Senate tax bill provision could hit small investors | SIFMA roundtable foresees minimal growth from tax bill | GOP tax bill could hurt N.Y. financial industry, execs say
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December 11, 2017
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Senate tax bill provision could hit small investors
The Senate tax bill's first-in, first-out provision could increase taxes for many small investors. Forty-one House Republicans raised concerns about the provision with Senate leaders, saying in a letter that it would mean a "massive, fundamental change that inhibits investor autonomy."
The Wall Street Journal (tiered subscription model) (12/11) 
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Industry News
SIFMA roundtable foresees minimal growth from tax bill
Congress' proposed tax cuts will have little to no effect on US economic growth, say 80% of the 25 economists that make up SIFMA's Economic Advisory Roundtable. The respondents to SIFMA's economic outlook survey were less united on the number of interest-rate increases in 2018: 41% expect three, 38% expect two and 17% expect four. Read more about the SIFMA economic outlook.
ThinkAdvisor (free registration) (12/8) 
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GOP tax bill could hurt N.Y. financial industry, execs say
Republican tax legislation could damage New York's financial industry by prompting bank executives and fund managers to leave the state, Wall Street executives said.
Financial Times (tiered subscription model) (12/10) 
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Bitcoin futures spike, trip circuit breakers
Contract prices shot up more than 20% hours after Cboe Global Markets opened trading of bitcoin futures, triggering circuit breakers that temporarily shut down trading to manage volatility. Dealers say they were handling bigger volumes than expected.
Bloomberg (free registration) (12/11),  Reuters (12/11),  The Guardian (London)/The Associated Press (12/10),  The Wall Street Journal (tiered subscription model) (12/11) 
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BlackRock exec bullish on short-term Treasurys
Two-year Treasurys, yielding approximately 1.8%, are an attractive investment despite a flattening yield curve, says BlackRock's Rick Rieder. While many on Wall Street are avoiding short-dated Treasurys, expecting only one rate hike in 2018, Rieder -- who expects three rate hikes next year -- sees an opportunity in the front end of the curve.
Bloomberg (free registration) (12/10) 
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BlackRock: Explore the 2017 Guide to Bond ETFs
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Washington Roundup
Trump plans Jan. infrastructure proposal
Trump plans Jan. infrastructure proposal
Trump (Joe Raedle/Getty Images)
President Donald Trump plans to release a detailed document of principles outlining his infrastructure plan before the State of the Union address Jan. 30, a senior administration official said. Advocates for an infrastructure bill fear an increased deficit resulting from the tax bill would make funding infrastructure projects next year difficult.
Bloomberg (free registration) (12/8),  The Wall Street Journal (tiered subscription model) (12/10) 
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FINRA considers overhauling expungement procedures
The Financial Industry Regulatory Authority is inviting comments on a series of changes in how it handles expungement requests. Among the proposals is the creation of a roster of arbitrators with additional training and specific backgrounds or experience to act on brokers' expungement requests.
ThinkAdvisor (free registration) (12/8),  InvestmentNews (tiered subscription model) (12/8) 
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SEC push for liquidity transparency challenges industry
Industry participants worry they will not be ready to implement the Securities and Exchange Commission's Rule 22e-4, which requires investment companies to assign assets to one of four liquidity buckets, by December 2018. "It comes down to data as the real pain point, in terms of figuring out the nitty-gritty details of what buckets what positions should be in," said Matt Grinnell of Fidessa.
Traders online (12/11) 
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Michael to head SEC complex-instruments unit
Daniel Michael has been selected chief of the Enforcement Division's Complex Financial Instruments Unit at the Securities and Exchange Commission. He has been an assistant director in the SEC's New York office since 2014.
ThinkAdvisor (free registration) (12/8) 
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Markets await Fed's 2018 rate guidance
Markets await Fed's 2018 rate guidance
Powell (Alex Wong/Getty Images)
The Federal Reserve is widely expected to increase interest rates this week, making any forward guidance for 2018 more critical than the increase itself. Jerome Powell, who has been nominated chairman, has said the economy has space to run before heating up, indicating he would lead the Fed in a more dovish direction.
Reuters (12/11),  Business Insider (12/11),  Financial Times (tiered subscription model) (12/10) 
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SIFMA News
Early Bird Rates End Jan. 12: Insurance & Risk-Linked Securities Conference, March 4-6
SIFMA's IRLS Conference, to be held March 4-6 in Miami, will bring together thought leaders to share viewpoints and possible reactions in the market relating to pricing, issuance volumes and depth of investor funds, among other factors, especially in the wake of the 2017 hurricane season -- the most active in over a decade. Preview the program and join the industry discussion on the numerous factors reshaping the insurance and ILS markets.
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A Modern Approach to Capital Formation is Key to Economic Growth
America's capital markets are the deepest and most liquid in the world. But, we've seen a troubling stagnation and sometimes decline in the number of public companies at a time when our economic recovery remains subpar. Is there a correlation? Congress and the Securities and Exchange Commission should review financial regulations with an eye to increasing businesses' and investors' access to capital markets in order to foster economic growth in the U.S., particularly small and mid-sized business.
SIFMA (11/8) 
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