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Stories of Interest
- New Cyberattack Goes Global, Hits WPP, Rosneft, Maersk
- Deutsche Bank Said to Lose as Much as $60Mn Over Derivative Trade
- Dimon Says JPMorgan Headcount to Keep Rising Despite Automation
- RBS to Cut 443 Jobs In UK, Move Many of Them to India
- Deutsche Bank Bullish on London Despite Brexit
- Supreme Court Nears Finish With Big Cases, Retirement Rumors
- The Richest Person in Every State
- LPL Tabs Scott Seese, Former eBay Exec, as Chief Information Officer
- Fired Biglaw Associate Arrested for Trying to Extort Partners
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
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NEWSLETTERS & ALERTS
FINRA 2017 Exam Priorities – New Podcast
FINRA released the last in a four-part podcast series that highlights key issues from the FINRA Regulatory & Examination Priorities for 2017, sent in early January to member firms. [See Financialish, 1/4/17]
In this latest podcast, FINRA addresses Market Integrity issues that FINRA examiners will likely be looking for during the coming year.
Financialish offers the following ‘Marketing Integrity’ take-aways. FINRA examiners will be looking at …
- ‘Cross-Market Equity Supervisor Report Card’, for possible spoofing or layering.
- ‘Best Execution’, for automation of markets (equities and fixed income) and payment for order flow.
- ‘FINRA Audit Trail Reporting Early Remediation Initiative’, for potential equity audit trail issues not typically detected through routine compliance sweeps and reviews. FINRA is expanding the Initiative for Regulation NMS trade-throughs and Locked & Crossed Markets.
- ‘Tick Size’.
- ‘SEC’s Market Access Rule’, for control documentation and rationales, and consistent monitoring of controls implementation.
- ‘Trading Exams’, for alt-trading systems - including disclosing to customers how they operate, as well as conflicts of interest and best execution.
- ‘Pilot Trading Program’ rollout, for testing of smaller firms not typically subject to trading exams.
- ‘Enhancements to FINRA”s Fixed Income Securities Surveillance Program’, for more manipulation patterns, for FI written supervisory programs (WSPs) coverage of new TRACE reporting requirements, and for data integrity programs that monitor submitted data accuracy.