COMPLY: Wall Street tactic for fighting investor claims seen as double standard
Securities brokerages have long required retail investors to bring their complaints to the arbitration forum run by the Financial Industry Regulatory Authority. But recent cases show that Wall Street...
View ArticleForget HFT; "High Intelligence Trading" is the new frontier for technology,...
While fast is good, smart is better, and with untold resources of computing power and memory banks in the clouds, the new frontier in electronic trading combines sophisticated intelligent software with...
View ArticleMore countries appreciate FATCA's benefits, conference hears
Several countries in Asia have come to see the benefit of exchanging taxpayer information with other countries, and are developing their own versions of the U.S. Foreign Account Tax Compliance Act...
View ArticleNew York court dismisses claims over Saudi billionaire's alleged fraud
New York's highest state court has ruled that a lawsuit by the Algosaibi family conglomerate, claiming that a Saudi billionaire who married into the family committed a $150 million fraud, should be...
View ArticleBank of America, QBE in $228 million U.S. settlement over force-placed...
Bank of America and QBE Insurance Corp have agreed to pay $228 million to settle claims that they engaged in a kickback scheme inflating the cost of insurance that homeowners were forced to buy,...
View ArticleU.S. Judge questions SAC Capital plea pact ahead of sentencing
A U.S. judge on Tuesday raised a series of questions about a proposed $1.2 billion insider trading accord with billionaire Steven Cohen's investment firm, formerly known as SAC Capital Advisors, in...
View ArticleU.S. Justice Department wary of bitcoin, Attorney General says
The U.S. Justice Department will have to be creative in order to make sure criminals do not use virtual currencies such as Bitcoin to secretly move funds, Attorney General Eric Holder said on Tuesday....
View ArticleU.S. Senate panel approves Massad to head CFTC
A U.S. Senate panel on Tuesday approved Timothy Massad as the next chairman of the Commodity Futures Trading Commission, but a second nominee to the derivatives watchdog hit a snag. Massad, a lawyer...
View ArticleSimplify U.S. financial reform rules, Fed's Plosser urges
A top U.S. central banker on Tuesday criticized the complexity of a nearly four-year-old financial-reform law, urging simpler and more transparent laws for Wall Street that would rely more on the free...
View ArticlePEPwatch: Miami cop arrested for aiding Dominican drug ring, money laundering
Federal authorities on Tuesday arrested an internal affairs officer of the Miami-Dade Police Department for allegedly conspiring to distribute cocaine and laundering drug money, prosecutors in New...
View ArticleDebt settlement firm pleads guilty in first CFPB referral
A debt settlement company and its operator on Tuesday pleaded guilty in New York to conspiracy charges of mail and wire fraud, capping the first criminal case referred to U.S. prosecutors by the...
View ArticleNon-banks notch a gain in long-running U.S. battle over swaps capital standard
A group of small brokerages and large commodities companies persuaded lawmakers to tweak a rule that they say would have made derivatives trading more expensive for them and sent more business to Wall...
View ArticleSEC sanctions transfer agent, individuals over registration disclosure failures
The Securities and Exchange Commission on Tuesday sanctioned Las Vegas-based Empire Stock Transfer Inc. and its two leaders over disclosure failures in the firm's SEC registration filings. Publicly...
View ArticleNew York regulator subpoenas four insurers in Iran sanctions probe
New York state's top insurance regulator has sent subpoenas to four U.S. insurance companies as part of a probe of potential sanctions violations involving Iran, a person familiar with the matter said...
View ArticleWall Street's FINRA launches rules review by seeking comment on...
The Financial Industry Regulatory Authority, Wall Street's watchdog, on Tuesday launched a review of its rules to determine whether they are effective and their costs and benefits are in line with the...
View ArticleBig U.S. banks must boost capital by $68 billion under new rules
The eight biggest U.S. banks must boost capital levels by a total of about $68 billion under new rules, U.S. regulators said on Tuesday, prompting industry complaints that less-stringent global...
View Article"Fire sale" concerns seen driving Fed's CLO decision under Volcker, industry...
The Federal Reserve has taken its easiest option in giving banks more time to divest holdings of collateralized loan obligations (CLOs) under the Volcker rule, industry officials said on Tuesday. The...
View ArticleFocus on suitability when evaluating Bitcoin, state regulator tells...
Compliance officers should focus on learning about Bitcoin and asking the right questions when clients want to withdraw funds from their account to invest in the virtual currency, a state regulator...
View ArticleDraft 'stay clause' for cross-border resolutions should be ready for G-20...
Global banks and regulators are working together on a voluntary "contractual approach" to overcoming existing legal obstacles to cross-border resolution, which can be proposed to the G-20 summit in...
View ArticleCME Group trading outage exposes weakened trading floor
Open-outcry traders sprang into action during an electronic trading halt in CME Group Inc agricultural markets on Tuesday, but a better solution to the outage would have been to close the pits down...
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