Most Clicked SIFMA SmartBrief Stories

1. Fed's Yellen warns of economic stagnation

SIFMA SmartBrief | Mar 30, 2015

Janet Yellen, head of the Federal Reserve, warned that several studies suggest the U.S. and other countries will grow more slowly than in the past due to declining technological innovation and demographic forces. "At an extreme, such developments could even amount to a type of 'secular stagnation,' in which monetary policy would need to keep real interest rates persistently quite low relative to historical norms to promote full employment and price stability, absent a highly expansive fiscal policy," she said. CNBC (03/29)

2. SEC calls for FINRA registration of prop-trading firms

SIFMA SmartBrief | Mar 26, 2015

The Securities and Exchange Commission has approved a proposal to increase oversight of high-frequency-trading firms, voting unanimously to require proprietary-trading companies to register with the Financial Industry Regulatory Authority. The SEC will gather feedback on the change, which needs approval again before going into effect. Financial Times (tiered subscription model) (03/25) Wall Street Journal (tiered subscription model), The (03/25) Reuters (03/25)

3. SIFMA's AMG says money managers, funds do not pose systemic risk

SIFMA SmartBrief | Mar 26, 2015

SIFMA's Asset Management Group and the Investment Adviser Association are encouraging the Financial Stability Oversight Council against designating money managers and their funds as systemically important financial institutions. "It is imperative that policymakers recognize that the business structure of an asset manager and the funds they manage is fundamentally different from a commercial bank, does not present systemic risk, and as such should not be subject to SIFI designation," Timothy Cameron, managing director and head of SIFMA's AMG, and IAA President and CEO Karen Barr wrote in a letter. The groups are urging FSOC to defer to the Securities and Exchange Commission. Read SIFMA's news release. Read the comment letter. Pensions & Investments (free access for SmartBrief readers) (03/25)

4. Citadel Securities reportedly closing Apogee dark pool

SIFMA SmartBrief | Mar 30, 2015

Citadel Securities plans to shift its focus to Citadel Connect, an off-exchange trading platform, as it prepares to close its Apogee dark pool, sources say. Reuters (03/27) New York Times (tiered subscription model), The (03/27) Wall Street Journal (tiered subscription model), The (03/27)

5. Broker advocates call PIABA's findings flawed

SIFMA SmartBrief | Mar 27, 2015

The Public Investors Arbitration Bar Association recently released a report claiming that the advertising and marketing materials of nine major brokerages often imply they put clients' interests ahead of their own. However, they often claim during arbitration that they are not subject to a fiduciary standard. PIABA's conclusions are flawed, according to broker advocates. "It's curious why PIABA would see something nefarious in how brokers defend themselves in arbitration," said Kevin Carroll, associate general counsel for SIFMA. (U.S.) (03/25)

6. Higher Q1 trading revenue expected for banks

SIFMA SmartBrief | Mar 27, 2015

Banks' trading revenue in the first quarter is expected to have improved as volume rose for interest-rate products, bonds, commodities and currencies. The average daily trading volume for all U.S. bonds increased 10.6%, according to data from SIFMA. See SIFMA's statistics and data. Wall Street Journal (tiered subscription model), The (03/26)

7. Municipal bond volume increased in March

SIFMA SmartBrief | Apr 01, 2015

Low interest rates led to a surge in municipal bond volume in March, leading to the highest first-quarter issuance since 2010 as issuers sought to capitalize on low interest costs. "Refundings are the primary reason why issuance is so high," said Jim Grabovac of McDonnell Investment Management. "There is sharp contrast with the first quarter of this year and the first quarter of last year. The start we have had so far is much more robust than most analysts anticipated." Bond Buyer (free content), The (03/31)

8. Rate for borrowing, lending Treasurys climbs

SIFMA SmartBrief | Apr 01, 2015

Banks are shoring up balance sheets by curbing collateral lending, contributing to an increase in the rate for borrowing and lending Treasurys. Borrowers paid more for financing at the end of the first quarter. Bloomberg (03/31)

9. Goldman emerges as top commodities bank

SIFMA SmartBrief | Mar 30, 2015

Goldman Sachs Group became the top commodities bank last year, analytics firm Coalition says. Goldman passed JPMorgan Chase, which sold its physical commodities business for $3.5 billion. Reuters (03/27)

10. Secondary liens on home mortgages before Supreme Court

SIFMA SmartBrief | Mar 31, 2015

The Supreme Court is considering a couple of lawsuits involving residential mortgages with secondary liens. SIFMA and other groups back plaintiff Bank of America in the cases, which involve Florida homeowners whose loans were under water and their second mortgages were voided in Chapter 7 bankruptcies. National Mortgage News (03/30)

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