EU looks to U.S. for solution to stalemate in reform of money market funds
European Union lawmakers will study new U.S. rules to help them to end a year-long deadlock over how to regulate the bloc's 1 trillion euro ($1.3 trillion) money market funds (MMF) sector. MMFs are...
View ArticleFinancial Stability Board toughens up new rules for securities financing
Global regulators are making it more expensive for hedge funds and insurance companies to raise money from loaning shares in a bid to curb hitherto unregulated risks in "shadow banking". Securities...
View ArticleCOLUMN: In banking, making a good death possible
As in medicine, so in banking: we deny the inevitable, death, at our own expense. There is a striking parallel between the U.S. health system, in which there is a marked unwillingness to speak frankly...
View ArticleFormer senior UBS banker goes on trial in Florida for tax evasion
Former high-ranking UBS bank executive Raoul Weil goes to trial in Fort Lauderdale, Florida on Tuesday for allegedly helping thousands of Americans avoid paying taxes by concealing up to $20 billion in...
View ArticleHSBC fires two London-based foreign exchange traders, including ex-chief...
HSBC has fired two London-based currency traders, including Serge Sarramengna, who had been the bank's chief dealer, a source familiar with the matter said on Tuesday. The other dealer is Edward Pinto,...
View ArticleJPMorgan chief foreign exchange trader in London Richard Usher leaves bank,...
JPMorgan's chief currency trader in London, Richard Usher, has left the bank, a source familiar with the matter said on Tuesday. Usher was listed as "inactive" on the UK Financial Conduct Authority's...
View ArticleUBS to pay $5.2 million in settlement with Puerto Rico regulator
A UBS AG unit will pay $5.2 million in a settlement with Puerto Rico's financial institutions regulator over the firm's practices involving sales of Puerto Rico closed-end bond funds whose values later...
View ArticleCiti's Banamex uncovers new $15 million fraud in Mexican bank unit
Citigroup Inc said on Tuesday it had uncovered a $15 million fraud at its troubled Mexican unit Banamex related to a security services company the bank operated. The company was originally set up only...
View ArticleEx-Merck analyst faces insider trading charges on merger tips
Federal prosecutors in New York charged a former Merck & Co Inc employee with conspiracy to commit fraud for tipping a contact about potential mergers, including Merck's takeover of Idenix...
View ArticleUBS executive called mastermind of tax-evasion scheme as U.S. trial opens
Former UBS bank executive Raoul Weil was the mastermind of the Swiss bank's illegal offshore operations that helped thousands of Americans evade taxes, prosecutors said at the start of his federal...
View ArticleFlorida man admits laundering Medicare fraud proceeds through shell company...
A Florida man who controlled a shell company used to launder the proceeds of a multi-million dollar Medicare fraud scheme has pleaded guilty, federal prosecutors in Tampa, Florida said on Tuesday....
View ArticleU.S. SEC's Piwowar takes a swing at 'broken windows' enforcement policy
A top U.S. Securities and Exchange Commission official said on Tuesday the agency's "broken windows" enforcement strategy, of pursuing violations big or small, hinders its ability to set priorities and...
View ArticleSEC enforcement chief to firms: Self-report or face the consequences
Firms have a duty to report bad conduct to the Securities and Exchange Commission. If they avoid doing so, they risk the possibility of a big fine, SEC Enforcement director Andrew Ceresney said. In...
View ArticleNew global rules aim to stop clearers becoming 'too big to fail'
Clearing houses that help make trading derivatives safer will have to spell out how they would recover from a crisis without needing taxpayer bailouts, new rules from global regulators said on...
View ArticleData processor sparks governance row at U.S. exchanges
Outcries over a conflict of interest involving data processors central to securities trading could lead the New York Stock Exchange and Nasdaq to loosen their decades-long grip over a lucrative...
View ArticleTD Bank to pay $850,000 in multi-state settlement over 2012 data breach in U.S.
TD Bank, agreed to pay $850,000 and reform its practices to resolve a nine-state probe of a 2012 data breach, New York Attorney General Eric Schneiderman said on Wednesday. Personal information for...
View ArticleU.S. SEC says ex-Wells Fargo compliance officer altered document
A former compliance officer at a unit of Wells Fargo & Co was charged by the U.S. Securities and Exchange Commission on Wednesday for allegedly altering a document before it was given to the agency...
View ArticleU.S. SEC approves FINRA rule to let securities arbitrators immediately report...
The U.S. Securities and Exchange Commission has approved a rule that will let securities arbitrators immediately report frauds that may threaten the investing public if they learn about them in the...
View ArticleMexico regulators fine Citi unit $2 million over loan scandal
Mexico's bank regulator said on Wednesday it fined Citigroup's Mexican unit Banamex nearly 30 million pesos (U.S. $2.2 million) over lapses in oversight of loans to oil services company Oceanografia...
View ArticleFutures clearing and risk director to leave, U.S. regulator says
Ananda Radhakrishnan, director of the Commodity Futures Trading Commission's division with oversight of derivatives clearing organizations, will leave in about a month, the agency said on Wednesday....
View Article