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A Look Ahead to the Capital Markets in 2013
The Eurozone crisis is far from over, the fiscal cliff is top of the headlines and industry revenues continue to decline. Adding to their collective headache, financial organizations are dealing with flat IT budgets while striving to innovate in today’s ultra-competitive market. But there are a host of bright spots in the financial technology world. Here is a look at Wall Street & Technology’s take on the key issues that will shape the industry in 2013.
Regulatory Black Hole Puts Banks Off Deals
Regulatory uncertainty is
putting large banks off buying the assets of smaller rivals,
complicating the sector's restructuring and giving hedge funds
and private equity a golden opportunity to swoop in.
Regulatory Black Hole Puts Banks Off Deals
Regulatory uncertainty is
putting large banks off buying the assets of smaller rivals,
complicating the sector's restructuring and giving hedge funds
and private equity a golden opportunity to swoop in.
World's Investors Stirred, Not Shaken by U.S. Fiscal Crisis
Global investors are betting
Washington will overcome its budget deadlock despite an
apparently serious setback.
UBS Libor fixing fine puts brokers under scrutiny
The complex world of inter-dealer
broking took centre stage on Wednesday as UBS admitted
that its traders paid bribes to brokers in return for their help
rigging interest rates.
MF Global Judge Wary of Letting Customers Depose Corzine
A bankruptcy judge responded on
Wednesday with skepticism to a request by former MF Global
customers to depose the collapsed brokerage's former chief Jon
Corzine.
Two Former Fund Managers Guilty of Insider Trading
Two former hedge fund managers
were convicted on Monday of illegal trading in Dell Inc
stock based on secret information supplied by research analysts,
the latest in a string of Wall Street insider-trading
convictions.
Massachusetts Fines Morgan Stanley Over Facebook IPO
Morgan Stanley, the lead
underwriter for Facebook Inc's initial public offering,
will pay a $5 million fine to Massachusetts for violating
securities laws governing how investment research can be
distributed.
Two Former Fund Managers Guilty of Insider Trading
Two former hedge fund managers
were convicted on Monday of illegal trading in Dell Inc
stock based on secret information supplied by research analysts,
the latest in a string of Wall Street insider-trading
convictions.
Asia Brokers In Balancing Act to Bypass Stalled HFT Debate
Brokers in Asia are
trying to balance traditional investors and the new force of
high-frequency traders to keep profits growing amid a pullback
in overall trading volumes, seeking to move past a stalled
debate on trading models.
U.S. Banks Add to Call for Easing Liquidity Rule
U.S. banks want regulators to
ease a rule forcing them to hold large amounts of assets that
can be tapped at short notice in a crisis, saying the buffers
built up already should be enough.
Ex-Wells Fargo Banker Arrested in Insider-Trading Scheme
A former Wells Fargo
banker was arrested on Thursday on charges of fraud, conspiracy
and money laundering resulting from an insider-trading scheme
that netted its participants $11 million, the Justice Department
said.
Four Deutsche Bank Employees Jailed on Thursday
Four of the five Deutsche Bank
employees arrested for money laundering or
obstruction of justice related to a carbon trading scheme will
remain in jail, the Frankfurt prosecutor said on Thursday.
Financial Stability Oversight Council Considers Money Fund Designation
The U.S. risk council discussed using its powers under Dodd-Frank to impose more regulatory oversight on money market funds.
Wall Street Nemesis Warren to Join Senate Banking Committee
Wall Street critic and Senator-elect Elizabeth Warren will join the Senate Banking Committee where she is likely to be a loud voice in favor of tight financial regulation.
Here Comes the CFTC: The Regulators Keep Coming Back for More
The ripples from the financial crisis are still being felt as regulators continue to find new ways to monitor, control and examine the daily work of asset managers.
US Man Pleads Guilty to Wire Fraud in Hedge Fund Scheme
A man who stole money from clients after
convincing them he was a Harvard-trained hedge fund manager with
more than $1 billion under management plead guilty on Wednesday
to five counts of wire fraud, the U.S. Department of Justice
said.
Wall St Nemesis Warren to Join U.S. Senate Banking Committee
Wall Street critic and
Senator-elect Elizabeth Warren will join the Senate Banking
Committee next year where she is likely to be a loud voice in
favor of tight financial regulation.
Budget Deal Could Set U.S. Economy 'Booming' - Dimon
JPMorgan Chase & Co CEO Jamie
Dimon said the United States could have a "booming economy" in a
couple of months if lawmakers in Washington reach agreement to
deal with the looming spending cuts and tax increases known as
the "fiscal cliff."
Europe Seeks to End Discord Over Banking Union
An impasse over plans for the European Central Bank to supervise banks takes centre stage at a finance ministers' meeting.
HSBC: How Simple Became Complicated, and Costly
HSBC takes its name from its roots as the Hongkong and Shanghai Banking Corporation, but there has long been a joke that the name stands for "How Simple Became Complicated."
HSBC to Pay $1.9 Bln U.S. Fine in Money-Laundering Case
HSBC has agreed to pay a record $1.92
billion fine to settle a multi-year probe by U.S. prosecutors,
who accused Europe's biggest bank of failing to enforce rules
designed to prevent the laundering of criminal cash.
Three British Men Arrested in UK Libor Probe
Three British men were
detained in London on Tuesday in the first arrests stemming from
a global investigation into the manipulation of interbank
lending rates.
SEC Charges Morgan Keegan Founder Over Asset Pricing
U.S. securities regulators
filed civil charges against eight board members of mutual funds
run by Morgan Keegan, including one of the firm's founders,
saying they failed to oversee managers who inaccurately priced
toxic mortgage-backed assets leading up to the financial crisis.
The Dodd-Frank Stress Test Rule is Stressing Out U.S. Banks
Another day, another regulatory rule. And this one seems to be causing stress for risk and compliance managers at U.S. banks.
IMF Chief Says U.S. Needs Blend of Spending Cuts, Revenue Raising
The United States needs a
balanced, comprehensive approach to tackle its fiscal woes that
should include a mix of spending cuts and revenue increases, the
head of the International Monetary Fund said on Sunday.
HSBC Hires Financial Crime Fighter
The UK bank is currently embroiled in a money-laundering scandal that could cost it over $1 billion.
SEC Charges 8 Mutual Fund Directors Over Asset Valuation
U.S. securities regulators
charged eight former mutual fund board directors on Monday with
fraudulently overstating the value of their securities at the
brink of the housing crisis.
Goldman Sachs Fined $1.5 Million for Trading Glitch
Goldman Sachs Group Inc
was fined $1.5 million to settle charges it failed to supervise
its traders and allowing one futures dealer to hide billions in
dollars from sight and causing a $118 million loss.
After MF Global, Insurance Weighed to Protect Futures Customers
Long-derided as unsuitable for
sophisticated futures markets, insurance is getting a surge of
attention heading into the new year as the industry works to
patch itself up after the stunning collapse of brokerage MF
Global in 2011.
Goldman Sachs Fined $1.5 million for Trading Glitch
Goldman Sachs Group Inc
was fined $1.5 million to settle charges it failed to supervise
its traders and allowing one futures dealer to hide billions in
dollars from sight and causing a $118 million loss.
SEC Partially Lifts Moratorium on Actively Managed ETF
The U.S. Securities and Exchange
Commission is partially lifting an almost three-year-old
moratorium on applications for actively managed, exchange-traded
funds, creating an opportunity for fund managers to use
derivatives when they launch them.
How FATCA Will Impact Asset Managers
FATCA becomes effective on January 1, 2014. Sitting back and waiting for further clarification of the requirements is not an option.
Securities Regulators Eying Websites Tied to Crowdfunding
A spike in website names related to crowdfunding suggests an upcoming wave of websites through which small businesses and entrepreneurs could raise investments using
the online strategy.
SEC Charges China Affiliates of Top Accounting Firms
U.S. regulators have
charged the Chinese arms of the world's five top accounting
firms with securities violations, raising tensions in a
regulatory standoff which experts say could kill off U.S.
listings for Chinese firms if not resolved.
What the Market Wants: Shame of Washington!
I am politically independent, but I am shocked at the indifference both sides have to giving us some comfort that they will work together to get the fiscal cliff issues solved.
Data Visualization's New Shine
In the hunt for alpha, Wall Street firms look for the right data visualization technologies to make sense of petabytes of structured and unstructured data while maintaining regulatory compliance.
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