Securities and Exchange Commission Chairman Jay Clayton said his agency is drafting a fiduciary rule governing financial professionals, unfazed by an appeals court's decision to strike down the Labor Department's rule. "We're moving forward," he said.
The Securities and Exchange Commission has agreed to pay more than $83 million to three Merrill Lynch insiders who gave information that helped the SEC reach a $415 million settlement with Bank of America in 2016, their lawyer says. The whistleblower payout is the largest ever by the SEC.
The $2 trillion commodity-trading industry has 4.2% female representation in senior leadership, with none at Glencore, Vitol Group and Trafigura Group, according to statistics from the 40 largest commodity-trading firms. Commodity trading can be intimidating because "the set of survival skills needed is similar to that of a lion tamer going into the lion's cage," former commodity strategist Roxana Mohammadian-Molina says.
Facebook shares took their sharpest drop since 2015 in response to reports that Cambridge Analytica retained information from Facebook users without their consent and used the data for political campaigns. Lawmakers in the US and the EU demanded an explanation of how the British company obtained the data.
Education activist and actress Cynthia Nixon formally announced her candidacy for governor of New York, challenging incumbent Democratic Gov. Andrew Cuomo. This will be her first run for elected office.
Pat Nowakowski, president of the Long Island Rail Road, briefed a Metropolitan Transportation Authority committee on his plan to improve the reliability and quality of service of the railroad. In 2017, LIRR had its worst on-time record in nearly 20 years.
The Securities and Exchange Commission and the Financial Industry Regulatory Authority have issued their 2018 exam priorities, and while many are familiar, there are a few new ones advisers should pay attention to, writes compliance expert Todd Cipperman. Wrap fee programs, cryptocurrencies and thinly traded securities are among the regulators' new priorities.
Securities and Exchange Commission Chairman Jay Clayton urges exchanges not to "dilly around" on compliance with the consolidated audit trail, though he has not indicated enforcement action will occur. "The main markets regulator should have access to a forensic trail that enables us to assess what happened if a market event occurred," he says.
German Economy Minister Peter Altmaier says he is optimistic a trade conflict with the US is avoidable after discussions with US Commerce Secretary Wilbur Ross. Altmaier says both sides can seek a solution.
Barclays has brought to NYSE Arca two 200%-leveraged exchange-traded notes sponsored by Fisher Investments designed to deliver high dividends. The Barclays ETN+ FI Enhanced Global High Yield Exchange Traded Notes Series B is designed to replicate the MSCI World High Dividend Yield Index, while the Barclays ETN+ FI Enhanced Europe 50 Exchange Traded Notes Series C is linked to the STOXX Europe 50 Index.
The 3rd Annual Single Family Office Conference will feature a high-level discussion of major investment themes and global market dynamics from the perspective of single family offices. Single family offices are by definition running one family's capital. They are noncommercial in the sense that they are not looking to run third-party capital and consequently prefer to be opaque and obscure investors, as well as allocators. It is not often that third parties are given the opportunity to peek behind their proverbial 'hoods.' This panel will provide a rare glimpse at the allocators, their methodologies, investments and market views. It is not every day that one can gain first-degree insight into the single family office space.
Celebrate the start of spring while rooting for your favorite college basketball team on Thursday, March 22 at Legends! Hosted by the Young Leaders Group, meet and interact with millennials and other society members at this after-hours reception. Register early to reserve your spot!