News & Analysis as of

Financial Markets Settlement

Cooley LLP

Securities Class Action Trends: AI and Biotech Cases Continue to Rise, Uptick in Alleged Losses and Average Settlement Values

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Two leading consulting and expert firms – Cornerstone Research and NERA – recently issued their midyear reports on securities class actions. Both reports noted that the number of filings in H1 2025 remained steady, but...more

Jones Day

CFTC Divisions Interpret "U.S. Person" Definition and U.S. Location Versus Foreign Location

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A 2024 CFTC enforcement action settlement that may have introduced a new test for when the Commodity Exchange Act and the agency's regulations apply on a cross-border basis concerned then-CFTC Commissioner and now Acting CFTC...more

Cornerstone Research

Number of Securities Class Action Settlements Rises Slightly as Median Settlement Amount Declines from 2023 13-Year High

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The number of securities class action settlements increased slightly in 2024 while the size of those settlements declined, according to a new report from Cornerstone Research. The report, Securities Class Action...more

A&O Shearman

ESMA statement on treatment of settlement fails following incident affecting T2S and T2 in February 2025

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The European Securities and Markets Authority (ESMA) has published a statement confirming that national competent authorities do not expect central securities depositories (CSDs) to impose cash penalties under the Central...more

A&O Shearman

European Commission legislative proposal for shortened settlement cycle in EU

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The European Commission (EC) has published a legislative proposal it has adopted for a Regulation amending the Central Securities Depositories Regulation (CSDR) to shorten the settlement cycle for EU transactions in...more

A&O Shearman

Financial Markets Standards Board publishes standard for sharing standard settlement instructions

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The Financial Markets Standards Board has published the final version of its standard for sharing standard settlement instructions. The standard establishes core principles which set out expected practices for the sharing of...more

A&O Shearman

Global Foreign Exchange Committee publishes amended FX Global Code of Conduct

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The Global Foreign Exchange Committee (GFXC) has published the updated version of the FX Global Code of Conduct (dated December 2024), which supersedes the previous version (from July 2021). Updates have been made to...more

Davis Wright Tremaine LLP

Navigating the Financial Markets Regulatory Landscape: Takeaways After the TOTSA Settlement

In the dynamic world of financial regulation, the Commodity Futures Trading Commission (CFTC) has been actively addressing market manipulation with enforcement actions to ensure market integrity. The CFTC's recent settlement...more

Robinson+Cole Data Privacy + Security Insider

Intercontinental Exchange Settles with SEC Over Alleged Delay in Notification of Hack

Intercontinental Exchange, Inc. (ICE), the owner of the New York Stock Exchange, has agreed to settle with the Securities and Exchange Commission (SEC) for $10 million over allegations that it failed to timely notify the SEC...more

Robins Kaplan LLP

Financial Daily Dose 7.8.2020 | Top Story: Deutsche Bank to Pay $150 Million Over Epstein-Related Failures

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German lender Deutsche Bank has reached a $150 million settlement with NY’s Department of Financial Services over its years long failure to “detect or prevent millions of dollars of suspicious transactions” from flowing...more

Robins Kaplan LLP

Financial Daily Dose 6.5.2020 | Top Story: The U.S. Job Market Sees Surprising Gains

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The U.S. market is improving, with employers adding 2.5 million jobs. For some perspective, “[t]he economy shed 22.1 million jobs combined in March and April.” So, we have a ways to go before we’ve fully recovered. ...more

Bilzin Sumberg

RMBS Litigation Relating to Loans Sold Prior to 2008: Are We Finally Nearing The End?

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The years since the 2007–2008 financial crisis have been marked with milestone settlements of claims against the major mortgage “aggregators” (sometimes also known as “investors” in the mortgage purchasing context), who then...more

Robins Kaplan LLP

Financial Daily Dose 2.10.2020 | Top Story: Volvo May go Public Via Merger With Owner’s Geely Automobile Holdings

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Volvo’s owner, Li Shufu, is mulling over a move to combine the carmaker with his publicly traded Geely Automobile Holdings—a play that would take Volvo public and “unify the bulk of billionaire Li’s growing stable of...more

Robins Kaplan LLP

Financial Daily Dose 8.19.2019 | Top Story: US Weighing Huawei Reprieve to Smooth Trade Talks with China

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The White House is reportedly extending the temporary license for some US businesses to work with Huawei, a move that would likely help smooth the way for trade negotiators between the US and China to see their way back to...more

A&O Shearman

Bank of England Writes to UK Firms on Upcoming Obligations for Internalized Settlement Reporting

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The Bank of England has published a letter sent by its Financial Market Infrastructure Directive to compliance officers of U.K. firms that may be affected by forthcoming obligations under the EU Central Securities...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Big tech (including Facebook, Google [theoretically], and Twitter) is heading back to the Hill (with @jack pulling double-duty, because that’s how he rolls). Here’s what to expect today based on their prepared testimony....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Jobs report Friday!  Here’s what to have in mind while you’re reviewing the numbers – Bloomberg and NYTimes and WSJ and MarketWatch Apple officially hit the stupefying $1 trillion market cap mark yesterday, as its shares rose...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Adopts T+2 Settlement Cycle for Securities Transactions - On March 22, 2017, the Securities and Exchange Commission (SEC) adopted an amendment to Rule 15c6-1(a), shortening the...more

Carlton Fields

SEC Adopts T+2 Securities Settlement Cycle

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On March 22, the Securities and Exchange Commission (“Commission”) adopted a rule amendment that shortens the time by which most securities transactions effected by a broker-dealer are required to settle. Under the amendment,...more

Stinson - Corporate & Securities Law Blog

SEC Approves T+2 settlement; Abides by T+4 settlement for Firm Commitment Deals

On February 10th, the SEC took action to formally approve of changes proposed by the NASDAQ Stock Market, NYSE MKT LLC, and New York Stock Exchange LLC’s, to shorten the standard settlement cycle for most broker-dealer...more

Burr & Forman

Moody’s Settles RMBS/CDO Ratings Claims with DOJ, States

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After markets closed on Friday the 13th, the U.S. Department of Justice (“DOJ”) announced an $864 million settlement regarding Moody’s credit ratings of residential mortgage-backed securities (“RMBS”) and collateralized debt...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Re-Proposal of Position Limits Regulation - On December 5, 2016, the U.S. Commodity Futures Trading Commission ("CFTC") unanimously approved to re-propose rules that...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Merrill Lynch has already staked out the position in response to the DOL’s retirement account fiduciary duty rule that it would no longer offer commission-based IRAs to retirement savers. Yesterday, it effectively doubled...more

Morrison & Foerster LLP - JOBS Act

SEC Proposes Amendment to Shorten Settlement Cycle

On September 28, 2016, the SEC proposed an amendment to Exchange Act Rule 15c6-1(a) in order to shorten the standard settlement cycle from three business days (“T+3”) to two business days (“T+2”) following the applicable...more

Stinson LLP

SEC Proposes Shortening Broker-Dealer Settlement Cycle to T+2

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On September 28, 2016, the U.S. Securities and Exchange Commission (SEC) submitted a proposal to shorten the settlement cycle for broker-dealer transactions to two days after the trade date (T+2). The proposal would amend...more

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