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December 27, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Washington readies final effort to avert "fiscal cliff"
    With President Barack Obama and members of the Senate headed back to Washington, D.C., political leaders are preparing to make a final attempt at averting the "fiscal cliff" that economists have said could return the U.S. into a recession. In a sign that there may be a way to break the standoff, Rep. John Boehner, head of the Republican-controlled House of Representatives, urged the Senate, where Democrats hold the majority, to offer a proposal that could restart movement toward a budget compromise. Reuters (12/26), Politico (Washington, D.C.) (12/26), Bloomberg (12/26), The Hill/On The Money blog (12/27), MSN/Reuters (12/27) LinkedInFacebookTwitterEmail this Story
  • Geithner says debt ceiling is days away
    Treasury Secretary Timothy Geithner said in a letter to Congress that the U.S. government's borrowing will reach the $16.4 trillion debt limit Monday, but that the Treasury plans to resort to "extraordinary measures" to allow it to legally keep borrowing. That will buy the government two months before it is unable to meet its financial obligations, Geithner said. The Washington Post (12/26) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Corporate bond returns set to drop in 2013
    Corporate bonds are unlikely to yield the impressive 9.6% returns from the U.S. and 13.3% returns from Europe that they saw in 2012, writes Richard Barley, so investors may want to look to Spanish and Italian corporate bonds for high yields in the coming year. He also recommends examining subordinated European bank and insurance debt. The Wall Street Journal (12/26) LinkedInFacebookTwitterEmail this Story
  • BNY Mellon's Brueckner backs education via SIFMA Foundation
    BNY Mellon chief of staff of Richard Brueckner says "education is the solution for a lot of our problems." Brueckner backs that belief through his involvement with students via SIFMA Foundation's Stock Market Game and the Capitol Hill Challenge. "It's a pretty real-world experience for the students," said Brueckner, who is also chairman of the foundation. "They learn how a portfolio works, the factors that make a company change, how to build diversity in a portfolio. Kids love to do things that are adult-like, so this is very exciting for them." Learn more about the SIFMA Foundation programs, including the New SIFMA Gives, which supports local schools and families on the road to recovery post-Sandy. The Wall Street Journal (12/27) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • SEC partisan deadlock threatens municipal rule changes
    Uncertainty over the ability of the Securities and Exchange Commission to enact rules after the departure of Mary Schapiro -- leaving the commission with two Democrats and two Republicans -- has some concerned the commission will fail to agree on a final definition of municipal adviser, which is required for the Municipal Securities Rulemaking Board to move forward on other rule changes. "We expect then the MSRB to move swiftly on the municipal adviser rulemaking suite that it had withdrawn pending the final [definition]," said SIFMA managing director David Cohen. The Bond Buyer (free content) (12/26) LinkedInFacebookTwitterEmail this Story
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  Asset/Wealth Management Report 
  • Investor outlook for 2013 not so dire as some predict
    While a grand bargain to avert the "fiscal cliff" and put the nation on a path to fiscal solvency would likely boost markets and reduce the risk of a crisis, going over the fiscal cliff also might trigger more stimulus from the Federal Reserve, lower interest rates that boost the bond market and low inflation, chief market strategist for LPL Financial Jeffrey Kleintop says. "As we look to 2013, we do not see an end-of-the-world scenario for investors," he writes. InvestmentNews (free registration) (12/26) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • Early-bird rates: SIFMA 40th Annual Operations Conference & Exhibit 2013 at 2012 prices!
    SIFMA's 40th Annual Operations Conference + Exhibit in Boca Raton, Fla., from April 28 to May 1, 2013, will bring together senior professionals from all corners of the marketplace at the premier event for financial services operations. Take advantage of early-bird pricing so you can engage expert thought leaders to examine the most critical operational, risk management and regulatory issues affecting your firm. In addition, you will gain unique insights and actionable solutions from senior industry professionals, regulators and service providers. LinkedInFacebookTwitterEmail this Story
  • SIFMA's 2013 Insurance- & Risk-Linked Securities Conference -- March 5-6 -- New York City
    Register now and save on registration! SIFMA's Insurance- & Risk-Linked Securities Conference will address the key issues and strategies for insurance- and risk-linked securities professionals for the coming year. Join your peers and industry experts as they discuss issuance perspectives from public entities, the evolving role of reinsurers in the ILS market, and more. Also, hear from guest speaker Tim Marshall, meteorologist and principal engineer at Haag Engineering, for his insights of this specialized issue. LinkedInFacebookTwitterEmail this Story
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People who lean on logic and philosophy and rational exposition end by starving the best part of the mind."
--William Butler Yeats,
Irish poet and playwright

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