Some lessons have been learnt from the US, while in other ways the UK will blaze its own trail with regards to supervisory and adjacent practices such as FX and lending. Claudia Preece reports from an exclusive roundtable discussion with the chair of the UK Accelerated Settlement taskforce, Andrew Douglas.
Specifically, a former TD Securities trader was found to have spoofed the US Treasury cash securities market; the SEC has ruled that the firm “lacked adequate controls and that it failed to take reasonable steps to scrutinise the trader”.
The selection procedure for the bond consolidated tape provider (CTP) and the CTP for shares and exchange traded funds ETFs will launch in January 2025 and June 2025 respectively.
In addition, Ediphy has confirmed its intention to bid for the European tape as well.
The inspection relates to potential violations of EU antitrust rules which include directly or indirectly fix purchase or selling prices or any trading conditions.
Changes are expected to reduce transaction costs and improve market quality for all investors, alongside helping ensure that orders placed reflect the best prices available for all investors.
Market experts advised attendees at The TradeTech FX conference that there is a real opportunity for all industry players to have agenda-setting power when it comes to the global code.
S&P Global Ratings’ settlement with the US Securities and Exchange Commission (SEC) specifically resolves violations of recordkeeping rules.
BAML have submitted a letter of Acceptance, Waiver and Consent (AWC) in order to propose a settlement of the alleged rule violations from FINRA, in which the respondents "accept and consent to the findings without admitting or denying them".
Following the UK’s Financial Conduct Authority (FCA) confirming final rules, the likelihood is for less of a regulatory clash between the US, the EU and the UK going forward, according to Substantive Research.