Six investment banks may face a fine of up to $10 million for not properly keeping e-mail messages as required by U.S. securities regulators. The Securities and Exchange Commission, the NASD and the New York Stock Exchange has proposed the fines as part of a settlement after inquiries into possible investment banking/analyst conflicts of interest. The six firms reportedly at the center of the investigation are Salomon Smith Barney, Morgan Stanley, the Goldman Sachs Group, Merrill Lynch, Deutsche Bank and US Bancorp Piper Jaffray.
Barclays Bank has selected SunGard Trading and Risk Systems' BancWare solution for financial-risk management, asset-liability management, data management and planning and forecasting business level net-interest income. Using BancWare Insight Barclays will collect, clean and analyze transaction-level data from various business lines across the U.K., France and Spain to help ensure the quality and consistency of data. The BancWare Convergence module will then be used to model the data under various interest rate scenarios for income simulation and market valuation. BancWare's OAV will be used for balance sheet modeling.