Most Clicked SIFMA SmartBrief Stories

1. Labor not listening to fiduciary comments, SEC official says

SIFMA SmartBrief | Jul 27, 2015

Securities and Exchange Commission member Daniel Gallagher doubts the U.S. Department of Labor is listening to public comment about its proposed fiduciary rule, he says in a letter to Labor Secretary Thomas Perez. "It is clear to me that the [department] rulemaking is a fait accompli and that the comment process is merely perfunctory. ... I am convinced that the rule, when finalized, will harm investors and the U.S. capital markets," Gallagher wrote. Visit SIFMA's DOL Fiduciary Standard Resource Center. (07/23)

2. Financial firms struggle with cyberthreats

SIFMA SmartBrief | Jul 30, 2015

Financial institutions are a primary target for cyberattacks, and the industry is spending hundreds of millions of dollars on security. But executives still fear that hackers can exploit vulnerabilities. Visit SIFMA’s Cybersecurity Resource Center. Financial Times (tiered subscription model) (07/28)

3. Major banks face class-action suit over Treasurys

SIFMA SmartBrief | Jul 27, 2015

A class-action lawsuit alleging conspiracy to manipulate Treasury prices was filed Thursday in U.S. District Court in New York against 22 banks by Boston's municipal pension fund and other investors. According to the complaint, the banks swapped information and coordinated strategies. CNBC (07/24) Boston Herald (07/25)

4. Corporate bond liquidity affected by cornered market

SIFMA SmartBrief | Jul 30, 2015

One cause of tight liquidity in the corporate fixed income market is that several big players have cornered parts of the market. Major investors have the capital to take big positions, influence terms of debt deals and make sizable profits. Bloomberg (07/29)

5. Obama, Labor face lawmaker pressure to start over on fiduciary rule

SIFMA SmartBrief | Jul 28, 2015

Four lawmakers are pressuring President Barack Obama and the Department of Labor to start fresh on a proposed fiduciary standard for financial professionals who provide retirement advice. "We ask that you join our letter to the Department of Labor asking for a re-proposal on their fiduciary rule-making, in order to ensure that there are no unintended consequences in enforcing a best interest standard that could negatively impact millions of low- and middle-income investors," according to a letter from Reps. David Scott, D-Ga.; Lacy Clay, D-Mo.; Ann Wagner, R-Mo.; and Andy Barr, R-Ky. The Hill (07/27)

6. House committee tells Labor to drop fiduciary proposal

SIFMA SmartBrief | Jul 24, 2015

Republicans on the House Education and the Workforce Committee said in a letter to U.S. Labor Secretary Thomas Perez that his agency should withdraw its proposed fiduciary standard. Lawmakers said they are concerned that the proposal would cut off financial advice needed by small-business owners and families with modest resources. The Labor Department has limited time to complete the rule. Pensions & Investments (free access for SmartBrief readers) (07/23)

7. Basel Committee, IOSCO publish criteria for assessing ABS risks

SIFMA SmartBrief | Jul 24, 2015

The Basel Committee on Banking Supervision and the International Organization of Securities Commissions have released criteria showing that asset-backed securities should pool similar assets to be labeled "simple, transparent and comparable." Bloomberg Brief (07/24)

8. BofA's Harris discusses commodities, economy, Fed policy

SIFMA SmartBrief | Jul 29, 2015

Ethan Harris, Bank of America's co-head of global economics research and chairman of SIFMA's Economic Advisory Roundtable, offers insight into the Federal Reserve's next moves and the performance of the commodities markets. Harris also said the U.S. economy is "doing fine." Bloomberg (07/28)

9. Fed mistakenly publishes interest-rate forecast

SIFMA SmartBrief | Jul 27, 2015

The Federal Reserve inadvertently published a forecast by staff economists showing they expect a quarter-point increase in interest rates this year. Fed officials blamed staff-level procedural errors. The matter has raised questions about the Fed's ability to keep information confidential. The Wall Street Journal (tiered subscription model) (07/24) Reuters (07/24)

10. Experts raise concerns about Fed's muni-bond proposal

SIFMA SmartBrief | Jul 28, 2015

Market participants are raising concerns about the Federal Reserve's proposed changes to its Liquidity Risk Measurement Standards that would allow for some municipal bonds to be considered high-quality liquid assets in the liquidity coverage ratio of financial institutions. One concern is that the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have not followed the Fed's lead. "We are seriously concerned that this amendment was not also jointly proposed by the OCC and FDIC," according to a letter from SIFMA. View SIFMA's comment letter. The Bond Buyer (free content) (07/27)

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