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November 29, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 

Regulatory initiatives around the world emphasize the importance of centrally cleared standardized OTC transactions. At Eurex Clearing - Europe's leading clearing house - we recognize both the challenges and opportunities this presents for the buy-side. And provide some groundbreaking solutions.
  Video View 
  • KBW exec expects Congress to reach "fiscal cliff" deal
    Source: Fox Business
    Chief executives from Goldman Sachs Group, Caterpillar and other large companies are meeting with Republican congressional leaders regarding a plan to avert the "fiscal cliff." Brian Gardner, senior vice president of Washington research at KBW, offers insight into the negotiations. Gardner said he thinks a deal will likely take a few more weeks. "The real negotiating is just starting to pick up now," he said. Fox Business (11/28) LinkedInFacebookTwitterEmail this Story

  Industry News 
  • Judge keeps FHFA lawsuits against lenders alive
    U.S. District Judge Denise Cote ruled that the Federal Housing Finance Agency can proceed with lawsuits against Credit Suisse Group, Bank of America and other banking giants. The lawsuits allege that the banks misled Fannie Mae and Freddie Mac into buying mortgage-backed securities that led to huge losses for the housing finance giants. The banks have denied the allegations. Reuters (11/28) LinkedInFacebookTwitterEmail this Story
  • Exchange group seeks consistent, global ETD standards
    Margin and capital requirements for exchange-traded derivatives should be consistent, and global policymakers should agree on common standards, the World Federation of Exchanges said in a letter to the Financial Stability Board. Among other recommendations, the federation wants elimination of a five-day margin period of risk for ETDs. Read the letter SIFMA sent this week on margin and capital requirements for covered swap entities. The Trade News (U.K.) (11/28) LinkedInFacebookTwitterEmail this Story
  • German and U.K. officials delve into Libor issues
    A German banking regulator told lawmakers that banks more than likely manipulated the London Interbank Offered Rate. At a hearing, parliamentarians also questioned Deutsche Bank officials about rate rigging. Meanwhile, U.K. officials are seeking feedback on a plan to restructure Libor. Among changes proposed are legal authority applied to the way the rate is set and criminal penalties for manipulation. Separately, Barclays dismissed five employees and disciplined eight others after an internal investigation of Libor rigging. Bloomberg (11/28), Reuters (11/28), Bloomberg Businessweek (11/28), The Wall Street Journal (11/28) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • CFTC finalizes clearing rule for swaps dealers
    The Commodity Futures Trading Commission unanimously approved a rule that will require Goldman Sachs Group, JPMorgan Chase and other swaps dealers to guarantee certain swaps at clearinghouses beginning in March. The rule outlines which interest-rate and credit default swaps must be processed through a clearinghouse. "Central clearing lowers the risk of the highly interconnected financial system," CFTC Chairman Gary Gensler said in statement. "It also democratizes the market by eliminating the need for market participants to individually determine counterparty credit risk, as now clearinghouses stand between buyers and sellers." Bloomberg (11/29), (11/28), International Financing Review (free content)/Reuters (11/29) LinkedInFacebookTwitterEmail this Story
  • FSOC will meet 11 days before Schapiro's departure
    The Financial Stability Oversight Council is scheduled to meet Monday in a closed session. At a Nov. 13 meeting, the council drafted three proposals for how the Securities and Exchange Commission could overhaul money market mutual funds. The Treasury Department didn't release an agenda for Monday's meeting, which will come 11 days before council member Mary Schapiro steps down as the SEC's chairwoman. Bloomberg Businessweek (11/28) LinkedInFacebookTwitterEmail this Story
  • Volcker rule finalization is unlikely before next year
    Regulators are not expected to meet a Dec. 31 deadline for issuing the final draft of the Volcker rule. Previous drafts have been several hundred pages long, and the rule requires approval by five agencies, including the Federal Reserve and the Federal Deposit Insurance Corp. CNBC (11/28) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  • BATS plans will offer free risk-management tools
    BATS Global Markets said it plans to offer order restrictions, "kill switches" and other risk-management tools to members for free in an effort to bolster investor confidence and rein in trading errors. "If Knight [Capital Group] had put in an aggregated credit limit based on gross or net for their orders over those ports, then they would have potentially tripped those limits," said Chris Isaacson, chief operating officer at BATS. Wall Street & Technology/Reuters (11/27) LinkedInFacebookTwitterEmail this Story
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First Clearing, LLC is a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. 0912-01939
  Asset/Wealth Management Report 
Registration is open for the 2013 Securities Industry Institute (SII) scheduled for March 3 - 8 at The Wharton School of the University of Pennsylvania located in Philadelphia, PA. Make the investment in your future at the premier executive development program for securities industry professionals.
  SIFMA News 
  • SIFMA 2013 Securitization Outlook Conference -- Dec. 6 -- New York City
    Attending SIFMA's 2013 Securitization Outlook Conference will be your opportunity to hear the near-term outlook for housing markets, how the housing market will continue to recover, and ask the questions that must be addressed as we develop the nation's new system of housing finance. FHFA Acting Director Edward DeMarco will keynote this half-day program and provide his insight on the outlook for agency and non-agency MBS markets in 2013. DeMarco and several industry experts will examine issues central to securitization including regulatory and market outlook for private-label securitization markets and the latest proposals to use eminent domain to seize underwater mortgage loans. LinkedInFacebookTwitterEmail this Story
  • SIFMA Social Media Seminar -- Feb. 28, 2013 -- San Francisco
    This popular event moves to the West Coast for a full-day seminar featuring in-depth panels on marketing, business and practitioner experience with social media, as well as practical advice on the legal and compliance issues faced by the expanding use of interactive technology for business purposes. Learn the practices and processes that will help your firm navigate these new communication platforms. LinkedInFacebookTwitterEmail this Story
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--Ralph Waldo Emerson,
American writer

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