Cybersecurity information security officers (CISOs) at U.S. broker-dealers and banks may soon need to overhaul their governance programs if the Depository Trust & Clearing Corporation (DTCC) has its way. US financial firms are in a logjam with DTCC’s subsidiaries, Depository Trust Company (DTC), (National Securities Clearing Corporation (NSCC), and Fixed Income Clearing Corporation (FICC), over […]
Canada’s High Court to Rule on SS&C’s Spoilation Against BNY
“Failure to preserve and produce relevant documents is conduct worthy of censure” wrote Justice William Hourigan of the Court of Appeal for Ontario in the court’s scathing September 2024 ruling against The Bank of New York Mellon Corporation, now called BNY, for breach of contract with SS&C Technologies Canada Corp. He went on to say that […]
Reducing Risk of Trade Secret Theft
Have we sufficiently protected our proprietary source codes? That is the question chief compliance officers, general counsel, and technology directors at Wall Street powerhouses should know how to answer if they want to avoid the fate of Headlands Technologies LLC (HT) , a global quantitative trading firm in the midst of civil and criminal litigation involving […]
SEC Exams 2025: T+1 Post-Mortem?
T+1 settlement isn’t over for the US Securities and Exchange Commission. Chief compliance officers at US fund management firms and broker-dealers must be prepared to show how they are meeting the challenge of a one-day settlement cycle, otherwise known as T+1 settlement, if requested by an examiner from the SEC next year. The onus appears […]
Private Fund Managers: Hello AML Compliance Officers
Chief compliance officers (CCOs) at private fund management firms could be saddled with the extra title of anti-money laundering compliance officer and a lot more work if a proposed AML rule from the FinCEN unit of the US Treasury takes effect. FinCEN, short for Financial Crimes Enforcement Network, has resurrected its longstanding desire for many […]
SEC Tells Mutual Fund Industry: Lost Accountholders Matter
Compliance directors at US mutual fund transfer agents and US mutual funds will have to follow the US Securities and Exchange Commission’s rules to a T and they will have more administrative work on their hands to inform investors about the perils of escheatment of unclaimed or “lost” accounts, based on the US Securities and […]
Will Wall Street Earn Windfall For US CUSIP ID Codes?
Data management, trading, post-trade operations and compliance managers at buy-side and sell-side firms might one day no longer have to worry about their organizations being forced to pay for US identification codes and could even celebrate their winning over US$1 billion in compensation from CGS and others. Judge Katherine Polk Failla of the Southern District […]
SEC’s Proposed New Custody Rule Fails Industry Litmus Test
Fund management and custodian operations and legal experts are warning the US Securities and Exchange Commission that its proposed changes to its custody rule, which requires registered investment advisers to select a qualified custodian to safeguard their assets, are far too impractical and costly. “The new proposed rule is contrary to existing business practice and […]
LIBOR: Transition 1-2-3 in 2022
Breakups can be messy and switching from the London Interbank Offered Rate (LIBOR) to alternative reference rates (ARRs) will be no exception for trading, operations, fintech, risk and compliance managers in 2022. An ounce of preparing next year can translate into a pound of preventing errors in 2023, caution LIBOR operations and legal experts who […]
Broker-Dealer Alert: Filing Suspicious Activity Reports Could Get Harder
Anti-money laundering analysts and compliance managers at US broker-dealers may need to work a lot harder and worry a lot more before filing suspicious activity reports if Alpine Securities, a US penny stockbroker, loses its appeal to the Supreme Court over whether the Securities and Exchange Commission has the right to enforce the Bank Secrecy […]