Brendan Murphy

It is no secret that FINRA has long viewed variable annuity (VA) exchanges with a side-eye. It's issued multiple notices to members (e.g., NTM 10-05) and adopted specific rules requiring specific, burdensome requirements for Broker-Dealers selling VAs (e.g., FINRA Rule 2330). FINRA issued an AWC against BBVA illustrating this last week. After reciting its often-stated position that "VAs are complex investments" for which "FINRA requires that firms provided more comprehensive and targeted protection to investors," FINRA faulted BBVA because it "had no report, alert, or other system or review that surveilled for representatives' VA exchange rates." For this, BBVA was fined $150,000. Notably absent was any allegation that any customer was harmed. https://lnkd.in/geFCzmhq

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Digital asset prices declined amid an oversupply of new alt-tokens, with Bitcoin posting its first negative return in eight months, and increased U.S. regulatory scrutiny on self-custody. Read this blog to learn more: https://bit.ly/4b6iVBI

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CFTC Announces Latest Fines for Position Limit Violations   The recent CFTC penalties underline the critical importance of staying compliant with position limits on derivatives. Managing complex, ever-changing regulatory and exchange-imposed limits can be overwhelming—but it doesn’t have to be.   With Confluence Signal’s Position Limit Monitoring module, firms can automate the daily sourcing and tracking of limits across 50+ global exchanges, including CFTC and MiFID II limits, ensuring real-time compliance and reducing risk.   🔍 Wondering if your firm’s controls are up to the task?    Contact us to schedule a discovery call where we can identify potential gaps in your position limit management. We can help your firm stay compliant.

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Collaborating with firms on ways to optimize performance with a successful sec lending program is core to what we do. We know a "one-size-fits-all-approach" does not work for most firms. That's why our technology is built to customize any program parameter your firm needs. Learn more. https://bit.ly/4gjtjck https://bit.ly/3XyeFXg #SecuritiesLending #MutualFundManagers #AssetManagers #SecuritiesFinance

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As SL is trying to finalize External Debt Optimization, it will be interesting to see how the proposed "Sovereign Debt Stabilizing Act" will change the global sovereign debt landscape. As mentioned in this piece the proposals are not about abolishing litigation but about creating a more level playing field between parties.

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Traders in the US rates options market are embracing a nascent wager on the Federal Reserve’s interest-rate path: a whopping 3 percentage points worth of cuts in the next nine months.

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🔔 Important Alert for FINRA Member Firms! 🔔   On October 9, 2024, FINRA issued a warning about an ongoing phishing campaign targeting member firms.  Fraudulent emails pretending to be from FINRA executives have started circulating, some even containing suspicious PDF attachments.   What You Need to Do: Delete any suspicious emails. Consider blocking the associated domains. Stay vigilant and protect your firm from these scams! If you have any questions relating to this notice or any other regulatory notices, please contact Quadrant Regulatory Group or visit our website located at FINRA Compliance Services NY, Regulatory Compliance Consulting Firm New York (quadrantregulatory.com) The FINRA Notice can be found at https://lnkd.in/gdrW8bhm

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Unlike other US businesses in litigation with the SEC, Bitnomial Exchange, LLC has not been accused of wrongdoing. As such, we are in a unique position to push for a court decision on the securities or commodities classification of XRP futures following the landmark determination as a non-security in the Southern District of New York case. Establishing this precedent is not just about XRP; it’s about all digital assets. Bitnomial Exchange, LLC self-certified the contract under the Commodity Exchange Act (“CEA”) and the SEC communicated, despite their loss in court, that they still believe XRP to be a security. The SEC is certainly entitled to its position, which is why we are seeking a formal declaration from a court. Clarity is desparately needed in this space.

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My latest newsletter is out. This week I cover moves in the Fed's reverse repo facility, Coinbase's quest for the FDIC's "pause letters," updates on tether and USDC, a whole lot of CFPB activity, and bank consolidation as the "number one investment opportunity in the U.S.," all in a five minute read. https://lnkd.in/ervQdHaS

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As quoted today by Financial Planning: Robinhood will now compete one-on-one with the likes of #Schwab, #Pershing, #Ameriprise, #LPL and #Fidelity at the institutional level, said Michael Ashley Schulman, founding partner and chief investment officer at Running Point Capital Advisors in El Segundo, California. "Historically, #Robinhood has always targeted the individual or retail do-it-yourself #investor, but with this acquisition, they will now also target professional #financialadvisors and #wealth management firms, as their clients," he said. "This elevates Robinhood to a whole new level and opens up fresh revenue possibilities." ~~ Running Point, “we are your family office”™️ #taxplanning #estateplanning #assetmanagement #future #investing #taxes #wealthmanagement #economy ~~ Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. This is not investment advice and this is not a recommendation to buy or sell a security. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Past performance is not indicative of future results. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-24-191

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I invite you to watch this short video of myself and Co-CIO, Jason Ruggiero in which we discuss how President-elect Donald Trump’s second term could have a materially positive impact on U.S. community and regional banks: https://lnkd.in/eVsYRCGu Additionally, the below letter further delves into the tailwind factors expected to positively affect both equity and debt issued by banks: https://lnkd.in/e9ByEgJu

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Great article by Tim Smart at U.S. News & World Report about the complex state of the U.S. consumer. Consumer Edge transaction data indicated moderating price pressure ahead of the latest #CPI reading. This article explores how softening inflation and a cautious consumer mindset is creating winners and losers across the retail landscape. It is always an honor to support the research and reporting of top national and global economic reporters, providing real-time data and insights into macroeconomic trends. If you are interested in how Consumer Edge data and insights can support your reporting, reach out to [email protected]. https://lnkd.in/eaQNnTW4

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77 WABC Radio: #1 Station in New York (and based on that data arguably the #1 in the U.S.) owned and operated by Red Apple Group. Below is a full-page announcement in New York Post highlighting the recent bipartisan Congressional committee decisively voting to safeguard the presence of AM radio in all automobiles across the United States. This commendable action upholds the vital role that AM radio plays in providing reliable news, public safety information, and community engagement—particularly during emergencies. This crucial decision comes despite efforts from automakers like General Motors to remove AM from future models. AM radio remains a vital resource for news, information, and community engagement, and this decision ensures that it continues to serve millions of listeners—both now and in the future. Founded in New York in 1968 by Chair/CEO John Catsimatidis, Red Apple Group is one of the largest private companies in North America and has leading operating businesses and interests in consumer, energy and refining, investments and insurance, infrastructure, logistics, media and sports, real estate, retail, and technology. With evergreen capital "we think and invest in decades, not quarters." DM or email with opportunities. #WABC770 #AMRadio #Media #NYC #RedAppleGroup #Broadcasting #Congress #BipartisanSupport #AutomotiveIndustry #GeneralMotors #Ford #BMW #Tesla #MercedesBenz #Toyota #Honda #Volkswagen #PublicService #Legislation #USCongress #Senate #HouseOfRepresentatives #johncatsimatidis

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Big breaking news if you are into wealth/ fintech. Thanks to Anthony Rifilato and FundFire for quoting me in his coverage of BNY Pershing acquiring Archer. Big implications for the market and for the perpetual launch of Wove. What does it mean? Enabling different platforms and solutions to work seamlessly and allow for overlay management of portfolios with different strategies in one account is very hard. It is lots of data translation, communication and complicated "plumbing" to make it work. Sorry to use industry terms, but the easiest way to explain it is "Delivering a UMA (Unified Managed Account) through an SMA (Separately Managed Account). This is a game changer for Independent Wealth Managers to not just compete with massive Broker-Dealers and Wirehouses like Morgan Stanley, Bank of America Merrill Lynch and LPL Financial; but to create truly differentiated and scalable client service platforms that are cost efficient. BNY Pershing/ Wove gets to own a valuable and crucial technology to speed up deployment of their solution and grow Archer's market share. This should help tremendously with their efforts to expand their custodial and technology platform. Archer is an entrenched player in the SMA space, so it will be interesting to see if this changes how Archer is perceived as a solution/ partner with competitors to BNY Mellon. Or maybe this just moves the industry further down the road of co-opetition. Check out the article here (it is a paywall) https://lnkd.in/eUDTCncz

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Amid tightening spreads and market shifts, we discuss the complexities of the securitized sector and exploring opportunities in undervalued areas like commercial real estate and asset-backed securities.

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From SIFMA Insights Spotlight: "To fight inflation, the Fed raised interest rates eleven times between March 2022 and July 2023. At the September 17-18 Federal Open Market Committee (FOMC) meeting, the Fed lowered the target range for the Fed Funds rate by 50 bps to 4.75%-5.00%. After 31 months since the first rate cut – and 16 months of higher for longer, a 5.25%- 5.50% target range – the market received its much-anticipated rate cut." https://lnkd.in/g-nsB_f8

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Gambling versus investing - the regulators weigh in. The CFTC proposes amendments to help mitigate potential risks that “gaming” and event-based derivative contracts could pose to market integrity, election integrity, and national security. Click to read more. #KPMGRegulatoryAlert #Regulatory #Gaming https://bit.ly/4c7XKj2

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