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March 1, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
  • SEC updates FSOC on money-fund rules
    The Securities and Exchange Commission has updated the Financial Stability Oversight Council on possible changes to rules for money market mutual funds. Jack Lew, sworn in as U.S. Treasury secretary Thursday, leads the FSOC. The risk council also discussed the designation of nonbank financial companies as systemically important. Meanwhile, Sheila Bair, former head of the Federal Deposit Insurance Corp., has criticized regulators' process of determining whether a company is systemically important. Bloomberg (2/28), Bloomberg (3/1) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Caiazzo named chairman of SIFMA's Clearing Firms Committee
    Al Caiazzo, chief quality control and risk officer at First Clearing Correspondent Services, has been tapped to head SIFMA's Clearing Firms Committee. "The biggest issue firms face is in knowing who we are doing business with and making sure it is a good risk," said Caiazzo, a 30-year veteran of the financial services industry. Traders Magazine Online (2/28) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Democratic lawmakers reintroduce derivatives-transaction tax
    Derivatives, including futures, would face a 0.03% transaction tax under legislation introduced this week by Rep. Peter DeFazio, D-Ore., and Sen. Tom Harkin, D-Iowa. The pair floated similar bills in recent years, but the legislation never took hold. "There is no question that Wall Street can easily bear this modest tax," Harkin said. Read commentary by SIFMA Acting President and CEO Kenneth E. Bentsen Jr. warning about the negative consequences of transaction taxes. Platts (2/28) LinkedInFacebookTwitterEmail this Story
  • CFTC's Gensler suggests Libor replacements
    Commodity Futures Trading Commission Chairman Gary Gensler says a rate determined by a traded market, such as overnight indexed swaps, should replace the London Interbank Offered Rate. "Given what we know now, it's critical that we move to a more robust framework for financial benchmarks, particularly those for short-term, variable interest rates," Gensler said at a GFMA event. Take a look at highlights from GFMA's event on global financial benchmarks. Risk.net (subscription required) (2/28) LinkedInFacebookTwitterEmail this Story
  • FHA plans to propose "qualified mortgage" rule
    The Dodd-Frank Act allows the Federal Housing Administration to propose its own "qualified mortgage" rule, which governs lenders and ensures they establish a borrower's ability to pay back the mortgage. The rule also protects borrowers against predatory lending. "We're undertaking that process and will publish a proposed rule for comment in the near future," an FHA spokesman said. Bloomberg (2/28) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  • Comment period open on social media guidelines
    The Federal Financial Institutions Examination Council is seeking feedback on its proposed social media guidelines for financial firms. "The proposed guidance is meant to help financial institutions identify potential risk areas to appropriately address, as well as to ensure institutions are aware of their responsibilities to oversee and control these risks," according to the interagency council. The Hill/RegWatch blog (2/28) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  • Commentary: More 401(k) plans include independent advice
    Columnist Mark Miller explains how employers are increasingly including advice from independent financial advisers to the features provided by their workers' 401(k) retirement savings plans. Independent financial advice is now offered, by phone or online, by about one-third of 401(k) plans, according to employee benefits consulting firm Aon Hewitt. Reuters (2/28) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • Get exposure to key audiences with SIFMA's Marketing and Partner Programs
    SIFMA brings together the shared interests of hundreds of securities firms, banks and asset managers. These companies are engaged in communities across the country to raise capital for businesses, promote job creation and lead economic growth. Partnering with SIFMA offers your firm continuous visibility within our membership in the U.S. and around the world. Learn more about the opportunities for your business. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Mediocrity knows nothing higher than itself, but talent instantly recognizes genius."
--Sir Arthur Conan Doyle,
Scottish-born writer


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