Week InReview | NYSE may abandon rule some blame for wild session  | CFPB takes aim at arbitration clauses that block consumer participation in class-action lawsuits | Broker-dealers to notify FINRA under new funding portal rules | I CYMI + Binge Reading
Friday, February 5, 2016
Let's recap
In case you missed it . . .
NYSE wants to abandon rule 48

Invoked on Aug. 24, before prices went haywire

(Feb 2) The New York Stock Exchange wants to eliminate a rule some blame for creating confusion in the U.S. equity market on Aug. 24, when prices swung wildly during the opening minutes of trading.  The item in question is Rule 48, which the NYSE declares on volatile days with the goal of ensuring orderly trading. But it may have backfired on by leaving traders in the dark about prices.
CFPB move to limit arbitration
Financial firms watch, wait
(Feb 2)  As the Consumer Financial Protection Bureau ponders a ban on arbitration clauses that bar consumers from class actions, companies are proving hesitant about inserting the clauses into product contracts.  An internal review panel has finished its work vetting the CFPB plans on arbitration, and the bureau continues to gather information for a proposed rule.
New funding portal rules
BDs to notify FINRA
(Jan 29)  Registered broker-dealer members must now notify the Financial Industry Regulatory Authority before acting as intermediaries in transactions involving the offer or sale of securities, under a new rule related to the implementation of recently adopted funding portal regulations.  Under new Rule 4518, broker-dealers must notify FINRA before engaging, for the first time, in a transaction involving the offer or sale of securities; or  within 30 days of controlling, or being controlled by a funding portal.
Binge reading disorder
Hand-curated, chosen with love
You Can Buy a Czech Castle for $13,000

These Pictures Of London Traders Are Weirdly Brilliant

David Stockman: Retail Investors Heading For The Slaughter One More Time

Dark Pools Turned Out to Be Really Murky: Figuring out who's a "predatory" trader isn't easy

Mo' Money, Mo' Problems: The Rise of Wealth Therapy