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Dark Pool

Asset Management Regulatory Roundup - August 2017 - Issue 4

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on MiFID II: Client classification of local authorities, FCA paper on dark trading, the...more

The Southern District Of New York Dismisses In Part Putative Shareholder Class Action Against Investment Technology Group

by Shearman & Sterling LLP on

On April 26, 2017, District Judge John F. Keenan of the United States District Court for the Southern District of New York granted in part and denied in part motions to dismiss brought by defendants Investment Technology...more

Swimming in dark pools

by DLA Piper on

NZX has published its regulatory agenda for 2017 setting out its regulatory priorities and resourcing, and the outcomes it seeks to achieve over the coming year. In both the 2016 and 2017 regulatory agendas, NZX has flagged...more

SEC Charges Deutsche Bank With Misleading Clients Re Order Routing

by Dorsey & Whitney LLP on

Automated trading, alternative trading venues, high speed trading, the proliferation of order types and dark pools have been discussed in news articles and popular literate. The Commission has brought enforcement actions...more

Bridging the Week - December 2016 #3

by Katten Muchin Rosenman LLP on

Broker-Dealer Settles SEC and NYS Charges Regarding Disclosures of Dark Pool Order Routing Arrangements: Deutsche Bank Securities Inc. settled charges brought by both the Securities and Exchange Commission and the New York...more

Global Financial Markets Insight - Issue 11, 2016

by DLA Piper on

As we come to the end of 2016 we re ect on a year characterised by events that have sent political shockwaves through the world’s major markets and consider what this may mean for the coming year. The surprise may be...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Merrill Lynch has already staked out the position in response to the DOL’s retirement account fiduciary duty rule that it would no longer offer commission-based IRAs to retirement savers. Yesterday, it effectively doubled...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

FCA Publishes Third MiFID II Consultation Paper - The FCA published its third consultation paper on 29 September 2016, on the implementation of the Markets in Financial Instruments Directive (MiFID II)....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Meanwhile, some banking officials—including a BOE representative speaking in NYC yesterday—contend that the legal expenses related to financial misconduct enforcement actions and litigation (roughly $275 billion for global...more

Financial Services Regulation Exchange – International Newsletter Issue 30 – September 2016

by DLA Piper on

DLA Piper’s Financial Services International Regulatory team welcomes you to the thirtieth edition of ‘Exchange – International’ – our international newsletter designed to keep you informed of regulatory developments in...more

Your daily dose of financial news - The Brief – 9.15.16

by Robins Kaplan LLP on

The Committee on Capital Markets Regulation—a nonprofit that represents execs from many of the US’s largest banks—will release a paper today arguing that the Fed illegally sidestepped the APA by adopting “central parts of its...more

Your daily dose of financial news - The Brief – 9.8.16

by Robins Kaplan LLP on

In a move anticipated over the past year or so, Caliber Home Loans—with PE Lone Star Funds’ backing—is making more loans to “borrowers with spotty credit histories.” A euphemism for subprime, by the way. That targeting has...more

Trading and Markets Enforcement Report - August 2016

by Morgan Lewis on

The last several years have seen law enforcement and regulatory bodies sharpen their focus on trading activity in the securities and derivatives markets. This focus has coincided with the advent of new and expanded reporting,...more

FCA considers promotion, conflicts of interest and governance of dark pools in thematic review

by DLA Piper on

On 21 July 2016, the Financial Conduct Authority (FCA) published the results of a thematic review, in which they examined 'dark pools' - trading venues with no pre-trade transparency, where the price and volume of all orders...more

Dark Pools - The FCA’s Thematic Review

by WilmerHale on

Last month the Financial Conduct Authority (“FCA”) released a report (“the Report”) detailing the findings of its thematic review into the use of UK equity market dark pools (“the Review”). To date, the use of dark pools, and...more

The Financial Report, Volume 5, Number 14

by DLA Piper on

Discussion and Analysis - As an increasing number of investment management firms experience financial distress, we often are asked whether there are any minimum capital requirements imposed on investment advisers....more

The FCA Peers Into Dark Pools

by Proskauer Rose LLP on

On July 21, 2016, the Financial Conduct Authority (FCA) of the United Kingdom (UK) published a thematic review: UK equity market dark pools - Role, promotion and oversight in wholesale markets. Background - The...more

Bridging the Week - July 2016 #3

CME Group Proposes New Clearing Member Category to Help Customers Avoid Pro Rata Distribution Risk in Case of FCM Insolvency: CME Group filed proposed rule changes with the Commodity Futures Trading Commission that would...more

Highlights from the SEC Speaks — 2016 Enforcement Priorities

by K&L Gates LLP on

Senior members of the Securities and Exchange Commission’s (“SEC” or “Commission”) Division of Enforcement (“Division”) addressed the defense bar on February 19, 2016, during the Practising Law Institute’s annual “SEC Speaks”...more

SEC Speaks – What to Expect in 2016

The leaders of the Securities and Exchange Commission (“SEC” or “Commission”) addressed the public on February 19-20 at the annual SEC Speaks conference in Washington, D.C. The presentations covered an array of topics, but...more

Bridging the Week - February 2016 #2

Two Broker-Dealers to Pay US $154 Million to the State of NY and the SEC to Resolve Allegations of Wrongdoing by Their Dark Pools: Barclays Capital Inc. and Credit Suisse Securities settled allegations by the Securities and...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission filed another group of settled actions under its initiative regarding municipal bond underwriters. This time a group of fourteen actions were filed. Each centered largely on claims that the underwriter failed...more

Your daily dose of financial news The Brief – 2.3.16

by Robins Kaplan LLP on

In what would be the largest acquisition of a foreign corporation ever, state-owned ChemChina is nearing a deal to purchase Switzerland’s Syngenta (besting US-based Monsanto’s overtures to do the same). The deal could help...more

SEC, NYAG Sanction Three Dark Pools

by Dorsey & Whitney LLP on

The SEC and the New York Attorney General announced settlements with Barclays Capital Inc. and Credit Suisse Securities (USA) LLC centered on the operation of dark pool trading venues. In the Matter of Barclays Capital Inc.,...more

Your daily dose of financial news The Brief – 2.2.16

by Robins Kaplan LLP on

News has emerged from China that online finance company Ezubao, a purported peer-to-peer lender, was running a Ponzi scheme that “bilked investors out of more than $7.6 billion, spent lavishly on gifts and salaries and buried...more

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