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 […]
Bloomberg’s FIGIs Win Nod From US Standards Body: Now What?
Bloomberg finally got its wish for FIGIs– acceptance of its securities ID codes as a standard– but whether that equates to popularity for trade and post-trade operations managers remains to be seen. Trade, middle, and back-office operations, and compliance managers at buy and sell-side firms can now be certain that Bloomberg’s financial instrument global identifiers […]
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 […]
Supreme Court Expert’s Decision on MoneyGram Unclaimed Checks: The Ops Effect
Unclaimed property operations and compliance managers at banks and broker-dealers are quickly reviewing their procedures for “lost accounts” in a wake of a recent recommendation by a legal expert appointed by the US Supreme Court that Delaware must return millions of dollars worth of uncashed “official checks” issued by MoneyGram to over 20 other states. […]
Rule 605 Reports: Next for Transparency Data Overhaul?
More transparency — the mantra which has taken hold regarding Rule 606 reports — needs to make its way to Rule 605 reports, say trade execution experts and buy-side representatives who are hoping the US Securities and Exchange Commission will take action this year. US broker-dealers which forward orders to trading venues or market makers […]
COVID-19 Spurs Banks, Brokers to Reclaim “Lost” Assets
The COVID-19 pandemic is prompting a shakeup in the mundane world of unclaimed property reporting operations and compliance. Instead of simply focusing only on escheating accounts of lost investors and customers to state coffers, US banks and broker-dealers are now trying to recover funds and accounts belonging to their institutions, say unclaimed property operations managers. […]
Fund Middle Office 2021: Year of Fair Valuation
Middle-office accounting managers at US fund management firms will likely be talking a lot more in 2021 with C-level management, third party valuation agents, and boards of directors to figure out just what the terms fair and material mean when it comes to pricing non-exchange traded assets in their portfolios following the Securities and Exchange […]
FINRA’s CAT: Customer Account Data Management Challenge
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 […]