Here’s More Proof The Financial Markets Are Rigged

by The Compliance Exchange on October 30, 2014

Hedge funds and other rapid-fire investors get access to market-moving documents before other users of the Securities and Exchange Commission’s system for distributing company filings, giving them a possible edge on the rest of the market, the Wall Street Journal reported, citing two independent studies.

The two sets of researchers have been examining when paying subscribers receive SEC filings compared with when they become available on the agency’s website, the newspaper reported. (

They found a wide variation in the lag time, from no delay to one lasting more than a minute. The ability … Read More »

‘Everything I touched today has cost me money – I just lost 10k there typing (this)’

by The Compliance Exchange on October 30, 2014

Messages are full of casual banter, British slang and the lingua franca of foreign-exchange traders’.

‘Any fix quid?’ a currency trader at Barclays asked a counterpart at HSBC Holdings Plc at 2:25 p.m. on June 23, 2011. ‘Get 50 cable on fix,’ he said as he tried to sell British pounds.

‘Nothing as … Read More »

Prosecutors Suspect Repeat Offenses on Wall Street

by The Compliance Exchange on October 30, 2014

From left, Benjamin M. Lawsky, New York State’s banking regulator, is taking a fresh look at old cases and negotiating new settlements, as are the federal prosecutor Leslie R. Caldwell in Washington and Cyrus R. Vance Jr., district attorney in Manhattan.It would be the Wall Street equivalent of a parole violation: Just … Read More »

The Important Distinction Between Ethics and Compliance

by The Compliance Exchange on October 30, 2014

I know that I can be a stickler for details sometimes. Ask my children. Ask my wife.

So, when it comes to compliance, I repeat myself often when I remind everyone: it is ethics and compliance, not just compliance.

Let’s be honest – it is more than mouthful to say chief ethics and compliance officer, … Read More »

The London Whale-Sized Loopholes in Wall Street Pay Reform

by The Compliance Exchange on October 30, 2014

Just weeks after his first inauguration, President Obama delivered a landmark speech on the dangers of over-the-top Wall Street pay. Today, more than five years later, he’s still nagging regulators to do something real about it.

Wall Street pay practices, as Obama put it so well in February 2009, have “contributed to a … Read More »


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