Goldman Sachs Group Inc. is buying boutique wealth-management firm United Capital Financial Advisers for $750 million in cash, according to a story in The Wall Street Journal. United, whose 220 financial advisers manage $25 billion in assets, will slot into Goldman’s existing wealth-management business.

Facilitating the flow of legal entity and counterparty information between banks and data providers to counteract financial crime, bribery and corruption is critical. Fenergo, a provider of digital Client Lifecycle Management (CLM) software solutions, has partnered with Refinitiv, global provider of financial markets data and infrastructure, to enable customers to more efficiently identify risk. Fenergo’s API integration combined with Refinitiv’s World-Check One allows financial institutions to streamline know your customer (KYC) verification and anti-money laundering (AML)...

The Johannesburg Stock Exchange has implemented Nasdaq’s clearing technology platform for its equity and currency derivatives market. The JSE said that the launch is part of a multi-year project focused on migrating all of its markets to Nasdaq’s clearing platform for more efficient collateral management, intra-day risk monitoring and increased margin transparency. Equity and currency derivatives markets at JSE are the first to be migrated to the platform as part of the project, known as ITaC, which is being delivered in phases. Nasdaq’s market technology is used by more...

According to a story in The Wall Street Journal, ICE’s futures exchange can now introduce a three-millisecond pause to help slower-moving firms, if the CFTC lets the plan proceed. Intercontinental Exchange Inc. can launch the first “speed bump” in U.S. futures markets after the Commodity Futures Trading Commission didn’t block the proposal. But two of the CFTC’s five commissioners disagreed with the decision, saying ICE’s speed bump would unfairly punish firms that focused on speedy trading strategies. Traders had been closely watching the CFTC’s...

Miami International Holdings, Inc., the parent holding company of the MIAX, MIAX PEARL and MIAX Emerald options exchanges, announced that it has partnered with a number of industry-leading liquidity providers and market makers to launch a cash equities exchange under MIAX PEARL’s exchange license. MIAX PEARL Equities is expected to launch in Q2 2020, subject to SEC approval. The transaction will provide participants with the right to invest in MIH in exchange for the prepayment of certain transaction fees and the achievement of certain liquidity volume thresholds on MIAX PEARL...

Liquidnet, the global institutional investment network, announced it has acquired RSRCHXchange, a leading marketplace and aggregator for institutional research. The acquisition enables it to embed a new level of research and analytics into the global investment process. Liquidnet will now be able to deliver relevant, actionable insights directly to investment teams throughout the Liquidnet platform. Following its acquisition of OTAS Technologies in 2017, Liquidnet has focused on integrating AI-powered decision support and analytics into its institutional execution technology. By combining...

Brokers and other withholding agents managing Form 1042-S reporting for non-US account holders are often stunned by the form’s complexity. Already complicated nonresident alien withholding rules, requiring the application of tax treaties and the distinguishing between the myriads of income and exemption codes, are now layered with new considerations of even more codes to accommodate FATCA rules. At the same time, the IRS is pursuing a new campaign to step up enforcement of Form 1042/Form 1042-S compliance.  With the 2018 Form 1042-S filing season behind us, Scivantage invites you...

FIF CAT Working Group - FIF solicited feedback on the industry member tech spec V2.0, preview upcoming SRO deliverables, including: the updated scenerios document, JSON Schema, CAT Connectivity Testing, CAT Equities/Options securities list and an updated CAT/OATS Mapping.  Additionally,  provided an update on the CAT implementation schedule, the CAT Portal/Error Correction tool, and remaining Phase 2c challenges.  FIF FINRA Block Trade Dissemination Pilot Working Group - Held a kickoff meeting to discuss the scope of our comment to FINRA on the proposed...

FIF's article on SEC Rule 606, written by FIF Director Christopher Bok, has been featured in Traders Magazine. Read it here