Laserfiche, the document management company, introduced PhotoDocs, a new document capture system, at the Financial Planning Association's National Conference in Anaheim. PhotoDocs, bundled with Laserfiche 8, allows for document capture using a digital camera rather than a scanner to produce readable optical character recognition (OCR) text from digital camera images, particularly those of documents that are difficult to scan, such as book pages…
Fidelity's National Financial has debuted its Bank Deposit Sweep Program, which enhances its existing single-bank sweep program by offering its affiliated broker/dealers the opportunity to sweep cash in customers' eligible brokerage accounts into interest-bearing, FDIC-insured bank accounts at up to eight different banks. The Sweep Progam also offers tiered interest rates and consolidated statements. Commonwealth Financial Network is the first independent B/D to make the new sweep program available to its end clients…
On October 15, the House Financial Services Committee approved by a vote of 43-26 legislation that would, for the first time ever, require the comprehensive regulation of the over-the-counter (OTC) derivatives marketplace. Under the bill, all standardized swap transactions between dealers and large market participants, referred to as "major swap participants," would have to be cleared and must be traded on an exchange or electronic platform…
