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BNY Pershing’s US$1.4 Million FINRA Fine: Data Governance Flaw?

August 30, 2024 By Chris Kentouris Leave a Comment

How could BNY Pershing have unintentionally stored and distributed the wrong interest rates on domestic and international variable rate securities to clients for years? Easily if the firm didn’t have the right checks and balances to ensure data quality, based on the Financial Industry Regulatory Authority’s account of why it fined the giant clearing firm […]

Filed Under: Clearing, Compliance, Regulations, Trading Tagged With: Brokerage Ops, Clearing, Compliance. Rules, FINRA, Regulators, SEC

US Treasuries Central Clearing: Fund Managers’ Juggling Act in 2024

December 22, 2023 By Chris Kentouris Leave a Comment

US fund managers will be spending the new year preparing for the operational and legal challenges arising from central clearing of most secondary trades in Treasury cash and repurchase agreements now that the Securities and Exchange Commission has approved the phased move. The mandated switch to central clearing for many transactions in US Treasuries will […]

Filed Under: Clearing, Compliance, Infastructure, Margining, Margining Tagged With: Collateral, Compliance, Funds Ops, Hedge Funds, Regulations, SEC

Goodbye NSCC: Hello Paxos for Clearing US Equities?

November 27, 2019 By Chris Kentouris Leave a Comment

US clearinghouses, such as the National Securities Clearing Corp. (NSCC), could become either a thing of the past or take a backseat, if custodian Paxos has its way in clearing and settling US securities. The US Securities and Exchange Commission’s recent no-action letter to Paxos allows the firm to serve as a clearinghouse for a […]

Filed Under: Clearing, Innovation, Post-Trade, Risk, Settlement Tagged With: Blockchain, Brokerage Ops, Clearinghouses, DTCC, Innovation, NSCC

Central Clearing for US Treasuries: Pipedream or Reality?

January 25, 2018 By Chris Kentouris Leave a Comment

The have and have-nots. That is how operations and compliance executives at some fund management firms speak about the bifurcated system for how trades in US Treasuries clear. Fund managers tell FinOps Report they want a level playing field with broker-dealers. That means that buy-side trades in US Treasuries, such as bills, notes and bonds, […]

Filed Under: Clearing, Investments, Post-Trade, Risk, Slider, Trading Tagged With: DTCC, Fund Ops, Post Trade, Settlement

ISINs for OTC Derivatives: Is Licensing an Issue?

September 25, 2017 By Chris Kentouris Leave a Comment

Update 9/25/2017: Financial firms using ANNA’s new Derivatives Service Bureau to receive ISIN codes for OTC derivatives can expect to receive rebates for overpaying far more quickly, DSB officials now say. Likewise, financial firms will also have to fork over more money if they have underpaid. Instead of waiting until the end of 2018 to recalculate […]

Filed Under: Clearing, Compliance, Data, Derivatives, Infastructure, Regulations, Reporting, Slider, Standards, Trading Tagged With: Compliance, CUSIP, Data, Derivatives, EMIR, ESMA, MiFID, Post Trade, Regulators, Reporting, Standards, Swaps

Seeking Depository: Call Ireland’s Central Bank (Updated)

August 18, 2017 By Chris Kentouris Leave a Comment

Update (May 3, 2018) Bank and broker-dealer members of Euroclear UK & Ireland now have to worry about where they will settle trades in Irish equities post-Brexit. They will no longer be able to do so through the shared UK and  Irish depository and parent Euroclear recently announced that it has abandoned plans to set […]

Filed Under: Clearing, Compliance, Infastructure, Margining, Rules, Settlement, Slider Tagged With: Compliance, Custodians, Depositories, ESMA, Investment Ops, Post Trade, Regulators, Settlement

DSB Floats a New Payment Plan for OTC ISINs

March 15, 2017 By Chris Kentouris Leave a Comment

Swaps dealers and other financial firms which need international securities identification numbers (ISINs) for over-the-counter derivative contracts will pay for receiving the codes based on one of three new categories they select from a new pricing model released by the Derivatives Service Bureau (DSB), being launched by the Association of National Numbering Agencies (ANNA). The […]

Filed Under: Clearing, Compliance, Data, Derivatives, Infastructure, Reporting, Rules, Slider, Trading Tagged With: Compliance, ESMA, MiFID, OTC, Regulators, Reporting, Settlement, Standards, Swaps

Blockchain 2017: Regulatory Reality from FINRA

February 2, 2017 By Chris Kentouris Leave a Comment

Straight from the horse’s mouth, US broker-dealers have just been advised about the many ways their use of blockchain could impact their compliance with rules imposed by the Financial Industry Regulatory Authority (FINRA) — including recordkeeping, clearance and settlement, anti-money laundering, trade reporting and customer statements. FINRA , the US self-regulatory agency for broker-dealers, has issued a […]

Filed Under: Clearing, Compliance, Innovation, Outsourcing, Risk, Rules, Settlement, Slider Tagged With: AML, Brokerage Ops, Compliance, Data, FINRA, KYC, Ops Risk, Regulators, Reporting, SEC, Settlement

Uncleared Swap Deals: Clarity Is Work in Progress

September 30, 2016 By Chris Kentouris Leave a Comment

“It’s not that complicated.” Regulators might have thought that setting specific rules for margining uncleared swap transactions would make life easier for financial firms because they will won’t have to negotiate over how, or even whether to collateralize their deals. They couldn’t have been more wrong. So said panelists and attendees at the International Swaps […]

Filed Under: Clearing, Compliance, Derivatives, Margining, Rules, Slider, Technology, Trading Tagged With: CFTC, Collateral, Compliance, Custodians, Fund Ops, Regulators, Swaps

Blockchain for US Settlement: Three, Two, One, Takeoff? (Update)

August 31, 2016 By Chris Kentouris Leave a Comment

(Editor’s Note: On Sept 14 itBit announced that its flagship Bankchain and other post-trade projects would be run out of a new firm Paxos with the same management. The former itBit, would be a division of Paxos, and continue to operate its crypto-currency trading platform).    If US blockchain afficionados have their way, the technology […]

Filed Under: Clearing, Innovation, Post-Trade, Risk, Settlement, Slider, Trading Tagged With: Blockchain, Brokerage Ops, Clearinghouses, Compliance, Depositories, DTCC, FCA, Innovation, Investment Ops, Matching, Post Trade, Regulators, SEC, T+2

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