Accusing it of “turning a blind eye” and “laundering” approximately $300 million for the scheme, investors Donald Berdeaux and Christine Grablis have added one of America’s oldest banks to an existing class-action lawsuit seeking damages against OneCoin and its key figures, including founder Ruja Ignatova, who disappeared in late 2017.
On Wall Street, it’s considered a rite of passage to spend election night at your desk, teeing up orders and making trades until the wee hours. This year could be even wilder than normal, though many will be experiencing it from home. With a tight race and President Donald Trump already questioning any outcome that doesn’t have him defeating rival Joe Biden, trading volumes are likely to spike to as much as eight times their normal levels on Nov. 3, according to technology-consulting firm ITRS Group Ltd. That forecast and a spread-out workforce has the biggest banks testing their technology to make sure they can handle the extra flow.
With many staffers expected to be working from home for the long haul, UBS has begun looking into the creation of a virtual reality trading floor using Microsoft HoloLens headsets.
Legacy infrastructure cannot keep pace with the continuous automation, changing regulatory demands, dynamic market conditions and growing customer expectations in the financial services industry today, particularly in capital markets. Firms have started to realise the opportunities that come with cloud, redesigning operating models and implementing cost-saving measures to increase efficiency.
Congressman Michael Conaway has introduced a new bill that, if passed, would offer a way for the Commodity Futures Trading Commission (CFTC) to regulate U.S.-based crypto exchanges. The wide-ranging bill outlines the regulatory requirements for so-called Digital Commodity Exchanges.