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) EuroNews.com (France) (06/28)


3. Senate panel OKs measure to leave Labor fiduciary rule unfunded

SIFMA SmartBrief | Jun 26, 2015

A spending bill passed by the Senate Appropriations Committee would prohibit funding for the U.S. Labor Department to complete and implement a fiduciary standard for financial professionals who give retirement advice. All Democrats opposed in the 16-14 vote. Pensions & Investments (free access for SmartBrief readers) (06/25)


4. SEC member faults charges against compliance heads

SIFMA SmartBrief | Jun 25, 2015

The Securities and Exchange Commission has brought a couple of enforcement actions against chief compliance officers, prompting concerns about unintended consequences. Daniel Gallagher, a member of the SEC, said the agency is indicating that compliance officers "should not take ownership of their firm’s compliance policies and procedures, lest they be held accountable for conduct that ... is the responsibility of the adviser itself." The Wall Street Journal (tiered subscription model) (06/24)


5. 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)


6. State laws complicate brokerages' dealings with older clients

SIFMA SmartBrief | Jun 25, 2015

Missouri, Delaware and Washington have passed laws that protect brokerages if the firms delay some transactions for older clients when financial abuse or fraud is suspected. The powers can complicate brokerages' efforts involving older investors. The process of changing the laws state by state also presents challenges. SIFMA would prefer legislation on a federal level, said Lisa Bleier, associate general counsel for the association. Read SIFMA's statement in support of Missouri's law. The Wall Street Journal (tiered subscription model) (06/24)


7. FINRA studies possible overcharging of mutual fund investors

SIFMA SmartBrief | Jun 25, 2015

The Financial Industry Regulatory Authority is investigating allegations that brokerages have overcharged investors in mutual funds. Reuters (06/23)


8. 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)


9. JPMorgan creates role amid prime brokerage reshuffle

SIFMA SmartBrief | Jun 29, 2015

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


10. 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)




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