Citadel Securities and a trade group sued the Securities and Exchange Commission on Tuesday over changes the regulator is making to how trading data are reported and paid for in the markets.
Ken Griffin’s market-making firm and the American Securities Association petitioned the 11th US Circuit Court of Appeals in Atlanta to review the SEC’s approval of the funding model for the Consolidated Audit Trail.
The action was “in response to widespread investor concerns about transparency, governance, costs, and data privacy,” a Citadel Securities spokesperson said in an emailed statement. “The SEC has overstepped its statutory authority and failed to address investor and industry concerns, leaving us no choice but to litigate.”
In response to a request for comment, the SEC said in a statement that it “undertakes its regulatory responsibilities consistent with its authorities.”
New chief executive Rich Steinmeier replaced Dan Arnold on October 1.
The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.
Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.
New survey finds varied levels of loyalty to advisors by generation.
Busy day for results, key data give markets concerns.
A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.
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