Operations directors at fund management firms are starting to review post-trade communications, securities lending, liquidity management, and corporate actions as the critical processes keeping them awake at night when preparing for a one-day settlement cycle (T+1) for US securities in May 2024. Analyzing internal workflow and interactions with broker-dealers and custodian banks is essential to […]
Cryptomarket Rejects New Certification for Trading, Ops Execs
Should Wall Street executives trading and processing digital securities transactions be legally required to pass licensing or mandatory in-house training programs? The answer to the question raised in a comment letter sent to the US Securities and Exchange Commission in April concerning its December 2020 framework for the custody of digital securities appears to be […]
Market Data Madness 2021: CME’s New Data Fees
The CME Group’s decision to require redistributors to soon pay a first-time ever annual fee for its historical commodities data has pitted a group of vendors against the world’s largest derivatives exchange calling the action illegal and anti-competitive. Effective January 1, 2021, says the CME Group, redistributors of its historical commodities data will have to […]
CAT: FINRA’s Exams, Deadlines Won’t Be a Virtual Breeze
Trade compliance, regulatory operations, and technology managers at US broker-dealers will need to quickly cross their Ts and dot their I’s when it comes to documentation, data, and IT if they want to pass muster with the Financial Industry Regulatory Authority’s examiners for reporting to the new Consolidated Audit Trail (CAT) and survive one of […]
Federal Court Tells Interactive Brokers to Comply With FINRA Panel’s $1M Ruling: Right or Wrong
A US federal appeals court has just sent brokerages and their customers a somber message — a ruling by the Financial Industry Regulatory Authority’s arbitration panel is absolute regardless of its validity. The Fourth Circuit Court of Appeals in a 2-1 decision earlier this month ended a five-year dispute between Interactive Brokers and three former […]
Etrading Software; Bloomberg-Kaiko Vie for Crypto ID Authority
If equities, bonds, and OTC derivatives have identification codes why shouldn’t digital assets? That’s the premise Etrading Software and the team of Bloomberg and Kaiko are betting on by recently throwing their hats in the ring to provide ID codes as the new registration authority for digital token identifiers (DTIs) expected to go live sometime […]
Prime Brokerage Enters Crypto Market, Sort Of
First it was digital asset custodians. Now it is aspiring prime brokers who are grabbing the spotlight in the evolution of the cryptoasset market as it tries to become an institutional investor-friendly industry, but with regulations still so murky cryptoasset prime brokers can only be pale reflections of their traditional prime brokerage peers. Although institutional […]
IRS Tells Cryptoinvestors: Find Your Data, a Calculator, and Good Lawyer
If you are a cryptocurrency investor, you can forget about enjoying your summer vacation, thanks to the US Internal Revenue Service. By the end of August, you could be one of the 10,000 investors to have received a letter from the US tax agency that you owe taxes on your cryptocurrency investments. You will need […]
Unique Product IDs: Next Challenge for Swaps Reporting
Data operations, trade desk and regulatory reporting managers may soon have gear up for new administrative tasks — and potentially extra fees– when reporting their over-the-counter derivatives transactions to trade repositories using unique product identifiers. The UPIs mark the latest in an array of codes financial firms and trading platforms must use to describe the […]
NY Court: Goldman’s Morse Can Sue Fidessa for Wrongful Termination
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 […]