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News & Commentary
Content tagged with Compliance posted in March 2012
MarketAxess Research Introduces TCA for Fixed Income
News  |  3/30/2012  | 
The electronic trading platform's research arm is offering a proprietary method for analyzing and reducing transaction cost in less liquid corporate bond markets.
Senate Confirms Top FDIC, OCC Bank Regulators
News  |  3/30/2012  | 
The Senate confirmed President Obama's picks for the Federal Deposit Insurance Corp (FDIC) and the Office of the Comptroller of the Currency (OCC).
CFTC Told to Keep Swap Dealer Rule Narrow
News  |  3/30/2012  | 
Congressional lawmakers asked the CFTC to lenient swap dealer rules and hope to exempt hedgers.
Wells Fargo, SEC Told to Meet in Subpoena Dispute
News  |  3/30/2012  | 
A federal judge rejected the U.S. Securities and Exchange Commission's demand that Wells Fargo & Co comply with subpoenas related to a probe of the bank's sale of $60 billion of mortgage-backed securities, but directed both sides to meet.
FINRA Investigating Exchange-Traded Notes
News  |  3/30/2012  | 
The U.S. regulator that oversees the sale of investment products to investors is investigating how companies are marketing exchange-traded notes, a niche category that gained some notoriety when one ETN experienced a huge loss this year.
Top Quotes of the Week
Slideshows  |  3/29/2012  | 
What a week! Europe double dips, hedge fund managers have big egos, MF Global pleads the Fifth, and everybody is leaving Goldman Sachs. Advanced Trading gathered up the funniest and the most revealing quotes from the capital markets thought leaders. There's a lot of bad news out there, but there are some bright spots. Enjoy.
MF Global Exec's Ignorance, Silence Stymie Congress
News  |  3/29/2012  | 
MF Global's Assistant Treasurer Edith O'Brien refused to answer questions from Congress, frustrating lawmakers who are probing why an estimated $1.6 billion of customer money is missing.
Goldman Sach's Gupta Loses Wiretap Ruling
News  |  3/28/2012  | 
Former Goldman Sachs Group director Rajat Gupta lost his bid to suppress wiretap evidence at his upcoming criminal trial on charges that he leaked boardroom secrets to hedge fund founder Raj Rajaratnam.
Global Exchanges Strike Back at Abusive HFT Technique
News  |  3/27/2012  | 
A growing number of exchanges are fighting quote-stuffing with fees aimed at punishing high-frequency traders for excessive order cancellations.
Is Wall Street IT Losing Its Luster?
News  |  3/27/2012  | 
Technology execs are jumping to other industries, including Silicon Valley start-ups, consulting firms and technology providers.
CFTC Picks Tabb for HFT Subcommittee
News  |  3/27/2012  | 
Larry Tabb will help the CFTC subcommittee to create a definition of high frequency trading.
MF Global's Corzine Faces New Scrutiny on Customer Accounts
News  |  3/26/2012  | 
Congressional investigators released details of emails from just before MF Global's bankruptcy that renew questions about whether anyone at the failed brokerage authorized the use of customer funds to cover an overdraft in London.
Social Media Is Wall Street's Number One Enemy
Commentary  |  3/23/2012  | 
For the world-at-large, the whole point of Twitter is spontaneity. Not for Wall Street.
Banks May Get Breathing Room on Volcker Rule
News  |  3/23/2012  | 
U.S. banks may get breathing room on the Volcker rule's looming crackdown on proprietary trading, after a Federal Reserve official pledged to ease firms into compliance.
Obama Taps Dartmouth's Kim to Head World Bank
News  |  3/23/2012  | 
President Barack Obama will nominate Dartmouth College president Jim Yong Kim to lead the World Bank, a senior administration official said on Friday.
Form PF Will Be a Painful Burden for Hedge Funds
News  |  3/22/2012  | 
The new Form PF regulatory reporting requirements represent a landmark shift for the traditionally secretive hedge fund industry, and they'll come with a hefty price tag.
How Traders and Risk Managers Are Adapting to the Changing Rules
News  |  3/22/2012  | 
Stephen Davenport, VP and head of equity risk management at Wilmington Trust, discusses in an exclusive Q&A the impact of the economic, political and regulatory climates on the roles of traders and risk managers.
Volcker Backs Contentious Auditor Rotation Idea
News  |  3/21/2012  | 
Former Federal Reserve Chairman Paul Volcker supports a controversial term-limit proposal for audit firms, a rule aimed at preventing them from becoming complacent over time and less willing to question senior management.
Buffett Millionaires Tax Would Raise $47 Bln
News  |  3/21/2012  | 
A proposed 30 percent minimum tax on millionaires backed by President Barack Obama - dubbed the Buffett tax after investor Warren Buffett who supports it - would raise about $47 billion over a decade, according to a congressional report.
New ‘Corzine Rule’ For Hedge Funds Sets Tongues Wagging
Commentary  |  3/21/2012  | 
Despite widespread support for the rule, questions are being raised.
The Attraction of OTC Clearing
Commentary  |  3/20/2012  | 
Despite all the noise and hoopla, market participants seem to be huddled together at the top of the diving board waiting for someone else to take the plunge first.
NY Mets Owners To Pay $162 Mln Madoff Settlement
News  |  3/19/2012  | 
Owners of the New York Mets baseball team have agreed to pay $162 million to settle a lawsuit by the trustee seeking money for victims of Bernard Madoff's fraud, just before a trial was scheduled to begin.
Deutsche Bank Promotes Three to Head Tech/Ops, Risk and Compliance
News  |  3/16/2012  | 
In a management overhaul, Deutsche Bank named Henry Ritchotte COO with oversight of technology and operations, as new co-CEOs put their stamp on the bank.
Explosive Goldman Sachs Exit Fuels Volcker Rule Push
News  |  3/16/2012  | 
Reform advocates are pointing to Greg Smith's very public resignation from Goldman Sachs as another reason why the industry needs a strong Volcker rule, though it remains unclear if it will influence regulatory thinking.
SEC's Schapiro Renews Call for Money Fund Reforms
News  |  3/16/2012  | 
The top U.S. securities regulator is determined to implement a new round of money market fund reforms, despite facing strong resistance from many of the biggest industry players who say more regulations are unnecessary.
Hedge Funds, Private Equity Firms Lagging Behind In Regulatory Prep
News  |  3/15/2012  | 
Deadlines to file Form PF are rapidly approaching and firms are vastly unprepared for the complexity of reporting requirements, according to Gravitas.
Citigroup Failure in Fed Test Raises Questions
News  |  3/15/2012  | 
Citigroup still plans to reward shareholders, as Wall Street analysts suggest the bank was too aggressive.
SEC Charges Five With Insider Trading From AA Tip
News  |  3/14/2012  | 
U.S. securities regulators charged two Ameriprise Financial advisers and three others with insider-trading, saying they made $1.8 million in illicit profits based on confidential merger information one of the advisers learned through an Alcoholics Anonymous relationship.
Goldman Hires Ex-Geithner Aide as Top Spokesman
News  |  3/14/2012  | 
Goldman Sachs Group Inc has reached into Democratic circles to find its new top spokesman, Richard "Jake" Siewert.
Who’s Really Cashing In On the Whistleblower Program
Commentary  |  3/13/2012  | 
Unsurprisingly, the whistleblower program instituted by Dodd-Frank is paying off. But it isn't just the whistleblowers who are set to cash in.
Who's Hiring in Financial Tech?
Commentary  |  3/13/2012  | 
Two different companies hiring service and support staff are involved in social media compliance and derivatives trading solutions.
MF Global Customers Get Offers for Claims
News  |  3/13/2012  | 
Some big financial firms have offered to buy the claims of thousands of MF Global customers, whose money went missing after the brokerage firm collapsed last year, the New York Times said, citing people involved in the negotiations.
ICE Circuit Breakers Aim to Stop Computer-Driven Trading Gone Wild
News  |  3/13/2012  | 
New circuit breakers on the IntercontinentalExchange aim to stop unwarranted price spikes by slowing down trading, but not halting it entirely.
Market Fraudsters vs. the Genuine(rs): Who's Winning?
Commentary  |  3/13/2012  | 
Managing systemic risk — and preventing market abuse — is one of today’s greatest challenges, and regulators have been intensifying their efforts to clean up the markets. But are the good guys winning the war against fraudsters?
Banks Team Up to Cut Technology Spending Burden
News  |  3/12/2012  | 
Investment banks are beginning to share development costs for back office and regulatory compliance systems.
Dodd Frank Confusion Reigns on Buy Side — Study
News  |  3/12/2012  | 
While sell side firms are investing heavily due to Dodd Frank, a new study finds that buy side firms are confused about clearing deadlines and favor Bloomberg as the execution venue of choice.
Futures SROs Propose 4 Ways to Protect Customer Seg Accounts
News  |  3/12/2012  | 
In the wake of MF Global, the first proposal would require FCMs to file daily reports on segregated and secure accounts, enabling regulators to track fluctuations in the amount of customer funds maintained by the firm.
Clerical Error Foiled Hedge Fund Octavian's Balda Battle
News  |  3/12/2012  | 
Octavian Advisors said a clerical error prevented the $1 billion New York hedge fund from backing its own move last month to oust the board of German medical and electronics products maker Balda AG.
A Former SEC Enforcer On Slowing Down HFT
News  |  3/12/2012  | 
After years of trading near the speed of light can regulators realistically place a speed limit on high frequency trading? Mark Fickes, a former attorney for the SEC enforcement division and currently with BraunHegey & Borden of San Francisco, weighs in.
Wall Street's Crisis of Stewardship
News  |  3/9/2012  | 
A return to sound principles will help prevent the next financial crisis, says RBC Wealth Management CEO.
Swaps Participants Gear Up for July Reporting Deadline
News  |  3/6/2012  | 
Even though the CFTC's rules pertaining to recordkeeping and swaps data reporting put the burden on dealers, asset mangers will still want systems for record keeping, monitoring, reconciliation and analytics.
MarkitServ Launches FX Gateway Connecting to CCPs
News  |  3/5/2012  | 
The middleware provider announced a single point of access for FX participants to route OTC derivatives trades to CCPs worldwide including CME, SGX and LCH.Clearnet.
TradingScreen Expands into Indian Insurance Sector
News  |  3/5/2012  | 
Three of the top 10 industry insurance sector companies have deployed Trading Screen's EMS for compliance reasons.
The 3 Biggest Pain Points on the Road to Swaps Clearing
News  |  3/5/2012  | 
Central clearing promises to bring transparency to the OTC derivatives market and reduce participants' risk. But dragging swaps out into the open is a difficult road. Here are three challenges adding to the buy side's pain -- and insight into how they can be overcome.
Who Do Buy-Side Firms Trust With Their Money?
News  |  3/5/2012  | 
In the absence of clear rules on customer collateral protection, the question of default risk weighs on investment managers entering the swaps clearing game, and some market participants argue that custodians offer a safer option than brokers.
Not Everyone Expects Swaps Trading to Get More Complicated or Expensive
Commentary  |  3/2/2012  | 
The idea that swaps trading will become more expensive and complicated for dealers and the buy side under the Dodd-Frank regulations is not a universal one throughout the industry.
Is There a Better Alternative to Central Clearing of Swaps?
News  |  3/2/2012  | 
OneChicago Exchange offers an established exchange-traded product that could replace some types of swaps — without having to create an entirely new market infrastructure.
The Need for Automated Clearing In an Increasingly Complex Derivatives Market
Commentary  |  3/2/2012  | 
Automating derivatives processing will create efficiencies across the industry, lowering costs, reducing risk and establishing a framework for growth. But it will require cooperation.

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