SEC’s $5M Bloomberg BVAL fine targets ‘dark magic’ in fixed income pricing

Recent actions against Bloomberg and Ice for violations relating to evaluated pricing services suggest the US regulator may be setting the stage for stricter regulations to govern the sector.

This week, lawyers for providers of evaluated pricing services are likely burning the midnight oil, double- and triple-checking that their disclosures and marketing materials align exactly with the methodologies—in principle and in practice—that they employ to value fixed income securities. This follows last week’s announcement that the Securities and Exchange Commission (SEC) had settled charges against Bloomberg for violating its disclosed methodology about how it prices fixed income

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Cutting through the hype surrounding the FDTA rulemaking process

A bill requiring US regulators and institutions to adopt a machine-readable data framework for reporting purposes applies to entity identifiers, but not security identifiers, in a crucial difference, writes Scott Preiss, SVP and global head of Cusip Global Services.

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