FINRA
Technology-enabled professional services firm Sikich Secures $250 Million minority growth investment from Bain Capital
Sikich LLC received a $250 million investment from Bain Capital to accelerate growth and maintain professional services leadership under CEO Christopher Geier.
Tel Aviv bourse says no unusual trading ahead of Oct 7 Hamas attack
The activity, they said, "exceeded the short-selling that occurred during numerous other periods of crisis" such as the 2008 financial crisis and COVID-19.
US regulator fines Bank of America $24 million for Treasuries spoofing
Spoofing involves placing orders traders intend to cancel, hoping to create a false sense of market activity that moves prices in a direction they favor, and induce transactions that other traders would otherwise would not make.
WhatsApp clampdown highlights video call compliance threat for finance firms
A sector-wide crackdown led by the US Securities and Exchange Commission (SEC) has focused on business-related text messages over unauthorised platforms, such as WhatsApp, which went untracked and unrecorded by regulated firms, largely during Covid-19 lockdowns when thousands of employees were working from home.
Short sellers will have to report more data under new US SEC rules
The rules, first proposed in late 2021 and early 2022, will require investors to report their short positions to the agency, and companies that lend out shares to report that activity to the Financial Industry Regulatory Authority (FINRA), a self-regulatory body that polices brokers
Goldman Sachs fires several executives in transaction banking -memo
Goldman Sachs has fired several executives in its transaction banking unit for violating the firm's communications policy. The company did not disclose the names of the individuals. Philip Berlinski, the bank's treasurer, will take over the management of transaction banking on an interim basis. Hari Moorthy, the head of transaction banking, was among those who departed. The individuals violated the firm's communications policy and failed to cooperate with the compliance department.
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Let AI elect to self-regulate
The bar for AI must be high when the cost of errors and consequences of mistakes is high. That is exactly the level-of-risk approach to regulation currently being considered in the EU. As being contemplated in Britain, sector-specific regulation can bring contextual granularity to regulation.... Regulation has to balance multiple objectives: citizen rights, consumer welfare, technology innovation, economic interests, national security and geopolitical interests, among others.
Chinese small-cap stocks surge in meme-like rally
Shares in small and micro-cap Chinese firms that are listed in the US soared on Friday, echoing rallies of last summer fuelled by individual traders. Online brokerage firm Top Financial Group saw an increase of 645% to $149 per share and Magic Empire Global jumped 328% to reach $3.97. Both are among the most closely watched stocks by retail investors on Stocktwits. Last October Nasdaq halted IPO preparations for four small Chinese firms while investigating other stock rallies.
Goldman Sachs fined $3 mln by FINRA over mismarking short sale orders
Goldman Sachs has been fined $3m by its self-funded regulator, the Financial Industry Regulatory Authority, over inaccurate marking of share sales, trade-reporting violations and a failure to maintain satisfactory supervisory rules. Mistakenly marked orders were caused by the omission of a single line of computer code during software upgrades, from October 2015 to April 2018, and resulted in around 60 million short sale orders, representing roughly 1% of sell principal orders during the period, being marked as "long", with nearly 8 million executed. Over 12,000 of the executed orders violated short sale circuit breakers.
How layoffs, lottery worries with H-1B visas are steering people to the EB-5 Visa
What the downsizing has also laid bare are the limitations of the H-1B visa to meet the employment, career and everyday needs of Indians who wish to remain in America. Given these limitations, H-1B visa holders have shifted their interest to the EB-5 visa as a preferred option to obtain permanent residency status for themselves and their families.
Vested Finance launches 2 portfolio options for retailers, take total count to 5
The FINRA-registered US broker-dealer, via its affiliate VF Securities, has announced two additional pre-built Vests in partnership with Xumit Capital and Ethical Advisors, which will enable the retailers to invest in the same
ETMarkets Smart Talk: Indians buying Disney, Airbnb; US IPOs still far fetched, says Viram Shah
"Vested Finance enables Indian investors to put money in the US markets. Now, through our affiliated entity – VF Securities – we are a FINRA-registered US broker-dealer"
Wall Street’s mysterious 2,200% IPOs come from tiny N.J. broker
The trend is eerily familiar to market participants in Hong Kong, which was a hotbed for mysterious moves in tiny stocks before a regulatory crackdown brought new offerings to a virtual halt. As small Chinese companies that might otherwise have listed in Hong Kong turn to the US as an alternative, Network 1 has emerged as one of the most active players in this growing corner of the market.
Wall Street watchdog to laid-off crypto employees: work for us
While federal agencies jockey for position to be the primary regulator for digital assets, regardless of the outcome, Financial Industry Regulatory Authority (FINRA) will most likely have a role to play, chief executive officer Robert Cook said
Funding obscured: The family office behind Elon Musk's $44 billion Twitter buyout
The office is called Excession and the man who helped build it is Jared Birchall, a former Morgan Stanley banker who has advised Musk on his interactions with Wall Street for several years, according to regulatory filings and legal documents
Robinhood says US watchdogs probing staff meme stock trading, registration
The newly disclosed inquiries from the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) are the latest regulatory headwind facing the company as it heads toward its hotly anticipated initial public offering this week.
Meme stock probes and other regulatory headwinds facing Robinhood
Robinhood said that regulators had issued subpoenas or sought testimony and information from the company and CEO Vladimir Tenev as part of investigations into trading restrictions the brokerage imposed during January's meme-stock volatility.
Robinhood fined $70 mn for harming 'millions' via misleading info, outages
The broker, which has been credited with democratizing trading, is under scrutiny by federal and state policymakers following this year's meme-stock fiasco which raised questions over the California firm's business model, risk management and customer treatment.
Wall Street body proposes new rules on short positions, stock loans
The proposed changes to Rule 4560 would increase the frequency of short-interest reports from twice a month to weekly or even daily. The change would require clearing firms to report synthetic short exposure - bets made against shares via derivatives - in firm and customer accounts.
Robinhood users say accounts were looted, no one to call
The wildly popular app has no emergency phone number and customers watched helplessly as their money vanished.
Stock brokers allowed to work from home for the first time
The arrangement will continue till April 30 or longer if the situation demands.
Will Sebi and exchanges let stock brokers work from home?
Leading institutions will take up the matter with the finance ministry and Sebi.
Billions in VIX-rigging profits? A battered index takes new hit
There’s plenty at stake. ETFs and notes tied to the VIX are worth about $3.5 billion.
NSE offers PG programme with 15 global certifications
The academy will initially offer NSE’s redesigned flagship programme called Post Graduate Certificate Programme in Global Financial Markets (PGCP-GFM).
Perils of being financially ‘literate’
‘Knowledgeable’ people are more likely to make poor investing decisions.
Wells Fargo, LPL, Raymond James to reimburse $30 million in fund fees: FINRA
Three major securities brokerages must collectively reimburse customers more than $30 million for failing to waive mutual fund sales charges for thousands of accounts.
570 hedge funds are members of the $1 billion club
Market participants are widely expecting the Federal Reserve to raise interest rates later this year.
The 11 worst money habits of 20-somethings and how to fix them
The class of 2014 is the most indebted class thus far. The average class of 2014 graduate will be stuck paying off $33,000 in student loan debt.
SEC approves circuit-breaker rules for US stocks trading
The US markets regulator, the Securities and Exchange Commission, said Thursday it had approved new circuit-breaker rules on stocks trading in response to last month's "flash crash.".
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