A broker-dealer agreed to settle FINRA charges for several rule violations, including conducting a securities business below its net capital requirements and failing to maintain blanket fidelity bond coverage.
The SEC Division of Trading and Markets granted the Financial Information Forum and its registered broker-dealer members an exemption from the requirement to issue trade-by-trade confirmations for orphaned fractional share trades.
In a staff working paper issued by the Federal Reserve Board, economists concluded that bid-offer spreads narrowed and liquidity improved after bonds that were originally issued pursuant to SA Rule 144A became SEC-registered.
MSRB published investor education materials on mark-up and mark-down disclosures in municipal securities trade confirmations. The materials provide additional guidance for complying with new rules scheduled to take effect May 14, 2018.
The CFTC Divisions of Market Oversight and Clearing and Risk extended no-action relief allowing swap execution facilities and designated contract markets to continue correcting trades that were rejected for clearing due to operational and clerical errors.
FINRA reminded member firms that funding for the Governmental Accounting Standards Board ("GASB") comes from the GASB Account Support Fee, collected on a quarterly basis from member firms that report trades to the MSRB.