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BNY Hit With Final US$11M Fine For SS&C Contract Breach

September 27, 2024 By Chris Kentouris Leave a Comment

SS&C Technologies Canada Corp. has won only US$11 million instead of the US$890 million it wanted, but it still scored a final moral victory against Bank of New York Mellon for violating the terms of its market data contract with the financial technology giant. The Ontario Court of Appeal let stand a lower trial court’s […]

Filed Under: Compliance, Financials, Risk, Risk Tagged With: Compliance, Custodians, Data, Fund Ops, Rules

SEC’s Private Fund Adviser Rules: Tackling the Dos, Don’ts, and Maybes

November 21, 2023 By Chris Kentouris Leave a Comment

The US Securities and Exchange Commission’s new rules for private fund advisers are meant to increase transparency for investors, but they will also increase operational pain and cost for compliance managers even more, fund executives tell FinOps Report. Although the SEC has eliminated some of the more controversial provisions for the estimated US$22.6 trillion dollar […]

Filed Under: Compliance, Financials, Investments, Investors, Regulations Tagged With: Compliance, Hedge Funds, Private Equity, Regulators, SEC

Autism Center of Alleged Crypto Inventor Wright’s Fraud Trial

November 29, 2021 By Chris Kentouris Leave a Comment

A brilliant autistic cryptocurrency developer or a brilliant con artist? That’s what a federal jury in Miami has to decide about Australian-born Craig Wright, who alleges he is Satoshi Nakamoto, the inventor of the most popular cryptocurrency Bitcoin and underlying blockchain technology. Ira Kleiman, the brother of the late Dave Kleiman, sued Wright in 2018 […]

Filed Under: Compliance, Financials, Innovation, Risk Tagged With: Blockchain, Crypto, Data, Investors

Crypto Industry to SEC: Safe Harbor for Broker Custodians Isn’t Safe

June 16, 2021 By Chris Kentouris Leave a Comment

The US Securities and Exchange Commission’s decision to give broker-dealers a five-year reprieve from any regulatory sanctions to custody digital security assets in a trial run under limited circumstances isn’t all that sound, caution some broker-dealers, cryptoasset market players, and legal experts. While praising the SEC’s effort, respondents to the SEC’s request for feedback and others discussing […]

Filed Under: Compliance, Financials, Regulations, Risk, Rules Tagged With: Blockchain, Brokerage Ops, Crypto, Data, FINRA, Investors, Regulation, SEC

ADRs: Will Blockchain Create a Better Mousetrap?

May 10, 2021 By Chris Kentouris Leave a Comment

Unsponsored American Depositary Receipts could be a lot less expensive and more efficient for investors to own and to receive dividends and other corporate action distributions thanks to a new permission-based blockchain platform designed by RISE Financial Technologies, according to the Boston and London-based blockchain technology firm. RISE Financial predicts its new blockchain-based infrastructure, set to […]

Filed Under: Compliance, Financials, Innovation, Risk Tagged With: Blockchain, Compliance, Crypto, Data, Fund Ops, Innovation, Investors, Post Trade

Blockchain Attorney Klayman Battles MoFo Over Blocked Partnership

November 24, 2020 By Chris Kentouris Leave a Comment

Did Joshua Ashley Klayman, one of the US’ top blockchain attorneys, cost herself a partnership in a prominent global law firm, because she chose to focus on the novel field of blockchain and smart contracts, because was female, or because she got pregnant and took three maternity leaves? Those are among the many questions that […]

Filed Under: Compliance, Financials, Innovation, Risk Tagged With: Blockchain, Compliance, Crypto, Innovation

SEC Fines Northern Trust for Not Stopping Criminal Hedge Fund Manager

September 27, 2020 By Chris Kentouris Leave a Comment

The US Securities and Exchange Commission’s recent US$152,553 fine against mega hedge fund administrator Northern Trust provides a clear sign the regulatory agency will continue to hold a service provider accountable for any wrongdoing committed by its client if the SEC thinks it could have prevented the bad apple’s actions. The New York headquartered L-R […]

Filed Under: Compliance, Financials, Funds, Investments, Investors Tagged With: Compliance, Hedge Funds, Outsourcing, Regulators, SEC, Valuation

Arcesium Sues SS&C: Fund Manager Access to Geneva in Limbo?

June 17, 2020 By Chris Kentouris Leave a Comment

Middle-office operations managers at alternative fund management firms accessing SS&C Technologies’ Geneva portfolio accounting system through reseller Arcesium are now caught in the crossfires of its lawsuit against SS&C Advent and its parent SS&C, with their ability to use SS&C’s Geneva portfolio accounting system possibly in question. SS&C’s Geneva platform is one of the most […]

Filed Under: Compliance, Data, Financials Tagged With: Compliance, Data, Fund Ops, Hedge Funds, Investment Ops, Investors

SEC to Transfer Agents: Clean Up Your Operations

April 22, 2019 By Chris Kentouris Leave a Comment

Broker-dealers and banks aren’t the only ones running off with customer monies. The US Securities and Exchange Commission is cracking the whip on shareholder recordkeepers for doing the same. Misappropriation of issuer and investor funds was one of the two major operational deficiencies the US regulatory agency’s Office of Compliance Inspections and Examinations says it […]

Filed Under: Compliance, Data, Financials, Investors Tagged With: Compliance, Data, SEC

NY Court: Goldman’s Morse Can Sue Fidessa for Wrongful Termination

September 21, 2018 By Chris Kentouris Leave a Comment

A New York appeals court has just sent a stern warning to Wall Street, fintech and other firms: you can’t fire any of your employees simply because of who they married to or are even romantically involved with. The Appellate Division of New York’s First Department ruled that Christopher Morse, now vice president of electronic […]

Filed Under: Compliance, Financials, Risk, Trading Tagged With: Compliance, Trading

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