.
Ex-RBS Trader Details Bank's Libor Fixing
News  |  8/23/2012  | 
A former dealer for the Royal Bank of Scotland Group PLC has provided fresh details on how traders at the British bank tried to influence Libor rates, court documents filed in Singapore show.

US-China Accounting Standoff A Threat to Hedge Funds, Capital Markets
Commentary  |  8/22/2012  | 
Publicly-traded Chinese firms face the threat of de-listing from U.S. exchanges over their resistance to American accounting standards, a scenario that holds huge implications for U.S. hedge funds and the nation's capital markets.
Tech Innovation -- With an Eye Toward Quality
Commentary  |  8/21/2012  | 
Even with the frequent tech failures, scathing headlines and mounting regulatory fines, technology innovation is thriving on the Street -- with an emphasis on testing and quality.
Wall Street Is Leaderless, And That Might Be Fine
News  |  8/21/2012  | 
Wall Street has lost its most vocal advocate as investigations into JP Morgan's multi-billion dollar trading lost have sidelined Jamie Dimon, a Bloomberg article reports. But does the financial industry really need another Dimon?
The Homestretch of the Swaps Compliance Race
Commentary  |  8/21/2012  | 
There are new rules coming for dealing swaps. Are you ready to cross the finish line?
UK Lawmakers Say Libor Case Shows Barclays Culture Flawed
News  |  8/20/2012  | 
Company culture at Barclays was "deeply flawed" and the Bank of England's hand in removing its chief executive Bob Diamond was hard to justify, a UK parliamentary report into the "disgraceful" rigging of Libor interest rates said.
JPMorgan Picks Panel for 'Whale' Inquiry
News  |  8/20/2012  | 
JPMorgan Chase & Co has picked Lee Raymond, ex-chief executive officer of Exxon Mobil Corp , to head an inquiry by company directors into losses in a credit derivative portfolio run by its London-based Chief Investment Office, according to a source familiar with the matter.
Taming the Wolverine: How To Control the Costs of Modern Trading
Commentary  |  8/17/2012  | 
As Canadian brokers enter the global market, they must rethink how they do business.
Is Jon Corzine Starting a Hedge Fund? And More Speculation from Wall Street
Slideshows  |  8/17/2012  | 
Jon Corzine is back in the news and the fallout from Knight Capital's software problems continues, while Goldman Sachs avoids charges. These are just a few of the topics industry observers are discussing this week.
At Trial, U.S. Asks Fund Manager to Explain Insider Ties
News  |  8/16/2012  | 
Doug Whitman, a California hedge fund manager on trial for insider trading, had some explaining to do on the witness stand about his long-running contact with a stocks researcher.
Corzine's Way: Lose a Billion, Start a Fund
Commentary  |  8/16/2012  | 
In the ash heap of MF Global, the disgraced CEO not only might not go to jail, he just might start his own hedge fund.
China's Markets: No Gain Without Pain
Commentary  |  8/16/2012  | 
Despite a history of tight controls, China recognizes the need to reform its financial markets in order to trade effectively, and competitively, within the global economy.
U.S. Asks Fund Manager to Explain Insider Ties
News  |  8/16/2012  | 
Doug Whitman is the first among several insider trading trial defendants to gamble on taking the witness stand in the hope of winning an acquittal.
Peregrine CEO Indicted for Lying to Regulators
News  |  8/16/2012  | 
After a botched suicide attempt, the former CEO faces a maximum of 155 years in prison.
Would Going Back to Simpler Times Re-Inflate the Equities Market?
Commentary  |  8/14/2012  | 
Many market participants are saying we need to go back to simpler times, when spreads were wider, trading was slower, markets were simpler, research was more prevalent, and capital was more pervasive. But would that really fix the equity markets?
Peregrine CEO Indicted for Lying to Regulators
News  |  8/14/2012  | 
Peregrine Financial Russell Wasendorf Sr, Peregrene's CEO, was indicted on charges of lying to regulators, a little over a month after he botched a suicide attempt and confessed to bilking customers of his brokerage for years.
Ex-Barclays Trader, Under LIBOR scrutiny, Exits UBS
News  |  8/14/2012  | 
Jay V. Merchant, who has come under scrutiny in the Libor manipulation scandal, left his position as head of swap trading at UBS on Monday.
Hedge Fund Tiger Asia To Return Investor Money
News  |  8/14/2012  | 
While under investigation for insider trading, the New York fund is refunding clients.
Regulatory and Technological Changes: How to Create Competitive Advantages in the Derivatives Markets
Commentary  |  8/13/2012  | 
Restructuring of the derivatives markets will create new revenue opportunities for those firms that have prepared and niche opportunities for new participants.
The Time Has Come for Options Dark Pools
Commentary  |  8/13/2012  | 
Standard Chartered Helped Build Damning Case Against Itself
News  |  8/13/2012  | 
Standard Chartered, the British bank facing explosive money laundering allegations, appears to have been burned by a decision to waive attorney-client privilege.
Former Barclays Trader 'Has Cooperated' with Libor Probe
News  |  8/13/2012  | 
A former Barclays trader who was fired by the bank for sending inappropriate emails about Libor "has cooperated" with the federal criminal probe into the alleged rigging of international benchmark interest rates.
Alaska: The Next Libor Frontier?
News  |  8/13/2012  | 
The 12 Most Spectacular Financial Services Failures of All Time
Slideshows  |  8/10/2012  | 
As a result of its spectacular tech fail on Aug. 1, Knight Capital became the latest financial services firm to have pushed to the brink of collapse before being either rescued at the eleventh hour or permanently wiped out.
No Criminal Charges for Goldman Over Role in Crisis
News  |  8/10/2012  | 
The U.S. Justice Department said it will not pursue criminal charges against Goldman Sachs Group Inc or its employees related to accusations that the firm bet against the same subprime mortgage securities it was selling to clients.

U.S. Banks Told to Make Plans for Preventing Collapse
News  |  8/10/2012  | 
U.S. regulators directed five of the country's biggest banks, including Bank of America Corp and Goldman Sachs Group Inc, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help.

Knight Capital's Surprise $7 Billion Bounty
Commentary  |  8/9/2012  | 
After its new trading algo went rogue, the market maker held a jaw-dropping $7 billion in stocks - and had to unload almost half or they would collapse.
TMX Group Offers Equity Pre-Trade Risk
News  |  8/9/2012  | 
Clients of the Toronto Stock Exchange operator now have new tools that keep a close eye on risk.
Porsche Facing $1.6 billion Hedge Fund Lawsuit
News  |  8/9/2012  | 
A New York state court has rejected a motion by Porsche SE to dismiss a $1.4 billion-plus lawsuit brought by 26 hedge funds alleging fraud and unjust enrichment stemming from its trading in Volkswagen's shares four years ago.
Wall Street Watchdog Suspends Wedbush Securities President
News  |  8/8/2012  | 
FINRA suspended the founder and president of Wedbush Securities for not adequately supervising the financial company's regulatory filings, which, in many cases, were late or inaccurate.
Cash-Strapped Scranton Looks to Hedge Fund For Financing
Commentary  |  8/8/2012  | 
With the city facing a gap in its annual budget and concerns among lenders over its ability to repay its debts, Scranton's city council is pursuing financing from an unnamed hedge fund.
Does Speed Trading Need Safety Lanes?
Commentary  |  8/7/2012  | 
After Knight Capital's rescue, there are still concerns about risk controls. A professor from Columbia University told CNBC that regulators need to put in speed bumps so that markets continue to function when the next upheaval occurs.
Fragmentation Is Redlining the Markets
Commentary  |  8/6/2012  | 
Fragmentation is wrecking one of the greatest financial markets of all time, according to Tabb Group’s Larry Tabb. In the wake of the Knight Capital fiasco, he says, the SEC should think hard about the market structure it has created, and do its utmost to rein it in.
SEC's Schapiro: Circuit Breakers Contained Knight Capital Damage
News  |  8/3/2012  | 
The SEC Chairman said the regulator is examining whether additional steps must be taken to shore up the markets.
Cruel Justice and the Knightmare on Wall Street
News  |  8/3/2012  | 
In the absence of regulation to protect the markets, participants seem to have punished Knight Capital for its crimes.
SEC's Schapiro Vows Action Following Knight Debacle
News  |  8/3/2012  | 
U.S. Securities and Exchange Commission Chairman Mary Schapiro said on Friday that the technology problems that led Knight Capital Group Inc to suffer a $440 million trading loss are "unacceptable."
RBS Fired Staff Over Libor Rigging Scandal
News  |  8/3/2012  | 
Royal Bank of Scotland said it has dismissed employees over an interest rate rigging scandal, but gave no indication of whether it would reach a settlement soon with investigating authorities.
Regulators Scrutinize Knight Capital, Its Fate Unsure
News  |  8/3/2012  | 
Securities regulators are scrutinizing Knight Capital Group Inc, whose future remained in doubt Friday morning after a massive trading loss left the company hemorrhaging customers and scrambling for fresh capital.
Regulators Looking into Knight Capital's Trading Error: CBOE
News  |  8/2/2012  | 
U.S. regulators are looking into Knight Capital Group Inc's trading error Wednesday that caused a rush of orders for dozens of stocks on the New York Stock Exchange, the chief of the biggest U.S. options market said.
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