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November 21, 2012
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News for operations and technology executives in financial services

  Top Story 
  • SEC ramps up oversight of exchanges
    The Securities and Exchange Commission is responding to technological advancements and other changes in trading by expanding its examinations of how new products are developed by exchanges. The move comes amid concerns that some order types give high-frequency traders an unfair advantage. The Wall Street Journal (11/19) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  • Sandy accelerates phase-out of paper certificates
    Efforts to replace paper certificates with electronic records may quicken after superstorm Sandy. Flood damage demonstrated the costs and risks of relying on paper documents to establish securities ownership. Financial Times (tiered subscription model) (11/15) LinkedInFacebookTwitterEmail this Story
  • CME bolsters firewall against possibility of client collapse
    CME Group has increased its credit line to $5 billion in an effort to strengthen its protections against the potential collapse of a client. "With the [over-the-counter derivatives] clearing mandate approaching, we anticipate a significant growth in the amount of collateral on deposit and have adjusted our liquidity facility as a result," an unidentified spokeswoman for CME wrote in an e-mail. The Wall Street Journal (11/18) LinkedInFacebookTwitterEmail this Story
  • LCH.Clearnet and SGX reportedly discuss clearing deal
    LCH.Clearnet and Singapore Exchange are discussing a possible partnership for clearing of currency derivatives, sources say. Both companies offer clearing of foreign exchange derivatives. The proposed deal would focus on non-deliverable forwards, putting LCH and SGX in competition with CME Group and IntercontinentalExchange in the U.S. Financial News Online (U.K.) (subscription required) (11/19) LinkedInFacebookTwitterEmail this Story
  • Other News
  Technology Update 
  • Tradebot's Cummings says HFT benefits retail investors
    Source: CNBC
    Dave Cummings, owner and chairman of the board at Tradebot Systems, says high-frequency trading improves the market. "For all the whining and complaining about high-frequency trading and all that, the average retail investor gets a really good deal. The market, the bid offer spreads are tighter than they've ever been," Cummings says. CNBC/Trader Talk blog (11/15) LinkedInFacebookTwitterEmail this Story

  • Australia aims to curb computer trading
    The Australian government rolled out measures to rein in automatic trading. Among the rules are so-called kill switches, pricing restrictions for dark-pool trading and stricter data reporting. The kill-switch measure is designed to protect investors from volatility that can stem from superfast, computer-driven transactions. Reuters (11/20), Financial Times (tiered subscription model) (11/20), The Wall Street Journal (11/20) LinkedInFacebookTwitterEmail this Story
  Regulatory and Legislative Update 
  • IOSCO: Banks should offer more info on securitized debt
    The International Organization of Securities Commissions says banks should hand over more data on securitized debt to investors so they can conduct stress assessments. "IOSCO considers that investors should be able to test whether future cash flows generated from underlying pools" of assets in securitized products would "pay investors in full and on time," the group said. Register today to learn what 2013 will bring to the private-label securitization market at SIFMA's 2013 Securitization Conference on Dec. 6 in New York City. Bloomberg (11/16) LinkedInFacebookTwitterEmail this Story
  • Dodd-Frank provisions have consequences beyond U.S.
    Several provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act impose compliance obligations throughout the world and are of special concern to traders in Asia and Europe. At the same time, a new legal-entity identifier system being implemented is intended to allow regulators to uniquely identify all global market participants and track their transactions. (11/14) LinkedInFacebookTwitterEmail this Story
  • SEC's investigation of rating agencies finds compliance issues
    The Securities and Exchange Commission released its findings from an examination of credit rating agencies performed earlier this year. The SEC said some of the agencies failed to disclose changes to their ratings methodology and did not follow their own policies when it came to downgrading securities in a timely manner. (11/15), Reuters (11/15) LinkedInFacebookTwitterEmail this Story
  • Other News
  SIFMA News 
  • Check out the new SIFMA Career Center
    The new SIFMA Career Center is open for business! As the go-to resource for trusted, up-to-date information about the financial industry, we are now proud to leverage our contacts and expertise to establish the premier forum for careers in the securities and financial industry positions. Through our partnership with eFinancial Careers, we now offer Job Seekers access to uniquely relevant job postings, valuable professional development advice and other tools to assist candidates in their career pursuits, including anonymous resume postings and news updates. Employers gain direct exposure to industry-experienced, professional and pre-screened job seekers for recruitment. Visit the SIFMA Career Center today to apply for a position, refer a colleague to a current posting or submit your resume to our database. 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 events 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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We can only be said to be alive in those moments when our hearts are conscious of our treasures."
--Thornton Wilder,
American playwright and novelist

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