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Industry Squeezes SEC on Sec Loan Reporting

June 14, 2022 By Chris Kentouris Leave a Comment

Wall Street continues to turn up the heat against the US Securities and Exchange Commission’s proposal for transaction reporting on securities loans, citing its contradictory analysis on short position and short activity reporting as well as potential operational shortcomings. The SEC recently reopened the comment period for its proposed securities loan reporting plan to adopt […]

Filed Under: Risk, Sec Lending Tagged With: Brokerage Ops, Compliance, Custodians, Fund Ops, SEC, Sec Lending

US SEC Loan Reporting: Ops Cost of Transparency

January 18, 2022 By Chris Kentouris Leave a Comment

The operational and legal challenges of complying with the US Securities and Exchange Commission’s potential requirement to report information on securities loan transactions to the Financial Industry Regulatory Authority could outweigh the benefits of transparency to investors, say operations and legal experts. Instead of offering any feedback to the SEC’s proposal, some industry players asked […]

Filed Under: Risk, Sec Lending Tagged With: Brokerage Ops, Compliance, Custodians, Fund Ops, SEC, Sec Lending

Securities Class Action Settlements: Don’t Leave Money on the Table

June 4, 2021 By Chris Kentouris Leave a Comment

Recovering monies from class action settlements should be a risk-free revenue generator, but that’s not the case for many money managers, broker-dealers and their custodians. Instead, the process is fraught with operational errors, which results in billions of dollars in uncollected compensation each year. The COVID-19 pandemic has not only changed the types of securities […]

Filed Under: Brokerage Ops, Compliance, Data, FundOps, Regulators Tagged With: Compliance, Custodians, Data, Outsourcing, Risk

COVID 19: Custody Network Management Revisited

June 27, 2020 By Chris Kentouris Leave a Comment

If fund managers can outsource middle and back-office operations and even trading desks, why can’t global custodians outsource network management due diligence and monitoring? That’s the question over a dozen former global custody network managers who spoke with FinOps Report over the past month are asking as concerns mount that the COVID-19 pandemic could eventually […]

Filed Under: Compliance, Custody, Data, Investors, Post-Trade, Risk, Rules, Rules, Settlement Tagged With: Compliance, Custodians, Depositories, Fund Ops, Funds, Investors, Regulators

State Street’s US$88M Fine Highlights Deceptive “Pass-Along” Custody Fees

July 30, 2019 By Chris Kentouris Leave a Comment

How can a global custodian bank convince clients for almost two decades that a twenty-five cent cost to transmit a message through the SWIFT network transmission is really worth a $5 “pass-along” fee? Easily, when fund managers aren’t paying attention and no one at the custodian bank is minding the shop. That’s no longer the […]

Filed Under: Compliance, Funds, Investments, Regulators Tagged With: Compliance, Custodians, Fund Ops, Investment Ops, Regulators

Global Network Management: Artificial Intelligence the Charm?

October 16, 2018 By Chris Kentouris Leave a Comment

For global custody network managers, analyzing the tsunami of data on dozens of local agent banks and markets to ensure the safety of client assets remains a sore spot. The use of artificial intelligence appears to be an elusive ideal, acknowledge panelists and attendees at a recent global custody event in New York hosted by […]

Filed Under: Compliance, Custody, Data, Funds, Investors Tagged With: Compliance, Custodians, Data, Regulators

Custody: Unchartered Waters for Digital Assets

June 1, 2018 By Chris Kentouris Leave a Comment

Qualified custodian. That’s a term that compliance and operations managers at registered investment fund advisors, not to mention the US Securities and Exchange Commission, are now grappling with, when it comes to the safekeeping of digital assets. The reason is two-fold. For starters, it is unclear whether the SEC’s custody rule for RIAs investing in […]

Filed Under: Compliance, Custody, Funds, Infastructure, Investments, Investors, Rules, Slider, Standards Tagged With: Compliance, Crypto, Custodians, Fund Ops, SEC

US T+1 Settlement: Not So Fast (Updated)

February 7, 2018 By Chris Kentouris Leave a Comment

Update (May 13, 2018): Come late 2019, bank and broker-dealer members of the US Depository Trust & Clearing Corp. could look forward to reducing their settlement exposures by one day while retaining the current two-day settlement cycle. DTCC now says that US trades could be settled before the market opens on T+2 instead of the […]

Filed Under: Infastructure, Post-Trade, Sec Lending, Settlement, Slider, Trading Tagged With: Custodians, DTCC, Investment Ops, Matching, Post Trade, SEC, Settlement, Standards, T+2

Love Taxes, Operations: Be a Tax Ops Director

January 10, 2018 By Chris Kentouris Leave a Comment

Knowledge of processing 1099 Forms, cost basis-reporting, Internal Revenue Service Section 871(m), financial transaction taxes and corporate actions, FATCA, and issues and errors management. Over ten years of corporate tax compliance experience necessary. Those are just some of the qualifications that large global asset servicing providers — Societe Generale, BNP Paribas and JP Morgan — […]

Filed Under: Compliance, Corporate Actions, Reporting, Slider, Tax Tagged With: Compliance, Custodians, Dodd-Frank, FATCA, KYC, Regulators, Reporting, Tax

Global Network Management: Are My Assets Safe?

November 13, 2017 By Chris Kentouris Leave a Comment

Global network managers of custodian banks are redefining the word relationship when it comes to monitoring local agent banks that safekeep assets of underlying clients in multiple countries. It is no longer enough to make a sporadic visit or have a phone call. Global network managers have become detectives sifting through mounts of data to […]

Filed Under: Compliance, Custody, Data, Financials, Funds, Investments, Investors, Slider Tagged With: AIFMD, CFTC, Compliance, Custodians, Data, ESMA, FCA, FINRA, Regulators, SEC, UCITS

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