- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-01-23T20:26:00
Bloomberg Finance agreed to pay a $5 million fine for alleged misleading disclosures it made about how it calculated the valuations it provided on fixed-income securities to the financial services industry.
From at least 2016 to October 2022, Bloomberg failed to disclose valuations offered through its paid subscription service, BVAL, could be affected by a single data input, such as a broker quote, the Securities and Exchange Commission (SEC) said Monday in a press release.
Bloomberg disclosed to its BVAL customers “that its independent valuations of fixed income securities are derived by using proprietary algorithmic methodologies,” the SEC said in its order, and described those methodologies in detail.
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2021-06-14T18:32:00Z By Kyle Brasseur
SEC Chair Gary Gensler expressed his support for the Fed-backed Secured Overnight Financing Rate over the Bloomberg Short-Term Bank Yield Index, which he believes has similarities to LIBOR that could be manipulated.
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Antitrust infringement cases in the United Kingdom can run on for years, but there’s a question whether issuing fines that are dwarfed by the revenues of those organisations involved is a worthy deterrent—particularly if they are imposed over a decade after the misconduct ended. It’s also debatable whether the first ...
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