The SEC charged that the advisor used omnibus accounts
and allocated trades at the end of the trading day.
He gave some specific examples of transactions that are too often opaque, such as so-called omnibus accounts
, which combine various securities transactions.
Indicating the advent of derivatives, efforts are now afoot to introduce omnibus accounts
, which are expected to come once the central counterparty (CCP) is in place during the exchange's second phase of development.
The activity in question highlights the need for vigilance in the securities industry, where vehicles such as omnibus accounts
, as well as the intermediated nature of the securities custody industry itself, can serve to obscure the beneficial ownership interests of sanctioned parties," the Treasury said.
The London affiliate utilized code names to disguise the identities of the sanctioned entities and maintained sub-accounts in these code names in its omnibus accounts
maintained in the US.
NEW YORK -- The Royce Funds have announced that, effective September 28, 2012, there is no minimum initial investment requirement for Institutional Class shares for employer-sponsored Retirement Plans with plan level or omnibus accounts
held on the books of the Fund.
These failures, FINRA continued, "extended to potentially suspicious trades made in omnibus accounts
of the firm's foreign affiliates.
Qatar Stock Exchange (QSE) is all geared up to introduce securities lending and borrowing, margin trading, omnibus accounts
and a central counterparty (CCP) as part of its measures to further enhance the operational efficiency and attractiveness to foreign investors.
MexDer is a dynamic exchange that has remote memberships, omnibus accounts
, no withholding tax scheme for foreigners and a remote access platform called MexFix.
The new rule is the first step toward establishing transparency within omnibus accounts
in order to identify patterns of short-term trading and to protect long-term investors in mutual funds from market timing.
Networking currently supports more than 82 million customer and omnibus accounts
- a pool of individual accounts combined into one account, usually in the name of an intermediary firm.
The SEC's Rule 22c-2 requires fund companies to create agreements with intermediaries in order to access shareholder data within omnibus accounts
and evaluate trading patterns for possible market-timing activity.