With 24-hour trading on US exchanges closer to becoming a reality, back-office operations managers at some US broker-dealers are starting to worry about possible glitches processing corporate actions. Twenty-four-hour trading doesn’t mean 24 hours literally. It only means that there will be longer after-hours trading with a short trading halt of about an hour. The […]
SEC’s Short Sale Reporting Rule Comes Up Short
Fund management firms, soon required to report their short sale positions with the US Securities and Exchange Commission, could end up scrambling at the last minute to make the necessary operational changes while praying the regulatory agency agrees with their interpretations of some of its unclear requirements. Buy-side firms appear to be hoping the SEC […]
Time for US-Based Fund Managers to Join DORA Bandwagon
Europe’s pending Digital Operational Resilience Act (DORA) should prompt fund managers in the US to review their third-party service relationships even if the legislation’s cross-border impact is ill-defined, warn legal and other experts. Effective on January 17, 2025, DORA is Europe’s way of including more than just banks and insurance firms in multiple current regulations […]
SS&C: $890M At Stake in Legal Tussle With BNY Mellon
A longstanding dispute over a market data contract with SS&C Technologies, which could cost BNY Mellon up to a whopping US$890 million in damages, highlights the danger of intentionally violating or even misinterpreting a critical element of such an agreement– distribution rights. At issue is whether BNY Mellon had the right to distribute market data […]
NY’s New Cyber Law Shines Stronger Light on C-Level
C-level executives at most financial firms operating in New York will have one more reason besides the fear of a data breach to change their corporate governance for cybersecurity this year– New York State’s amended regulation. Electronic securities lending and borrowing platform EquiLend’s recent announcement it was the target of a ransomware attack followed New […]
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 Oversight of Cryptomarket Prompts Funding Debate
The US Securities and Exchange Commission’s decision to ask Congress to increase its fiscal 2023 budget to more closely monitor the cryptoasset market has resurrected the issue of whether members of one asset class should subsidize oversight of another, but there is no change in sight. The regulatory agency’s crypto-related enforcement actions have soared over […]
What’s a CUSIP Worth? Over US$1B in Class Action Win
If you think you have been fleeced by CUSIP Global Services and others for paying licensing fees for nine-digit alphanumeric identification codes for US securities you might be entitled to a chunk of at least US $1 billion in compensation if a jury decides you’re right. All you must do is be part of an […]
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 […]