Fed aims to improve transparency of bank stress tests | Gross: Fed to approach rate hikes cautiously | NYSE might topple HKEx as top listing spot
December 8, 2017
SIFMA SmartBrief
News on the capital markets
Morning Bell
Fed aims to improve transparency of bank stress tests
The Federal Reserve has proposed changing annual stress tests to provide banks more information on how their portfolios might fare during market shocks. "This enhanced transparency will bolster the credibility of our stress tests and help the public better evaluate the results," said Randal Quarles, vice chairman for supervision.
Reuters (12/7),  American Banker online (free content) (12/7),  Financial Times (tiered subscription model) (12/7) 
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BlackRock: Explore the 2017 Guide to Bond ETFs
Access the all-new digital guide to learn about trends in institutional bond ETF adoption, to discover the benefits of bond ETFs and common applications, and to explore case studies, analytical tools, resources and more.
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Industry News
Gross: Fed to approach rate hikes cautiously
The Federal Reserve is likely to approach interest-rate increases cautiously in 2018 as the environment makes a policy misstep costly, said Bill Gross of Janus Henderson Investors. "Should a crisis arise because of policy mistakes, geopolitical crises, or other currently unforeseen risks, the ability to protect principal will be impaired relative to history," Gross wrote in an investment note.
Bloomberg (free registration) (12/7) 
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NYSE might topple HKEx as top listing spot
The New York Stock Exchange is on track to become the top listing venue in the world, overtaking the Stock Exchange of Hong Kong, which has led for two years.
Financial Times (tiered subscription model) (12/7) 
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Libor use possible after 2021, experts say
The London Interbank Offered Rate might still be used as a benchmark after 2021, when the UK Financial Conduct Authority stops regulating it, market participants say. ICE Benchmark Administration is committed to helping Libor evolve "so it has a future after 2021," President Tim Bowler says.
Futures & Options World (subscription required) (12/7) 
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Fed: Muni market volume down in Q3
A quarterly report from the Federal Reserve found that the US municipal bond market dropped from $3.827 trillion in the second quarter to $3.803 trillion in the third quarter. About $1.562 trillion was held by retail investors.
Reuters (12/7) 
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2018 Top 5 Compliance Investments
The need for agility and alignment between compliance, operations and strategy, along with continued refinement of regulatory requirements and expectations, reinforce the need for organizations to continuously improve their compliance activities. In the future, integration and automation of compliance activities is an imperative.
Read more.
Washington Roundup
Hensarling lauds Senate work on Dodd-Frank regulatory rebalancing
Hensarling lauds Senate work on Dodd-Frank regulatory rebalancing
Hensarling (Zach Gibson/Getty Images)
While hesitant to compromise on Dodd-Frank Act reform, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, has applauded the Senate on a bipartisan regulatory-relief bill. "It's been a while since we've seen progress on these issues out of the Senate, so I salute Sen. [Mike] Crapo on his work, and I'm anxious to see what he can get passed on the Senate floor," Hensarling said of the Idaho Republican.
Bloomberg BNA (free content) (12/6) 
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CFTC plans monitoring of bitcoin futures
Commodity Futures Trading Commission Chairman J. Christopher Giancarlo plans to assign staff from the divisions of enforcement, swaps dealer and intermediary oversight, and clearing and risk to monitor bitcoin futures trading. "There will be no reduction of responsibilities for our market-oversight and enforcement teams in order to account for this new responsibility," Giancarlo said.
MLex (subscription required) (12/6) 
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FINRA: Broker-dealers must address access management
While broker-dealers have made great strides in establishing written policies and procedures for protecting investor information during the past two years, cybersecurity remains a major threat, the Financial Industry Regulatory Authority reported. Firms are still vulnerable to phishing and ransomware attacks and must address access management by implementing systems to log, monitor and supervise employee activity to better detect anomalies, FINRA said.
InvestmentNews (tiered subscription model) (12/7) 
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Explore Bond Market Trends with SIFMA's Data Visualization
Explore trends in the bond markets across various time series and dive into multiple asset classes. Download distinct datasets and corresponding JPG files.
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Global Update
Basel Committee reaches agreement on capital rules
Basel Committee reaches agreement on capital rules
Draghi (Hannelore Foerster/Getty Images)
The Group of Central Bank Governors and Heads of Supervision, which oversees the Basel Committee on Banking Supervision, has approved a final Basel III framework agreement. "The package of reforms endorsed by the GHOS now completes the global reform of the regulatory framework, which began following the onset of the financial crisis," said European Central Bank President and GHOS Chairman Mario Draghi. Read GFMA's statement.
Bloomberg (free registration) (12/7),  Politico Pro (subscription required) (12/7),  The Wall Street Journal (tiered subscription model) (12/7) 
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Early-Bird Rates Available: Insurance- and Risk-Linked Securities Conference, March 4-6
The 2017 hurricane season was the most active in more than a decade, with three Category 4 storms making landfall in the US in one season for the first time on record. The SIFMA Insurance- and Risk-Linked Securities (IRLS) Conference, March 4-6, 2018, will bring together thought leaders in this space to share viewpoints on this extreme activity. Other program topics include the future of flood insurance, progression of cyber coverage, the many facets of Insurtech, international aid and public finance, secondary market liquidity and more. Register today!
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From Potential to Impact: How Fintech is Changing Operations
Developments in fintech are driving new efficiencies, enabling firms to streamline their operations, redefine their processes and transform the customer experience through innovation. According to PwC's 2017 Fintech Report, 82% of firms in the industry expect to increase fintech partnerships in the next three to five years to innovate and integrate emerging technology into a production system or process. A panel of experts at The Capital Markets Conference discussed the leaps in operational processes and what's next for blockchain, artificial intelligence and more.
SIFMA (11/20) 
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Dwight D. Eisenhower,
34th US president
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