Europe’s BrokerDealers Battle For Role in New Bitcoin ETF blog update courtesy of

Coinfloor has revealed plans to launch a bitcoin exchange traded fund (ETF) and accept additional fiat currencies as part of its efforts to expand internationally.
Starting immediately, the UK-based bitcoin exchange is allowing customers to make deposits in US dollars, euros and Polish zloty, in addition to the British pound.

The company framed the move as a way for it to transition from a UK-only exchange to a global player in the wider market for bitcoin exchanges. Adam Knight, chairman and investor with the exchange, said: “By expanding to dollars, euros and zloty, we are expanding from a UK-only focus to an international one, delivering more value to our UK customers and growing our user base internationally.”

Amadeo Pellicce, CoinFloor’s chief operating officer, explained that the additional currencies were a logical choice for the exchange. “The XBT/USD pair is the most commonly traded pair, so our existing customers naturally have the demand to access the additional liquidity in that market, and we are expanding to euros to better service our European customers by supporting SEPA transfers,” he said.

While US dollars and euros would seem to support the company’s more global goals, the addition of Polish zlotys is perhaps less expected. However, it makes sense in light of its banking partnership – Coinfloor banks with Poland’s PKO Bank Polski, due to the ongoing reluctance of British banks to provide services for cryptocurrency-based companies.

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Biggest BrokerDealer Compliance Officer Charged In Insider Trading Case blog update courtesy of reporting by InvestmentNews.

InvestmentNewsThe Securities and Exchange Commission announced Wednesday that it was taking enforcement action against a former compliance officer at brokerdealer Wells Fargo Advisors who allegedly altered a document before it was provided to the SEC during its investigation into a former broker’s insider trading.

The charges stem from the case of Waldyr Da Silva Prado Neto, whose alleged scheme made more than $2 million from insider trades in Burger King Holdings Inc. stock ahead of an acquisition announcement on Sept. 2, 2010. )

The SEC said that after it charged Mr. Prado in September 2012, Judy K. Wolf, who was responsible for identifying potentially suspicious trading activity at broker-dealer Wells Fargo Advisors, went back and revised a 2010 report to make it appear that she had performed a more thorough review of Mr. Prado.

Initially, she had closed the report into Mr. Prado’s Burger King trades with “no findings” and did not notify any superiors of potential red flags, the SEC said.

To gain greater insight to the global universe of brokerdealers, the database provides information on thousands of brokerdealers throughout the world.

The SEC said in its action that Ms. Wolf should have reported multiple red flags that were noted, including that Mr. Prado and his customers represented the top four positions in Burger King Securities firmwide, he and his customers purchased the securities within 10 days of the announcement, made substantial profits and that he, his customers and the company acquiring Burger King were all Brazilian.

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The Revolving Door: Top Law Firm Snags Former SEC Deputy Director for BrokerDealer Practice Area blog update courtesy of TradersMagazine Oct 13 reporting.


Willkie Farr & Gallagher announced that James R. Burns, former deputy director of the SEC’s Trading & Markets Division announced will be joining the law firm and practice in Willkie’s Asset Management Group. He will be based in the Washington, D.C. office and his practice will focus on counseling investment managers and broker-dealers on all aspects of their business, including regulatory, compliance and enforcement matters.

Burns will join former Director of the SEC’s Division of Investment Management, Barry Barbash, Co-Chair of the Group.

“We are truly delighted that Jim has decided to join our team. He was recognized throughout his tenure at the SEC as a star member of the Commission’s staff and has deep experience and expertise that spans the trading and markets and asset management areas. He will be a great resource for our clients and for the Group,” said Barbash.

While at the SEC, Burns most recently had oversight responsibility for core regulatory functions within the Division of Trading and Markets, including market supervision, analytics and research, derivatives policy and trading practices, and the chief counsel and enforcement liaison offices. In particular, he oversaw key initiatives including the adoption of the Volcker Rule and rules to implement the derivatives reform provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. During his tenure, he also coordinated the division’s response to significant market events, its participation in international regulatory initiatives, and its development and implementation of new analytical tools for market oversight.

Prior to joining the Division, Burns served under Chairman Mary L. Schapiro as the agency’s Deputy Chief of Staff, where he advised on the development and execution of the SEC’s broader rulemaking and policy agenda. He joined Chairman Schapiro’s staff as counsel in 2010, having first come to the SEC as counsel to Commissioner Kathleen Casey in 2008. In these prior SEC staff capacities, he worked chiefly on investment management and trading and markets matters arising from the financial crisis. Before joining the SEC staff, Burns worked in private practice, advising investment managers and fiduciaries, fund clients, broker-dealers, and other market participants on a variety of regulatory, compliance and enforcement matters.

Burns received his J.D., cum laude, from Georgetown University Law Center. He holds masters and doctoral degrees from the University of Oxford, and graduated with an A.B., magna cum laude, from Harvard College

Wall Street Women On Top: BrokerDealer and Buyside Gals Score Awards For…

tradersmag blog update profiles Broker-Dealer industry publication Traders Magazine’s “2014 Women of Excellence Awards”

“..Unveiled last night, the 2014 “Wall Street Women: Celebration of Excellence” Awards cited 19 of what one NYSE floor trader called “The Street’s Smartest and Sweetest Gals” for their performance across 19 categories, including leadership, mentorship and trading.

Mary Clark, WallachBeth Capital

Mary Clark, ETF Trading Desk, WallachBeth Capital

Giving equal accolades to women from both sides of the market aisle (buy-side investment managers and sell-side broker-dealers), in the “most-watched” equities trading category, Blackrock’s Vivian Bakonyi, the buyside firm’s program trading “czarina” shared the top slot with the sell-side’s “dame doyenne of ETF best execution,”  industry veteran Mary Clark of WallachBeth Capital.

For Mentor of The Year, Traders Mag judges also came to a split decision, with top honors shared by Citigroup’s MD Of Global Markets Christine Sperry and OhioPERs trader Joan Stack. salutes all of the nominees and each of the winners!

The full list of winners is available by clicking on this link to TradersMag.

No Sweating This Biotech IPO; Dermira Prices 7.8mil Share Offering blog update courtesy of Renaissance Capital

Dermira, a biotech targeting skin conditions such as psoriasis, excessive sweating and acne, raised $125 million by offering 7.8 million shares at $16, the high end of the range of $14 to $16. Dermira plans to list on the NASDAQ under the symbol DERM. Dermira initially filed confidentially on 6/26/2014. BrokerDealers Citi and Leerink Partners acted as lead managers on the deal.

The Redwood City company led by CEO Tom Wiggins priced its shares at $16, the high end of its target range. It jumped by more than 10 percent Friday when it began trading on Nasdaq with the symbol of DERM. But it finished the day at $15.55, down almost 3 percent.

Despite $68 million in accumulated deficits and no revenue, the company had the best IPO of the three from the Bay Area this week. Together, they are the first companies in the region to go public since late July. Before pricing the shares, Dermira boosted the amount of stock offered by 46 percent.