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. End to cap on Swiss franc's value spills over to brokers, banks

SIFMA SmartBrief | Jan 20, 2015

The Swiss National Bank's decision to lift a cap on the franc's value has threatened the solvency of currency brokers, particularly those that do not fall under the jurisdiction of banking regulations. In addition, volatility turned in losses at international banks that trade in currencies. Wall Street Journal (tiered subscription model), The (01/16) Reuters (01/19) Financial Times (tiered subscription model) (01/19)

3. Obama bank-tax proposal would stall growth, SIFMA says

SIFMA SmartBrief | Jan 20, 2015

President Barack Obama's proposed tax on financial firms to raise $110 billion over the next decade could stunt economic growth and bank loans, SIFMA said in a statement. Obama's plan, which he's expected to detail in his State of the Union speech today, would impose a fee on the liabilities of the biggest banks, investment firms and insurers. "The tax code is not the place for a broad, new and duplicative financial regulatory regime," SIFMA President and CEO Kenneth E. Bentsen Jr. said in a statement. The "targeted tax increase on America's most productive financial institutions could have far-reaching, unintended consequences that will curtail economic growth." Read SIFMA's statement. Hill, The (01/19) Bloomberg (01/18)

4. Money managers reportedly to start dark pool

SIFMA SmartBrief | Jan 20, 2015

A group of nine money managers is about to start a venture buying and selling stock without Wall Street firms and high-speed traders, sources say. Led by Fidelity Investments, the group that includes BlackRock, Bank of New York Mellon, JPMorgan Chase and T. Rowe Price Group will establish a dark pool, the sources say. Financial Times (tiered subscription model) (01/19) Reuters (01/19) Wall Street Journal (tiered subscription model), The (01/19)

5. Former S&P executive sues SEC

SIFMA SmartBrief | Jan 20, 2015

Barbara Duka, a former Standard & Poor's executive, is taking the Securities and Exchange Commission to court, challenging the agency's effort to prosecute her in administrative proceedings instead of in public court. The matter involves credit ratings of commercial mortgage-backed securities. Reuters (01/16) Bloomberg (01/16)

6. 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)

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. 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)

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. SIFMA welcomes Obama's muni-bond plan

SIFMA SmartBrief | Jan 20, 2015

President Barack Obama is proposing a tax-exempt municipal bond with fewer restrictions than private activity bonds to help finance infrastructure projects. Michael Decker, SIFMA's managing director and co-head of municipal securities, said the proposed bonds would "hopefully open the door for new financing structures." Bond Buyer (free content), The (01/16) Bloomberg (01/16)

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