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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.

Trading 187
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FIS acquires post-trade platform Torstone Technology

The TRADE

Fintech giant FIS has acquired SaaS post-trade platform Torstone Technology, according to multiple sources close to the matter. Some of its major recent mandates include a 10-year agreement to provide post-trade technology to BNP Paribas and $1.5

Trading 111
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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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Coinbase’s digital finance trading head returns to State Street as automation, analytics and platform services lead

The TRADE

Delikaris rejoins the firm from Coinbase, where he most recently served as head of digital finance trading. Previously, he served as State Street’s global head of algorithmic trading, securities finance. Welcome back to State Street, Nick!”

Finance 105
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Expansion of US equity options consolidated tape go live delayed

The TRADE

Speaking to The TRADE, David Taylor, chief executive of trading infrastructure provider, Exegy, explained: “That’s an enormous amount of data. In terms of how prepared the market is for such a move, Taylor told The TRADE: “I think most firms are prepared or preparing as well as they can.

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People Moves Monday: Weekly round up

The TRADE

Citi appointed Leo Arduini as interim head of FX, effectively immediately, according to an internal memo seen by The TRADE. According to the internal memo seen by The TRADE, the bank is conducting a search for a permanent head of FX, with the expectation to fill the position in the coming weeks.

Trading 64
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SPAC Trend Gives Rise to Securities Enforcement and Litigation Risks

Cooley M&A

A SPAC is a publicly traded shell company with no underlying operating business that seeks to merge with a target operating company. In light of the trend, the US Securities Exchange Commission’s Division of Corporation Finance recently issued SPAC disclosure guidance. What is a SPAC. Why it matters.