News/Blog

FINRA Reminds Firms to Register for CAT Reporting by June 27, 2019

FINRA is issuing this Notice to remind firms they must register with FINRA CAT, LLC (FINRA CAT) for reporting to the Consolidated Audit Trail (CAT). CAT registration commenced on March 18, 2019, and will run through June 27, 2019. All Industry Members, as defined under the CAT NMS Plan, that will have a CAT reporting...
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FINRA Pushing Ahead on CAT, Rule Review: CEO Cook

At FINRA’s annual conference, execs discussed which rules are being reviewed and gave an update on exam consolidation. There’s “still a lot more to come” in the Financial Industry Regulatory Authority’s top-to-bottom review via its FINRA360 initiative, Robert Cook, the broker-dealer self-regulator’s CEO, said Wednesday. “It’s doing great; we’ve got a lot of accomplishments under...
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Finra rogue broker rule would affect 61 firms

Additional obligations would be imposed on these firms such as requiring them to create reserve accounts to pay unpaid arbitration awards As part of its crackdown on rogue brokers, the Financial Industry Regulatory Authority Inc. has identified 61 firms that would face restrictions under a newly proposed Finra rule. Finra currently has a little more...
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Finding a FIX for electronic FINRA TRACE reporting as the CTCI cut-off looms

The capital markets regulatory environment can seem as volatile as everyday trading conditions. Even regulatory reporting vehicles can’t be counted on to remain constant. From February next year, the legacy CTCI tool commonly used for electronic FINRA TRACE and ORF reporting will no longer be supported. If you handle your own submissions, you’ll need to...
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Transforming transaction data management: 3 considerations for financial institutions as global trade reporting requirements intensify

A major new study by independent financial regulatory think-tank JWG, in partnership with Inforalgo, confirms a growing appetite for a more repeatable approach to regulatory reporting, as financial institutions struggle to cope with soaring international trading transparency requirements. Inforalgo’s CEO, Jordan Ambrose reports. Trying to collate everything manually, when detail exists in different formats across...
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Regulators assure industry CAT will not expose consumer data

Recent remarks by Securities and Exchange Commission chairman Jay Clayton regarding a market-surveillance system in the works seem to be allaying financial industry fears that it will collect investors’ personal information. Last week, Mr. Clayton told a Securities Industry and Financial Markets Association conference the agency is working on a unique customer identification for the...
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Stock exchanges choose FINRA to build CAT database, replacing Thesys

U.S. stock exchanges have selected the Financial Industry Regulatory Authority as plan processor for the consolidated audit trail, a massive database for all equity and options trades executed on their platforms. CAT NMS, which was formed by the U.S. exchanges to establish a plan to implement the audit trail, announced the selection Wednesday. In February,...
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FINRA Files to Allow TRACE to Be Corporate Bond Hub

If the SEC approves, TRACE will become a centralized source of comprehensive and timely information about new issues. The Financial Industry Regulatory Authority filed Thursday with the Securities and Exchange Commission a proposal to expand its collection and dissemination of new-issue reference data for corporate bonds. The proposal calls for FINRA’s Trade Reporting and Compliance Engine, or TRACE, to...
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UBS’s £28m FCA fine for reporting failures is a wake-up call

The eye-watering penalty, incurred through failings with 136 million transaction reports over a 10-year period, are a sobering call to investment banks to bring data management and reporting under tighter control The news that the Financial Conduct Authority (FCA) has fined UBS AG an eye-watering £27.6m for transaction report failings over a 10-year-period will be...
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FINRA is issuing this Notice to remind firms they must register with FINRA CAT, LLC (FINRA CAT) for reporting to the Consolidated Audit Trail (CAT). CAT registration commenced on March 18, 2019, and will run through June 27, 2019. All Industry Members, as defined under the CAT NMS Plan, that will have a CAT reporting...
Continue Reading
At FINRA’s annual conference, execs discussed which rules are being reviewed and gave an update on exam consolidation. There’s “still a lot more to come” in the Financial Industry Regulatory Authority’s top-to-bottom review via its FINRA360 initiative, Robert Cook, the broker-dealer self-regulator’s CEO, said Wednesday. “It’s doing great; we’ve got a lot of accomplishments under...
Continue Reading
Additional obligations would be imposed on these firms such as requiring them to create reserve accounts to pay unpaid arbitration awards As part of its crackdown on rogue brokers, the Financial Industry Regulatory Authority Inc. has identified 61 firms that would face restrictions under a newly proposed Finra rule. Finra currently has a little more...
Continue Reading
The capital markets regulatory environment can seem as volatile as everyday trading conditions. Even regulatory reporting vehicles can’t be counted on to remain constant. From February next year, the legacy CTCI tool commonly used for electronic FINRA TRACE and ORF reporting will no longer be supported. If you handle your own submissions, you’ll need to...
Continue Reading
A major new study by independent financial regulatory think-tank JWG, in partnership with Inforalgo, confirms a growing appetite for a more repeatable approach to regulatory reporting, as financial institutions struggle to cope with soaring international trading transparency requirements. Inforalgo’s CEO, Jordan Ambrose reports. Trying to collate everything manually, when detail exists in different formats across...
Continue Reading
Recent remarks by Securities and Exchange Commission chairman Jay Clayton regarding a market-surveillance system in the works seem to be allaying financial industry fears that it will collect investors’ personal information. Last week, Mr. Clayton told a Securities Industry and Financial Markets Association conference the agency is working on a unique customer identification for the...
Continue Reading
U.S. stock exchanges have selected the Financial Industry Regulatory Authority as plan processor for the consolidated audit trail, a massive database for all equity and options trades executed on their platforms. CAT NMS, which was formed by the U.S. exchanges to establish a plan to implement the audit trail, announced the selection Wednesday. In February,...
Continue Reading
If the SEC approves, TRACE will become a centralized source of comprehensive and timely information about new issues. The Financial Industry Regulatory Authority filed Thursday with the Securities and Exchange Commission a proposal to expand its collection and dissemination of new-issue reference data for corporate bonds. The proposal calls for FINRA’s Trade Reporting and Compliance Engine, or TRACE, to...
Continue Reading
The eye-watering penalty, incurred through failings with 136 million transaction reports over a 10-year period, are a sobering call to investment banks to bring data management and reporting under tighter control The news that the Financial Conduct Authority (FCA) has fined UBS AG an eye-watering £27.6m for transaction report failings over a 10-year-period will be...
Continue Reading