Thomas Gira News
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Merrill Lynch, the brokerage unit of Bank of America Corp., was fined $1.05 million by Wall Street’s self-regulator for overcharging customers who traded nonconvertible preferred securities.
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The transaction that halted Citigroup Inc. for five minutes on June 29 is spurring a review of brokerage controls meant to prevent errant trades, according to Thomas Gira of the Financial Industry Regulatory Authority.
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Consolidating oversight of equities, options and futures markets would help regulators deter trading aimed at defrauding investors or manipulating markets, a Financial Industry Regulatory Authority executive said.
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Confusion about what constitutes proprietary trading under the Volcker rule may spur banks to reduce market making for customers, according to Craig Pirrong of the University of Houston and Thomas Gira of the Financial Industry Regulatory Authority.
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The U.S. Commodity Futures Trading Commission may increase risk of manipulation and volatility in markets for oil, gas and other commodities unless new speculation limits apply similar treatment to physical-settled and cash-settled derivatives, Senator Maria Cantwell said.
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European Union lawmakers and officials will meet on Dec. 19 in an attempt to reach a deal on rules for clearing of over-the-counter derivatives, a member of the European Parliament said.
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The U.S. Securities and Exchange Commission is renewing its focus on market structure even as it works on rules to comply with the Dodd-Frank Act, said Robert Cook , director of the agency’s division of trading and markets.
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The U.S. Securities and Exchange Commission is urging brokers to tighten controls over accounts used to give clients direct access to markets, saying the so- called sub-accounts can be used to hide wrongdoing.
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Trillium Brokerage Services LLC, a proprietary trading firm, was fined $1 million for sending orders to electronic stock venues aimed at deceiving investors, the Financial Industry Regulatory Authority said.
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