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ON THE MOVE: Blackstone Hires Devin Glenn; DTCC Promotes Jennifer Peve

Traders Magazine
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Devin Glenn has joined Blackstone as Global Head of Diversity, Equity and Inclusion (DEI). Glenn will be a Managing Director responsible for continuing to implement policies and initiatives that will help Blackstone achieve a more diverse and inclusive workplace at Blackstone and its portfolio companies. Glenn joins from Skadden, Arps, Slate, Meagher & Flom where she was the Assistant Director of Diversity, Equity and Inclusion. Prior to that, she spent the last decade in various positions related to diversity and inclusion at the law firm, as well as working as an associate in its banking and institutional investing division.

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Nasdaq CEO Adena Friedman Details the Need to Innovate Post-Trade Tech

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Nasdaq CEO Adena Friedman said the tech supporting trade settlement hasn't kept pace with the rest of the market.
"You have to change everything," to get to T+0 settlement, Friedman said.
Friedman made the comments at an industry fintech conference Wednesday.
Of the many issues to come out of the retail trading frenzy in stocks like GameStop earlier this year, one was a focus on the time it takes to settle equity trades.
At the time, Robinhood CEO Vlad Tenev even took to his company's website to decry the current structure of stock settlement. The

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Watch Live: SEC Chair Gary Gensler Testifies Before House on GameStop, Robinhood

By Maggie Fitzgerald, CNBC •
Updated on May 6, 2021 at 12:00 pm
Tiffany Hagler-Geard | Bloomberg | Getty Images
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Thursday marks the third U.S. House Committee on Financial Services hearing on GameStop, called "Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide."
Money Report

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Gensler vows to ensure compliance with Reg BI 'as written'

Gensler vows to ensure compliance with Reg BI ‘as written’
In his first appearance on Capitol Hill since being confirmed as SEC chair, Gensler also addressed ESG and the gamification of investing.
May 6, 2021
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Securities and Exchange Commission Chairman Gary Gensler told lawmakers Thursday that the agency would work to ensure that brokers comply with Regulation Best Interest, but he doesn’t seem to be inclined to overhaul the advice standard.
In his first virtual appearance on Capitol Hill since being confirmed as the SEC chief last month, Gensler indicated that the agency would concentrate on overseeing broker interactions with clients based on Reg BI, which went into force last June.

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Family Offices, Payments to Brokers Are in Democrats' Crosshairs

Ahead of a Thursday hearing that will feature SEC Chairman Gary Gensler, the House Financial Services Committee posted six draft bills on its website.

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Market Participants Identify Key Operational Areas for Improvement

Traders Magazine
Reconciliations, valuations, collateral and fails management top areas of opportunity
Firms express support for accelerating the US securities settlement cycle
New York/London/Hong Kong/Singapore/Sydney, 21 April, 2021 ‒ The Depository Trust & Clearing Corporation (DTCC), the premier market infrastructure for the global financial services industry, today published a white paper examining how capital markets operations responded during the COVID-19 pandemic and where market participants are focused in a post-pandemic future.
In a new white paper, “Managing through a Pandemic: The Impact of COVID-19 on Capital Markets Operations”, buy and sell-side firms reported that, while their post-trade operations (Ops) and operations technology (OpsTech) proved largely resilient during the pandemic, several key challenges emerged as market volatility surged throughout 2020. The study was conducted with research assistance from McKinsey & Company, and was based on insights from Ops and OpsTech professionals at 35 buy and sell-side firms. The top areas of focus highlighted were:

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Market paticipants identify key operational areas for improvement post-pandemic

The Depository Trust & Clearing Corporation (DTCC), the premier market infrastructure for the global financial services industry, today published a white paper examining how capital markets operations responded during the COVID-19 pandemic and where market participants are focused in a post-pandemic future.

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Here Are the Top Finance Stories of the Day for April 5

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Hedge fund assets started the year at an all-time high, thanks in part to low interest rates. Now, desperate institutions are replacing low-yielding bonds with hedge funds in their portfolios. Here's what else you need to know.
R. Seelaus & Co./ Powell Photography/ CastleOak Securities
For the first time ever, Deutsche Bank appointed six firms led by women, people of color, and veterans to lead its $750 million bond. Read more on how appointing minority-led firms promotes equity on Wall Street.
Chris Hondros/Getty Images
Goldman Sachs sees the auto industry's tech revolution as a big opportunity to win new business. The bank is now bringing together its industrial and tech teams to focus on auto tech deals. Get the full rundown here.

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DTCC CEO Explains Why Settlement Cycle Should Be Shortened to T+1

DTCC CEO Explains Why Settlement Cycle Should Be Shortened to T+1
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Security Tokens Can Solve the Public Equities Conundrum Exposed by GameStop

Traders Magazine
on February 18
th will further skin the cat and keep this discussion alive and well for further debate. There is no need for me to rehash a well-documented timeline of the issues that unfolded from hyper volatile trading in GameStop stock. The most important outcome now is to heed lessons learned and make sure that investors, especially retail, are protected from a similar occurrence going forward and are never again prevented from trading.
Removing the need for a centralized clearinghouse — like the Depositary Trust & Clearing Corporation (DTCC) — which processes nearly $1.7 trillion of securities trades each day — is at the crux of the matter and should be a key part of this discussion among regulators and market structure participants and stakeholders. Through blockchain-enabled security tokens, we are already creating a marketplace that leverages the unique advantages of decentralized blockchains for private markets and this should and can also represent the future for public markets. In fact, in a recent op-ed, DTCC CEO Michael Bodson made the case for digitizing the $780 billion worth of physical stock certificates that still remain.

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