Tag Archives: brokerdealer.com

david-glasser-weinstein-financial-fraud

Weinstein Saga Snags Company’s Co-CEO Glasser

(Courtesy of BrokerDealer.com) Whilst most of the news media coverage of the travails of Harvey Weinstein have been dedicated to sordid details and otherwise extoling the newly-appointed (or interim) corporate chiefs, it leads one to wonder whether investigative journalism is losing cache…But, lo and behold, one Hollywood news journalist has peeled back the onion to discover what could be an episode from “Arrested Development” starring Weinstein & Co. President & COO David C. Glasser, who was elevated to share the CEO suite with Harvey’s brother Bob Weinstein as the Hollywood mogul sex scandal unfolded last week. According to Variety’s Gene Maddaus, Glasser, who started his Hollywood career as a child actor, turns out to be in Wall Street parlance, a “bad actor.” It seems that Glasser has been a “person of interest” in more than a few financial fraud investigations extending back two decades. And, according to court judgments extending back many years, Glasser has been ordered to pay millions of dollars in restitution to victims who bought into ‘film finance deals’ promoted by Glasser.

According to Maddaus’ reporting, “Glasser has long been dogged by legal issues that date back more than two decades. In the most serious case, Glasser’s former film finance company was used by the now defunct penny stock broker-dealer Hanover Sterling Securities to launder the proceeds of a massive stock manipulation scheme which, according to federal prosecutors, was connected to the Genovese crime family.” While Glasser managed to dodge the bullets of federal prosecutors in that incident, in an exclusive reveal, Glasser’s inglorious film finance history includes a long trail of yet-to-be paid civil court judgements in various jurisdictions for defrauding investors in an assortment of “pre-production finance deals.”

To be fair and balanced, Hollywood is as notorious for its deal makers advancing “the Art of The Steal” as it is for casting couch hi-jinks for which Harvey Weinstein has been “reputation-ally cremated.” Just as Harvey is no lone wolf for gaslighting aspiring (and well-established) actresses and coercing them to observe (or enable) his sexual deviant behavior, Weinstein & Co.’s co-CEO David Glasser is not the only film finance aficionado who has played the deviant game of “hide the banana from investors.” The industry-common scheme is taking investors’ money, then later informing them the projects they backed either ‘died on the vine’ or courtesy of using two sets of accounting books, produced meager returns. One classic case study is the Academy Award winning film and box office blockbuster “Crash”, coincidentally produced by David Glasser and industry titan Bob Yari.  This was a small-budget project investors backed but “somehow” didn’t produce any profits for distribution to those investors. For the record, the film Crash, written and directed by Paul Haggis, was produced on a budget of $7.5mil and brought in $250mil in ticket sales. According to Glasser’s partner Yari, the film was not profitable. According to a civil court finding, it was, and the producers were ordered to disgorge millions.

The connection between Glasser in that case, seems more than ‘tangential’, a phrase Glasser has invoked multiple times to investigators when being named a ‘person of interest’ in film funding schemes that have gone sideways under his watch. Glasser was also a target in a convoluted criminal investigation into the 2001 financing behind a remake of “Devil and Daniel Webster,” the first and last directorial debut for Hollywood bad boy Alec “Bloviator” Baldwin, who also starred in the film with among others, Sir Anthony Hopkins and Jennifer Hewitt.  The story behind Glasser’s role in the financial shenanigans and the ensuring investigation is the topic of a novel making its second way around book publishing circuits, but upon closer look, that case is part of a longer trail in which Glasser has found to have defrauded investors.

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david-glasser-weinstein-fraudAs evidenced by interrogating pacer.gov–Glasser is better cast as a serial financial fraudster who has racked up multiple civil court judgements in various jurisdictions, -each of which determined Glasser had perpetrated fraud relating to ‘pre-production film financing’ schemes in which investors lost all and restitution awards were mandated by the various courts. As best as can be determined, those restitution awards, totaling several millions of dollars, remain unsatisfied. In 2004, in the midst of various litigation, Glasser transferred ownership of his $2.8mil home in Hollywood’s Calabasas community to a ‘trust’ held by him and his wife.  Why the complicated 3 Card Monty game to shield title to that asset? One could conclude (as many have already) the ‘former child actor’ is a notorious bad actor, as evidenced by at least half a dozen cases.

Here’s 1 example http://caselaw.findlaw.com/tn-supreme-court/1651031.html.
A quick trip to court record database www.pacer.gov provides more insight to cases back in ’05 ’06 and ’14 (search civil court module). Three other cases prior to ’05 are not available in the pacer.gov dbase, but through a stealth investigations, those records are purportedly being held pending what could prove to be a blockbusting class action law suit against Glasser.  For full details and links to the actual court cases, click here

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fortune-ceo-unequivocable-stand

Fortune CEOs Take Unequivocal Stand; This BD Bids On

Taking a Unequivocal Stand is Easier for Fortune CEOs than for POTUS–so it seems. Fortune 500 CEOs who have taken exception to erratic and equivocal statements made by the current sitting president of the United States have been systematically subjected to ‘assault by Twitter’ by the country’s CEO-in-Chief. In turn, their company’s share prices have suffered from sell-offs, as investors fear the “wrath of Trump” will extend to federal government actions intended to harm those companies who have failed to heed Mr. Trump’s so-called “lectures.” Attacks and Counter-Attacks via Twitter has become a contact sport, all thanks to “POTUS.”

Within the context of Wall Street firms, “un-biased and conflict-free” are two phrases that agency-only broker-dealers advance on a continuous basis. These phrases connote their conforming to a fiduciary posture that is intended to protect the interests of their client above all else. When it comes to political discourse, most broker-dealers are loathe to insert themselves in a political fracas, yet other BDs are run by folks whose moral compass overrides their need to keep quiet, regardless of the risk that a regulatory agency such as the SEC or FTC (overseen by Congress) will , at the urging of Mr. Trump, exact some type of revenge for challenging the current president. Courtesy of BrokerDealer.com Editorial Section, MarketsMuse editors join those who are taking the high road, and in that effort, we’re re-distributing a piece that profiles a unique broker-dealer’s viewpoint expressed via trading desk commentary and distributed to their Fortune treasury clients and the leading Wall Street ‘book-runners’. We’ll defer to our readers to click on links leading back to the minority broker-dealer in question. Hint-the firm is the oldest minority broker-dealer owned/operated by Service-Disabled Veterans.

A Special Editorial from BrokerDealer.com: Most Fortune CEOs, as well as leaders of Investment Banks and Broker-Dealers (aka BD) are typically loathe to take a political stand. For the former, making pronouncements that will raise the ire of the current president are likely to be met by “injury by twitter,” or worse still, federal agency scrutiny of the company, which could prove devastating for public company shareholders. For the universe of corporate leaders with a conscience and also recognized thought-leaders, only a few have yet to prove unequivocal when reacting to the equivocal comment made by President Trump when framing his first view of what US Attorney General Sessions labeled as a”domestic terror event.” We’re referring to the white supremacist rally that led to 3 deaths and multiple injuries in Charlottesville, VA this past weekend.

For investment banks and broker-dealers, let’s face it-politics and business mix best with each other when done over cocktails or discrete ‘off-site’ meetings to discuss new capital market initiatives, deal issuance and/or asset management mandates. After all, most traditional broker-dealers eschew taking a political stand that opposes the federal government administration, simply out of fear that the long lips of the current WH CEO will whisper to administration-appointed SEC bureaucrats with a message akin to ‘the right industry regulator might want to make this [firm] go away..” Most, but not all is the catchphrase that compels a re-distribution of a capital markets desk commentary that focuses on fixed income markets and along with a smidgen of geopolitical observations and delivered to a captive group of leading Fortune 500 corporate treasurers, as well as a select group of sell-side syndicate desk ‘book-runners’.

Sponsored by Prospectus.com. Our team of capital markets experts and securities lawyers specialize in preliminary offering prospectus, secondary offering prospectus and full menu of financial offering memorandum document preparation. More information via this link

Here’s the extract of the day’s piece, titled “Risk On, Risk Off, US-NOKO Tensions Subside; Ugly Heads of Racism Take Top Headline…”

Investment Grade Corporate Debt New Issue Re-Cap – A View About Charlottesville and the Aftermath

Risk was clearly back on in the financial markets today, as U.S./NOKO tensions fell to the wayside.  Unfortunately prejudice and racism reared their ugly heads in the Charlottesville, Virginia riot over the weekend.  On Monday, Fortune 500 thought leaders Ken Frazier, CEO of Merck & C0., Brian Krzanich, CEO of Intel, and Kevin Plank, CEO of Under Armour each took a stand by protesting the ‘equivocal’ comments made by President Trump in his first response to the domestic terrorism acts in Charlottesville, which were advanced by self-proclaimed alt-right and white supremacist neo-Nazis.  Mischler Financial Group  stands with every corporate executive (and every duly-elected or duly-appointed government official) who stays true to genuinely right-minded beliefs and applauds their respective organization’s dedication to doing right by doing good. In case you missed the memo, many of America’s Fortune corporations adhere to this same notion and advance their commitment via proactive Diversity & Inclusion initiatives.

 

For those corporate executives who may have spent all of their undergrad time in finance and accounting classes, and for those who are perhaps not as familiar as they could be i.e. American History (let’s not forget to mention world history, too!), racism and bigotry are diseases that spew hatefulness and cannot be allowed in a free and democratic society. The incendiary and incite-full actions for which the various white supremacist and KKK groups are notorious for, are NOT protected by “First Amendment rights.* These are cancers that cannot be discounted or condoned via equivocal platitudes; simple right-mindedness demands they be eradicated.

(*Think Justice Oliver Wendell Holmes Jr i.e. Schenck v United States and also re-visit Brandenburg v. Ohio)

 

To the above point, one need only re-read the Constitution and the Bill of Rights to appreciate that D&I is part and parcel to our country’s DNA. It is also part of the cultural foundation of many Fortune 500 corporations, including Intel, including Merck, including Under Armour and including many others! D&I infers respect for and appreciation of differences in ethnicity, gender, age, national origin, disability, sexual orientation, education, and religion. But it’s more than this. We all bring with us diverse perspectives, work experiences, life styles and cultures and we presumably all share a disdain for anyone and any group that attempts to dismantle, disrupt and or destroy. Kudos to Mssrs. Frazier, Krzanich and Plank for putting themselves in harm’s way and risk of “injury by Twitter” for being true leaders and staying true to their convictions and their constituents.

 

Kudos also to the many Fortune executives who have raised their own voices to advocate on behalf of right mindedness, and to those corporate executives such as Jamie Dimon, CEO of Citigroup, who have opted not to resign their volunteer roles serving on “Presidential Councils” in protest to seemingly wrong-headed rhetoric. One can hope they have chosen to remain in their roles so that they can be that much more proactive in their WH-appointed roles and/or similar presidential councils in which they serve as volunteers. These are jobs these business leaders have [presumably] accepted to better the country, not to help advance any political platform or political agenda. How the US Secretary of the Treasury or the Director of the National Economic Council can square the so-called ‘equivocal’ views expressed by the CEO-In-Chief vs. their own cultural beliefs will likely be subject to ongoing self-reflection, external speculation and spirited debate. These are smart folks and optimism demands these administration officials be given the benefit of the doubt, just as it is incumbent on any/every corporate leader to serve as role models for employees, customers and clients; just as right-minded parents do for their own children.

 

Today’s VIX closed 3 bps tighter versus Friday’s close. Also a reminder that tomorrow is August 15th – “mid-August” – that’s when North Korea’s illustrious “bad boy” proclaimed that he’d have his master plan ready to bomb Guam developed by.  One week from today on Monday, August 21st begin joint U.S-South Korean military exercises referred to as Ulchi-Freedom Guardian. The exercise began in our Bicentennial year of 1976. North Korea has annually perceived the joint exercise as “preparation for war.” It is the world’s largest computerized command control implementation. Up to 80,000 American and South Korean troops have participated in this exercise in the recent past.  The game will go on for two weeks before concluding on Thursday August 31st.  Enjoy the show Mr. Jong-Un. You’ll have front row seats though I recommend binoculars. Here’s lookin’ at you kid!  To continue reading the day’s debt market commentary, click here

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cantor fitzgerald finra

Cantor Fitzgerald Gets $7.3mil Spanking From FINRA

(BrokerDealer.com)- The Financial Industry Regulatory Authority (FINRA) has given a $7.3mil spanking to broker Cantor Fitzgerald  consisting of a $6 million fine and an order to pay $1.3 million for commissions, plus interest, it received from selling billions of unregistered microcap shares in violation of federal law in 2011 and 2012. In addition to its role broking a broad assortment of securities, Cantor is one of the securities industry’s leading ETF brokers.

jarred kessler
Frmr Head of Equities Jarred Kessler

In addition to the monetary fines, FINRA suspended Jarred Kessler, executive managing director of equity capital markets, for three months in his principal role at the firm and fined him $35,000 for supervisory failures, while equity trader Joseph Ludovico was suspended for two months and fined $25,000. The regulator also sanctioned Cantor for not having adequate supervisory or anti-money laundering programs to detect “red flags” or suspicious activity tied to its microcap activity. The suspension of Kessler from serving in a principal role for Cantor has proven to be an exercise, as the 5-year Cantor employee resigned from the firm last week.

“If a broker-dealer is looking to increase its revenues by expanding a high-risk business line, the firm and its supervisors must tailor their supervision to the risks associated with those businesses. This is especially true when the new business involves the mass liquidation of microcap securities, which presents overwhelming risks of fraud and investor harm,” said Brad Bennett, FINRA’s executive vice president and chief of enforcement, in a statement.

“FINRA has no tolerance for firms and business executives who choose to engage in this business without robust systems designed to ensure that they do not become participants in illegal, unregistered distributions,” Bennett said.

Kessler resigned from the firm last week to pursue “a significant opportunity,” according to his lawyer, Ross Intelisano, of Rich, Intelisano & Katz LLP.In settling this matter, Cantor Fitzgerald neither admitted nor denied the charges, though it did consent to FINRA’s findings.

For the full story, please visit BrokerDealer.com

 

symphony marketsmuse

Rupert Murdoch Takes On Bloomberg-Symphony Sings

BrokerDealer-Banked Chat Service Symphony Signs Pact to Sing News from Dow Jones and WSJ

MarketsMuse Fintech editors are observing Rosh Hashana today, and we thank our friends at BrokerDealer.com blog for the following story..which could set the tone for a slug fest between Rupert Murdoch of News Corp. and Michael Bloomberg, the iconic founder of Bloomberg LP and 3-time major of New York City.

With merely a few days in advance of its launch, Symphony Communications, the instant-message platform backed by a consortium of Wall Street’s biggest brokerdealers and whose strategy is to undercut the seemingly irreplaceable Bloomberg-powered IM, announced that it has inked a deal with Dow Jones & Co to feed streaming News Corp.-owned Dow Jones News and Wall Street Journal content into the Bloomberg-killer service.

BrokerDealer.com is the host to the financial industry’s most comprehensive database of broker-dealers and provides information on brokerdealers across more than 30 countries worldwide.

According to the latest WSJ coverage, Symphony has won backing on Wall Street because it has been viewed as a potential lower cost alternative to a popular messaging service on Bloomberg LP’s terminals. The company has also made its encryption technology a key selling point for financial firms wary about sensitive data falling into the wrong hands.

The Palo Alto, Calif., company has secured $66 million in financing from 14 firms including Goldman Sachs Group Inc., Morgan Stanley, J.P. Morgan Chase & Co. and BlackRock Inc.

Eaton Vance ETMFs Get Boost By RIA Titan Envestnet

MarketsMuse blog update is courtesy of BrokerDealer.com and initial reporting by InvestmentNews.com and profiles the deal between RIA titan Envestnet and mutual fund king Eaton Vance, which is now approved to promote its novel, actively-managed ETF product “NextShares.” NextShares are exchange-traded funds that are both actively managed and unlike any other ETF product, does not disclose the underlying components of the respective ETFs. These products now go by the acronym “ETMFs.”

Since its approval, Eaton Vance has had to work hard to convince competitive money managers to license its patent and persuade broker-dealers that it is in their interest to make NextShares available to advisers even though the funds don’t offer the same underlying fees to encourage distributors. Eaton Vance’s NextShares-promoting subsidiary, Navigate Fund Solutions, has had to make that case before it even has a product on the market or a distribution partner.

BrokerDealer.com provides a global directory of regulated securities industry professionals operating in 30 major countries across the free world.

The deal is a big win for Eaton Vance, an actively managed mutual fund company that’s hoping to replace those products with a potentially more tax-efficient vehicle that could lower costs and improve performance for investors. Envestnet is a major gatekeeper in the fast-growing market of independent financial advisers, providing services for over $700 billion in client assets.

In a statement, an Envestnet executive, Jim Patrick, described NextShares as a “groundbreaking fund structure” and said the company sees offering the funds as part of its mission to help advisers deliver “wealth management services in the most cost- and tax-efficient way possible.”

ONLY APPROVED PRODUCT

NextShares was the first and remains the only structure approved by the Securities and Exchange Commission that allows an actively managed open-end fund to trade on exchanges without regularly disclosing its holdings. Portfolio managers resist showing the securities they buy and sell, in part to prevent being taken advantage of by competitors.

– See more at: BrokerDealer.com

Trading Ahead: Dark Pool Operator ITG Gives Itself Best Ex and Gets $20mil Fine

According to the BrokerDealer.com blog, MarketsMuse reports that “dark pool” operator ITG and its agency-only, best-ex, ‘conflict free’ brokerdealer affiliate AlterNet Securities appear to have been providing themselves with best-ex by capturing order information from ITG institutional customers and for that, they will pay  a record SEC fine of $20.3 million to settle charges that they operated a secret trading desk, the U.S. Securities and Exchange commission announced this week.

As described the SEC — and, unusually, admitted to by ITG ( ITG, -4.29% ) — there were two main charges — that the company operated a proprietary trading desk when it claimed to be “agency only,” and that it then used the confidential trading information of its dark-pool subscribers without disclosing that.

The regulator “found that despite telling the public that it was an “agency-only” broker whose interests don’t conflict with its customers, ITG operated an undisclosed proprietary trading desk known as “Project Omega” for more than a year.”

On Monday, ITG CEO Bob Grasser stepped down to be replaced by E*trade veteran Jarrett Lilien in the wake of the scandal and news of the SEC’s proposed fine. ITG General Counsel Mats Goebels also resigned, according to news reports.

An SEC press statement added, “[while] ITG claimed to protect the confidentiality of its dark pool subscribers’ trading information, during an eight-month period Project Omega accessed live feeds of order and execution information of its subscribers and used it to implement high-frequency algorithmic trading strategies (aka “HFT”), including one in which it traded against subscribers in ITG’s dark pool called POSIT.”

BrokerDealer.com provides a global database of brokerdealers operating in more than three dozen countries throughout the free world. – See more at: http://brokerdealer.com/blog/#sthash.6VqFIQkG.dpuf

Unlike previous SEC settlements where the accused pays a fine and does not admit any guilt, ITG admitted wrongdoing. Further, it will “pay disgorgement of $2,081,034 (the total proprietary revenues generated by Project Omega) plus prejudgment interest of $256,532 and a penalty of $18 million that is the SEC’s largest to date against an alternative trading system,” according to the SEC. 

For the full story from BrokerDealer.com, please click here

 

overstock crypto bond offering

#WhatsNext: The First Crypto Bond Issuance aka Bitcoin Bond

#WhatsNext? wonders the MarketsMuse.com editors and Overstock’s Patrick Byrne does not fail to surprise with another announcement that could disrupt the capital markets. As a follow-on to a $500mil stock offering reported here on April 29, now Byrne is pitching an offering that he hopes to be the first issuance of a crypto bond aka bitcoin bond using crypto technology.

Per extract below from BrokerDealer.com….

Last Autumn, the firm acquired a 25% stake in alternative trading system (ATS) PRO Securities as part of a long-term ambition to use the core blockchain technology to create a cryptosecurity trading system, in which computer algorithms are used to trade virtual stocks issued by public companies.
The company is now scouting institutional investor interest in its first digital bond issues, which is powered by Overstock.com’s TØ.com technology – a name that refers to the fact that trades on the system securely settle the same day, as opposed to the T+3 convention on Wall Street. – See more at BrokerDealer.com
payment for order flow eaton vance

Eaton Vance Ups ETMF Ante; Payment For Order Flow: Bounties For BrokerDealers

MarketsMuse ETF update profiles a novel “payment-for-order-flow” approach on the part of ETF issuers who vie to whoo broker-dealers to promote their products to investors. Eaton Vance Corp. said Thursday it may help brokerages foot the bill to make its new type of actively managed exchange-traded products, called NextShares, available to their clients. Below extract is courtesy of Reuters’ Jessica Toonkel reporting

In an unprecedented move, Eaton Vance Corp will offer to help some brokerages pay their technology costs to make the fund company’s new breed of exchange-traded managed funds (ETMFs) available to investors, Tom Faust, Eaton’s chief executive officer, told Reuters this week. ETMFs are a hybrid between actively managed mutual funds and exchange-traded funds.

The Boston-based company also plans to pay brokerage firms a share of the revenues from the sale of the funds, which Faust hopes will be available by year-end.

BrokerDealer.com maintains the world’s largest database of broker-dealers and encompasses brokerdealer firms based in nearly 3 dozen countries

Tom Faust, Eaton Vance
Tom Faust, Eaton Vance

Big-name firms like Fidelity Investments and TD Ameritrade told Reuters they will not sell the funds until they see demand.

Helping to cover technology costs of distributors is new, but so are the Eaton Vance products, which require brokerages to take a new kind of order from investors, experts said.

“This is the first time I have ever heard of a firm offering to pay some brokerage costs for a new product,” said Ben Johnson, an ETF analyst at Morningstar.

He said the cost of gearing up to sell the product has been a sticking point for brokers. However, a number of executives at brokerage firms and industry consultants told Reuters that questions about whether there will be investor demand, and how they will get compensated to sell the new products, are even bigger issues that could keep them from selling the funds even with the Eaton Vance offer on the table.

Faust said figuring out the economic incentives and getting the systems up and running is top of mind for Eaton Vance.

“The biggest challenge we see at this stage of the game is getting broker dealers,” Faust said. “If we are looking to launch before the end of the year, we need the broker dealers to start making systems changes and otherwise preparing themselves to offer this to clients.”

Eight outside fund managers, including Mario J. Gabelli’s GAMCO Investors Inc., have licensed the right to sell NextShares. But large broker-dealers have not yet indicated that they’re taking the steps to offer them to financial advisers.

Investors will need to be informed by broker-dealers of the unique qualities of the funds when they trade, and they will place exchange orders in a way that differs from stocks or ETFs.

For the full article from Reuters, please click here

NASDAQ Embraces Bitcoin; First Mover For Pre-IPO Application

MarketsMuse Tech Talk update profiling Wall Street’s latest embracing of Bitcoin technology and a look at 11 May announcement from NASDAQ is courtesy of extracts from CNN.com and WSJ.

The Nasdaq stock exchange is tapping Bitcoin’s powerful new transaction technology to create a more secure, efficient system to trade stocks. Step 1: Pilot to take place in fledgling Nasdaq Private Market.

High-tech bankers are starting to realize Bitcoin could revolutionize trading. Nasdaq (NDAQ), a favorite exchange among many technology companies, is making the first move.

On Monday, the stock market announced it will start using a blockchain system to keep records for its Nasdaq Private Market, which handles trading of shares in the pre-IPO phase before a company goes public.

Nasdaq sees the blockchain’s perfect recordkeeping as a major step in the right direction for more transparency. The pre-IPO market doesn’t typically see as much trading and what does occur is often by a tight circle of employees and early investors.

See more at BrokerDealer.com

bond trading platform, RVQB

Fixed Income Trading Technology Part 5-RVQB Throws Hat in the Ring of Sell-Side Only Systems

MarketMuse update courtesy of repurpose from Brokerdealer.com, originally from Traders Magazine, one of the sell-side’s  top publications.

Quantitative Brokers and RiskVal have formed a partnership to create and deliver a fixed income trading platform, called RVQB.

The new sellside bond trading platform “combines powerful real-time analytics with seamless access to QB algorithms for best execution,” according to a press statement. Quantitative Brokers is a provider of agency algorithms for fixed income and futures markets. RiskVal Financial Solutions is a trading analytics and real-time risk management provider.

The RVQB platform integrates QB algorithms and RiskVal trading analytics and aims “to provide traders with real-time control and transparency into their outright and relative value executions.” The solution provides the bond trader with screens that can route orders to Legger, QB’s multi-leg execution strategy, for basis and relative value trading. During a demonstration of the trading platform in Manhattan yesterday, a bond trader can fill in a single trade with reduced keystrokes and data entry.

QB’s Legger algorithm executes user-defined structures with any ratio and number of legs across cash US Treasury and futures markets. A transactional cost analysis report is generated for each execution, providing full post-trade transparency on the order and slippage performance.

“Fixed income traders are continually looking for better ways to actively manage their enterprise-wide risk,” said Christian Hauff, CEO and co-founder of QB. “By marrying QB’s best execution algorithms with RiskVal’s proven relative value analytics, we have created a unique platform that integrates powerful trade discovery with superior execution tools.”

“The fixed income markets are rapidly evolving, and traders are seeking access to smarter and more transparent execution,” said Jordan Hu, founder and CEO of RiskVal. “As the market structure evolution continues, we are excited to address some of the key issues that fixed income traders face in the move to a more electronically-driven model.”

In 2014, both FINRA and the SEC approved QB as a broker-dealer for government securities.

Arab Spring Comes to Saudi Bourse; BlackRock Leads ETF Charge in Advance of Doors Opening to Foreign Investors;

broker_dealer_logo_light Below courtesy of brokerdealer.com blog update

Based on recent developments, global investors are now slated to drill for stakes in Saudi Bourse offerings thanks to yesterday’s announcement from ETF behemoth BlackRock, coupled with the next year’s scheduled opening of markets to foreign investors, whose appetite for stakes in Middle East companies is expected to surpass demand for oil, currently the country’s primary export.

Excerpts below courtesy of Bloomberg LP reporting by Arif Sharif

arab spring
BlackRock Inc. (BLK) plans to start an exchange-traded fund for Saudi Arabian shares as the biggest Arab bourse prepares to open its market to foreigners. The world’s largest money manager has sought approval for its iShares MSCI Saudi Arabia Capped ETF from the U.S. Securities & Exchange Commission, according to a filing posted on the SEC’s website. The fund will seek to track the results of an MSCI provisional Saudi Arabia index, according to the filing.

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