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February 28, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Regulators might delay Volcker rule further
    Regulators are hammering out details of the Volcker rule, but they are finding it difficult to reach agreement. The logjam likely will lead to postponement of the rule, sources say. The situation makes it difficult for firms to prepare for the new rule. "It's hard to build a compliance system around something when you don't know what it's going to require," said Ken Bentsen, acting CEO of SIFMA. Visit SIFMA's Volcker Rule Resource Center. Reuters (2/27), The Wall Street Journal (2/27) LinkedInFacebookTwitterEmail this Story
Staying Ahead of the Network Technology Curve
Pico Quantitative Trading, a multi-asset trading services provider, partnered with CDW to improve its internal infrastructure by enhancing its virtual machine cluster and backup system, and boosted its trading infrastructure by implementing the latest server and network technologies. Read our FREE CASE STUDY to get the rest of the story.
  Industry News 
  • Fifth-grader wins SIFMA essay contest for Connecticut
    Allison Ann Tessman, a fifth-grader at Canton Intermediate School in Connecticut, won SIFMA's annual InvestWrite state-wide essay competition for her age group. Her essay recommends investing in the Walt Disney Co. "Disney continues to make money even when the economy is poor," she wrote in her essay. "It is very unlikely for Disney to fail because all of their parks and resorts over the last several years have done better than what they predicted for each quarter." The Hartford Courant (Conn.) (2/27) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Commentary: A global European sales tax
    Eleven European nations are moving forward with a financial-transaction tax specifically designed to be global in its reach, SIFMA Acting President and CEO Kenneth E. Bentsen, Jr. writes in a blog post. Bentsen further noted that the formulation of this novel excise tax is both unprecedented and inconsistent with existing norms of international tax law and long-standing treaty commitments. He also argued that the need to prevent circumvention of the tax is not a pretext for extraterritoriality. Read SIFMA's Pennsylvania + Wall blog. Pennsylvania+Wall (2/27) LinkedInFacebookTwitterEmail this Story
  • Senate confirms Lew as Treasury secretary
    Twenty Republican senators joined Democrats in confirming Jack Lew as Treasury secretary. The 71-26 vote came despite some concerns about Lew's experience in the private sector. Lew said his priorities will be reducing expenses of entitlement programs, revamping individual and corporate tax codes and encouraging China to shift to an exchange rate determined by the market. Read SIFMA's statement regarding Lew's confirmation. Bloomberg (2/28), The Wall Street Journal (2/27) LinkedInFacebookTwitterEmail this Story
  • CFTC's Gensler warns of effects of budget cuts
    Tight budgets are harming enforcement efforts, Commodity Futures Trading Commission Chairman Gary Gensler says. "We are shelving enforcement actions. Our examinations staff are still the same size as they were a couple of years ago," Gensler said at a Senate committee hearing, adding that the spending cuts scheduled to go into effect Friday will make it more difficult to complete an overhaul of rules governing derivatives. Reuters (2/28) LinkedInFacebookTwitterEmail this Story
  • OCC encourages banks to not reduce bad-loan reserves too quickly
    Comptroller of the Currency Thomas Curry said his office is working to ensure banks don't reduce their bad-loan reserves too quickly. "What we tried to do was to raise it as a general matter of concern, to raise awareness within the industry," Curry said, noting that examiners are individually reviewing banks' reserves. Bloomberg (2/27) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
SIFMA Tech 2013
SIFMA Tech 2013 convenes industry leaders, regulators and solution providers to dive into pressing industry issues and explore their solutions. Join us and let us help you achieve a technological infrastructure that facilitates operating efficiency and promotes sound risk management.
  Editor's Note 
  • Correction
    A summary in Wednesday's SIFMA SmartBrief incorrectly characterized the Securities and Exchange Commission's request for banks to notify investors about the valuation of some securities backed by equity derivatives sold during the past two years. Banks are being given 10 days to notify the SEC about whether they will comply with the rules. Many banks already began notifications as early as last May. SmartBrief regrets the error. LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • SIFMA/GFOA Event: Municipal Swaps-Understanding the New World of Regulation -- March 11
    SIFMA is partnering with the Government Finance Officers Association (GFOA) on March 11 in New York City for a unique event to explore the impact of new regulations on your business. A key area of focus for users of municipal swaps are the CFTC's business-conduct rules, which, when they take effect in May, will substantially alter the way state and local governments and nonprofits interact with bankers, swap dealers and swap advisors. The event would be most beneficial to state, local or nonprofit officials who have swaps currently or who may execute swaps in the future, bankers and others who work with state and local governments or nonprofits on transactions involving swaps, and attorneys and compliance professionals who support municipal swap activities. LinkedInFacebookTwitterEmail this Story
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He that will not apply new remedies must expect new evils; for time is the greatest innovator."
--Francis Bacon,
British author and statesman

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