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February 19, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Forex-options clearing faces delays, experts say
    Market participants are set to discuss possible clearing mechanisms for foreign exchange options. The expectation is that such clearing will start no earlier than 2014. The GFMA Global FX Division is poised to publish a study about the potential liquidity burden on central counterparties in the event of a default by a clearing member. Risk.net (subscription required) (2/18) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • SMEs are a bad covered-bond collateral idea, BlackRock says
    Loans to small- and medium-sized enterprises should not be used as collateral in covered bond markets, according to BlackRock. "We should be very protective of the covered bond market because it's had certain features for so many years, including the resilience of the collateral, and it's a very safe asset class," said Jozef Prokes, a fund manager at BlackRock. "We don't think these are covered bonds." Bloomberg (2/18) LinkedInFacebookTwitterEmail this Story
  • Commentary: Ratings agencies need competition
    The Securities and Exchange Commission needs to break the hold that Moody's Investors Service, Standard & Poor's and Fitch Ratings have on the ratings industry, writes Jeffrey Manns of George Washington University. Steps by the SEC to create meaningful competition would do more to reform the industry than will the Justice Department lawsuit against S&P, Manns writes. Bloomberg (2/18) LinkedInFacebookTwitterEmail this Story
  • Analysis: Europe's transaction tax could backfire
    A group of European nations are moving forward with a proposed tax on financial transactions, including stocks, bonds and derivatives. However, history shows that attempts to tax transactions have forced activity to different jurisdictions and failed to meet revenue expectations. Transaction taxes "stem from the desire of politicians to punish the markets," said Bill Blain, a fixed-income strategist at Mint Partners. "But markets can always vote with their feet." Bloomberg Businessweek (2/18) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • SEC's Walter rejects "caretaker" tag
    Securities and Exchange Commission chief Elisse Walter says she has no interest in acting like an interim leader. "I made it clear to everyone that I wasn't interested in being a caretaker," Walter says. Her agenda includes finalizing regulations mandated by the Dodd-Frank Act. The Washington Post (2/18) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  Asset/Wealth Management Report 
  • Report: Advisors need to recruit the right talent to grow
    Over the next 10 years, the financial advisory industry will need to add 237,000 financial advisors to meet surging demand, according to a report by consulting firm Pershing. Finding and attracting the right talent to replace retiring advisors will be essential for firms to enjoy strong and sustainable growth, the report said. Financial-Planning.com (2/18) LinkedInFacebookTwitterEmail this Story
Private Client, Tuesday, February 19, 2013
Registration is open for SIFMA’s Private Client Conference: Keeping the Trust and Earning Results. This exceptional event will address tactical ways to enhance private client service, advice, and, perhaps most crucially, trust, to help investors achieve their financial goals.
  SIFMA News 
  • SIFMA Member Call: U.S. House Proposal to Reform Taxation of Financial Products -- Feb 21
    Join SIFMA's Member Call on Feb. 21 at 3:30 p.m. (EST) on the discussion draft released on Jan. 24 by U.S. House Ways & Means Committee Chairman Dave Camp that would reform the taxation of financial products. The discussion draft includes proposals that would, inter alia: Establish a New Mark- to-Market Rule for Taxation of Derivatives; Modify the Tax Treatment of Bonds Traded at a Discount or Premium on the Secondary Market; Require Taxpayers to Use the Average Basis Method to Calculate the Tax Basis of Securities; and Expand the Wash-Sale Rules. Join call panelists: Keith J. Anzel, Managing Director of Corporate Tax and Chief Tax Officer, Citigroup's Institutional Client Group; David P. Hariton, Partner, Sullivan & Cromwell, LLC; Jeff Levey, Washington Council Ernst & Young; Payson R. Peabody, Managing Director & Tax Counsel, SIFMA; and Michael Decker, Managing Director & Co-Head of Municipal Securities, SIFMA. Pre-registration for this call is required. Participants can register by clicking the pre-registration link, Conf. ID 10025375. A dial-in number will be provided upon completion of the pre-registration process. This call is closed to the press and non-members. Check your firm's status online, or contact SIFMA's Office of Member Engagement at 212.313.1152 or inquiry@sifma.org. LinkedInFacebookTwitterEmail this Story
  • Regulators Unplugged -- SIFMA Compliance & Legal Society February Monthly Luncheon -- Tomorrow
    The SIFMA Compliance & Legal Society will be hosting its February Monthly Luncheon at the SIFMA Conference Center in New York on Feb. 20. Three former regulators will discuss the current regulatory landscape and what we can expect in the near future. Register today and don't miss out on this opportunity to hear regulators unplugged, and to network with fellow Compliance and Legal Professionals. For those who cannot attend in person, an audio recording option is also available. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Everything that lives, lives not alone, nor for itself."
--William Blake,
British poet and painter


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