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<ul class="summary-list"><li><keyword id="11538573" type="UNKNOWN" weightage="60" keywordseo="neovest">Neovest</keyword>, an electronic trading platform acquired by <keyword id="44660" type="CITY" weightage="60" keywordseo="JPMorgan">JPMorgan</keyword> in 2005, was hit with a $2.75 million <keyword id="52103" type="ORGANIZATION" weightage="60" keywordseo="Fine">fine</keyword>.</li><li>After deregistering as a <keyword id="1700831" type="POSITION" weightage="60" keywordseo="broker-dealer">broker-dealer</keyword>, Neovest continued to run its operations as before in violation of securities law.</li><li>Neovest instructed clients to pay service fees to JPMorgan, which then kicked those fees back to Neovest, according to the <keyword id="6362470" type="ORGANIZATION" weightage="60" keywordseo="sec">SEC</keyword>. </li></ul><p>The Securities and Exchange Commission cracked down on a small JPMorgan subsidiary for operating as an unregistered broker-dealer after being acquired by the bank, the regulator announced on Tuesday. </p><p>Neovest, an electronic trading platform acquired by JPMorgan in 2005, was hit with a $2.75 million fine for violating securities laws. The platform had operated as a registered broker-dealer prior to the JPMorgan buyout, and deregistered shortly afterward. </p><p>But according to <a href="https://www.sec.gov/litigation/admin/2021/34-92285.pdf">SEC filings,</a> even after deregistering, Neovest continued to run its operations as before, facilitating stock and options trades for mostly institutional clients. Now under the JPMorgan umbrella, Neovest instructed clients to pay service fees to the bank - which is a registered broker-dealer. JPMorgan then kicked those fees back to Neovest, according to the SEC.</p><p>"The Neovest Trading Division of [JP Morgan Securities] will bill for executions via Neovest's software. The infrastructure and technology used in these trades will remain with Neovest," the platform allegedly told clients - despite the "Neovest Trading Division of JP Morgan Securities" not existing as a legal entity.</p><p>Neovest did not admit or deny the SEC's allegations, but has consented to the fine.</p><p>"Today's charges underscore the SEC's commitment to securing the important investor protections that flow from broker-dealer registration," <a href="https://www.sec.gov/news/press-release/2021-113?utm_medium=email&amp;utm_source=govdeliveryvery">said</a> Joseph Sansone, chief of the SEC's Market Abuse Unit. </p><p>But Commissioner Hester Peirce disputed the SEC's decision, writing in a <a href="https://www.sec.gov/news/public-statement/peirce-statement-neovest-062921?utm_medium=email&amp;utm_source=govdeliveryvery">dissent</a> that Neovest should not properly be seen as engaging in broker activity - and so cannot be liable for failing to register as a broker-dealer.</p><p>"Not only is the [SEC's Neovest ruling] legally deficient, but it further complicates an already confusing area of the law and introduces additional uncertainty," she wrote.</p>

The SEC slapped a JPMorgan subsidiary with a $2.8 million fine for operating as an unregistered broker-dealer

<p><em><strong><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell&amp;hash=8122c716833601fc1471f79af063b104?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest">Welcome to 10 Things Before the Opening Bell. Sign up here to get the day's top stock and crypto news in your inbox every morning.</a></strong></em></p><p><strong><a href="http://newsletter.businessinsider.com/join/4np/insider-investing?nr_email_referer=1&amp;utm_sou%5Bu%5B" target="_blank" rel="noopener">Sign up for Insider Investing</a></strong> for your weekly <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> analysis.</p><p>1. <strong>The global shares rally slows down as investors await US private-sector jobs data.</strong> <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-us-futures-adp-jobs-data-eurozone-inflation-2021-6-1030566210">See what markets are doing today</a>.</p><p>2.<strong> Coinbase reveals plans for a crypto App Store that offers third-party apps.</strong> <a href="https://markets.businessinsider.com/currencies/news/coinbase-crypto-exchange-app-store-apple-inspired-launch-brian-armstrong-2021-6-1030565957">Apple has had an influence</a> on the crypto exchange's thinking, CEO Brian Armstrong suggested.</p><p>3.<strong> Warren Buffett and Charlie Munger reflected on their iconic friendship in a CNBC interview.</strong> They also discussed remote working, how they approach business, and the lessons they took from the pandemic. <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-charlie-munger-berkshire-hathaway-stocks-markets-cnbc-interview-2021-6-1030564941">Here are the highlights</a>.</p><p>4.<strong> Elon Musk is the most influential figure in financial markets, new survey shows. </strong>Some investors surveyed said they <a href="https://markets.businessinsider.com/news/stocks/elon-musk-stock-market-influence-crypto-bitcoin-tweet-survey-retail-2021-6-1030564576">sold bitcoin after Musk tweeted negatively</a> about its energy use.</p><p>5.<strong> The SEC slapped a JPMorgan subsidiary with a $2.8 million fine.</strong> Neovest, an electronic trading platform, was <a href="https://markets.businessinsider.com/news/stocks/sec-fine-jpmorgan-neovest-enforcement-subsidary-securities-law-2021-6-1030564196">operating as an unregistered broker-dealer</a> after being acquired by the bank.</p><p>6. <strong><a href="https://markets.businessinsider.com/earnings-calendar">Earnings expected.</a> </strong><a href="https://markets.businessinsider.com/stocks/mu-stock">Micron</a> and <a href="https://markets.businessinsider.com/stocks/sjr-stock">Shaw Communications</a> are highlights. </p><p>7. <strong><a href="https://markets.businessinsider.com/economic-calendar">On the data docket.</a> </strong>Chicago PMI, MBA mortgage applications, ADP employment change, and the EIA crude-oil stocks change data are due. </p><p>8. <strong>A celebrity SPAC is stealing the meme-stock spotlight from AMC and GameStop.</strong> Fintel says it's one of <a href="https://www.businessinsider.com/stocks-to-buy-meme-stocks-that-retail-investors-are-buying-and-selling?r=opening-bell" target="_blank" rel="noopener">these 5 stocks that have definite potential for a near-term short squeeze</a>.</p><p>9. <strong>Riot Blockchain's CEO and 2 top crypto experts break down the impact of China's bitcoin mining ban on investors and miners.</strong> They also detail <a href="https://www.businessinsider.com/china-bitcoin-mining-ban-riot-blockchain-ceo-jason-les-bullish-2021-6?r=opening-bell" target="_blank" rel="noopener">3 reasons why they remain bullish on the digital asset</a>.</p><p>10. <strong>Kirsty Gibson's fund beat 99% of its peers last year.</strong> The Baillie Gifford portfolio manager breaks down <a href="https://www.businessinsider.com/stocks-picks-to-buy-investing-strategy-outpeforming-baillie-gifford-investor-2021-6?r=opening-bell" target="_blank" rel="noopener">how she identifies companies that will enable 'structural change'</a> and shares <a href="https://www.businessinsider.com/stocks-picks-to-buy-investing-strategy-outpeforming-baillie-gifford-investor-2021-6?r=opening-bell" target="_blank" rel="noopener">3 such under-the-radar stocks</a>.</p>

10 things you need to know before the opening bell

<p>Good morning and welcome to <keyword id="11420569" type="UNKNOWN" weightage="60" keywordseo="insider-finance">Insider Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:</p><ul><li>Point72 Ventures is betting big on fintechs <a href="https://www.businessinsider.com/point72-ventures-fintech-gig-creator-economies-social-media-influencer-2021-6">serving social-media influencers</a>.</li><li>The Carlyle Group is <a href="https://www.businessinsider.com/carlyle-group-companywide-week-off-august-16-wellness-stipend-health-2021-6">giving all employees a week off</a> in August after feedback from workers who said they didn't feel comfortable taking time off. </li><li>JPMorgan said electronic trading venues like MarketAxess and Tradeweb <a href="https://www.businessinsider.com/jpmorgan-warns-competition-bond-trading-venues-marketaxess-tradeweb-bloomberg-2021-6">pose a massive threat</a> to fellow banks. </li></ul><p><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a></p><p>Like the <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. </p><h3><a href="https://www.businessinsider.com/point72-ventures-fintech-gig-creator-economies-social-media-influencer-2021-6">Point72 Ventures sees a big opportunity in fintechs serving social-media influencers. An exec highlights gaps in the market.</a></h3><p><a href="https://www.businessinsider.com/point72-ventures-fintech-gig-creator-economies-social-media-influencer-2021-6"><div type="image" title="Tripp Shriner Point72" height="1158" width="1544" msid="83983991" hostid="261"></div></a></p><p>Point72 Ventures is bullish on funding fintechs that tap into the creator economy, according to partner Tripp Shriner.</p><p><a href="https://www.businessinsider.com/point72-ventures-fintech-gig-creator-economies-social-media-influencer-2021-6">He explains why incumbents stand to miss the opportunity.</a></p><h3><a href="https://www.businessinsider.com/carlyle-group-companywide-week-off-august-16-wellness-stipend-health-2021-6">The Carlyle Group is giving employees a week off in August and annual $750 'well-being stipends' as some workers struggle to keep work and life separate</a></h3><p><a href="https://www.businessinsider.com/carlyle-group-companywide-week-off-august-16-wellness-stipend-health-2021-6"><div type="image" title="carlyle group" height="2329" width="3105" msid="83983993" hostid="261"></div></a></p><p>After a company survey found that employees were struggling to separate work and life, the Carlyle Group will implement a "well-being strategy" aimed at improving employees' lives. <a href="https://www.businessinsider.com/carlyle-group-companywide-week-off-august-16-wellness-stipend-health-2021-6">Read up on it here.</a></p><h3><a href="https://www.businessinsider.com/jpmorgan-warns-competition-bond-trading-venues-marketaxess-tradeweb-bloomberg-2021-6">JPMorgan warns rival investment banks: MarketAxess, Tradeweb, and Bloomberg are 'real competitors'</a></h3><p><a href="https://www.businessinsider.com/jpmorgan-warns-competition-bond-trading-venues-marketaxess-tradeweb-bloomberg-2021-6"><div type="image" title="traders phones" height="1508" width="2011" msid="83983994" hostid="261"></div></a></p><p>JPMorgan's concerns come amid record levels of trading in bond markets. <a href="https://www.businessinsider.com/jpmorgan-warns-competition-bond-trading-venues-marketaxess-tradeweb-bloomberg-2021-6">Here's why banks should be worried.</a></p><h3><a href="https://www.businessinsider.com/wells-fargo-adds-fintech-theta-lake-compliance-monitoring-video-communication-2021-6">Wells Fargo just invested in a compliance startup that monitors digital and video communications in a nod to Wall Street's new hybrid workplace</a></h3><p><a href="https://www.businessinsider.com/wells-fargo-adds-fintech-theta-lake-compliance-monitoring-video-communication-2021-6"><div type="image" title="Liz Guthrie, Wells Fargo's head of innovation and R&amp;D, smiles in her head shot." height="2247" width="2996" msid="83983995" hostid="261"></div></a></p><p>Since the pandemic forced bankers to service customers virtually, Wells Fargo has started exploring new technologies that streamline the compliance process. <a href="https://www.businessinsider.com/wells-fargo-adds-fintech-theta-lake-compliance-monitoring-video-communication-2021-6">Get the full rundown here.</a></p><h3><a href="https://www.businessinsider.com/real-estate-investors-realpha-buy-homes-airbnb-short-term-rentals-2021-6"><strong>Investors are buying up thousands of homes to rent on Airbnb, making already-fierce wars over houses even more cutthroat</strong></a></h3><p><a href="https://www.businessinsider.com/real-estate-investors-realpha-buy-homes-airbnb-short-term-rentals-2021-6"><div type="image" title="A hand holds up a row of houses in this photo illustration." height="1500" width="2000" msid="83983999" hostid="261"></div></a></p><p>One Ohio company is looking to scoop up $1.5 billion in short-term-rental properties - a strategy that could box regular people out of homeownership. <a href="https://www.businessinsider.com/real-estate-investors-realpha-buy-homes-airbnb-short-term-rentals-2021-6">Here's what you need to know.</a></p><h3><a href="https://www.businessinsider.com/wall-street-responds-with-cash-bonuses-as-banker-burnout-mounts-2021-3">Which Wall Street firms have raised base pay or handed out special bonuses amid a fierce battle for junior talent - and which have yet to budge</a></h3><p><a href="https://www.businessinsider.com/wall-street-responds-with-cash-bonuses-as-banker-burnout-mounts-2021-3"><div type="image" title="headhunters and recruiters sourcing talent for wall street 4x3" height="1800" width="2400" msid="83984005" hostid="261"></div></a></p><p>Many <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> banks and investment firms have bumped base pay or offered special bonuses as workers are stretched thin. <a href="https://www.businessinsider.com/wall-street-responds-with-cash-bonuses-as-banker-burnout-mounts-2021-3">From JPMorgan to UBS, here's our running list of who's doing what.</a></p><h3><a href="https://www.businessinsider.com/digital-health-dealmakers-combat-burnout-amid-funding-boom-2021-6">Burnout is looming for dealmakers in one of the hottest parts of healthcare</a></h3><p><a href="https://www.businessinsider.com/digital-health-dealmakers-combat-burnout-amid-funding-boom-2021-6"><div type="image" title="Burnout" height="3292" width="4389" msid="83984009" hostid="261"></div></a></p><p>Lawyers, bankers, and investors pull all-nighters and work seven days a week to make deals happen. <a href="https://www.businessinsider.com/digital-health-dealmakers-combat-burnout-amid-funding-boom-2021-6">Read more here</a>.</p><h2><strong style="color: #222222; font-size: 15px;">Odd lots:</strong></h2><p><a href="https://www.bloomberg.com/news/features/2021-06-29/commodity-traders-make-billions-as-oil-copper-battery-metals-prices-rise?cmpid=BBD062921_MKT&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=210629&amp;utm_campaign=markets&amp;sref=5xrDvJnats&amp;sref=5xrDvJna">Commodity Traders Harvest Billions While Prices Rise for Everyone Else (Bloomberg)</a></p><p><a href="https://www.cnbc.com/2021/06/29/jpmorgan-is-buying-an-esg-investing-platform-in-banks-third-fintech-acquisition-of-the-past-year.html">JPMorgan is buying an ESG investing platform in bank's third fintech acquisition of the past year (CNBC)</a></p><p><a href="https://www.businessinsider.com/bill-gates-melinda-divorce-affairs-bully-womanizer-2021-6?r=rr">Insiders say Bill Gates was an office bully who pursued sexual affairs, and that his squeaky-clean image was merely good PR (Insider)</a></p><p><a href="https://www.wsj.com/articles/sec-charges-jpmorgan-unit-neovest-for-operating-as-unregistered-broker-dealer-11624978758?mod=hp_lista_pos2">SEC Charges JPMorgan Unit Neovest for Operating as Unregistered Broker-Dealer (WSJ)</a></p>

Carlyle's summer break - Banks' threat to bond trading - Junior bankers special bonuses

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Getty/Andrew Burton</span></p></div><p></p></div></div>JPMorgan just announced a new line-up at the top of its markets execution team, and the team includes an interesting new hire from Goldman Sachs. </p><p>The bank has hired <span>Debra Herschmann from Goldman Sachs as head of corporate and investment bank user experience. She will also CIB chief information officer Lori Beer's management team. At Goldman, she was global head of user experience in client platforms.</span></p><p><span>Her new role was announced to staff on Tuesday in a memo from </span><a href="http://www.businessinsider.com/jpmorgan-david-hudson-promotion-2016-5">David Hudson, who was appointed to the role of head of markets execution</a> earlier in the year. The note set<span> out the make-up of his new team, and a mission statement for the unit. </span> </p><p>"In simple terms, Markets Execution will focus on providing clients with electronic distribution of markets products - in whatever way they choose - today and into the future," the note said. </p><p><span>"We will deliver this vision by leveraging leading-edge technology and design standards that will improve the user experience while lowering the cost of execution for our clients and for ourselves," the note added.</span></p><p>Herschmann is a little different to your average Wall Streeter. She's <a href="http://www.goldmansachs.com/what-we-do/engineering/in-the-community/hangout-11-20-2014/bio-debra-herschmann.pdf">taught university classes in computer animation and interaction design</a>, and her interactive installations have been on display at the Boston Computer Museum and the Chicago Museum of Science and Industry. She also helped design probation management applications for the New York City Department of Corrections. </p><p>In her new role, she'll be responsible for making sure JPMorgan clients get a consistent, user-friendly experience on the bank's trading platforms. And her appointment hints at the changing nature of trading. </p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">JPMorgan Chase trader Frederick Reimer works in the company's stall on the floor of the New York Stock Exchange</p></div><p></p></div></div>JPMorgan corporate and investment bank CEO Daniel Pinto has spoken at length in the past about JPMorgan's efforts to prepare itself for changes to how the market operates. Trading is increasingly conducted over electronic platforms, and the fixed-income marketplace in particular is changing at a pace. Speaking at the bank's investor day in February, Pinto said:</p><p style="padding-left: 30px;">"You cannot dictate how the clients, some of you, will decide to execute your transactions. What we can do is create all the avenues for you not to have a reason not to execute with us and going somewhere else. And this is what it's about."</p><p>As more and more trading is conducted electronically, things like "user experience" and "design standards" will become a bigger and bigger part of the business of Wall Street.</p><p>Here are the other appointments announced in the memo:</p><ul><li>Richard James and Peter Ward will cohead markets execution for macro products, including futures and options and Neovest.</li><li>Adam Shapiro will continue to head markets execution for spread products. </li><li>Daniel Ciment will continue to head equity electronic client solutions. </li><li>JPMorgan will soon name someone to "drive <span>Markets Execution related product development for the Equity Derivatives business."</span></li><li><span>John Roberts will continue to head electronic distribution of research. </span></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/buy-rent-financial-suicide-james-altucher-2016-10">JAMES ALTUCHER: This is why owning a home is financial suicide</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="0yNjBzeDo1bPwt1rmBJ8yS7MxZE2di07" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "neovest" and got 4 results

The SEC slapped a JPMorgan subsidiary with a $2.8 million fine for operating as an unregistered broker-dealer

Ethan Wu

10 things you need to know before the opening bell

Shalini Nagarajan

Carlyle's summer break - Banks' threat to bond trading - Junior bankers special bonuses

Dan DeFrancesco,Jordan Parker…

JPMorgan has made an important hire from Goldman Sachs, and it hints at the future of trading

Matt Turner

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