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27.01.2012

SEC Cracks Down on Latvian Trader Using "Naked Access"

The Securities and Exchange Commission has charged a Latvian trader with using a practice coined "naked access" to hack into online brokerge accounts amd earn more than $850,000 in profits by manipulating the price of 100 stocks.

The charges recently filed in a federal court in San Francisco allege that Ivan Nagaicev, a Latvian citizen conducted 159 unauthorized trades in 2009 and 2010 by hijacking a number of online brokerage accounts and drove stock prices up or down by making purchases or sales. He did this about 150 times over 14 months. Then using the direct market access provided to him by four unregisstered trading firms he traded those same securities at artificial prices. The four trading firms are Alchemy Ventures, KM Capital Management, Zansken Enterprises and Mercury Capital are also accused by the SEC of providing Nagaciev with the ability to circumvent securities laws by allowing hi to trade shares in their name without any pre-trade checks. Mercury Capital and two of the eight executives involved have already settled with the SEC.

Regulations and Compliance

27.01.2012

The Next "Taxing" Challenge of Cost-Basis Reporting: Fixed-Income Securities

The operations and IT departments of some of Wall Street's largest brokerages may have diligently spent the past two years preparing for the first wave of new so-called cost-basis reporting regulations from the U.S.' Internal Revenue Service but that won't be enough to get them through the next tsunami, say tax software experts.

People Moves

27.01.2012

DTCC Taps RBS Exec Davies to Promote LEIs in Europe

The Depository Trust and Clearing Corp. is apparently eager to promote a global role in developing and distributing new identification codes for legal entities.

Regulations and Compliance

26.01.2012

SEC's Form PF: Meeting the Data Challenge

Form PF: It's the brand new form the Securities and Exchange Commission wants hedge fund, private equity fund and liquidity fund advisers to fill out so the U.S. government can keep track of systemic risk.

Regulations and Compliance

26.01.2012

European Exchanges; Data Vendors Develop Data Formats for Consolidated Tape

Europe has taken the first step to preparing for the eventual adoption of a consolidated tape of post-trade data.

News

24.01.2012

MarkitServ Links Firms to DTCC's Interest Rate Swaps Repository

MarkitServ, the post-trade processing venture between Depository Trust & Clearing Corp. and Markit, is now transmitted confirmed trade records for interest rate derivaties to Global Trade Repository.

Regulations and Compliance

24.01.2012

U.S. Regulator: Broker-Dealers Must Monitor Procedures for Selling "Complex" Products

The U.S. Financial Industry Regulatory Authority wants broker-dealers to take a closer look at their procedures for selling "complex products" to retail investors which could spell a lot more work for compliance executives.

Tech Innovation

24.01.2012

Using Algorithms to Create News Out of Data in Sec Lending Market

Traders are increasingly relying on using computers -- and algorithms -- to develop high-speed complex trading strategies so why can't securities borrowing and lending experts do so.

Tech Innovation

24.01.2012

Portware Reduces Execution Costs Through Cloud-Based Technology

Portware has unveiled a new cloud-based version of its flagship trade order management and execution platform that allows firms to access trading products with minimal IT infrastructure and cost.

News

23.01.2012

Test File for New Global Entity Identifiers Now Available

A consortium of trade associations led by the U.S. Securities Industry and Financial Markets Association is offering financial firms some help in figuring out how to configure their internal applications to accommodate a new global legal entity identification code called the LEI.