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. Greek voters resoundingly reject rescue criteria

SIFMA SmartBrief | Jul 06, 2015

Greeks voted overwhelmingly against accepting international creditors' bailout terms. Prime Minister Alexis Tsipras said he was open to resuming negotiations with lenders. However, it wasn't clear how European leaders would respond. German Chancellor Angela Merkel and French President Francois Hollande have called for an EU summit Tuesday to deal with the matter. Bloomberg View (07/05) Deutsche Welle (Germany) (07/06) The New York Times (tiered subscription model) (07/05) Kathimerini (Greece) (07/06)

3. 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)

4. 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)

5. 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)

6. 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)

7. 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)

8. U.S. stocks plunge amid Greece's woes

SIFMA SmartBrief | Jun 30, 2015

The Dow Jones industrial average, Standard & Poor's 500 index and Nasdaq declined Monday amid heavy trading as fears mounted that Greece could default on its debt and exit the eurozone. European and Asian markets also declined. "This is going to get quite messy between now and the weekend," said Kevin Caron, a portfolio manager and market strategist at Stifel Nicolaus. "There was an expectation that something would break positively at the last minute, but it appears it's going to be a little messier than that." Reuters (06/29) USA Today (06/29) Bloomberg (06/29) CNN (06/29)

9. Report: Shadow banks helped by traditional lenders

SIFMA SmartBrief | Jul 01, 2015

Loans by traditional banks to financial companies with deposits not backed by the government, known as shadow banks, increased more than 230% over the previous three years, according to a report by the Office of the Comptroller of the Currency. In addition, Fannie Mae and Freddie Mac have charged small lenders that often are nonbanks smaller fees to guarantee loans, according to another report. Bloomberg (06/30)

10. "Flash crash" continues to stymie regulators

SIFMA SmartBrief | Jul 01, 2015

The Securities and Exchange Commission launched the Equity Markets Structure Advisory Committee in mid-May to discuss the "flash crash" of May 2010 and try to determine what caused the incident and what can be done to prevent a repeat. Regulators have come up with possible causes, but critics have been quick to dismiss them. MarketWatch (06/30)

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