Credit Suisse Securities has been censured and fined $6.5 million by Finra and three major exchanges for supervisory violations in connection with market access rules.
According to the Financial Industry Regulatory Authority Inc., Cboe Global Markets, the Nasdaq Stock Market and the New York Stock Exchange, from 2010 to 2014, certain Credit Suisse clients engaged in trading activity that generated over 50,000 alerts for potential manipulative trading, including spoofing, layering, wash sales and pre-arranged trading. Three of the firm’s direct market access clients accounted for the majority of the alerts and about 20% of the firm’s overall order flow.
[Recommended video: Joni Youngwirth: Factors that make clients the best fit for an advice firm]
Finra and the exchanges found that during most of the 2010-2014 period, Credit Suisse did not establish a satisfactory system to supervise the trading of its direct-market-access clients. As a result, the regulators said, orders for billions of shares entered the U.S. markets without being subjected to post-trade supervisory reviews for potential manipulative activity. An internal audit report and correspondence with one of its direct market access clients each put Credit Suisse on notice of gaps in its surveillance system, the regulators noted.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.
Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
