Bank of America Corp. wants to bring more of its New York staff to one hub. The company is starting renovations on the HBO building and three floors of the Grace Building across from its 55-story tower at One Bryant Park in midtown Manhattan. When the project is completed by 2022, a large portion of the bank’s 13,000 New York employees will be at six properties clustered around Avenue of the Americas. The new offices will include flexible workspaces, a wellness center, dining and training facilities, and will incorporate solar technology and recycled materials. Charlotte, North...

Intercontinental Exchange, Inc. announced it has completed its acquisition of Simplifile. On May 1, 2019 ICE announced that it would acquire Simplifile for $335 million. Simplifile’s connectivity to nearly 2,000 public recording entities, representing over 80 percent of the U.S. population, is a key part of the infrastructure needed to further drive digital transformation in the mortgage market. Simplifile was founded in 2000 and operates the largest network connecting the agents and jurisdictions that underpin residential mortgage records. The company serves as an electronic liaison...

FIF will be holding a Quarterly Event on Thursday, June 27th at OTC Markets (300 Vesey Street, New York, NY).  The event will focus upon the implementation of Amended SEC Rule 606.  To register for the event, please click here. Space is limited, register today!

On May 17th, the SEC published in the Federal Register a request for comment pertaining to the current Electronic Blue Sheets (“EBS”) data collection process.  FIF will be forming a working group with the intent of commenting.  A call for participation will be distributed later this week.

On Monday, June 3rd, FIF met with FINRA CAT in-person to discuss industry recommendations pertaining to the CAT Web Portal/Error Correction Tool.  Industry recommendations were elicited through a series of meetings previously held with the FIF CAT Web Portal Review Subgroup.

On Tuesday June 4th, FIF met with SEC Staff to discuss both SEC Rule 606 and the Consolidated Audit Trail.

FIF CAT Working Group - FIF reviewed the content of the in-person meeting with FINRA CAT on the CAT Web Portal, provided an update on CAT connectivity options, followed-up on trade bust scenerios and handling instructions, and reviewed options symbology field events proposed by FINRA CAT. FIF CAT Tech Spec Working Group - FIF continued its review of the spec, starting with section 2.6 (Order Modification scenerios).  FIF Cybersecurity Working Group - Reviewed the cybersecurity guidance for small firms presentation from FINRA's annual conference.

The Depository Trust & Clearing Corporation (DTCC) announced that Barclays, Goldman Sachs and J.P. Morgan will use DTCC’s Global Trade Repository (GTR) service, offered by its Repository and Derivatives (RDS) division, in order to meet their regulatory obligations under the European Securities Financing Transactions Regulation (SFTR), which are anticipated to take effect in April 2020. Barclays, Goldman Sachs and J.P. Morgan are working with DTCC to achieve the transparency and risk mitigation that the G20 intended. The solution supports all product types to be reported under...

Fidelity Institutional announced that it will launch Fidelity Managed Account XchangeSM (FMAX), a comprehensive wealth management platform that will consist of advisory tools, programs and services, and investment products from Fidelity and other leading asset managers. FMAX is expected to begin rolling out in 2020 and will enable advisors to develop and deliver advisory solutions to their clients. The platform will offer advisory capabilities and leverage integrations between WealthscapeSM, eMoney Advisor, LLC and Envestnet, enabling advisors to plan, propose, invest and report in one...