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Takeaways for In-House Counsel from the SEC’s “Shadow Insider Trading” Trial

JD Supra: Mergers

On April 5, 2024, a jury in California federal court found a former corporate executive liable for insider trading in SEC v. Panuwat, a novel enforcement action involving a theory known as “shadow trading.” In Panuwat, the U.S. By: Morrison & Foerster LLP

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Bank of England and FCA to launch joint Digital Securities Sandbox

The TRADE

The Bank of England (BoE) and the UK Financial Conduct Authority (FCA) are working together to operate a new Digital Securities Sandbox (DSS) – a regime that will allow firms to use developing technology in the issuance, trading and settlement of securities.

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SPAC Trend Gives Rise to Securities Enforcement and Litigation Risks

Cooley M&A

In light of the trend, the US Securities Exchange Commission’s Division of Corporation Finance recently issued SPAC disclosure guidance. The combined company benefits from the target’s operations and the liquidity of the SPAC’s publicly traded securities. Why it matters.

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The SEC’s equities overhaul: Necessary plumbing changes or a liquidity drain?

The TRADE

The four separate rulemakings put forward by the US Securities and Exchange Commission (SEC) in December last year represent the most significant attempt to revamp market structure for US equities in recent memory. The development of the current rules was informed by technological capabilities that today seem hopelessly archaic.

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Certificate of Deposit (CD)

Wall Street Mojo

Although this edge over savings accounts comes at the cost of a lack of liquidity Liquidity Liquidity is the ease of converting assets or securities into cash. Some of these are banks, NBFCs, investment companies, brokerage firms, insurance companies and trust corporations. Rates could be fixed or floating.

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The 20 greatest trading innovations

The TRADE

Central limit order book (CLOB) While it is easy to romanticise the sheer graft that went into trading a few decades ago, the introduction of central limit order books (CLOBs) and streamed pricing were much-needed innovations. Tradeweb launched its all-to-all corporate bond trading functionality in 2017.

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Bloomberg expands IBVAL front-office pricing to cover emerging markets

The TRADE

The firm has said that by adding emerging market bonds to IBVALs offering, both buy-side and sell-side traders will be able to integrate automated pricing into their trading workflows across new markets and execute trades with higher confidence.

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