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News & Commentary
Content tagged with Compliance posted in February 2013
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London Whale Didn't Cause Lehman Bankruptcy, JPMorgan Says
News  |  2/28/2013  | 
The former JPMorgan Chase trader known as the "London Whale" was not responsible for Lehman Brothers' bankruptcy and should not be dragged into an $8.6 billion lawsuit.
London Mayor Says EU Bank Bonus Cap Helps New York, Singapore
News  |  2/28/2013  | 
London Mayor Boris Johnson lashed out at a European Union cap on bankers' bonuses on Thursday, warning that the move will shunt banking business towards Zurich, Singapore and New York.

CIBC Profit Falls 4 Percent on Lehman Brothers Charge
News  |  2/28/2013  | 
Canadian Imperial Bank of Commerce reported a 4 percent drop in quarterly profit on Thursday due largely to a C$148 million charge for a legal settlement with bankrupt U.S. bank Lehman Brothers.

Can the CFTC Execute on its Mission?
Commentary  |  2/27/2013  | 
The CFTC is on a mission to migrate interest rate and credit derivatives to transparent marketplace, fulfilling a role that is similar to what the first SEC Commissioner Joseph Kennedy did in the 1930s to revive equities, writes Andrew Waxman.
Bloomberg Vault Rolls Out Cloud Voice Recording Service
News  |  2/27/2013  | 
Orange Business Services - Trading Solutions will power the voice recording capabilities for the cloud based service, leveraging Orange's expertise in voice communications.
U.S High Court Limits SEC Authority To Seek Penalties
News  |  2/27/2013  | 
The U.S. Supreme Court on Wednesday limited the authority of the federal government's top securities regulator to seek civil penalties over conduct that occurred more than five years before investigators took action.

Will Traders Reset their Alarms for Nasdaq's 4 A.M. Pre-Market Session?
Commentary  |  2/27/2013  | 
In an effort to boost volumes and fees, Nasdaq OMX plans to extend its pre-market session to 4 a.m., to capture global participants. But will US traders wake up earlier?
US High Court Limits SEC Authority to Seek Penalties
News  |  2/27/2013  | 
The U.S. Supreme Court on Wednesday limited the authority of the federal government's top securities regulator to seek civil penalties over conduct that occurred more than five years before investigators took action.

Insider Trader Rajat Gupta Ordered To Pay Back Goldman Sachs
News  |  2/26/2013  | 
Goldman and other banks are making claims based on a law that allows corporations to be reimbursed as a victim of an insider trading crime.
Newedge Pushes into OTC Derivatives Clearing
News  |  2/25/2013  | 
Newedge said it cleared its first OTC interest rate swap on CME Clearing as it expands to take advantage of new regulations amid reports that the company is up for sale.
The SEC’s New Technology Drive – Pass or Fail?
News  |  2/22/2013  | 
SEC Chairman Elisse Walters has highlighted what the regulator is doing to prevent technology glitches and fraud. Here are some of the top reactions to its new tech drive.  
Judge Extends Freeze on Goldman Account Linked to Heinz Trades
News  |  2/22/2013  | 
A U.S. judge has extended a freeze on a Swiss account linked to possible insider trading in H.J. Heinz Co call options just before the ketchup maker agreed to be bought by Warren Buffett's Berkshire Hathaway Inc and Brazilian investment firm 3G Capital.

U.S. Market Regulators Not Expecting Job Cuts From Sequestration
News  |  2/22/2013  | 
The country's top Wall Street regulators are not expecting layoffs or furloughs in the event that Congress is unable to avoid across-the-board spending cuts known as "sequestration." known as "sequestration."

Regulators Not Expecting Job Cuts from Sequestration
News  |  2/22/2013  | 
The country's top Wall Street regulators are not expecting layoffs or furloughs in the event that Congress is unable to avoid across-the-board spending cuts known as sequestration.
CFTC Charges CME Over Client Data Breaches
News  |  2/22/2013  | 
The top derivatives regulator sought to fine CME Group and ban two former employees for life for leaking client data.
Can We Do Better? Ethics Needs to Come Out of Hiding
Commentary  |  2/22/2013  | 
Do you think "Ethics" should be more ingrained in every part of the business, rather than just an afterthought, or separate HR course? And should it have its own category on this site, rather than bury it?
Rebuilding Trust in Our Markets in the Year Ahead
Commentary  |  2/21/2013  | 
While regulators focus their efforts on automated or manual exchange-level risk management, firms should ensure that they have proper processes in place to manage risk from their own perspective in order to avoid the pain of repeating notable — and possibly avoidable — mistakes.
Some Questions for the SEC on the New MIDAS Surveillance Plans
Commentary  |  2/21/2013  | 
Although the SEC's plans to monitor market activity through MIDAS are important, is the commission still over matched against the HFT community?
Oracle Financial Services Introduces New Enterprise Model Risk Application
News  |  2/21/2013  | 
New product for model risk helps financial institutions meet regulatory demands.
Corzine Faces Lifetime Trading Ban
News  |  2/21/2013  | 
The former Master of the Universe might be banned from futures trading in the wake of the (suspicious) MF Global collapse.
SEC Weighs Fixes after Trading Technology Debacles
News  |  2/20/2013  | 
Exchanges and other trading platforms would have to perform tests to prevent software errors from unleashing havoc on the market under proposed rules being crafted by regulators.
Battling Ponzi Schemes and Snake Oil Salesmen
News  |  2/20/2013  | 
What can the CFTC do to prevent future cases of blatant fraud, as well as the losses, similar to cases like MF Global and Peregrine Financial Group? Andrew Waxman offers some risk management techniques regulators should consider.
The Start of Another Financial Crisis
News  |  2/19/2013  | 
It's a deja-vu: the stability of the global markets could soon be under threat due to a looming crisis in the derivatives industry.
FINRA Fines ING $1.2 Million for Email Violations
News  |  2/19/2013  | 
Wall Street's industry-funded watchdog fined five affiliates of ING Group NV a total of $1.2 million for not storing or reviewing millions of company emails.
Justice Department Works On New Model To Prosecute Banks
News  |  2/19/2013  | 
Banks have been getting off too easily. Now, the government is pushing to make them accountable for any wrongdoing.
Form PF: Filing Can Be Tricky
Commentary  |  2/19/2013  | 
Advise Technologies discusses the upcoming Form PF filing deadline on March 1st for large hedge funds.
SAC has $1.68 Bln in Withdrawals as Trading Probe Deepens
News  |  2/15/2013  | 
Hedge fund billionaire Steven A. Cohen is feeling the pinch from the federal government's insider trading probe as outside investors in his SAC Capital Advisors submitted requests to withdraw a total of $1.68 billion from the firm by year's end.

EU's Financial Transaction Tax Stirs Up Controversy on Twitter
News  |  2/15/2013  | 
The EU's decision to push ahead with the financial transaction tax with support from only 11 countries, including France, Germany and Spain, triggered diverse viewpoints on Twitter.
Best Reactions To Obama's Cybersecurity Executive Order
News  |  2/15/2013  | 
Is President Obama's executive order on cybersecurity causing hackers to shudder and financial institutions to breathe a sigh of relief? Here are some of the top reactions on the web to this controversial bill.
Regrets? Some Senators Have a Few
News  |  2/15/2013  | 
Watching Elizabeth Warren grill regulators has some Senators wishing they didn't oppose her appointment to the CFPB back in 2011.
SEC Chairman to Request Budget Boost as Sequestration Looms
News  |  2/14/2013  | 
The top U.S. securities regulator will urge lawmakers to boost its funding.
Is FTT heading for Wall Street?
News  |  2/14/2013  | 
Modeled after the European FTT effort, two U.S. senators have proposed a financial transaction tax on their home turf.
U.S. Arbitrators Order Deutsche Bank and Ex-Adviser to Pay $934,000
News  |  2/14/2013  | 
U.S. securities arbitrators ordered Deutsche Bank Securities Inc to pay a couple and their trusts a total of $934,000 after a onetime adviser allegedly swindled them in a multimillion-dollar insurance deal.

Lew Faces Grilling on Citigroup at US Senate Hearing
News  |  2/13/2013  | 
The top Republican lawmaker vetting Jack Lew to serve as the U.S. treasury secretary on Wednesday zeroed in on the nominee's work as an executive at Citigroup as a possible conflict of interest for a job that would make him the nation's chief financial regulator.

5 Risk Indicators that Led to the Mortgage Mess
News  |  2/13/2013  | 
A civil lawsuit by the Justice Department against Standard & Poor's shines a light on faulty ratings. But savvy traders at Goldman and Paulson & Co. saw early warning signs of the mortgage crisis in 2006 and 2007.
The Stock Market Needs A Hockey Enforcer
Commentary  |  2/13/2013  | 
Due to the pendulum shift to almost full automation and the massive fragmentation of the stock market over the past decade, our equity market currently lacks a self-policing mechanism.
McGraw-Hill Says Doesn't Think Government Can Prove S&P Case
News  |  2/12/2013  | 
McGraw-Hill Cos Inc, which is being sued by the U.S. government for bond ratings issued by its Standard & Poor's unit, reported a surge in quarterly adjusted profit and said it does not believe the government can prove its case.

Revolving Door May Have Hurt SEC Money Fund Reforms
News  |  2/11/2013  | 
Former SEC staffers who now work in the private sector may have helped derail last year's effort to reform the $2.6 trillion money market fund industry.
RBS Executives Were Focused on Saving Bank, Not Libor
News  |  2/11/2013  | 
Royal Bank of Scotland's management failed to spot the manipulation of benchmark interest rates by traders because they were focused on keeping the bank alive.
Financial Firms Overhaul Data Management Strategies
News  |  2/11/2013  | 
As capital markets organizations focus on ways to reduce risk, data management is receiving a top-to-bottom makeover.
The SEC Decimalization Roundtable: The Industry Responds on Twitter
News  |  2/8/2013  | 
Industry leaders added their own two cents to the mix as they took to the Twitterverse to discuss penny pricing and other issues in response to the roundtable.
Tick-Size Issue Sparks Debate
Commentary  |  2/8/2013  | 
Market participants discussed the pros and cons of increasing tick sizes to a nickel or dime on small cap stocks, urging the SEC to adopt a pilot program.
Hedge Funds Trade on Ahead of Argentine Debt Showdown
News  |  2/8/2013  | 
Hedge funds are actively trading in Argentina's choppy markets ahead of its legal showdown with rebel sovereign bondholders later this month.

EU Agrees New Derivatives Rules, Stalls Again on Bank Capital
News  |  2/7/2013  | 
European Union lawmakers pressed ahead with new rules for derivatives on Thursday, helping the bloc meet one global pledge to make markets safer as it struggles to meet another on raising bank capital levels to diminish risk.

US Watchdog Backs Off Over Financial Adviser Regulation
News  |  2/7/2013  | 
Wall Street's industry-funded watchdog is pulling back from a campaign to expand its powers so that it would oversee 11,000 registered investment advisers, leaving a regulatory hole that could be exploited by those intending to commit fraud, its head warned on Wednesday.

U.S. Prosecutors Zero In on SAC Capital Insider Steinberg
News  |  2/7/2013  | 
U.S. prosecutors are nearing a decision on whether to pursue criminal charges against SAC Capital Advisors portfolio manager Michael Steinberg related to an insider trading investigation involving shares of Dell Inc , according to two people familiar with the matter.

Swaps Exchange Gears Up for Dodd Frank Mandates
News  |  2/6/2013  | 
Preparing to go live in 2013, trueEX LLC, a CFTC-regulated swaps exchange, chose Interactive Data Corporation's 7ticks global network for hosting and supporting its matching engine architecture.
RBS Fined $612 Million for Libor Rate Rigging
News  |  2/6/2013  | 
Royal Bank of Scotland was fined $612 million and a subsidiary admitted to a criminal offense as regulators nailed a third bank in a global investigation into rigging of benchmark interest rates.
RBS Fined $615 Million over Libor
News  |  2/6/2013  | 
British bank Royal Bank of Scotland was fined some $615 million on Wednesday to settle charges of rigging the Libor benchmark rate. Swiss bank UBS was fined $1.5 billion to settle charges of rigging the Libor benchmark rate in December, the second biggest fine ever on a bank. Britain's Barclays was fined $450 million in June for rigging the rate.
Insider-Trading Informant to Forfeit $40,000, Avoids Prison
News  |  2/5/2013  | 
Karl Motey, a technology consultant who has been praised by the government for his help in insider-trading investigations, avoided prison time.
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