Reporting correct customer data for the next phase of the requirements of the US Financial Industry Regulatory Authority’s Consolidated Audit Trail (CAT) system will end up being a time-consuming and costly exercise in data management for US broker-dealer regulatory reporting, trade compliance and IT managers. US broker-dealers are likely spending all their time addressing interfirm […]
Wells Fargo’s Comp Plan: Will SEC’s Ops Rules Hurt Investors?
The US Securities and Exchange Commission’s plan for how investors in Wells Fargo’s stock will be compensated a total of US$500 million for the bank’s past wrongdoing could end up marred in operational snafus making it harder for some investors to be paid and disincentivizing others from filing the paperwork to collect any compensation. That’s […]
SEC Fines Northern Trust for Not Stopping Criminal Hedge Fund Manager
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 […]
Free Webinar: Consolidated Audit Trail: Creating the Right Data Linkages
Join S3 and FinOps Report for a free webinar on creating the right data linkages for reporting to the Financial Industry Regulatory Authority’s Consolidated Audit Trail. Sponsored by S3 Save the date: Wednesday, October 21, 2020 Time: 4:30PM EST Contact: Michelle Lindenberger, S3 media/PR manager, at lindenberger.michelle@gmail.com for free dial-in details For broker-dealers’ trade operations, regulatory reporting, […]
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 […]
CSDR: Using Predictive Analytics to Prevent Fails
Predict and prevent– that’s what back-office operations managers at buy and sell-side firms preparing for Europe’s Central Securities Depositories Regulation (CSDR) settlement discipline regime are starting to think about so they won’t have to pay hefty financial penalties or endure buy-in requirements if they fail to settle their European trades on time. Instead of bemoaning […]
COVID 19: Custody Network Management Revisited
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 […]
EU’s New Shareholder Rights Directive: What Standards?
With Europe’s second incarnation of the Shareholder Rights Directive (SRD II) less than four months away, the securities industry can easily rely on automated communication channels to ease the compliance burden, but using disparate message standards to transmit data and various methodologies for calculating fees will still make the administrative work challenging. The European Commission […]
OCC’s DLT for Sec Finance: Broker Reconciliations Gone?
Securities finance operations managers at US broker-dealers clearing their securities loan deals through the Options Clearing Corp. (OCC) could soon reduce if not eliminate time-consuming manual reconciliation work thanks to its new distributed ledger technology-based platform. Once OCC’s new DLT-based securities finance infrastructure is up and running, its 72 broker-dealer users would have real-time access […]
Coronavirus :The Corporate Actions Side Effect
Corporate actions analysts and operations managers working remotely during the coronavirus pandemic could unintentionally end up leaving money on the table as they scramble to deal with companies either postponing some events or changing the terms of others. That’s what Jonny Ruck, chief executive officer at London- headquartered corporate actions analytics technology firm Scorpeo is […]