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News & Commentary
Content tagged with Compliance posted in January 2007
NASD Dings Bank of America for $3 Million
News  |  1/30/2007  | 
Banc of America Investment Services (BAI), a division of Bank of America, consented, without admitting or denying guilt, to $3 million in fines from NASD for failure to gather sufficient information about customers on certain high-risk accounts, an activity required by anti-money laundering regulation. The failures, according to NASD,
News  |  1/26/2007  | 
The SEC has once again postponed the Trading Phase date of Regulation NMS, as well as two other deadlines for the Order Protection and Access Rule.
Microsoft Takes Aim at MiFID
News  |  1/24/2007  | 
Microsoft is positioning itself as a MiFID solutions provider, with an announcement today of an eight-solution technology grab bag intended to meet the requirements of the European uber-regulation. The software giant is parading out its partners as "mix and match" MiFID solutions that all focus on the MS ar
A Market Turned Upside Down
News  |  1/23/2007  | 
The European Union's Markets in Financial Instruments Directive (MiFID) is scheduled to go into effect in November 2007. Even U.S.-based firms will need to have a thorough strategic plan for compliance in order to stay competitive in the global markets.
NYSE Requests a Four-Week Extension of the Reg NMS Deadline
News  |  1/23/2007  | 
Although it has been beaten to death by industry analysts and press, the importance of the changes to the U.S. securities industry spurred by Reg NMS cannot be overstated. The industry anxiously awaits full implementation of the regulation in 2007.
VASCO Bolsters Tokens
News  |  1/23/2007  | 
Chicago-based strong authentication vendor VASCO Data Security International has bolstered its hardware authentication offerings with the release of two new user authentication products for online commerce.
News  |  1/23/2007  | 
In order to address December's changes to the Federal Rules of Civil Procedure (FRCP), electronic communications compliance vendor Orchestria released an e-discovery solution, Legal Hold.
Data Privacy: Financial Institutions Try to Keep Data Breaches Down in 2007
News  |  1/23/2007  | 
As the value of customer data rises for both financial institutions and criminals, so too does its vulnerability. Hackers, dishonest employees, careless customers and technical glitches continue to expose sensitive information, making customers uneasy.
Pondering Liquidity Management
News  |  1/23/2007  | 
The next five years will see a considerable increase in order internalization as market pressures force firms to adopt the philosophy of liquidity management in order to stay competitive, a new research note from Westborough, Mass.-based TABB Group speculates.
NASD/NYSE Regulatory Consolidation Approved
News  |  1/22/2007  | 
As expected the NASD members approved the regulatory consolidation of the NASD and NYSE. The vote took place on Friday. I'm sure the industry across the board is celebrating the decision as this move is expected to reduce the regulatory and financial burden of all member firms.
Cinnober Rocks the BOAT
News  |  1/22/2007  | 
Industry consortium BOAT selected trading technology provider Cinnober Financial Technology as the underpinnings of its market data platform. The consortium of global investment banks also announced that Markit Group Ltd. will partner with BOAT to manage business operations. BOAT was launched in September 2006 to provide
SIFMA Challenges Exchanges' Market Data Fees
News  |  1/19/2007  | 
SIFMA today sent over a note saying that they are urging the SEC to hold a moratorium on market data rule filings for U.S. exchanges and conduct further investigation into the conflict of interest issues that are created by for-profit exchanges. U.S. exchanges are becoming commercial entities as a result of the electronification of the markets caused
FinCEN Proposes More Transactional Information Sharing
News  |  1/17/2007  | 
The Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Treasury, released its paper today on the value of reporting on cross-border transfer of funds in fighting money laundering and terrorist sponsorship. According the document, such reporting would hold value, but would require that FinCEN implement a data warehouse architecture to manage th
NYSE Fines Seven Specialists
News  |  1/17/2007  | 
NYSE Regulation yesterday announced censures and fines for seven member specialist firms, to the tune $2.8 million total. The fines are the result of multiple trading violations that occurred between 2003 and 2006. The firms were fined for breaking the firm quote rule, under which NYSE specialists are required to execute orders presented to them at prices that are
NYSE Asks SEC for NMS Delay
News  |  1/11/2007  | 
Looks like Reg NMS Could be postponed again. Last week the New York Stock Exchange sent a letter to be sent to the Securities and Exchange Commission to ask for a one-month postponement of the new trading rule. The thinking is that the SEC likely will agree to a delay because if the new rule is set in motion and the largest market center is not ready, there might be a market disruption. This would be the second delay for the much-anticipated rule, as it was originally supposed to go into effect
NYSE Behind the Ball
News  |  1/9/2007  | 
Cory Levine, Wall Street & Technology The New York Stock Exchange yesterday filed a letter with the SEC requesting an extension to the deadline of the Reg NMS trading phase. The current target date is February 5, and the Exchange is looking for an extra four weeks to roll out Phase IV of its Hybrid Market.
Marianne Brown Replaces Adam Bryan as Omgeo’s President and CEO
News  |  1/5/2007  | 
The new head of Omgeo talks about her plans for the future of the automated post-trade, pre-settlement trade management services provider.
Equifax’s Big Spend on Security
News  |  1/5/2007  | 
Budgets are up as businesses attempt to thwart more-sophisticated cybercrimes.
The Trouble With Customers and Their Data
News  |  1/5/2007  | 
The cost of customer data breaches is increasing, and the financial services industry is trying to reconcile the price of protecting that data with the increasingly disconcerting ramifications of security lapses.
IM Invasion
News  |  1/5/2007  | 
Orchestria Signs on 100 Bloomberg Clients
News  |  1/4/2007  | 
Cory Levine, Wall Street & Technology Electronic communication compliance vendor Orchestria announced that it has reached the 100-user mark for financial institutions signing on for the company's integrated Bloomberg Professional messaging compliance solution. The two companies first partnered on October 2004. While 100 institutional users is a nice feather in Orchestria's, cap, I'm left wondering just what exactly the rest of the m

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