Latest Reporting/compliance News: Finextra Research

CME to challenge CFTC suit over information leak

The Commodity Futures Trading Commission is suing CME-owned trading venue the New York Mercantile Exchange and two former employees for passing on confidential customer trading data to an outside broker.

22 February 2013

News/Reporting/compliance

UK Chancellor plans on UK payments shake-up

George Osborne, the UK Chancellor of the Exchequer, has threatened to break up the UK's big banks if they fail to follow new rules to ring-fence risky investment operations from their retail operations, and promised a shake-up of the payment system to boost competition in the sector.

04 February 2013

News/Reporting/compliance

US rulemakers set sights on bank social media activities

US supervisory agency the Federal Financial Institutions Examination Council (FFIEC) has issued proposed guidance on the application of consumer protection and compliance laws to bank social media programmes.

23 January 2013

News/Reporting/compliance

Germany's HFT licensing plans draw market criticism

High-frequency traders and exchange operators have spoken out against German government plans to make HFT practitioners obtain prior authorisation to operate.

15 January 2013

News/Reporting/compliance

SEC knocks back Nasdaq algo plans

The Securities and Exchange Commission has knocked back proposals by Nasdaq that would have allowed the exchange to compete with US brokers in the provision of algorithmic trading software tools.

15 January 2013

News/Reporting/compliance

JPMorgan Chase slammed by regulators for control failings after botched derivatives bet

JPMorgan Chase has been sanctioned by US regulators for failures in its risk management operations after it lost more than $6.2 billion on a single credit derivatives trade.

15 January 2013

News/Reporting/compliance

UBS fined £29.7 million by FSA over rogue trading incident

The UK's Financial Services Authority has fined UBS £29.7 million for serious failings that allowed rogue trader Kweku Adoboli to rack up £1.4 billion in losses from unauthorised trading.

26 November 2012

News/Reporting/compliance

HP posts $8.8bn charge on Autonomy deal; alleges 'accounting improprieties'

Hewlett-Packard says it has taken an $8.8 billion accounting charge and asked US and UK authorities to investigate what it calls "accounting improprieties" at Autonomy, the UK software house it acquired last year.

20 November 2012

News/Reporting/compliance

Institutional investors feel ignored over MiFID II plans

The vast majority of buy-side firms feel that institutional investors have had no meaningful influence on the legislative process building up to new MiFID II rules, according to a Greenwich Associates survey.

14 November 2012

News/Reporting/compliance

CFTC charges former Goldman trader over $118m loss

A former Goldman Sachs trader has been charged by US regulators with bypassing internal systems to conceal an $8.3 billion position from the bank and defraud it of $118 million.

09 November 2012

News/Reporting/compliance

European Central Bank warns of virtual currency risks

The growth of virtual currency schemes such as Bitcoin and Second Life's Linden Dollars, could have a negative reputational impact on central banks due to their inherent instability, warns the European Central Bank.

30 October 2012

News/Reporting/compliance

US govt's pre-paid declaration plans questioned

The feasibility of US government plans that would require travellers to add pre-paid card balances to declaration reports when they cross borders have been called into question.

30 October 2012

News/Reporting/compliance

Dealing firms not ready for real-time reconciliation - survey

More than half of financial institutions have not yet embarked on real-time reconciliation for any of their asset classes and do not expect to be in a position to move to do so by the end of 2013, according to a survey conducted by Gresham Computing

29 October 2012

News/Reporting/compliance

Finance firms exiting businesses over capital requirements - survey

A quarter of financial institutions around the world are exiting businesses because of the impact of increased capital requirements, according to a survey by the Professional Risk Managers' International Association (Prmia).

09 October 2012

News/Reporting/compliance

Libor reform sparks market data tender scramble

Market data firms and index compilers are set to go to tender for the right to administer a souped-up version of the tainted London Interbank Offered Rate (Libor).

28 September 2012

News/Reporting/compliance

MEPs look to slam the brakes on high-frequency traders

High-frequency traders operating in European markets will be forced to keep orders open for at least half-a-second under tough new trading rules voted through by the European Parliament's Economic and Monetary Affairs Committee late on Wednesday.

27 September 2012

News/Reporting/compliance

Germany preps HFT rules

The German cabinet is set to approve a draft law curbing high-frequency trading, according to Reuters.

26 September 2012

News/Reporting/compliance

Discover ordered to refund customers $200m over deceptive marketing

Discover Financial Services has been ordered by US authorities to refund around $200 million to more than 3.5 million cardholders that it mislead into buying unnecessary add-on products.

25 September 2012

News/Reporting/compliance

Nasdaq OMX partners Amazon on cloud platform for financial services firms

Exchange operator Nasdaq OMX has teamed up with e-commerce giant Amazon on a cloud computing platform for financial services firms to store data on.

25 September 2012

News/Reporting/compliance

SEC fines Nyse $5m for market data distribution failures

The Securities and Exchange Commission has fined the New York Stock Exchange $5 million for giving proprietary customers a head-start by sending them market data before it went out to the public.

14 September 2012