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Tuesday, May 6, 2025
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U.S. Swaps Regulator Names Director of Enforcement

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Editorial Staff
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(Bloomberg) — Aitan Goelman, a former federal prosecutor and criminal defense lawyer, was named director of enforcement at the U.S. regulator in charge of rooting out fraud and manipulation in derivatives markets.

Goelman, a Washington-based partner at Zuckerman Spaeder LLP, will join the Commodity Futures Trading Commission, agency chairman Timothy Massad said today in a statement announcing his first high-profile personnel move since he was sworn in last week.

It is an honor to be able to play a part in helping the commission fulfill its crucial mission of maintaining the integrity of the futures and swaps markets, Goelman said in a statement.

The CFTC was granted broad new powers by the 2010 Dodd- Frank Act to oversee much of the $710 trillion global swaps market that was previously largely unregulated. The agency gained expanded authorities to pursue cases of manipulation and disruptive trading, including by automated and high-speed traders.

The agency has reached settlements with UBS AG, Barclays Plc and the Royal Bank of Scotland Group Plc, among other firms, for rigging global interest rates. The CFTC is also investigating possible manipulation in the foreign-exchange market.

Goelman has been a litigation partner at Zuckerman Spaeder for 11 years, including recently defending a former analyst at Steven Cohens hedge fund SAC Capital Advisors LP in an insider- trading investigation.

Previously, Goelman was an assistant U.S. attorney in the Southern District of New York and handled fraud investigations at the Justice Department. He was also one of the trial lawyers who prosecuted Timothy McVeigh for the 1995 bombing in Oklahoma City.

Beth A. Wilkinson, who delivered the closing arguments in the McVeigh case as a federal prosecutor and is now a partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP, said in an e-mail that Goelmans experience working on a high-profile case early in his career enabled him to obtain the experience and perspective one would want the head of enforcement of the CTFC to have.

Boston Security Traders Association 2014 – Gallery

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Editorial Staff
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TRADERS ON THE MOVE: ITG Hires Citi’s Reilly; KCG Grabs Mackintosh

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Editorial Staff
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Agency-only broker and technology firm ITG hired Tim Reilly as its new head of electronic sales. He joined the firm as a managing director, is based in New York and reports to chief executive officer Bob Gasser.

Currently on gardening leave, Reilly will take the reins in late August, and he will be responsible for U.S. sales efforts across the Electronic Brokerage, Platforms and Analytics product groups. Reilly comes from Citigroup Global Markets in New York, where he served as head of Electronic Execution Sales and previously led the U.S. Alternative Execution Group and the U.S. Portfolio Sales Trading Desk. He started his career at Salomon Brothers in 1993.

If you’ve started a new job or received a promotion, let us know at onthemove@sourcemedia.com

KCG Holdings, the new firm birthed from Knight Capital and GETCO, has hired market pro and former Credit Suisse alum Phil Mackintosh to lead its new quantitatively-driven market commentary service for its trading clients. Mackintosh, a market professional with 20 years of experience, comes onboard as KCG’s head of trading strategy and analysis. Mackintosh comes from Credit Suisse, where he most recently was a managing director and global head of trading strategy. In his new role, he will be responsible for researching, publishing and consulting with KCG’s trading clients on topics related to transaction costs, trading strategies, market structure, ETFs and index events, among other content. He reports to Greg Tusar, co-head of global execution services and platforms.

JonesTrading also promoted Jeff Micsky, a trader within the firm since 2011, as its head of Global Derivatives. Micsky, a vet with 10 years experience, will develop the strategy for derivatives, including growth among current clients and business development to expand the client base worldwide. He leads the firm’s New York, Greenwich, San Francisco and Chicago offices, as well as in Canada. Prior to JonesTrading, he came from Credit Suisse, where he was in equity derivatives sales trading for two years. Before that, he was with hedge fund Pequot Capital and did a brief stint at Morgan Stanley. He reports to Alan Hill, the firm’s new chief executive.

Working with Emerging Brokers: How buyside firms are relying on minority and women-owned brokerages.

FNEXbrought on two salespeople: Eric Wilkinson as vice president of business development, and Marcus Relthford, vice president of business development. Wilkinson will manage business development efforts based out of Chicago and working across the Northwest and Upper Midwest. Relthford will manage business development efforts based out of Cincinnati and working across the Lower and South Midwest. Prior to joining FNEX, Wilkinson was a financial advisor with Edward Jones. Relthford served as vice president of Institutional Sales at Institutional Shareholder Services (ISS) prior to FNEX.

High-Speed Traders Face Scrutiny by Levins Senate Investigators

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Editorial Staff
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(Bloomberg) — Senate Permanent Subcommittee on Investigations Chairman Carl Levin requested information from regulators on risks posed by high-frequency trading, according to an April 11 letter obtained by Bloomberg News.

The letter was sent to the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.

Levin, a Democrat from Michigan, is seeking information ahead of hearing later this month, according to three people familiar with the matter.

Elise Bean, staff director for the subcommittee, declined to comment on the letter.

SEC Chairman Proposes new HFT Rules.

Ex-Deutsche Bank Trader Faces Record Fine on Rate Rigging

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Editorial Staff
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The Financial Conduct Authority, the U.K.s markets regulator, is seeking to fine former Deutsche Bank AG trader Christian Bittar about 10 million pounds ($17 million) for trying to rig benchmark interest rates, said a person with knowledge of the situation.

The fine would be the FCAs largest ever penalty against an individual.

The regulator notified Bittar in recent weeks that it intends to penalize him for attempting to manipulate the euro interbank offered rate, said the person, who asked not to be identified because the notice is confidential.

The FCA has said its preparing to fine at least seven other traders it didnt identify for their roles in attempting to rig the London interbank offered rate or similar benchmarks.

The planned penalty can be appealed, a process that can take years to conclude.

Bittar, who is based in Singapore and works for hedge fund Bluecrest Capital Management LLP, declined to comment on the penalty.

Deutsche Bank is cooperating in the various regulatory investigations in relation to Libor, Kathryn Hanes, a spokeswoman for the bank in London, said. She declined to comment on the fine.

Chris Hamilton, an FCA spokesman, and a representative for Bluecrest in London, declined to comment.

A Record Fine

The penalty would dwarf the $9.6 million imposed on Rameshkumar Goenka, a Dubai-based investor, for manipulating stocks in London, the regulators biggest to date. The FCA has said its preparing to fine at least seven other traders it didnt identify for their roles in trying to rig the London interbank offered rate or similar benchmarks. At least two may be fined more than one million pounds each, according to people with knowledge of the talks.

The proposed punishment speaks volumes about the regulators focus on robust deterrence, said Simon Hart, a lawyer at London-based RPC LLP who isnt involved in the case. The FCA has had a longstanding desire to target more senior individuals within regulated firms.

Bittar is able to appeal the planned penalty to the Regulatory Decisions Committee, an internal FCA advisory panel made up of industry figures including lawyers and accountants, and could turn to the courts if he loses in that bid.

Wedbush Pushes Back at Market Access Charges from SEC

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Editorial Staff
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After the Securities and Exchange Commission announced late last week that Wedbush Securities had violated stock market rules, the broker-dealer has pushed back, claiming that the regulator is adding more regulatory requirements against the firm.

The SEC has charged Wedbush and two executives with allowing firms to trade directly on exchanges with little monitoring. As Bloomberg reports: From July 2011 until at least January 2013, Los Angeles- based Wedbush allowed dozens of firms with thousands of traders to place transactions that did not flow through any Wedbush systems before reaching exchanges and other trading venues in the U.S., according to the complaint. If true, that would be a violation of rules that require broker-dealers such as Wedbush to monitor their clients buying and selling.

In a press conference last Friday, the SECs enforcement director, said that Wedbush customers had engaged in a variety of illegal acts that include wash trades and violations of short-selling rules. The traders were based both inside and outside the U.S., according to Andrew Ceresney of the SEC.

Two current and former Wedbush executives, Jeffrey Bell and Christina Fillhart, were also targeted in the complaint, reports Bloomberg.

In response, Wedbush is claiming that the SEC is adding rules and regulations. In a recent statement the brokerage said, In several respects, however, the SEC now seeks to impose additional regulatory requirements retroactively, through enforcement proceedings, without giving fair notice of its expectations in advance.


Here is the Wedbush Securities response to the SEC charges in full:

The Securities and Exchange Commission has begun an administrative proceeding against Wedbush Securities related to its market access rule which became effective in 2011. Wedbush Securities respectfully disagrees with the assertion in the SECs administrative complaint that the firms controls and procedures in this area were inadequate.

The firm believes that its risk management controls and procedures in this area were reasonably designed to achieve compliance with applicable regulatory requirements, and that they were consistent with the rules and guidance given by the SEC and its staff beginning in 2011. As this case demonstrates, the SECs market access rule continues to evolve. In fact, SEC guidance titled Responses to Frequently Asked Questions Concerning Risk Management Controls for Brokers or Dealers with Market Access was not issued until April 15, 2014. The firm continues to monitor changes to the rule and actively modifies procedures as appropriate.

In 2011, Wedbush Securities discussed its processes and controls with SEC staff before the market access rule became effective and promptly implemented the SEC staffs recommendations at the time. The firm also proactively contributed to the process through a constructive comment letter to the SEC in March 2010. In several respects, however, the SEC now seeks to impose additional regulatory requirements retroactively, through enforcement proceedings, without giving fair notice of its expectations in advance. Wedbush Securities believes this approach is unfair and fails to serve the goals of securities regulation.

This dispute arises from trading activity by certain former correspondent firms and clients that held market access accounts through Wedbush Securities Advanced Clearing Services business in 2011 and until the beginning of 2013. Wedbush Securities terminated the accounts at issue more than a year ago. The trading activity at issue did not result in any losses to any other market participants, to our knowledge, or to Wedbush Securities. Moreover, there has been no claim that the third-party trading activity at issue had an improper effect upon the securities markets.

Wedbush Securities stands behind its compliance and risk management record in its sponsored and direct market access business. The firm has a strong record of supporting clear and effective regulation in this area. Wedbush paid approximately $16 million in transaction fees to the exchanges that support such regulation, and the SEC benefited from the fees related to the business at issue.

In its 59-year history, Wedbush Securities has never previously been the subject of an SEC enforcement action, settled or otherwise. We are disappointed that the SEC has decided to bring charges against the firm and individuals in this instance, and look forward to a prompt and fair resolution of the matter.

This proceeding is wholly unrelated to the firms Capital Markets and Private Client groups and has no bearing on client financial safety. Wedbush Securities remains focused on providing innovative technologies and risk management tools and solutions to its clients.

SEC Gets High-Frequency Hug From Industry Stung by Schneiderman

By
Editorial Staff
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(Bloomberg) — Given the choice between battling criminal investigators or answering to an experienced regulator who disputes claims the stock market is broken, its no surprise who traders are cozying up to.

U.S. Securities and Exchange Commission Chairman Mary Jo White yesterday disclosed plans to bolster oversight of high- frequency traders and examine secretive private platforms known as dark pools. The announcement came almost two months after Bloomberg News reported that New York Attorney General Eric T. Schneiderman subpoenaed six firms as part of his probe into automated trading.

While Schneidermans inquiry was greeted coolly by industry executives, praise for White and the SEC was almost effusive yesterday from exchanges and high-frequency firms. White said the $23 trillion U.S. stock market isnt broken, an assessment that sits well with an industry portrayed as out of control in Michael Lewiss book Flash Boys.

I dont know what else she could say, said Sang Lee, managing partner at Boston-based research firm Aite Group LLC. Its an extremely difficult position. You are a regulator, but you also dont want to squash innovation in the marketplace. One can argue HFT is an innovation. But is it an innovation thats gone too far?

Flash Crash

Four years after the flash crash and almost a decade since SEC rule changes helped electronic traders supplant humans, the U.S. securities industry is under pressure to prove individual investors are treated fairly. The SEC plan would subject the private networks known as dark pools to more review, register proprietary firms that engage in high-frequency trading and explore whether prices are disseminated fairly to investors.

Schneiderman said on April 4 that new laws may be needed to safeguard markets. His office subpoenaed high-frequency firms including Chopper Trading LLC, Jump Trading LLC and Tower Research Capital LLC, according to a person familiar with the matter. Two weeks earlier, he said predatory behavior gave some firms an enormous and unfair advantage.

Yesterday, he said on Twitter that hes pleased to see Whites comments calling for market reforms to curb unfair advantages for HFT.

At the SEC, speed traders have faced less withering criticism from White and Gregg Berman, the Princeton-trained physicist who oversees the agencys office of analytics. Berman said in a speech in New York at the height of the furor ignited by Lewiss book in April that the debate around market structure had become too narrowly focused and myopic and that both sides deserved to be heard.

Keeping Up

In remarks on May 2 at a conference near Austin, Texas, Berman aimed a rebuttal at critics and maybe an attorney general who assume Washington regulators cant keep up with market participants.

He noted that the agency has a new surveillance system, known as Midas, that collects price data from all U.S. exchanges and that helps the SEC evaluate practices such as co-location and proprietary feeds. The agency cant be ignorant of market behavior when it is guided by such data, he said.

The SEC is aiming to bring more transparency to markets and address claims of unfair advantages held by traders that account for about half of U.S. stock executions and have been blamed for everything from the flash crash of May 2010 to market volatility during the European debt crisis.

Algorithm Oversight

Among proposals under review is a rule that would require more oversight by traders of their algorithms, formulas that automate the buying and selling of shares, White said. While White said she was wary of setting speed limits on traders, the SEC will consider options for minimizing the speed advantage that some have.

The SEC initiative detailed yesterday is a well-thought- out, very concrete, very thorough and broad pronouncement, Ari Rubenstein, chief executive officer of high-frequency trading firm Global Trading Systems LLC, said in an interview. Whats shes saying is that now that the misguided and misinformed accusations are behind us, we can focus on making the markets better for investors.

Theres common ground between White and Schneiderman. The New York attorney general has questioned whether the opaqueness of dark pools does harm to the market. White echoed that concern yesterday.

The current extent of dark trading can sometimes detract from market quality, White said in her speech yesterday. Off- exchange trading now accounts for about 40 percent of trading. Transparency has long been a hallmark of the U.S. securities markets, and I am concerned by the lack of it in these dark venues, the SEC chief added.

Dark Pools

Unlike exchanges run by Intercontinental Exchange Inc., Nasdaq OMX Group Inc. and Bats Global Markets Inc., dark pools dont publicly display bids and offers.

Speaking at the same Sandler ONeill & Partners LP event as White, the CEOs of ICE and Nasdaq, whose venues have lost market share to dark pools, both praised her announcement.

An SEC-led review of market regulations is bound to be thoughtful and well done, said Keith Ross, the CEO of Glenview, Illinois-based trading platform PDQ Enterprises LLC. Regarding Whites comments, I would guess traders thought this is something they can work with. Theres nothing draconian yet.

The SEC plans to cooperate with stock exchanges to address claims of unfairness in how order and price data reach the public. Traders using exchange-sold direct feeds get orders and prices faster than investors relying on the public ticker. Thats an area where Schneiderman sees a problem.

I was encouraged by the level of detail and by the thoughtful tone of Whites speech, said Matthew Andresen, the Chicago-based co-founder of Headlands Technologies Inc., a quantitative trading firm. This is clearly an area of great focus for the commission, and they are clearly committed to a data-driven, methodical approach to improving the markets structure.

Exchanges Say Simplicity Must Be Goal of Data-Driven Revamp

By
Editorial Staff
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(Bloomberg) — Reducing the complexity of the U.S. stock market, where electronic orders cascade among more than 50 different venues, is the most urgent goal of any effort to reform it, trading executives said.

U.S. Securities and Exchange Commission Chair Mary Jo White unveiled plans today that would subject privately owned networks known as dark pools to more review, register proprietary firms that do high-frequency trading and explore how fairly prices are disseminated to investors. Its the agencys most ambitious plan yet to rein in a market portrayed as out of control in Michael Lewiss book Flash Boys.

The markets could be much simpler, much easier to understand, and in doing so will bring more confidence to the way they operate, said Jeff Sprecher, the chief executive officer of Intercontinental Exchange Inc., which owns the New York Stock Exchange. He spoke at the same conference in New York where White revealed her proposal. Im glad that we have an SEC thats engaged.

Whites plans were mostly welcomed by executives in an industry that was blindsided in April with investigations by the New York attorney general and Federal Bureau of Investigation. They stressed that the review should be data-driven, a buzzword that is deployed by securities professionals to distinguish deliberative reviews from more populist critiques after Lewis said the stock market is rigged.

We Applaud

If all this stuff is implemented properly and their rules are done with data in mind, it would improve market quality and market stability and it could bring more retail investors into the market, Peter Nabicht of the Modern Markets Initiative, a lobbying group for high-frequency traders, said today during a phone interview. Its members include Global Trading Systems, Hudson River Trading, Quantlab Financial and Tower Research Capital. We applaud the SECs efforts.

Four years after the flash crash and almost a decade after rules were enacted that allowed electronic traders to supplant human brokers on most exchanges, the U.S. securities industry is under pressure to prove individual investors are treated fairly. Eric T. Schneiderman, the New York attorney general, said on April 4 that new laws may be needed to regulate trading.

Schneiderman said today in a posting on his Twitter account that hes pleased to see Whites comments calling for market reforms to curb unfair advantages for HFT. High- frequency traders including Chopper Trading LLC, Jump Trading LLC and Tower Research Capital LLC were subpoenaed as part of his probe of the industry, a person familiar with the matter said in April.

Myopic Debate

High-frequency traders have faced less aggressive criticism from Gregg Berman, the associate director of the SECs office of analytics and one of its top advisers on market structure. Berman said in a speech in New York on April 15 that the debate has become too narrowly focused and myopic and that both sides should be considered.

This is an extremely complex and important issue, and we agree with Chair White that any reform of the markets should be the result of a thoughtful, data-driven approach that relies on empirical data, Kenneth E. Bentsen, president and CEO of the Securities Industry and Financial Markets Association, said in a statement today.

Registering Traders

Sprechers peer at Nasdaq OMX Group Inc., Robert Greifeld, said in a statement that Whites plans underscore the importance of maintaining an environment that supports transparency, simplicity and fairness across the capital markets. Nasdaq, ICE and Bats Global Markets Inc. are the three biggest U.S. stock exchange owners.

Proprietary traders who use computers to buy and sell stocks in milliseconds would be required to register with the SEC under recommendations proposed today by White in New York. The rules would bring some HFTs under federal oversight for the first time.

High-frequency trading is a catch-all term for a diverse set of software-driven strategies that spread from U.S. equity markets to most developed countries as computer power grew and regulators tried to break the grip of centralized exchanges. While the tactics vary, they usually employ super-fast computers to post and cancel orders at rates measured in millionths of a second on markets for stocks, options, currencies and futures.

Extremely Difficult

HFTs account for about half of share volume in the U.S. Exchanges rely on them for profits as well as liquidity, with electronic market makers all but eliminating the old system of human floor traders who oversaw the buying and selling of equities. While critics such as Lewis see a Wall Street plot, proponents say the new system is faster and cheaper.

White is in an extremely difficult position, said Sang Lee, managing partner at Boston-based research firm Aite Group LLC. You are a regulator, but you also dont want to squash innovation in the marketplace. One can argue HFT is an innovation. But is it an innovation thats gone too far? Thats what theyre trying to address.

Operators of dark pools, broker-owned venues that compete with exchanges and dont publicly publish bids and offers, would have to provide the regulator with their rules for matching buyers and sellers, White said. The SEC is also preparing a rule that would require more oversight of algorithms, or software that automate buying and selling.

Like Music

The SEC proposal is music to my ears, said James Angel, a professor of finance at Georgetown University. Many, including myself, have been calling for a comprehensive review where we step back, take a breath and look at the market from top to bottom. Angel used to serve on an exchange board at Direct Edge Holdings LLC, which merged with Bats this year.

Under the plan White outlined today, stock exchanges also will come in for more scrutiny. The SEC will review the exchanges dozens of order types, which have been criticized for adding complexity with little public benefit by Sprecher.

The SEC also will work with stock exchanges to address claims of unfairness in how order and price data reach the public. Traders using exchange-sold direct feeds get orders and prices faster than investors relying on the public ticker, a gap highlighted in Lewiss book and criticized by New York-based trading-platform provider IEX Group Inc. CEO Brad Katsuyama.

I was encouraged by the level of detail and by the thoughtful tone of the speech, said Matthew Andresen, the Chicago-based co-founder of Headlands Technologies Inc., a quantitative trading firm. This is clearly an area of great focus for the commission, and they are clearly committed to a data-driven, methodical approach to improving the markets structure. The specific proposals in there sound like good policy ideas in general, and now the hard work begins to translate those into specific rules.

High-Speed Trading Rules Coming in SEC Initiative, White Says

By
Editorial Staff
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(Bloomberg) — The U.S. Securities and Exchange Commission is preparing to expand its oversight of high- frequency traders and shine more light on transactions that occur away from public exchanges, the agencys chairman said.

Proprietary traders who use automated strategies and are now exempt from SEC oversight would have to register with the agency and comply with its rules, SEC Chair Mary Jo White will say in a speech prepared for delivery in New York, according to an agency fact sheet. The SEC is developing safeguards to restrain aggressive trading that might lead to extreme price swings as other traders withdraw from the market, she said.

The new rules and other initiatives are part of an SEC plan that may address complaints about unfair practices among high- frequency traders, stock exchanges, and broker-managed venues that critics say have disadvantaged many market participants. Furor over the practices rose with the publication of Michael Lewiss book, Flash Boys, which claimed that high-speed traders routinely front-run slower-moving investors.

We have taken important steps to further strengthen the investing environment, White said in the remarks for the Sandler ONeill and Partners Global Exchange and Brokerage Conference. As we move forward to the next phase of our efforts to enhance our market structure, I am recommending additional measures to further promote market stability and fairness, enhance market transparency and disclosures and build more effective markets for smaller companies.

Trading Failures

The SEC last signaled it was weighing major changes in how stocks are traded in January 2010, when it published a paper that sought feedback on high-frequency trading, dark pools and the business practices of exchanges. Soon after, the agency turned its focus to protecting markets from automated trading failures, such as the one in May 2010 that temporarily wiped out $862 billion in market value.

Under the plan White outlined today, stock exchanges also will come in for more scrutiny. The SEC will review the exchanges dozens of order types, which have been criticized for adding complexity with little public benefit by Intercontinental Exchange Inc. Chief Executive Officer Jeffrey Sprecher, whose Atlanta-based company owns the New York Stock Exchange.

The SEC also will work with stock exchanges to address claims of unfairness in how order and price data reach the public. Traders using exchange-sold direct feeds get orders and prices faster than investors relying on the public ticker, a gap highlighted in Lewiss book and criticized by New York-based trading-platform provider IEX Group Inc. CEO Brad Katsuyama.

Dark Pools

Operators of dark pools, broker-owned venues that compete with exchanges and dont publish bids and offers, will have to provide more information about how they handle orders, White said. KCG Holdings Inc., based in Jersey City, New Jersey, and New York-based Liquidnet Holdings Inc., which both operate dark pools, have said they will publicize their dark-pool rule filings.

The regulator also will wade into the debate over how brokers route the orders of their institutional clients. The agency will develop a requirement that brokers tell investors where their stock trades go to be executed, White said. The initiative responds to complaints that routing decisions are sometimes made against a customers best interests.

The SEC still envisions examining whether its own rules have caused excessive fragmentation and complexity, White said. The agency will create a new advisory committee of investors and others to help inform its initiatives and rule changes, she said.

TECHNOLOGY: Charles River Launches Compliance as a Service

By
Editorial Staff
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Compliance can now be had in the cloud.

Charles River, a front- and middle-office investment management solution provider, launched Charles River Compliance as a Service (Charles River CaaS), a cloud-based offering for asset managers that integrates software, data, and services in a hosted environment.

The solution helps firms fulfill their investment compliance requirements, improve compliance operations, and lower overall costs with extensive compliance monitoring expertise, streamlined processes, and increased data quality, according to the firm. CaaS is designed for investment organizations that require a straightforward, economical and efficient beginning-of-day portfolio compliance solution. It also gives fund managers a holistic compliance view of internally managed, sub-advised or other outsourced funds.

“Today’s regulatory environment is increasingly complex, and many firms struggle to find and maintain the compliance knowledge and skills necessary to stay current,” said Ed Fitzpatrick, vice president, managed services at Charles River. “Our CaaS solution extends a firm’s compliance organization with an experienced Charles River team that writes and maintains the compliance system rules.”

CaaS software provides standard configurations, easy-to-use workflows and reporting that help firms resolve alerts and warnings. The offering facilitates more effective compliance monitoring and management with a comprehensive rule set based on global regulatory expertise and configured to customer requirements, with the necessary data to ensure accuracy. Trend analysis capabilities enable continuous improvement through ongoing assessment and refinement of compliance practices.

Charles River CaaS is now available in North America and will be rolled out globally later this year.

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