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December 12, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • IOSCO chief: LEIs key as more capital-market centers emerge
    David Wright, secretary-general of the International Organization of Securities Commissions, predicted that by 2032, there will be 20 capital-market centers around the globe, making legal-entity identifiers all the more necessary. Emerging markets are primarily driving the growth in those financial hubs, Wright said at SIFMA's LEI seminar -- Implementing a Global LEI Framework. Securities Technology Monitor (12/11) LinkedInFacebookTwitterEmail this Story
  • Mutual funds identify and resolve LEI-related issue
    Mutual funds ran into a snag in acquiring legal-entity identification codes -- credit cards were required to pay fees, but as funds, they didn't have one. A workaround was finally put in place, and the slowdown in registrations has been alleviated, participants at the SIFMA LEI event said Tuesday in New York. Securities Technology Monitor (12/11) LinkedInFacebookTwitterEmail this Story

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  Industry News 
  • BIS: Global fundamentals don't support market prices
    The Bank for International Settlements is warning that equity and fixed-income prices might be out of line with the weak state of the global economy. "Market participants attributed a significant part of the rally in asset prices to further loosening by central banks, notably the Federal Reserve," according to a BIS quarterly review. CNBC (12/11) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • MSRB proposes increasing pre-trade transparency
    The Municipal Securities Rulemaking Board is requesting feedback on a proposal to require underwriters to file preliminary official statements from issuers on the board's EMMA system. Michael Decker, co-head of SIFMA's muni division, raised questions, but said the requirement could be structured to minimize dealers' burdens. The Bond Buyer (free content) (12/12), Bloomberg (12/12) LinkedInFacebookTwitterEmail this Story
  • Senate panel to look into high-speed trading
    Sen. Jack Reed, D-R.I., has called a hearing of the Senate banking subcommittee on securities to look into whether new regulations are needed governing high-speed computerized trading. Lawrence Leibowitz, chief operating officer at the New York Stock Exchange, Eric Noll, vice president of transaction services at Nasdaq OMX Group, and executives from ITG and Credit Suisse are scheduled to testify. Reuters (12/11) LinkedInFacebookTwitterEmail this Story
  • IOSCO chief proposes global regulatory regime
    An international treaty is in order to establish a regulatory framework needed for increasingly interconnected financial markets, says David Wright, secretary general of the International Organization of Securities Commissions. The goal would not be to impose a single set of rules but to ensure agreed principles are applied consistently across jurisdictions, he says. The Trade News (U.K.) (12/11) LinkedInFacebookTwitterEmail this Story
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  Operations Update 
  Asset/Wealth Management Report 
  SIFMA News 
  • GFMA Member Call: Best Practises for Financial Benchmarks -- Dec. 13 -- 8 a.m. EST
    In response to recent calls for reform, GFMA developed and recently finalized its Principles for Financial Benchmarks, recognizing that the financial industry has a responsibility to restore public confidence in financial benchmarks. This Member Call on Thursday, Dec. 13, 8 a.m. EST will discuss the impact of the latest global regulatory developments, review GFMA's Principles, and address the practical implications of recent regulatory and industry actions. The discussion panel for the call will include: GFMA CEO Simon Lewis; Morgan Stanley COO Jim Rosenthal, Susan Krause Bell and Tony Murphy, both Managing Directors at Promontory Financial Group, and Randy Snook, Executive Vice President at SIFMA. Pre-registration for this call is required. Participants can register through this pre-registration link (Conf. ID 10021707). After pre-registration, a dial-in number will be provided. The call is open to all members of SIFMA, AFME and ASIFMA, and CLOSED to the press and non-members. LinkedInFacebookTwitterEmail this Story
  • EARLY-BIRD PRICING -- SIFMA's AML and Financial Crimes Conference -- Feb. 26-27
    SIFMA's 13th Annual Anti-Money Laundering and Financial Crimes Conference is the securities industry's premier event for anti-money laundering compliance and practices. Join us and hear exclusive presentations from newly appointed Jennifer Shasky Calvery, director of FinCEN, and Adam Szubin, director of OFAC, on their agendas for the upcoming year. The conference convenes leading experts from the industry, regulatory agencies and law enforcement to discuss the most recent developments and requirements in anti-money laundering laws as well as provides practical guidance for implementing robust and effective compliance programs. LinkedInFacebookTwitterEmail this Story
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Thinking is like loving and dying. Each of us must do it for himself."
--Josiah Royce,
American philosopher

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