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January 3, 2013
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News for operations and technology executives in financial services

  Top Story 
  • Exchanges reportedly seek more time to prepare for safeguards
    Stock exchanges in the U.S. have joined forces to seek a postponement of rules intended to address the 2010 "flash crash," sources said. SIFMA has also sent a letter to the Securities and Exchange Commission, raising concerns that market participants might not have enough time to adapt their technology to the changes. "In today's markets, with everything so automatic, every change requires some type of systems and coding changes," said T.R. Lazo, managing director and associate general counsel at SIFMA. "We want to make sure we do everything we can to get it right." Take advantage of early-bird rates for SIFMA Tech 2013 -- June 18 to 19 -- New York City. The Wall Street Journal/Dow Jones Newswires (1/2) LinkedInFacebookTwitterEmail this Story
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  Operations Update 
  Technology Update 
  • High-speed traders use paid-for research to defend practices
    Some of the research high-frequency traders are using to argue against regulations governing the industry was paid for by those trading firms. A number of conclusions that trading firm executives and lobbyists have presented as solid endorsements of high-frequency trading disregard reservations expressed by the researchers themselves, who warn that the studies have shortcomings. The Wall Street Journal (12/27) LinkedInFacebookTwitterEmail this Story
  • Exchanges and regulators focus on reducing computer errors
    After a year where computer errors threatened market security, exchanges and regulators are focusing on systems maintenance in 2013. Rules limiting rapid price swings for markets and individual stocks are on the way in the coming year, as well as possible further policy proposals from the Securities and Exchange Commission. The Wall Street Journal (1/1) LinkedInFacebookTwitterEmail this Story
  Regulatory and Legislative Update 
  • Credit Suisse exec: Conflicts beset exchanges' self-regulation
    Facebook's initial public offering revealed a fundamental conflict between the quasi-governmental role of exchanges and their profit-making nature, indicating that self-regulation is no longer viable, Credit Suisse's Dan Mathisson told U.S. senators last week. Mathisson said a regulatory overhaul of the markets is now in order. Bloomberg (12/28) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • SIFMA member call: The "Fiscal Cliff" -- 9 a.m. Eastern on FRIDAY
    At 9 a.m. Eastern on Friday, SIFMA will hold a members-only call on recent developments related to the U.S. "fiscal cliff," specifically the American Taxpayer Relief Act of 2012, which Congress passed Tuesday to avert the cliff. The call will focus on individual- and corporate-tax provisions in the law and provide insight into tax and spending debates to occur in February when the Treasury Department is expected to exhaust its use of "extraordinary measures" to prevent the U.S. from defaulting in 2013. Registration is required. Participants can register using conference ID 10023239. This call is closed to the media and nonmembers. Check your firm's membership status online, or contact SIFMA's Office of Member Engagement at (212) 313-1152 or LinkedInFacebookTwitterEmail this Story
  • REGISTRATION NOW OPEN: SIFMA C&L Society Annual Seminar -- Mar. 17-20 -- Phoenix, AZ
    Last year, SIFMA's Compliance & Legal Society Annual Seminar 2012 was attended by 1,700+ financial industry legal and compliance professionals and featured more than 60 panels and sessions, creating the premier forum to discuss the issues and share expertise and insights into critical topics for varied interests. This year's 2013 program in Phoenix, AZ on March 17-20 will be no different. Registration is now open for this industry tradition. Be sure to attend this year and give yourself the opportunity to engage leading industry experts on the latest regulatory developments and industry trends. Act now and register before the early bird rates expire February 1. LinkedInFacebookTwitterEmail this Story
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--Benjamin Franklin,
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