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December 4, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • SIFMA's Ryan urges regulators to ensure rules work together
    Tim Ryan, president and CEO of SIFMA, says regulators are moving in the right direction on a number of fronts, including the creation of the Financial Stability Oversight Council. However, Ryan encourages the FSOC to take a stronger leadership role to ensure coordination of regulations being written by various agencies, including the Commodity Futures Trading Commission and the Securities and Exchange Commission. International Financial Law Review (11/2012) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Fitch scrutinizes muni bonds and banks' revenue disclosures
    U.S. municipal bonds, a big draw for investors, may be due for a downgrade soon by Fitch Ratings, which notes that local governments remain under stress. Meanwhile, the rating agency is calling on Wall Street banks to provide investors with more data about their trading revenue. "U.S. banks' public disclosure of capital markets revenue is insufficient to allow investors and counterparties to make a proper assessment of the impact upcoming regulatory changes will have on firms' future profitability, capital adequacy and competitive position," Joseph Scott and Bill Warlick, both of Fitch, wrote in a report. Financial Times (tiered subscription model) (12/3), Bloomberg (12/3) LinkedInFacebookTwitterEmail this Story
  • Exchanges and FINRA seek more time on consolidated audit trail
    The Financial Industry Regulatory Authority and stock and options market operators are planning to request more time from the Securities and Exchange Commission for submitting a plan for a consolidated audit trail. The exchanges and FINRA are supposed to submit the plan in April 2013, but they want to delay the deadline to December. "The delays that are being asked for are valid since it is a heavy lift with a lot of nuances and moving parts," said Edward Boyle, a former Getco executive. "If we don't allow the time for all participants to be ready, it will fall short and likely never be done properly." Learn more at SIFMA's Consolidated Audit Trail Resource Center. Bloomberg (12/3) LinkedInFacebookTwitterEmail this Story
  • Banks look again to derivatives market
    Derivatives-product companies might be due for a post-crisis comeback as several banks broach the possibility of opening up such units with lawyers and credit rating agencies. Roger Merritt, a Fitch Ratings managing director, says the firm is talking to several banks in Europe and the U.S. about reviving the sector. (subscription required) (12/3) LinkedInFacebookTwitterEmail this Story
  • Appeals court sides with credit rating agencies
    The 6th U.S. Court of Appeals in Ohio on Monday upheld the dismissal of litigation against the big three credit rating agencies. Five Ohio pension funds sought to get back millions of dollars lost on mortgages that went bad, claiming that the ratings by Moody's Investors Service, Fitch Ratings and Standard & Poor's were faulty on those mortgage investments. Reuters (12/3) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • SEC plans to move forward on fiduciary standard
    Creating a uniform fiduciary rule for financial advisers and brokers is a high priority next year for the Securities and Exchange Commission, the regulator says. The SEC's next chairman, Elisse Walter, is a longtime supporter of harmonizing rules that govern financial advisers and broker-dealers. AdvisorOne (12/3) LinkedInFacebookTwitterEmail this Story
  • Fed unsatisfied with how lenders are handling low rates
    Federal Reserve policymakers want to know why lenders are benefiting from low rates, but the breaks aren't filtering down to home buyers. Since the Fed targeted the U.S. mortgage market in September with large-scale bond purchases, the spread between what investors reap on mortgage-backed securities and the interest rates homeowners pay has widened to record levels. Reuters (12/3) LinkedInFacebookTwitterEmail this Story
  • Other News
  Operations Update 
  • Advanced search tech could be finance game changer
    Market players are hoping that semantic searches, a next-generation search technology, will one day make investment decisions more science than art. "There is a movement in enterprise search towards semantic tools as vendors improve the accuracy of results returned by their search tools, and Ovum expects market disruption to come from those products," said Sue Clarke, a senior analyst at technology researcher Ovum. Financial News Online (U.K.) (subscription required) (12/3) LinkedInFacebookTwitterEmail this Story
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  SIFMA News 
  • SIFMA 2013 Securitization Outlook Conference -- Thursday -- New York City
    Attending SIFMA's 2013 Securitization Outlook Conference will be your opportunity to hear the near-term outlook for the housing markets, how the housing market will continue to recover, and ask the questions that must be addressed as we develop the nation's new system of housing finance. FHFA Acting Director Edward DeMarco will keynote this half-day program and provide his insight on the outlook for both agency and non-agency MBS markets in 2013. DeMarco and several industry experts will examine issues central to securitization including the regulatory and market outlook for private-label securitization markets and the latest proposals to use eminent domain to seize underwater mortgage loans. LinkedInFacebookTwitterEmail this Story
  • IOSCO Secretary-General David Wright will speak at SIFMA/GFMA LEI Seminar -- Dec. 11 -- New York City
    SIFMA and GFMA are partnering to present the "Implementing a Global LEI Framework -- Ready. Set. Go." Join IOSCO Secretary-General David Wright, U.S. Treasury representatives, and financial services leaders as they address preparation for the December LEI deadline in the U.S. and the future of the global LEI standard. Don't miss your chance to learn more about the impact these regulations and processes will have on your firms starting this month! Register today. LinkedInFacebookTwitterEmail this Story
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It is astonishing what force, purity and wisdom it requires for a human being to keep clear of falsehoods."
--Margaret Fuller,
American journalist and women's rights activist

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