The issue of which self-regulatory authority will take over the job of setting the maximum fees issuers must pay broker-dealers and banks to mail proxy materials to beneficial shareholders has pitted the New York Stock Exchange against the Financial Industry Regulatory Authority. leaving proxy operations managers and corporate secretaries in a lurch. The NYSE, which has been setting the proxy … [Read More...]
Featured Posts
Schwab’s $1.2 M Customer Account Transfer Mistake: Now What?
Whoops, it happened again. This time it was a software glitch that led brokerage Charles Schwab to erroneously transfer US$1.2 million from a former retail client's account to the customer's new brokerage account at Fidelity Brokerage Services which has left … [Read More]
Rule 605 Reports: Next for Transparency Data Overhaul?
More transparency -- the mantra which has taken hold regarding Rule 606 reports -- needs to make its way to Rule 605 reports, say trade execution experts and buy-side representatives who are hoping the US Securities and Exchange Commission will take action … [Read More]
Preventing Pesky US Treasury Settlement Fails
For US broker-dealer operations managers failing to settle a transaction in US Treasury securities might never have been all that problematic, but with the number of fails rising dramatically during the peak of the COVID-19 pandemic one megabank--BNY Mellon-- … [Read More]
Citi’s $900M Blunder Casts Light on Poor Loan Ops
A New York judge's recent ruling that lenders to financially ailing cosmetics giant Revlon can keep US$500 million in payments they mistakenly received from Citibank is prompting operations managers of syndicate loan desks at rival banks to take a closer look … [Read More]
New IDs for Digital Assets: FIGIs or ISO-Backed Codes?
Does the financial services industry need more than one identification standard for digital assets? Can standards for identifying traditional assets even apply for the digital asset market? Those are the two questions trading, compliance and operations … [Read More]