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February 12, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
  • "Too-big-to-fail" bill to be introduced
    Congressman John Campbell, R-Calif., said he plans to offer legislation intended to expand bank capital requirements. "If you want to stay big that's fine, you can stay big. But it's going to be rather expensive," said Rep. John Campbell, R-Calif., the bill's sponsor. The bill would require banks with over $50 billion in assets to hold an extra level of capital to ensure against the possibility of short-term funding disappearing. Bloomberg (2/11), (free registration)/Bloomberg (2/11) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Analysis: Private markets can help insure against terrorism
    The Terrorism Risk Insurance Act expires in 2014, and some are concerned that its extension until 2019 may fail to get through Congress. A capital market-funded bond market, which would allow private investors to shoulder some of the insuring and re-insuring risk, could take some of the burden off the law, which some politicians oppose worried about the strain government spending is placing on the U.S. Register today and catch the "Featured Session: Best Ways to Secure New Sources of Capital" in the IRLS Sector at SIFMA's Insurance- and Risked-Linked Securities Conference on March 5-6 in New York City. Artemis (2/7) LinkedInFacebookTwitterEmail this Story
  • Analysis: Carney's introduction to BoE
    In his first discussion of plans for running the Bank of England, Mark Carney put aside some of the more experimental ideas he has flirted with before but maintained a tough stance on the financial industry. When questioned by Parliament, Carney suggested that he is for further stimulus, though not necessarily quantitative easing; against nominal gross domestic product targeting; and in favor of strengthening bank capitalization and forcing higher leverage ratios. The Telegraph (London) (tiered subscription model) (2/7) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Tax proposal would overhaul derivatives treatment
    The U.S. House Ways and Means Committee has released a proposal that would force derivatives holders to establish market value and pay tax on that value annually. The requirement would treat derivatives income as regular income, valued as if derivatives had been sold on the last business day of the year. (subscription required) (2/11) LinkedInFacebookTwitterEmail this Story
  • Fed warns of high-yield rally encouraged by monetary policy
    Federal Reserve Governor Jeremy Stein warned that the speculative-grade debt market, which has expanded rapidly largely in response to the central bank's monetary policy, is overheating. "We are seeing a fairly significant pattern of reaching-for-yield behavior emerging in corporate credit," he said. Bloomberg (2/11) LinkedInFacebookTwitterEmail this Story
  • Lew to face Citi questions at confirmation hearing
    Jack Lew's work at Citigroup, before he joined the State Department in 2009, reportedly will be Republicans' focus during Senate hearings on Lew's nomination as Treasury secretary. "If taxpayers are going to prop up failed banks, they have a right to know what a key executive like Mr. Lew did at that time," said Sen. Orrin Hatch, R-Utah. Observers say Lew appears likely to be confirmed. "Mr. Lew has been confirmed by the Senate three times already," said Sen. Max Baucus, D-Mont. "I don't expect there to be any reason why he should not be confirmed this time around as well." Bloomberg (2/12), The Washington Post (2/11) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  • Alphabet soup of transaction codes might be getting muddled
    The proliferation of transaction codes might be causing confusion, experts say. "Does the originator of a transaction get identified with USIs? No, the originator gets a [derivatives-clearing organization's] internal counterparty number, a [National Futures Association] ID if they come with that or a [Commodity Futures Trading Commission Interim Compliant Identifier] if they present that," said Allan Grody, president of Financial Intergroup. "The rest of the USI is a transaction identifier, unique to the swap, not the swap business entity that was the transactor." Securities Technology Monitor (2/11) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  • Clients not depositing new money for asset management
    According to a study, asset managers need to be prepared for lean times. Globally, new client money is expected to grow at 0.6% through 2017. "Market appreciation at any level won't be enough to save asset managers focused on selling outmoded products to slower-growing investors," said Benjamin Phillips of Casey Quirk & Associates, which published the study. Bloomberg (2/12) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • Special event: The Future of Global Financial Benchmarks -- Feb. 28 in NYC
    SIFMA invites you to join our global affiliate GFMA to hear Gary Gensler, co-chair of IOSCO's Board Level Task Force on Financial Benchmarks, address the audience in advance of IOSCO's guidance expected this spring. Experts will provide an overview of GFMA's Principles for Financial Benchmarks, a collaborative effort by financial institutions across the globe, as well as market implications of change. The financial industry is committed to taking concrete steps to ensure structural changes be made to restore the trust and confidence so vital to the effective functioning of markets. Join us to learn more. LinkedInFacebookTwitterEmail this Story
  • SII Society Paul Tiffany Webinar Series -- Sensing Industry Change -- Feb. 20
    SIFMA's Securities Industry Institute Society is hosting the second installment in a series by Dr. Paul Tiffany of the Haas School at the University of California at Berkeley. Dr. Tiffany will drill down further in the Dynamic Capabilities model with a specific focus on how the firm and its strategists "sense" the direction of their industry and the changes that -- when they occur -- will demand that the firm respond. This event is free for SII Society Members. We welcome non-members as well, and encourage you to learn more about the benefits of SIFMA Professional Societies. LinkedInFacebookTwitterEmail this Story
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We spend our time searching for security and hate it when we get it."
--John Steinbeck,
American author

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