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October 29, 2012
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  Industry News 
  • Stock market bullishness wanes
    Barron's fall survey of money managers found that the number of bulls has shrunk since the spring poll, in which the number of bulls registered at 55%, compared with 46% now. The reasons for growing pessimism are many: the threat of war in the Middle East, slowing corporate earnings, a contentious U.S. election and the possibility of defaults in Europe. Barron's (special access for readers of SIFMA SmartBrief) (10/27) LinkedInFacebookTwitterEmail this Story
  • U.S. rules prompt European banks to adjust derivatives trading
    Regulations mandated by the Dodd-Frank Act are prompting some banks in Europe and elsewhere to curtail or stop derivatives trading with U.S. counterparts. "Numerous counterparties in Europe and Asia have requested they do not face U.S.-based counterparties so they do not build up any swap volumes towards the threshold," said a senior European swaps broker, who requested anonymity. Reuters (10/26) LinkedInFacebookTwitterEmail this Story
  • U.S. and U.K. authorities reportedly aim for Libor settlements
    Authorities in the U.S. and the U.K. want to quickly reach multinational settlements with one bank and possibly others regarding possible manipulation of the London Interbank Offered Rate and other benchmarks, sources said. Meanwhile, Guardian Care Homes is pressing a claim against Barclays, accusing the bank of manipulating Libor while selling interest-rate derivatives. The U.K. High Court might force Barclays to release e-mails pertaining to Libor. Separately, UBS and Royal Bank of Scotland have suspended some traders in Singapore as regulators investigate Libor manipulation. Financial Times (tiered subscription model) (10/28), The Telegraph (London) (10/27), Bloomberg Businessweek (10/28) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • FDIC faces a major task in getting wind-down facility ready
    Federal Financial Analytics released a report noting that the Federal Deposit Insurance Corp. has a lot to do to get the orderly liquidation authority operational. "There are several outstanding uncertainties that will need to be resolved before" the orderly liquidation authority "is complete and market participants can anticipate its impact should systemic risk force its use instead of the Bankruptcy Code," according to the report, which SIFMA commissioned. Learn more about Federal Financial Analytics' report and remarks by Karen Shaw Petrou during SIFMA's Annual Meeting. AmericanBanker.com (free registration) (10/24) LinkedInFacebookTwitterEmail this Story
  • Debt-ceiling issue will fall hard on heels of "fiscal cliff"
    The debt limit is languishing in the shadow of the "fiscal cliff," yet the Treasury Department can keep default at bay until only February or March. However, few people talking about it. "I think the idea that you would go through ... a cliff debate and then two months later a debt-ceiling debate. ... You thought August of 2011 was ugly? Why would we shock the economy?" Sen. Mark Warner, D-Va., said at SIFMA's Annual Meeting in New York last week. Politico (Washington, D.C.) (10/26) LinkedInFacebookTwitterEmail this Story
  • Money fund industry offers alternative to regulators' changes
    BlackRock and Fidelity Investments are among those trying to blunt the effects of money market changes pushed by regulators by offering an alternative. Their proposal would require money funds under some circumstances to impose "stand-by liquidity fees" on investors withdrawing money. Another feature would call on international regulators to adopt measures similar to what the Securities and Exchange Commission put in place in 2010. Bloomberg Businessweek (10/26) LinkedInFacebookTwitterEmail this Story
  • U.S. delay of tax-compliance rules is seen as deceptive
    With little change to the penalty timetable, postponed start dates for key parts of the U.S. Foreign Account Tax Compliance Act provide little relief, said Tim Clough, partner for risk and controls solutions at PricewaterhouseCoopers in Hong Kong. "My concern is that institutions will see this and take their foot off the pedal, when in reality, under the old timeline, it was going to be incredibly challenging, and under the new timeline, it is still going to be quite tough to meet the requirements given the level of change required," Clough said. Risk.net (subscription required) (10/26) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  • Tech multiplies security risk in banking layoffs
    A layoff in the banking industry might require weeks of planning and work to ensure that gadget-enabled employees don't leak vital information. "It used to be that you would take away any access to the building and maybe prevent someone from lifting their Rolodex," said Stephen Bonner, a partner in information protection at KPMG and a former Barclays executive. "Now, there is extensive compliance, with, for example, reviews of the last six months of e-mail activity for signs of a large amount of material being sent to personal accounts." Reuters (10/26) LinkedInFacebookTwitterEmail this Story
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Top five news stories selected by SIFMA SmartBrief readers in the past week.

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  SIFMA News 
  • SIFMA's 2012 Annual Meeting Highlights
    The 2012 SIFMA Annual Meeting: Markets, Politics, Impact, convened financial industry leaders to discuss the effect of the political and economic climate looking ahead to 2013 and beyond. Notably, Dr. Alan Greenspan, Chairman, Federal Reserve System (1987-2006), offered his insights into the state of the economy, particularly the virtually unprecedented degree of uncertainty weighing on the markets. The industry's top regulators, including SEC Chairman Mary Schapiro and CFTC Chairman Gary Gensler, provided the latest developments with regulatory reform implementation and how they affect our business. In another unique presentation, Sens. Saxby Chambliss, R-Ga., and Mark Warner, D-Va., members of the "Gang of Eight," discussed the importance of averting a drop off the "fiscal cliff," what must occur for that to happen and the probability that they can be successful. LinkedInFacebookTwitterEmail this Story
  • POSTPONED: SIFMA IAS Annual Conference due to Hurricane Sandy -- Get Updated
    Unfortunately, due to uncertain and possibly severe weather conditions in New York City on Monday and Tuesday, Oct. 29-30, the SIFMA Internal Auditors Society Annual Conference has been postponed to a later date. The safety of our conference attendees is the first priority for SIFMA, and we felt that the threat posed by this storm was significant enough to warrant a postponement of the conference. All attendees will be automatically registered for the new conference dates of Tuesday and Wednesday, Dec. 11 and 12. This and other updates will be posted to the IAS Annual Conference website. LinkedInFacebookTwitterEmail this Story
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Learn about the key issues that will influence and shape the future of a global standard for legal entity identification standardization going forward at the joint SIFMA-GFMA: LEI Seminar — Implementing a Global LEI Framework — Dec. 12. Register today.
  SmartQuote 
Being inexhaustible, life and nature are a constant stimulus for a creative mind."
--Hans Hoffman,
German-American abstract expressionist painter


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