CMBS takes off in Chicago | Deutsche Bank will sell muni-bond trustee business to U.S. Bank | Southington student wins InvestWrite contest in Connecticut
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March 19, 2013
SIFMA SmartBrief
News on the capital markets, securities and financial industry

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Industry opposes MSRB's proposed shorter trade-reporting window
Market participants responded to a request for comments from the Municipal Securities Rulemaking Board regarding a proposal to shorten its 15-minute window for reporting trades. SIFMA and other groups opposed the idea. Leslie Norwood, SIFMA's co-head of municipal securities, said shortening the requirement would put an additional burden on smaller broker dealers and would not significantly improve transparency. Read SIFMA's comments to the MSRB. The Bond Buyer (special access for readers of SIFMA SmartBrief) (3/18)
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Webinar—The Time is Now: Mobilizing for Fixed Income & Options Reporting Requirements
Wed Mar 20, 2013 @ 4PM EDT—Join Deanna Flores of KPMG and Artie Wolk of SunGardWall Street Concepts for an interactive webinar hosted by Scivantage. This complimentary, one-hour session will offer critical insight into how to best prepare for the final Fixed Income and Options cost basis reporting requirements to ensure your firm is fully mobilized for a successful 2014 tax season. Register Now!
Industry News
CMBS takes off in Chicago
Commercial mortgage-backed securities loan volume could reach as high as $4 billion in Chicago this year, said Joe McBride, an analyst at Trepp. If so, it would be the most since 2007. CMBS demand has been up as investors seek higher-yielding investments amid persistently low interest rates. Crain's Chicago Business (3/18)
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Deutsche Bank will sell muni-bond trustee business to U.S. Bank
U.S. Bank entered into a definitive agreement with Deutsche Bank to acquire the German bank's municipal bond trustee business. "This transaction complements the existing U.S. Bank municipal bond trustee business and will further strengthen our position as the number one provider of municipal trustee and agency services in the nation," said Bryan Calder of U.S. Bank, which expects the deal to add roughly $57 billion in assets to its portfolio. The deal is expected to close in the third quarter. The Bond Buyer (special access for readers of SIFMA SmartBrief) (3/18)
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Southington student wins InvestWrite contest in Connecticut
Eighth-grader Mark Murdy wrote an essay about advertising on Facebook to win first place in Connecticut in the SIFMA Foundation's InvestWrite challenge. "I found out that they made money through ads and one of the best is the Facebook Exchange," Murdy said. "It allowed them to make trades between other corporations to help get personal information about Facebook users. They could post ads about what you want to buy with trades online." SIFMA Foundation Executive Director Melanie Mortimer said the InvestWrite contest helps reinforce language arts. Record-Journal (Meriden, Conn.) (3/18)
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Washington Roundup
Economists expect Fed to keep rates low
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Ahead of the Federal Reserve's two-day meeting this week, economists expect the central bank to maintain historically low short-term interest rates, despite signs of a strengthening economy. Unemployment remains at 7.7%, and at previous meetings, the Fed has pledged to keep policies in place until unemployment drops to 6.5%, provided inflation remains mild. The Washington Post/The Associated Press (3/19)
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SEC nominee White has bipartisan support ahead of panel vote
Democrats and Republicans have expressed support for Mary Jo White ahead of a committee vote on her nomination to lead the Securities and Exchange Commission. An easy committee vote could lead to a quick Senate confirmation, says Mark Calabria of the Cato Institute. "If they get her through the committee with a unanimous vote, then I suspect they'll try to move her to the floor the next day," Calabria said. Bloomberg (3/19)
GOP economist reportedly is examined for SEC post
Michael Piwowar, the Senate banking committee's head Republican economist, reportedly is being vetted for a spot on the Securities and Exchange Commission. If Piwowar is nominated and confirmed, he will be the only economist on a panel that traditionally comprises lawyers. He could occupy the seat of GOP Commissioner Troy Paredes, whose term ends in June. Bloomberg (3/18)
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Integrity of benchmark rates is questioned
Investigations into possible manipulation of the London Interbank Offered Rate and other benchmark rates have prompted several banks to withdraw from panels that set the rates. That exodus has prompted questions about the benchmarks and whether firms should be required to participate in the rate-setting process. Financial News Online (U.K.) (subscription required) (3/19)
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Asset/Wealth Management Report
Raymond James is latest to offer hybrid adviser plan
Raymond James Financial Services is set to begin offering a payment structure to high-end financial advisers. The hybrid plan allows advisers to collect a commission on some product sales as well as a money management fee. Advisers compensated this way will be registered as brokers with the Financial Industry Regulatory Authority, as well as registered investment advisers with the Securities and Exchange Commission. Reuters (3/18), InvestmentNews (free registration) (3/18)
GFMA Webinar: Global LEI Developments and Deadlines -- 8 a.m. EDT THURSDAY
SIFMA's global affiliate, GFMA, is hosting a webinar to help financial market participants prepare for the critical implementation of a global legal-entity identifier (LEI). Recently, there have been several important developments from the U.S. Commodity Futures Trading Commission, other global regulators, and the LEI Regulatory Oversight Committee. Further, important deadlines under the CFTC's Swap Reporting and Recordkeeping rule are quickly approaching. Participate in this timely webinar to receive expert summary and analysis of the latest regulatory developments and initiatives.
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SIFMA AMG Clearings Conference -- April 18 -- New York City
As the swaps industry transitions to a cleared environment, asset managers must prepare to operate in a new ecosystem. Some managers are already clearing, while others are in the midst of preparations. Join SIFMA's Asset Management Group (AMG) for an in-depth discussion, Putting the Clear in Central Clearing: An Overview of Transition to Clearing for Asset Managers. Designed specifically for the buy-side, this intensive half-day program will feature insights from Category 1 and 2 Entities who have already or are just about to transition, as well as specific discussions on counterparty risk associated with selecting futures commission merchants (FCMs). CLE credits are available.
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You may have to fight a battle more than once to win it."
-- Margaret Thatcher,
British prime minister
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