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News & Commentary
Content tagged with Compliance posted in October 2009
Early Thoughts On SEC Dark Pool Regulation
Commentary  |  10/30/2009  | 
The SEC put forth a series of proposals it believes will enhance transparency, reduce asymmetries, and enhance public confidence in the equity markets but discussing these proposals in advance of releasing them in written form has raised significant confusion in the industry.
CFA Institute Sends Letter on OTC Derivatives Reform to Congress
News  |  10/30/2009  | 
Standardized derivatives should trade on regulated exchanges and clear centrally, states CFA's letter, citing investor group's report.
Geithner Testifies on Regulation
News  |  10/30/2009  | 
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.
FINRA To Focus on Fraud and Facebook
News  |  10/29/2009  | 
The Wall Street regulator has redefined its priorities, and fraud detection and social networking are two prominent ones.
Senate Subcommittee Questions Industry Insiders on Market Structure Issues
News  |  10/28/2009  | 
Lawmakers gathered for a hearing to question industry participants and gather information on dark pools, high frequency trading, sponsored access and flash orders.
Finding Hidden Dangers in Spreadsheets
News  |  10/28/2009  | 
So much valuable information on Wall Street is stored in Excel spreadsheets, it's worth keeping an eye on them to spot fraud and errors before auditors do, says Ralph Baxter, CEO of ClusterSeven.
SEC Drafting Proposals on Sponsored Access, HFT
News  |  10/27/2009  | 
At SIFMA’s Annual Meeting SEC Chairman Mary Schapiro announced that she has asked her staff to come up with two new market structure proposals focusing on sponsored exchange access and high frequency trading.
Datawatch Upgrade to Ease Fraud Investigations, Expert Says
News  |  10/27/2009  | 
Datawatch's Monarch software, which converts reports to Excel spreadsheets, can now embed the original source document in the Excel file. Fraud examiner Phillip Levi says this should shorten and simplify internal fraud investigations.
Scottrade Fined $600,000 for Failing to Monitor Transactions
News  |  10/27/2009  | 
This could happen to you: FINRA told the online brokerage that having compliance officers look for suspicious activity is not enough, software monitoring is necessary.
'Exchange-Traded' Does Not Equal 'Risk-Free'
Commentary  |  10/26/2009  | 
Just because Congress mandates that OTC products trade on-exchange doesn't mean that OTC derivatives won't blow up.
Madoff Workplace Allegedly Rife with Cocaine, Sex
News  |  10/22/2009  | 
And the saga continues. CNN's Chloe Melas reports on a recent lawsuit filed by former Madoff investors claiming that "Madoff's workplace was rife with cocaine and sex." The 264-page law suit claims Madoff "financed a cocaine-fueled work environment and a "culture of sexual deviance."" The complaint alleges Bernard Madoff Investment Services was known by insiders as the ""North Pole", in reference to the excessive amount of cocaine use in the work place." The law suit also claims that "Madoff di
SEC Takes Dramatic Stance on Dark Pools with Rule Proposal
News  |  10/21/2009  | 
In an SEC meeting today in Washington, D.C., the regulator proposed a new rule that ultimately aims to move flow out of the dark and into the lit markets.
E-Discovery: Remembering Forgotten Data
Commentary  |  10/21/2009  | 
Electronic discovery is proving to be one of the most powerful tools in the corporate and legal arsenal. As corporations come to rely more heavily on e-discovery, however, some serious flaws in traditional e-discovery processes have become more and more prevalent.
Demonizing the Dark
Commentary  |  10/21/2009  | 
Adam Sussman, TABB Group’s director of research, comments on the SEC and dark pools, specific to today’s SEC open meeting in Washington, DC beginning at 10:00 am ET to consider whether to propose regulatory changes regarding dark pools.
Senator Schumer’s Six Proposals for ATS Regulation
News  |  10/21/2009  | 
Following yesterday’s press conference call with NYSE chief executive Duncan Neiderauer, Senator Chuck Schumer (D-NY) sent an official letter to SEC Chairman Mary Schapiro with six proposals to regulate alternative trading systems (ATSs) more like traditional exchanges.
Schumer/Niederauer Call on Regulators to Create Level Playing Field for Dark Pools and Exchanges
News  |  10/20/2009  | 
A media advisory from Senator Charles Schumer's (D-NY) office was released today announcing that he will hold a conference call with Duncan Niederauer, CEO of NYSE Euronext today at 12:30 to urge the Securities and Exchange Commission to institute a series of reforms to better regulate dark pools.
Revelations from Book "Too Big To Fail"
News  |  10/20/2009  | 
New York Times Reporter Andrew Ross Sorkin discussed his new book "Too Big To Fail" with CNBC today in which he discloses some behind-the-scenes conversations that took place at Goldman Sachs and at Lehman
Shareholders Challenge Goldman’s Bonus Plans
News  |  10/15/2009  | 
Shareholders challenge Goldman Sachs as it prepares to pay record bonuses; file shareholder resolution early.
Sweeping Re-Evaluation of Market Structure Necessary
Commentary  |  10/15/2009  | 
According to Cuttone & Company's McSherry, a sweeping reevaluation of current market structure should be undertaken immediately, before new rule changes are erected atop a flawed regulatory foundation.
FINRA Fines Citigroup $600,000 for Failing to Supervise Trading Strategies
News  |  10/14/2009  | 
Firm also fined for failing to report trades to an exchange and inadequately monitoring Bloomberg messages.
Strata Fund Services Enters Alliance with HedgeOp Compliance
News  |  10/9/2009  | 
Fund administrator to use ComplianceTrak software for alternative investment industry clients.
ConvergEx To Acquire Cogent Consulting
News  |  10/8/2009  | 
ConvergEx says Cogent's research valuation and broker vote software are a natural fit with its commission management busine
Penson's Letter To SEC On Matt Taibbi
News  |  10/7/2009  | 
Check out this developing story on Penson Financial Services, which was accused of a serious securities law violation (approving a large naked short) by Rolling Stone columnist Matt Taibbi. Penson wrote a letter to the SEC denying any wrong doing. Here is a story that appeared in The Business Insider that recounts what happened. Why Penson's Letter To SEC On Matt Taibbi Changes Everything
Proposed NIF Aims to Reduce Risk By Analyzing All Trade Data
News  |  10/6/2009  | 
Why Morgan Stanley is backing a quasi-governmental group that would collect and analyze trade data to help regulators identify systemic risks.
More Financial Regulation Isn't the Only Answer
News  |  10/1/2009  | 
Everyone is quick to blame the banks for the financial crisis because they took on too much risk.

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