JACKSONVILLE, Fla. – Michael Sanchez, the founder of Sanchez Computer Associates, which was acquired three years ago by Fidelity National, reported a one-day windfall of more than $10 million when he exercised more than 280,000 options in newly restructured Fidelity National Information Services last month. Sanchez, now the chairman of the international division of FIS, reported that he exercised 283,000 options at between $7.80 and $26.78 each on Jan. 7, then sold 287,000 shares at an average of $41.20 each, netting him more than $10 million. Sanchez Computer is one of eight back-office service providers acquired by Fidelity National to form Fidelity National Information Services.
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The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
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The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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The bank-owned payments company has been developing an interoperable payments network that will allow banks to clear and settle tokenized deposit transactions. It's targeting an early 2027 launch for the network, and is working toward an atomic future thanks to bank demand.
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More states are providing funding to community development financial institutions, which are contending with hostility from the Trump administration and challenges from high interest rates.
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Chicago-based Northern Trust has started its search for a new CFO as David Fox plans to retire in March; the American Fintech Council has been appointed as an observer on the Conference of State Bank Supervisors' newly formed nonbank industry advisory; Wells Fargo has hired JPMorganChase investment banker David Harkin to advise on technology deals, and more in this week's banking news roundup.
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A proposal is meant to ensure advisors can trade client assets on a discretionary basis without triggering onerous custody requirements, while also giving them a self-custody option for crypto.
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