Most Clicked SIFMA SmartBrief Stories

1. FINRA returns $20M to brokerages in rebates

SIFMA SmartBrief | Jun 30, 2015

The Financial Industry Regulatory Authority gave back $20 million in rebates to brokerage firms last year. The industry-funded watchdog posted $997 million in net revenue, up from $901 million in 2013, and profit of $120 million. Reuters (06/29)

2. Greece shutters banks, implements other capital controls

SIFMA SmartBrief | Jun 29, 2015

The Greek government has imposed capital controls, including closure of banks and the stock market, after the European Central Bank refused to increase emergency liquidity that has prevented the financial system from collapse. A referendum Sunday will decide whether Greece accepts an offer from international creditors, Prime Minister Alexis Tsipras says. The New York Times (tiered subscription model) (06/28) Kathimerini (Greece) (06/28) (France) (06/28)

3. Morgan Stanley seeks to ramp up bond trading

SIFMA SmartBrief | Jun 29, 2015

Increased bond trading is a key goal of Morgan Stanley, which lost billions of dollars as a result of the financial crisis. The company is seeking a greater portion of Wall Street's $100 billion in yearly revenue from fixed-income trading, but risks alienating investors and analysts who have favored its less-risky business. The Wall Street Journal (tiered subscription model) (06/28)

4. Court: Banks aren't customers with special protection in repo deals

SIFMA SmartBrief | Jun 30, 2015

Banks in repurchase agreements with brokerages are not customers with special legal protections when the brokerages fail, a federal appeals court ruled Monday. The decision may let James Giddens, the trustee liquidating the brokerage unit of Lehman Brothers Holdings, distribute more money to unsecured creditors. Reuters (06/29)

5. SEC advances clawback proposal for execs

SIFMA SmartBrief | Jul 02, 2015

The Securities and Exchange Commission has backed a proposal to require top executives to return performance-based bonuses and other incentives if financial results are restated because of errors. The clawback rule is subject to public comment and a second vote before taking effect. The plan aims to implement the Dodd-Frank Act's "objective to recover funds that should not have been paid out in the first place," SEC member Kara Stein said. The New York Times (tiered subscription model) (07/01) The Wall Street Journal (tiered subscription model) (07/01) Reuters (07/01)

6. JPMorgan creates role amid prime brokerage reshuffle

SIFMA SmartBrief | Jun 29, 2015

The Wall Street Journal (tiered subscription model) (06/19)

7. Citigroup emerges as biggest U.S. derivatives dealer

SIFMA SmartBrief | Jun 30, 2015

At the end of March, Citigroup held $56.6 trillion in derivatives contracts to become the largest U.S. derivatives dealer, according to data released Monday by the Office of the Comptroller of the Currency. Citigroup surpassed JPMorgan Chase, which held $56.2 trillion in derivatives contracts. Bloomberg (06/29)

8. Goldman and Morgan Stanley CEOs steer firms in opposite directions

SIFMA SmartBrief | Jun 29, 2015

Bloomberg (06/23)

9. Greece officially defaults on IMF loan

SIFMA SmartBrief | Jul 01, 2015

The International Monetary Fund has confirmed Greece failed to make a €1.55 billion payment due Tuesday. Spokesman Gerry Rice says the IMF board has been told Greece is in arrears. Concerns about fallout from a Greek default have rattled financial markets for days. Bloomberg (06/30) CNN (06/30) Reuters (07/01) The New York Times (tiered subscription model) (06/30)

10. Swaps loophole becomes CFTC target

SIFMA SmartBrief | Jun 30, 2015

The Commodity Futures Trading Commission has proposed a margin rule for uncleared swaps for U.S. banks' overseas divisions. The move is intended to close a loophole in which U.S. banks avoid tough rules by shifting swaps business abroad. "I think the rule today is a proper response to the concern that offshore swaps can result in risk flowing back into this country, whether or not they are guaranteed," CFTC Chairman Timothy Massad said. Reuters (06/29) Bloomberg Professional (07/01) The Wall Street Journal (tiered subscription model) (06/29) (subscription required) (06/30)

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