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- Goldman Sachs reports great success with GSessions
Goldman Sachs is ramping up the corporate bond trading platform that it started up in June, according to a CreditSights report. The firm might even expand GSessions to tackle auctions that go beyond fixed-income products. "The company compared the system to an 'EBay alert' to market participants to submit bids and offers for certain bonds, and noted that the system was meant primarily as a way to source and create pools of liquidity," the report said. Financial News Online (U.K.) (subscription required)
(9/26)      
| Washington Roundup | | |
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- Regulators take more comments on swaps rules
The Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp., and other banking regulators are extending the comment period on swaps rules to permit input on an international paper released in July. The proposed rules would make swap dealers hold additional collateral and capital when they trade over-the-counter derivatives. Reuters
(9/26), MarketWatch
(9/26)
- FINRA will assess costs and benefits of its rule proposals
The Financial Industry Regulatory Authority announced it will perform a cost-benefit analysis on all proposed rules before they are submitted to the Securities and Exchange Commission, said FINRA's chief legal officer, Robert Colby. FINRA is taking the step at the SEC's request, but the commission didn't comment on the announcement. Reuters
(9/25)
- Incoming MSRB chairman wants review of existing muni rules
Jay Goldstone will start his one-year term as chairman of the Municipal Securities Rulemaking Board on Oct. 1. Goldstone, who succeeds Alan Polsky, plans to encourage the MSRB to review existing municipal bond rules and standardize the cost-benefit analysis process. "I am not a strong believer that creating new rules to address problems is the only approach to move forward," Goldstone said. The Bond Buyer (free content)
(9/26)
- SEC wants permission to intercede in Lehman-Barclays battle
The Securities and Exchange Commission is asking to intervene in a case in which Lehman Brothers is seeking to overturn a $5.5 billion award to Barclays. The SEC would rather see that money go to Lehman's former clients. The agency asserts that it has a legal right to act in cases in which a brokerage is getting liquidated. Bloomberg
(9/26)
- FSA reportedly might seek regulation of bankers who set Libor
Martin Wheatley, managing director of the U.K. Financial Services Authority, might recommend that bankers who help determine the London Interbank Offered Rate be regulated, a source said. Libor setters might have to be approved by the FSA, the source said. Wheatley, who is under worldwide pressure to improve the benchmark, is scheduled to announce a proposal Friday. Bloomberg
(9/26), Reuters
(9/26)
- Commentary: Consolidated Audit Trail should be embraced
The Securities and Exchange Commission acted in July to create the Consolidated Audit Trail, a single method to monitor trades. Anthony Becker, a product manager for SunGard's Valdi Trading Compliance, writes that industry players would be wise to move quickly on this initiative as it is merely the first step in an array of future changes. "Firms can no longer be reactive to changes," Becker writes, referencing a statement by SEC Chairman Mary Schapiro, who said, "A consolidated audit trail will reduce the regulatory data production burdens on SROs and broker-dealers by reducing the number and types of ad hoc requests that regulators submit today." Learn more at SIFMA's Consolidated Audit Trail (CAT) Resource Center. AdvancedTrading.com
(9/14)
| Asset/Wealth Management Report | | |
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- Study: Advisers can boost retirement income through efficiency
If they focus on issues that truly matter, financial advisers can increase clients' retirement income by an average 1.82% per year, according to a study by Morningstar. Generating extra income through efficient planning is predictable, unlike trying to beat the market, the study found. MarketWatch
(9/26)
 | Join us for SIFMA's 2012 Annual Meeting, Oct. 23 where the industry's top experts will discuss hot topics in regulatory reform and how they will affect your firm. Special Guests: Former Federal Reserve Board Chairman Alan Greenspan, Dr. Jeremy Siegel, The Wharton School, and more. Register Today. |
| SIFMA News | | |
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- Alan Greenspan on the economy at SIFMA Annual Meeting -- Oct. 23 -- NYC
Former Fed Chairman Alan Greenspan will address the SIFMA audience on the path forward for the U.S.
economy. Dr. Greenspan will emphasize his support for bipartisan cooperation to resolve the U.S. fiscal
crisis. However, shoring up the U.S. balance sheet is only the first step toward bringing coherence to
the financial markets -- Europe presents the greatest challenge to economic recovery. Learn more at the
SIFMA Annual Meeting.
- Asset Managers Forum Workshop: Leadership, Coaching & Talent Management -- Oct. 9
Leadership, coaching and talent management are a critical skill set to develop throughout one's
career. The Asset Management Forum has invited distinguished leaders from Goldman Sachs Asset
Management, JPMorgan Asset Management, GE Asset Management, BlackRock, Morgan Stanley and UBS Asset Management to share insights and discuss leadership tools and best practices during periods of change. There is specific emphasis on retaining top talent and a one-hour session dedicated to the effects of globalization and outsourcing on asset managers' business. The event, while hosted by a subset of the Asset Managers Group, is open to all financial services professionals.
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