Tag: SEC

Thoughts from across the industry as the countdown to T+1 drops below 12 months.

New proposals would include the requirement for covered clearing agencies to have policies to establish a risk-based margin system which monitors intraday exposure on an ongoing basis.

Both firms acknowledged that they violated recordkeeping provisions of the federal securities laws, with HSBC and Scotia agreeing to pay penalties of $15 million and $7.5 million, respectively.

Without admitting or denying the SEC’s findings, Chatham and its founder agreed to pay over $19.3 million in combined disgorgement, prejudgment interest and civil penalties to settle the charges.

Expected to expire on 3 July 2023, the SEC’s no-action letter would allow US investors to benefit from cost transparency and the freedom of broker selection that European investors have achieved through Mifid II.

Commissioners disagreed on the proposed implementation date, with amendments narrowly passing by three votes to two.

SEC’s order finds that from at least 2016 to October 2022, Bloomberg’s paid subscription BVAL service failed to disclose that the valuations for specific fixed-income securities could be based on a single data input.

A report from the US’ National Bureau of Economic Research finds that fabricated wash trading on unregulated crypto exchanges accounts for the lion’s share of reported volumes.  

The former CEO of Alameda Research and the former chief technology officer of FTX Trading have been charged by the SEC and CFTC for their roles in a “multi-year scheme to defraud investors” and have also pleaded guilty to criminal charges; while SBF has been extradited to the US from the Bahamas.  

In the wake of the SEC’s landmark market structure proposals this week, The TRADE sat down with John Ramsay, chief market policy officer at IEX Exchange, to discuss the latest changes.