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Institutional Sales and Trading Compliance Concerns: 2017 FINRA Annual Conference

SKU: FR5500
Total Credits
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This CLE program will highlight institutional fixed income and equity sales and trading compliance concerns and related risk controls. Compliance professionals in these business lines face an array of challenging issues, everything from conflicts of interest to rogue and manipulative activity, which present varying levels of risk to their firms. After attending this session, you will be able to understand the business issues and regulatory concerns they confront on a daily basis and the most effective controls to minimize those risks.

After attending this session, you will be able to:

  • Understand the types of controls that can be used to mitigate risk associated with the various conflicts of interest that can exist within and across business lines as well as those arising from employee activities.
  • Discuss industry practices for supervising the operation of a firm’s institutional trading and the impact inadequate supervision and controls can have in terms of impacting the firm’s institutional business operations and the operations of other related departments.
  • Identify common practices, procedures and policies.
  • Review recordkeeping requirements.
  • Understand the need for informational barriers.
  • Discuss recent enforcement actions.

Lecturer Bios

Jeffrey Herrmann

Jeffrey Herrmann has been with FINRA for 11 years. He began his career in 1996, obtaining his series 7 and 63 registrations while conducting Broker Dealer sales to U.S. Retail and European Institutional Clients. Three year later, he joined the Market-Making Desk of Knight Capital Group where he obtained his series 55 registration. At Knight, Mr. Herrmann conducted Institutional Sales and Trading, specializing in semiconductor trading, merger arbitrage and technical analysis of cash and futures markets. Prior to joining FINRA, Mr. Herrmann also worked as an Operational Risk Specialist in the Global Asset Management business of a top-tier Broker-Dealer and traded his own capital as a registered Proprietary Equity Trader. Currently, Mr. Herrmann is a Manager of FINRA’s Large Firms Cycle Examination Team. Additionally, he works with FINRA’s Regulatory Specialist Program as a member of the Trading and Market Risk and Controls Subject Matter Expert Group and hosts the program’s national conference calls on Algorithmic, Direct Market Access, High Frequency and Proprietary Trading Controls.

Ben Juergens

Ben Juergens is an Executive Director in the Legal and Compliance Division at Morgan Stanley and is the Co-Head of Sales and Trading Compliance for the U.S. He previously provided legal coverage for the Firm’s Public Finance Department and practiced municipal securities law at Chapman and Cutler LLP and Orrick, Herrington & Sutcliffe LLP, serving as bond counsel to a variety of municipal issuers and underwriter’s counsel to various financial institutions. Mr. Juergens received his B.A. from St. Olaf College and his J.D. from Cornell Law School.

George Mandl

George Mandl is Managing Director and Chief Compliance Officer of HSBC Securities (USA) Inc. He has held a variety of senior positions in large, US and non-US owned financial services organizations and SEC-registered broker dealers, including as Deputy Chief Compliance Officer at Mitsubishi UFJ Securities (USA), Inc., Chief Compliance Officer at ITG Inc., Head of Equity Compliance at Nomura Securities International, Inc., and Head of Capital Markets Compliance at Gruntal & Co. He began his career as a regulator at the American Stock Exchange.

Edward McLaren

Edward McLaren is currently Compliance Executive for Bank of America’s Global Banking and Markets Fixed Income, Currencies & Commodities (“FICC”) Division, with compliance oversight responsibilities for cash and derivatives sales and trading activities. He is the Chief Compliance Officer for Merrill Lynch Capital Services, and Merrill Lynch Pierce Fenner and Smith’s Futures Commission Merchant. He joined the bank On August 25, 2014. Prior to joining the bank, Mr. McLaren spent 20 years at J.P. Morgan Chase & Co. in various Compliance positions, including as Managing Director covering various divisions within the Corporate Investment Bank, including: Global Investor Services, North American Credit Markets, Global Emerging Markets, and Global Commodities. Prior to his role at J.P. Morgan Chase & Co., Mr. McLaren was a field supervisor at the National Association of Securities Dealers overseeing examination of fixed income broker-dealers. He holds an MBA in Finance and International Studies from the Leonard N. Stern School of Business at New York University, and a B.A. in Business Administration from Gettysburg College. He has also done post-graduate work in financial derivatives at the New York School of Finance. He carries industry licenses including: the National Commodity Futures License (Series 3), The General Securities Representative License (Series 7), the General Securities Principal License (Series 24), Chief Compliance Officer License (Series 14) and the Options Principal License (Series 4).

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