After the high profile head of its Prime Brokerage unit was fired amid allegations of sexual misconduct, Bank of America has apparently seen a slew of other senior and junior personnel jump ship. Omeed Malik, who had joined BofA from MF Global in 2012 and had risen up the ranks to head the bank's successful Prime…
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The U.S. Commodity Futures Trading Commission (CFTC) has issued an Order filing and simultaneously settling charges against Merrill, Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch), a registered Futures Commission Merchant and a unit of Bank of America Corp (NYSE:BAC), for failing to supervise its employees’ and agents’ handling of the firm’s response to a CME Group…
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LeapRate Exclusive Interview... When Marco Baggioli (pictured above) left his position as Global Head of FX Prime Brokerage at French bank BNP Paribas SA (EPA:BNP) in early 2015 to be COO of the new London office of Abu Dhabi based ADS Securities, he certainly knew that he was beginning a new adventure and new chapter in his…
Read moreU.S. securities regulator FINRA (Financial Industry Regulatory Authority) has announced that it has fined the Merrill Lynch, Pierce, Fenner and Smith Inc. unit of Bank of America Corp (NYSE:BAC) $2.8 million for systemic trade reporting, Order Audit Trail System (OATS) reporting, books and records, and related supervisory violations that occurred over a period of several years.…
Read moreInvestment giant Merrill Lynch, a unit Bank of America Corp (NYSE:BAC), has been assessed a total of $430 million in fines by the U.S. Securities and Exchange Commission and The Financial Industry Regulatory Authority (FINRA). The fines relate to a misuse of client funds by Merrill Lynch, as well as misleading investors in the sale of structured…
Read moreMultibank FX aggregation service FXSpotStream might have surprised some folks today when they - for the first time - announced the FX trading volumes supported on their system, as well as the size of those volumes. First off, the data. FXSpotStream reported that April volumes on its system averaged $18 billion (single count) daily, 2%…
Read moreLeapRate Exclusive… LeapRate has learned that clients of discount US online stockbroker TradeKing were unable to execute buy and sell orders via the company’s website for a while both yesterday (Monday) and this morning. A company representative confirmed to LeapRate that TradeKing was experiencing some server issues, and that the company’s website was not communicating properly…
Read moreTradeKing has apparently hired BofA as its investment banker in seeking a buyer for the company.
Read moreBank of America, National Association (BANA), a unit of Bank of America Corp (NYSE:BAC) is set to join Moscow Exchange’s FX Market as a clearing firm. BANA is in the process of finalizing necessary documentation and will begin active trading in January 2016. It will trade via Merrill Lynch Securities, which is a current trading…
Read moreThe rights of customers cannot be subordinated to the self-interest of trader profit. The duties of financial institutions to those who entrust them with their investments must be respected. Where there is a failure of this responsibility, it must be clear that there will be accountability” - Michael D. Hausfeld
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