Proposal may force SEC to subpoena source codes | JPMorgan working on major expansion of NYC tech facility | Bloomberg raises questions about NYSE's fee-schedule changes
April 20, 2017
SIFMA SmartBrief Operations & Technology
News on the capital markets for operations and technology professionals
Top Story
Proposal may force SEC to subpoena source codes
A revamp of the Dodd-Frank Act proposed by House Financial Services Chairman Jeb Hensarling, R-Texas, would require the Securities and Exchange Commission to obtain a subpoena to gain access to a high-speed trading firm's source codes. This is in contrast to the Commodity Futures Trading Commission's proposal of requiring only a vote of the commission members.
Bloomberg BNA (free content) (4/13) 
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Operations Update
JPMorgan working on major expansion of NYC tech facility
JPMorgan Chase is making preparations for an expansion to its New York City technology hub that could more than triple its size. The bank is in talks with Brookfield Property Partners about leasing an additional 300,000 square feet of space at 5 Manhattan West near Hudson Yards, a person with knowledge of the matter said.
Bloomberg (4/19) 
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Bloomberg raises questions about NYSE's fee-schedule changes
Bloomberg has filed a letter with the Securities and Exchange Commission over alterations to the New York Stock Exchange's fee schedule for trading data.
Business Insider (4/20) 
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Commentary: T+2 rule will strengthen capital markets
The new T+2 rule from the Securities and Exchange Commission, which will shorten the settlement cycle for US stocks, unit investment trusts and most bonds from trade date plus three days to trade date plus two days, will bring numerous advantages and strengthen the capital markets, according to SIFMA President and CEO Kenneth E. Bentsen, Jr., Michael Bodson and Paul Schott. T+2 will increase efficiency, streamline operating processes and significantly lower the risk of failed trades, they write.
Traders magazine online (4/14) 
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Technology Update
Deutsche Bank turns to AI to cope with regulatory demands
Deutsche Bank is embracing artificial intelligence tools to help ensure that it is complying with the wide range of financial regulations that govern the way it does business. The bank is trying to simultaneously improve the accuracy of its compliance efforts while bringing down the costs, said Elly Hardwick, head of innovation at the bank.
The Wall Street Journal (tiered subscription model) (4/18) 
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The unknowns of deep learning
The unknowns of deep learning
Deep-learning technology is being applied to fields including banking. However, it's difficult for humans to understand exactly how machines that rely on deep learning make decisions, which makes it hard to predict when and where problems will occur.
MIT Technology Review online (free registration) (4/11) 
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Regulatory and Legislative Update
Bank chiefs don't expect updated Glass-Steagall
Bank chiefs say they don't expect new breakup law
Dimon (Win McNamee/Getty Images)
The CEOs of JPMorgan Chase and Citigroup say they are unconcerned by speculation that the Trump administration may revive a version of the Depression-era Glass-Steagall law, which would require them to split capital-markets and traditional-lending operations. Citigroup's Michael Corbat says it has not been mentioned in his discussions with the administration, while JPMorgan's Jamie Dimon says it would be inconsistent with the government's pro-growth, pro-reform agenda.
Reuters (4/13),  Financial Times (tiered subscription model) (4/13) 
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Regulators expected to be slow to adopt blockchain tech
Financial regulators can be expected to take a cautious approach to implementing blockchain technologies unless market disruptions force them to act swiftly, said consultant Jeff Stehm, a former Federal Reserve senior associate director. "Risk-averse regulators charged with making sure nothing goes wrong have understandable concerns about change and the unknown," Stehm and lawyer Joe Oehmke write in a report.
MLex (subscription required) (4/13) 
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Fed's workforce planning criticized
The Federal Reserve's plan to replace senior managers who are approaching retirement is narrowly focused and lacks a strategic perspective, the central bank's inspector general said. The internal watchdog said in its quarterly work plan that it will evaluate the Fed's succession planning "to ensure the sustainability of its workforce, including identifying any potential related barriers."
MLex (subscription required) (4/17) 
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SIFMA Equity Market Structure Conference: One-stop resource for updates - April 26, NYC
The 19th Annual SIFMA Equity Market Structure Conference is a one-stop resource for updates from the industry's leading experts on today's markets and the ever-evolving regulatory framework that guides them. On April 26, equity market structure leaders will gather in New York to discuss recommendations and actionable changes to enhance fairness, stability and transparency in the US stock market.
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Two Weeks Left to Register: Regional Senior Investor Protection Workshop - May 2, Philadelphia
Join SIFMA for a morning of practical learning and information sharing among key stakeholders on how best to protect our senior investors. The unique program will educate participants on the impact of cognitive decline; the anatomy of an investigation; recent legal and regulatory development; and promising practices to help prevent, spot and address situations of financial exploitation and cognitive decline. Plus, participants will tackle real-life scenarios from beginning to end in a small-group setting.
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