The U.S. Securities and Exchange Commission rejected Nasdaq Stock Market’s request to offer clients trading algorithms that would enable them to execute buy and sell orders according to predetermined guidelines.
JPMorgan Chase & Co. is set to face new actions from U.S. and U.K. bank regulators as early as today for botched trades that cost the company more than $6.2 billion last year, according to two people familiar with the matter.
Malcolm Calvert , the ex-partner at JPMorgan Chase & Co. ’s Cazenove unit who served a third of his 21-month sentence for insider trading, dropped his appeal of the conviction and a 524,000-pound ($827,000) penalty.
Royal Bank of Scotland Group Plc ’s Coutts & Co. unit, which counts Queen Elizabeth II among its clients, is being investigated by the U.K.’s financial regulator for selling an American Life Insurance Company bond fund.
U.S. financial regulators are looking at specific non-bank financial companies to possibly designate them as systemically important and subject to more rigorous supervision, said Michael Gibson, director of the Division of Banking Supervision and Regulation at the Federal Reserve Board.
New York Attorney General Andrew Cuomo asked a judge to rule without trial that Ezra Merkin and his Gabriel Capital Corp. engaged in fraud by secretly placing client funds with swindler Bernard Madoff.