Tag: UBS

SEC fraud
June 30, 2022 BY Steffy Bogdanova

UBS agrees to pay $25 million penalty to settle fraud charges with SEC

Osman Nawaz, Chief of the Division of Enforcement’s Complex Financial Instruments Unit Advisory firms are obligated to implement appropriate policies and procedures to ensure all parties involved in the sale of complex financial products and strategies have a clear understanding of the risks those products present. As fiduciaries, advisers also must make suitable recommendations to…

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January 27, 2022 BY Steffy Bogdanova

Swiss bank UBS expands presence in US through acquisition of Wealthfront

Ralph Hamers, Group Chief Executive Officer of UBS, said: Adding Wealthfront’s capabilities and client base to our global investment ecosystem will significantly boost our ability to grow our business in the US. Wealthfront complements our core business in the US providing wealth management to high net worth and high net worth investors through trusted relationships…

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CFTC fine
October 15, 2021 BY Steffy Bogdanova

CFTC fines UBS $500K for deleted audio files

According to the regulator, before June 2019, UBS implemented multiple software systems to comply with its recordkeeping obligations. These systems operate its trader turret communication devices and recorded and stored voice recordings of calls occurring on these trader turrets. The recording systems had a know flaw causing them to fail to synchronize certain call data.…

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Broadridge Financial Solutions
August 10, 2021 BY Steffy Bogdanova

UBS joins Broadridge’s Distributed Ledger Repo platform

Market participants can agree, execute and settle repo transactions on the DLR platform. A digital repo approach allows collateral to be detached from the trade agreement and the cash remains off-chain. DLR also enables the immobilization of the underlying securities in the repo transactions, while transferring ownership via smart contracts executed on the platform. The…

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Acquisition
May 06, 2021 BY Steffy Bogdanova

Deutsche Börse to acquire remaining 49% of Clearstream Fund Centre

Stephan Leithner, Member of the Executive Board of Deutsche Börse AG and Clearstream Chairman, said: Clearstream Fund Centre has proved to be a highly complementary business for Clearstream’s fund operations businesses. Our two-step integration approach with UBS has enabled a seamless transition for clients and laid the perfect basis for our continued, long-term partnership with…

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UBS announces changes to the Executive Board
April 27, 2021 BY Steffy Bogdanova

UBS announces changes to the Executive Board

Group Chief Executive Officer Ralph Hamers commented: I’m excited to welcome Mike Dargan to the GEB in his expanded role. Given his strong track record and in-depth expertise, I’m confident that he is the right leader to help us achieve our strategic ambitions in the digital and technology space by bringing the best experience to…

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Robert Karofsky appointed sole President of UBS Investment Bank
February 15, 2021 BY Steffy Bogdanova

Robert Karofsky appointed sole President of UBS Investment Bank

In September 2018, Novelli and Karofsky became Co-Presidents of the firm, Karofsky having joined UBS leading the equities business globally back in 2014. Robert Karofsky then went on to leverage his market experience by leading the Investment Bank’s digital transformation efforts. Karofsky and Novelli’s partnership has proven fruitful for UBS. Together they reshaped the Investment…

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