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October 17, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  Industry News 
  • Wells Fargo creates unit at its investment bank
    Wells Fargo is forming a markets division that will include trading of stocks, bonds and commodities, traders' services and futures clearing. The unit will be part of Wells Fargo Securities. John Shrewsberry, head of Wells Fargo Securities, said the changes will make it easier to comply with regulations. Bloomberg (10/16), CNBC/The Associated Press (10/16) LinkedInFacebookTwitterEmail this Story
  • Exchanges defend rules giving them immunity
    Options executives are defending rules that grant exchanges immunity from prosecution when software glitches and other systemic issues lead to losses for members or customers. Brokers criticized such rules when Nasdaq OMX Group claimed immunity after Facebook's troubled initial public offering. "Exchanges should have it," said Boris Ilyevsky, a managing director with the options exchange division at International Securities Exchange, referring to immunity. "They are not set up as these gigantic organizations funded in such a way to withstand being put out of business in a single day because of a systems malfunction." Traders Magazine Online (10/16) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Obama and Romney battle over economy, taxes
    President Barack Obama and Republican challenger Mitt Romney engaged in a highly anticipated second debate on Tuesday. The candidates focused on the economy, taxes, security and social issues, and, unlike in their first debate, they repeatedly interrupted and contradicted each other. While Romney was largely seen as winning the first debate, the outcome of the rematch was less clear. The Wall Street Journal (10/17), Bloomberg (10/17), Reuters (10/17) LinkedInFacebookTwitterEmail this Story
  • SEC signs off on rule that could bring dot-com-era trouble
    The Securities and Exchange Commission approved a rule attributed to the Jumpstart Our Business Startups Act that could lead to abuse fostered during the dot-com era. The rule allows bank analysts to sit in on pitches of initial public offerings, possibly creating a conflict of interest. MarketWatch (10/16) LinkedInFacebookTwitterEmail this Story
  • Experts debate over suggested changes to the tax code
    The Joint Committee on Taxation recently conducted an experiment to see how much marginal tax rates could be lowered if tax exemptions and other large tax expenditures were dropped. The results were sent to leaders of the Senate Finance Committee. John Buckley and Jon Traub, former tax counsels to Congress, and other experts debated the findings at a tax-policy summit. The Bond Buyer (free content) (10/16) LinkedInFacebookTwitterEmail this Story
  • CFTC's Chilton proposes rules for high-frequency traders
    Bart Chilton, a member of the Commodity Futures Trading Commission, proposed that high-frequency traders register with the government, be penalized for every second they violate the law and be required to more rigorously test their systems. Chilton said that after a series of software glitches, regulators "need to get a grip on what is going on in markets with technology." Reuters (10/16) LinkedInFacebookTwitterEmail this Story
  • Commentary: Repealing Dodd-Frank could make things worse
    Steven M. Davidoff, a professor at Ohio State University, argues that repealing the Dodd-Frank Act might sound simple and tempting, but it could backfire and exacerbate the situation. Davidoff suggests that some measures included in the law should be reconsidered, but that repealing the core of the act would "turn back the financial clock to 2006." Given the global financial crisis, rewinding six years seems foolish, which is why many experts tout replacing rather than repealing the act. "The problem is that possible replacements are unlikely to work or would be politically feasible," Davidoff writes. The New York Times (tiered subscription model)/DealBook blog (10/16) LinkedInFacebookTwitterEmail this Story
  • Other News
  Operations Update 
  Asset/Wealth Management Report 
  • Social media can help advisers build relationships, experts say
    Speakers at SIFMA's social media seminar said financial advisers can develop more personal relationships with clients through social media. Jay Gordon, a financial adviser with the Popper Gordon Group at Morgan Stanley Smith Barney, said he uses Facebook and LinkedIn to connect with current and potential clients. Betsy Billard of Ameriprise Financial said many clients have found her through her personal Twitter account. (10/16) LinkedInFacebookTwitterEmail this Story

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  SIFMA News 
  • SIFMA Annual Meeting Exclusive: Bipartisan discussion by 2 of the "Gang of Eight" on Congressional attempt to avoid the "fiscal cliff"
    Sen. Saxby Chambliss, R-Ga., and Sen. Mark Warner, D-Va., are members of the "Gang of Eight," a group of four Democratic and four Republican senators tasked as Congress' last resort to broker a compromise tax-reform plan that would prevent a drop of the United States off the "fiscal cliff" at the start of 2013. They will provide their inside perspectives on the critical importance of avoiding the drop, what must occur for that to happen and the probability that they can be successful, as well as other insights into the future of U.S. competitiveness. Register today! LinkedInFacebookTwitterEmail this Story
  • Diversity & Inclusion Conference -- Oct. 25 -- New York City
    SIFMA is proud to present the 2012 Diversity Conference on Oct. 25 at the SIFMA Conference Center in New York City. This year's conference, What's Next: Taking Inclusion to the Next Level in the Securities Industry, will include new regulatory information on Dodd-Frank Section 342 as well as diversity best practices from SIFMA member firms. Speakers include Karen Sumberg, Executive Vice President, Center for Talent and Innovation; Damon Phillips, Professor, Columbia Business School; Carla Harris, Managing Director, Emerging Managers Program, Morgan Stanley; and many more. We invite all levels of business professionals to this momentous event! LinkedInFacebookTwitterEmail this Story
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In times of change, learners inherit the earth; while the learned find themselves beautifully equipped to deal with a world that no longer exists."
--Eric Hoffer,
American social writer

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