Most Clicked SIFMA SmartBrief Stories


1. Obama promises veto of efforts to tweak Dodd-Frank

SIFMA SmartBrief | Jan 21, 2015

President Barack Obama used his State of the Union speech to promise a veto against legislation that would undo provisions of the Dodd-Frank Act. He said he will block legislation "unraveling the new rules on Wall Street." Obama also discussed cybersecurity efforts, trade promotion authority and other issues. Read SIFMA's statement on the State of the Union. Bloomberg (01/20) Wall Street Journal (tiered subscription model), The (01/20)


2. Markets to remain open despite New York blizzard

SIFMA SmartBrief | Jan 27, 2015

Stock exchanges are unfazed by a blizzard burying much of the New York City area. The New York Stock Exchange and markets run by Nasdaq OMX Group and Bats Global Markets plan sessions today, and SIFMA has recommended that debt markets open, with CME Group's Nymex saying it plans to open. SIFMA's Emergency Command Center, which coordinates industry BCP efforts in the event of an emergency including snowstorms, is closely monitoring weather conditions in the Northeast. For updates throughout the storm, visit www.sifma.org and @SIFMA. Bloomberg (01/26) Reuters (01/26)


3. Senate banking head scrutinizes Obama's tax proposals

SIFMA SmartBrief | Jan 26, 2015

President Barack Obama's tax proposals are attacks on the middle class and will not advance in the Republican-led Congress, said Sen. Richard Shelby, R-Ala., chairman of the Senate banking committee. He specifically criticized proposals to raise the capital gains tax and putting a tax on college saving plans. Hill, The (01/25)


4. Winter storm forces DTCC to suspend some services

SIFMA SmartBrief | Jan 27, 2015

A strong winter storm in the Northeast forced Depository Trust & Clearing Corp. to suspend deposit, withdrawal and other certificate-based securities services Monday and today. DTCC, based in New York, ensures that trades are accounted for in stocks, bonds, mutual funds and derivatives. Reuters (01/26)


5. Underwriters urge SEC to overhaul antiquated, onerous disclosure rule

SIFMA SmartBrief | Jan 23, 2015

A regulation known as Rule 15c2-12 proposed by the Securities and Exchange Commission requiring greater disclosure and review of issuers' official statements could be changed to be less burdensome, bond lawyers and underwriters told the agency. "SIFMA feels that automated collection techniques or other forms of information technology can be used to reduce the burden on filers and increase the certainty that filings are made," said Leslie Norwood, co-head of municipal securities at SIFMA. Read SIFMA's comment letter. Bond Buyer (special access for readers of SIFMA SmartBrief), The (01/22)


6. FSOC to change process for SIFI designation

SIFMA SmartBrief | Jan 22, 2015

The Financial Stability Oversight Council says it will change how it determines which financial firms are systemically important. The FSOC pledged to investigate deeper, be more transparent and give companies more warning before it applies the designation. Wall Street Journal (tiered subscription model), The (01/21) Bloomberg (01/21)


7. CME sets aside 5.25% of money of bank members in default fund

SIFMA SmartBrief | Jan 21, 2015

CME Group has set aside the equivalent of 5.25% of the money its bank members have in a default fund, the world's largest derivatives market says in a white paper. JPMorgan Chase has said CME's contribution should equal 10%. Read the CME paper. Bloomberg (01/20)


8. SEC ban on S&P rating certain CMBS seen as limited

SIFMA SmartBrief | Jan 26, 2015

A Securities and Exchange Commission ban on Standard & Poor's grading of certain commercial mortgage-backed securities applies only to rating of bonds backed by loans to multiple borrowers, for which S&P rated only 9% of all deals last year. “The ban is more of a reputational hit than an economic one. The impact will be relatively constrained to nonexistent,” said Christopher Sullivan, chief investment officer at United Nations Federal Credit Union. Bloomberg (01/23)


9. SIFMA raises concerns about MSRB/FINRA Matched Trade proposal

SIFMA SmartBrief | Jan 22, 2015

SIFMA filed a comment letter on the Matched Trade proposals from the Municipal Securities Rulemaking Board and the Financial Industry Regulatory Authority in which SIFMA supports the objective to enhance bond market price transparency by disclosing more information to retail investors, but says there is a better way to accomplish the goal. SIFMA urges FINRA and the MSRB to take an approach that directs retail investors to the free pricing information available on the Trade Reporting and Compliance Engine and the Electronic Municipal Market Access website. "Unfortunately, the proposals fail to leverage the very tools that have led to unprecedented improvement in fixed income price transparency: the price dissemination systems operated by FINRA and the MSRB," said SIFMA Managing Director David Cohen. Read SIFMA's news release. Read SIFMA's comment letter. Bond Buyer (special access for readers of SIFMA SmartBrief), The (01/21)


10. Rep. Hensarling eyes 2nd try at housing-finance measure

SIFMA SmartBrief | Jan 23, 2015

House Financial Services Committee Chairman Jeb Hensarling, R-Texas, says he will again push legislation to overhaul housing finance. A measure to eliminate Fannie Mae and Freddie Mac never made it to a floor vote in the last Congress, but Hensarling says he will compromise on similar legislation. Politico Pro (subscription required) (01/22)




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