Brokerage Ops

Rule 606: SEC Redefines Discretionary Trades

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The US Securities and Exchange Commission’s decision to broadly define what makes a trade execution discretionary will force introducing and executing brokers to walk a thin tightrope when complying with its new Rule 606. They will have to make some tough choices on how much information the executing broker can release on a trade order […]

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IHS Markit: Taking the Distress Out of Distressed Loan Settlement

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T+66. That’s on average how long it takes to settle a trade in a distressed loan. Now technology and data giant IHS Markit is hoping to reduce the timeframe by leveraging its existing platform for par loans. The settlement cycle for distressed loans is even longer than what it takes a package to travel to […]

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FINRA: E-Mail Oversight Needs Quantity and Quality

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  Reasonable. How is a US broker-dealer’s compliance manager supposed to interpret that word when it comes to overseeing the firm’s e-mail correspondence. With some difficulty and much deliberation on quantity and quality as shown by the Financial Industry Regulatory Authority’s recent US$32,000 fine and censure of Utah-based broker-dealer Wilson-Davis which specializes in microcap stocks. […]

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FINRA: E-Mail Oversight Needs Quantity and Quality

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  Reasonable. How is a US broker-dealer’s compliance manager supposed to interpret that word when it comes to overseeing the firm’s e-mail correspondence. With some difficulty and much deliberation on quantity and quality as shown by the Financial Industry Regulatory Authority’s recent US$32,000 fine and censure of Utah-based broker-dealer Wilson-Davis which specializes in microcap stocks. […]

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Swaps Margin: The Final Sweep of Document and Ops Morass

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For collateral management operations and IT managers at hundreds of small to mid-sized broker -dealers and fund managment shops the nightmare of handling the new regulatory-imposed initial margin requirements for uncleared derivative contracts has just begun. Phase four of the US and non-US regulations, effective September 2019, and the ultimate phase five version, effective September […]

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Swaps Margin: The Final Sweep of Document and Ops Morass

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For collateral management operations and IT managers at hundreds of small to mid-sized broker -dealers and fund managment shops the nightmare of handling the new regulatory-imposed initial margin requirements for uncleared derivative contracts has just begun. Phase four of the US and non-US regulations, effective September 2019, and the ultimate phase five version, effective September […]

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Swaps Margin: The Final Sweep of Document and Ops Morass

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For collateral management operations and IT manager at hundreds of small to mid-sized broker -dealers and fund managment shops the nightmare of handling regulatory-imposed initial margin requirements for uncleared derivative contracts has just begun. Phase four of the US and non-US regulations, effective September 2019, and the ultimate phase five version, effective September 2020 are […]

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SEC’s New Rule 606: Execution Transparency At a Cost

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For brokerage trade operations, compliance and IT managers, giving fund managers a lot more details about where and how their trades were executed to fulfill the US Securities and Exchange Commission’s enhancements to Rule 606 could turn into a major operational headache. At issue is how much data broker-dealers have readily available, how much they […]

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SEC’s New Rule 606: Execution Transparency At a Cost

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For brokerage trade operations, compliance and IT managers, providing fund managers with more granular details about where and how their trades were executed to fulfill the US Securities and Exchange Commission’s enhancements to Rule 606 could turn into a major operational headache. At issue is how much data broker-dealers have readily available, how much they […]

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FINRA’s TBA Margin Rules: Stuck in Government Limbo

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Collateral operations and compliance managers at US broker-dealers, fund managers and banks are on edge over the status of a critical margin rule stuck in the pile of countless unresolved measures during the partial government shutdown. At issue is whether the Financial Industry Regulatory Authority’s new Rule 4210 affecting agency mortgage-backed securities and similar assets […]

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