Get caught up with the Securities Docket News Wire for October 14, 2014.
The SEC is investigating special order types, how brokers route trades and payments they receive for sending customer orders to wholesale market makers, Daniel M. Hawke, chief of the SEC’s market abuse unit, said today at a conference in Washington. Regulators have said those arrangements create conflicts of interest for brokers. via Dark Pools Face More Enforcement Actions, SEC Lawyer…
Daniel Hawke, chief of the market abuse unit at the SEC, told the Securities Enforcement Forum at the Four Seasons Hotel the agency is taking a trader-based approach to surveillance. “The way is to turn the approach upside down in a way that would reveal relationships,” Hawke said, adding that they look at the relationships and investments of traders. He…
Ceresney said it’s been a “banner time” for the agency as comprehensive data capabilities are “increasing by the day.” “We have access to data that we just didn’t have access to five or ten years ago,” he said. “[We’re] finding patterns of traders who are trading in unison and then working backward” to see where they got the information. via…
In a speech at the annual Securities Enforcement Forum, SEC Republican Commissioner Mike Piwowar took aim at SEC Chair Mary Jo White’s approach, based on the theory used by former New York City Mayor Rudy Giuliani that fixing broken windows and minor violations helps to deter serious crimes. “A broken windows approach to enforcement may not achieve the desired result,”…
U.S. Securities and Exchange Commission Enforcement Division head Andrew Ceresney on Tuesday defended the agency’s “broken windows” policy of cracking down on minor violations during a panel discussion with five former directors of the division, who argued the agency is being too harsh. via SEC Enforcement Leaders Debate Broken-Windows Policy | Legal Times