Wall Street & Technology: Blog

FINRA Issues Guidelines to Prevent Rogue Trading

Mon, 14 Apr 2008 17:04:10 -0500

In the aftermath of the clamorous Soc Gen scandal , FINRA has issued guidance to financial firms outlining best practices for detecting and preventing rogue trading.

FINRA CEO Mary L. Schapiro pointed out that while rogue trading isn't new, pervasive elctronic trading and market lingages have increased pressure on some firms to relax internal controls.

SocGen: Another Trader is Detained

Wed, 12 Mar 2008 13:04:04 -0500

SocGen confirmed that police just searched its trading floor and held another trader and former colleague of rogue trader Jerome Kerviel, for questioning. Some records were also taken away by officers.

IT Vendor Management More Important than Ever for Financial Firms

Wed, 05 Mar 2008 10:29:11 -0500

A new survey has found that IT vendor management is becoming increasingly important for banks, who now consider it an enterprise-wide issue that can help significantly reduce costs, as well as reduce corporate reputation risk.

Soc Gen: Bank's Controls Didn't Work, says report

Mon, 04 Feb 2008 14:43:00 -0500

Christine Lagarde, France's economy minister, said some of Societe Generale's internal controls failed to work, leading to the scandal of the junior trader who "lost" $7 billion.

Bird Flu Pandemic: Will Telecommuting Work on Wall Street?

Wed, 30 Jan 2008 16:08:06 -0500

While most large financial institution firms plan to rely on telecommuting in the case of a pandemic - new results of a financial industry drill show that few employees actually did telecommute at all.

Societe Generale: Could it Have Prevented $7.2 billion fraud?

Tue, 29 Jan 2008 15:46:15 -0500

Jerome Kerviel, the Societe Generale trader who allegedly carried out a $7.2 billion fraud, confessed to police that he hid his activities from his superiors, and claimed both he and other employees had been carrying out risky trades since 2005. So how could Soc Gen have prevented the fraud?

How Did the Societe Generale Fraud Happen?

Thu, 24 Jan 2008 12:53:58 -0500

France's second biggest bank, Societe Generale, is reeling from the discovery of a $7.14 billion fraud committed in 2007 and 2008 by Jerome Kerviel, a trader working on the futures desk at the bank's headquarters in Paris. So how did such massive fraud happen and lie undetected for so long?

Brokerage Employee Pleads Guilty to Insider Trading Conspiracy

Wed, 23 Jan 2008 14:11:23 -0500

As one of Wall Street's most far-reaching cases of insider trading continues to unravel, a former employee of Hoboken, NJ-based brokerage firm Assent has pleaded guilty to conspiracy, after admitting he accepted bribes to conceal illegal trades based on inside information provided by a former employee at UBS.

Financial Firms Must Spend More on Anti-Money Laundering

Tue, 15 Jan 2008 17:34:14 -0500

Financial firms say they need to dedicate more resources to their anti-money laundering (AML) programs and focus more on regulatory risk - the risk associated with the potential for laws to change and impact relevant investments, according to a new survey by London, UK-based Ernst & Young.

SEC's Old Computer System Is Hampering Efforts to Stop Insider Trading

Tue, 18 Dec 2007 16:58:50 -0500

A new report found that deficiencies in the SEC's computer system are hampering the watchdog's efforts to thwart insider trading and spot other regulatory violations.

What is the Actual Cost of a Data Breach for a Financial Firm?

Wed, 28 Nov 2007 13:45:42 -0500

As the number of data breaches reported annually continues to surge, costs incurred by companies who report an incident are also increasing, according to a new study by security and privacy research organization, the Ponemon Institute.

How Well Can Wall Street Handle Pandemic Flu? Drill Results Are Mixed�

Mon, 19 Nov 2007 15:34:43 -0500

With bird flu outbreaks cropping up from Europe to Asia, scientists say the new pattern of spreading infection makes a worldwide human pandemic more likely. So how well prepared are U.S. financial firms for a pandemic?

Well, 2,775 financial firms recently took part in a drill to try and answer that very question.

SEC Brings 14 Percent more cases, Insider Trading Focus set to Continue in 2008

Tue, 13 Nov 2007 18:13:44 -0500

The U.S. Securities and Exchange Commission (SEC) brought 14 percent more enforcement cases in fiscal 2007, the first increase in four years, according to official figures released this week.

U.S. Banks Are Targets in 60% of Worldwide Phishing Attacks

Tue, 13 Nov 2007 17:30:43 -0500

A new report revealed that 60% of phishing attacks against global banking brands are targeted against U.S. institutions. UK banks trail in second place, although they currently are the victims in just 16% of all cases.

More than 200 Bills on Identity Theft Pending, study reveals

Tue, 06 Nov 2007 16:01:21 -0500

Identity theft and consumer protection are a bigger priority than ever for state legislators, according to a new study by Boston-based Aite Group, which found that more than 200 bills focusing on the issue are currently pending at state level. As a result, financial institutions must keep a careful eye on any changes and be prepared to act on state legislature to avoid costly fines.