Jay Clayton, President Donald Trump's nominee to be chairman of the Securities and Exchange Commission, said the Dodd-Frank Act should be looked at to see if its objectives are being achieved, but he doesn't have "specific plans for attack" against the law. The SEC should continue its work on rules mandated by Dodd-Frank that haven't yet been completed, he said.
5 Step Guide to Text Messaging Compliance Text messaging is the largest gap in compliance facing financial companies today. Use this five-step guide to learn how to build a text messaging compliance program that enables your firm to use text messages—without the risk.
US investor optimism is at the highest level since November 2000, at the end of the tech boom, according to the Wells Fargo/Gallup Investor and Retirement Optimism Index. The benchmark is at 126 for the first quarter, a 30-point increase from Q4's reading.
Global bond exchange-traded funds have experienced their first outflow of 2017 as a net $800 million left in the week that ended March 8. The last time the asset class saw outflow was right after the election of President Donald Trump.
US prosecutors are investigating whether North Korea orchestrated the theft of $81 million from a Bangladeshi account at the Federal Reserve Bank of New York, sources say. Chinese middlemen reportedly will be the target if charges are filed.
The US would make a big mistake by taking the Dodd-Frank Act completely off the books, but that doesn't mean the law couldn't be improved, according to a paper by Tobias Adrian and Maurice Obstfeld, chief economist for the International Monetary Fund. "There is certainly room for simplification," they wrote.
The derivatives industry needs guidance from the Commodity Futures Trading Commission on how to address conflicts of interest that confront swap-execution facilities, said CFTC member Sharon Bowen. The issue is one of several that will be addressed in a corporate-governance proposal that Bowen plans to submit this year to acting Chairman J. Christopher Giancarlo, she said.
The president of the Federal Reserve Bank of Dallas has called for mortgage-backed securities and Treasurys to be rolled off as the central bank prepares to streamline its balance sheet. A clear strategy should be formulated to roll off both securities with minimal disruption, Robert Kaplan says.
The Securities and Exchange Commission's money market rules are achieving their objectives, according to a Federal Reserve Bank of New York report. The rules dictate that prime institutional money market funds, which invest in short-term corporate debt, and institutional municipal money market funds could no longer maintain a consistent $1 share price but must fluctuate to reflect the true value of underlying holdings.
The New York Stock Exchange has urged the Securities and Exchange Commission to reject a Chicago Stock Exchange proposal to introduce a trading speed bump, despite having made a similar application for its own venue. NYSE said in a letter to the SEC that the CHX speed bump would contravene the national market system regulation.
The December 2017 compliance deadline for FINRA's margin collection requirements for TBAs and other Agency MBS is fast approaching. Join SIFMA for a Securitization Spotlight Session on April 19 to review how critical aspects of the rule are affecting business almost a year into the implementation process. Stay tuned for program announcements!
SIFMA is excited to announce a new resource from SIFMA Research, Capital Markets in Your State. View and download state-by-state data on corporate, equity and municipal issuance; top public companies; securities industry employment; and more. We invite you to explore this interactive database to find the companies and municipalities in your state that are accessing the capital markets to drive economic growth.