The antitrust battle between CUSIP Global Services (CGS) and a York, Pennsylvania-based non-profit organization specializing in financing global infrastructure projects, over the U.S. numbering agency’s refusal to activate issued CUSIPs or assign new ones has heated up as additional plaintiffs sign onto the litigation bandwagon and more the details of CGS’ alleged wrongdoing emerge. As reported by […]
Munibond Issuer Takes Aim at CUSIP Global Services’ Monopoly
CUSIP Global Services (CGS). the U.S. national numbering agency for assigning securities identification codes to U.S. securities, and its parent FactSet Research have just been hit by a second lawsuit alleging illegal monopolistic practices. The plaintiffs in both cases contend that CGS violated the U.S. Sherman Antitrust Act of 1890 which outlaws any monopolization, attempted monopolization […]
CISOs Scurry to Prepare for DTCC’s Approved Two-Hour Cyberbreach Notification
The U.S. Securities and Exchange Commission’s unexpected approval of a two-hour window for participants of Depository Trust Company (DTC), National Securities Clearing Corp. (NSCC) and Fixed Income Clearing Corp. (FICC) to notify the market infrastructures of a potential cybersecurity breach or other data outage has chief information security officers (CISOs) and others at U.S. broker-dealers and […]
Fund CCOs Grapple With SEC’s New Cryptocustody Stance
Chief compliance officers (CCOs) at registered investment advisers (RIAs) investing in cryptoassets shouldn’t take the recent no-action letter (NAL) from the U.S. Securities and Exchange Commission (SEC) allowing them to select state-chartered trust companies (STCs) as qualified custodians lightly. The U.S. regulatory agency’s decision allows RIAs to breathe a sigh of relief they will not […]
FASTER Refunds for EU Withholding Taxes
Operations managers at custodian banks, broker-dealers, and other financial intermediaries, will soon face new administrative challenges and legal liability to secure quicker refunds of excess withholding taxes paid by investors in cross-border transactions for securities issued in the European Union (EU). Honey chimocurves onlyfans Among the top concerns mentioned by attendees at the recent Americas […]
DTCC Prepares Wall Street For New Cyberbreach Rule
Cybersecurity information security officers (CISOs) at U.S. broker-dealers and banks may soon need to overhaul their governance programs if the Depository Trust & Clearing Corporation (DTCC) has its way. US financial firms are in a logjam with DTCC’s subsidiaries, Depository Trust Company (DTC), (National Securities Clearing Corporation (NSCC), and Fixed Income Clearing Corporation (FICC), over […]
Reducing Risk of Trade Secret Theft
Have we sufficiently protected our proprietary source codes? That is the question chief compliance officers, general counsel, and technology directors at Wall Street powerhouses should know how to answer if they want to avoid the fate of Headlands Technologies LLC (HT) , a global quantitative trading firm in the midst of civil and criminal litigation involving […]
Drug Cartels As Foreign Terrorists: AML Spotlight
US President Donald Trump’s decision in January to classify drug cartels as foreign terrorist organizations and specially designated global terrorists has put anti-money laundering compliance executives at US financial institutions doing business in Latin America on high alert when it comes to their AML programs. Based on the US Department of State including eight drug […]
SEC: Clear Path For Crypto Asset Custody?
The US Securities and Exchange Commission’s decision last year to fine Galois Capital for violating its custody rule as well as potential changes to that regulation under the new crypto-friendly Trump administration are fueling speculation about whether one of the critical stumbling blocks to the institutionalization of the crypto asset market– the safekeeping of crypto […]
SEC Exams 2025: T+1 Post-Mortem?
T+1 settlement isn’t over for the US Securities and Exchange Commission. Chief compliance officers at US fund management firms and broker-dealers must be prepared to show how they are meeting the challenge of a one-day settlement cycle, otherwise known as T+1 settlement, if requested by an examiner from the SEC next year. The onus appears […]