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March 7, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
  • SEC reportedly meets with IRS about money market funds
    The Securities and Exchange Commission sought input from the Internal Revenue Service over the tax effects of floating share prices in money market mutual funds, sources say. The meeting may suggest that the SEC is getting ready to produce a more comprehensive proposal to change the operations of money market funds. Bloomberg (3/7) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Many firms interested in building Consolidated Audit Trail
    Nasdaq OMX Group, the NYSE Technologies division of NYSE Euronext, BATS Global Markets, Google and IBM are among 31 firms that plan to submit bids to set up and run the Consolidated Audit Trail, a comprehensive way to monitor options and equity trading. However, four potential bidders will also help select the winning bid. "We're very happy to see that so many people are intending to bid, but there's a potential conflict of interest with the [self-regulatory organizations], who are both selecting [the winning bid] and in some cases bidding," said T.R. Lazo, a managing director with SIFMA. Attending SIFMA Operations Conference and Exhibit on April 28-May 1 in Boca Raton, Fla., will give you the latest on CAT, FATCA and more. Register today. Reuters (3/6), The Washington Post (3/6) LinkedInFacebookTwitterEmail this Story
  • Nasdaq prefers bond or forex deal to exchange partnership
    Nasdaq OMX Group is more likely to look at a deal for expanding into the bond or foreign exchange markets than to look for a partnership with another exchange, said Chief Financial Officer Lee Shavel. "We think the trends [in foreign exchange and bond markets] are going to continue to be influenced by technology adoption and electronic trading that may drive opportunities for us to leverage our infrastructure," Shavel said. The Wall Street Journal (3/5) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • House passes interim measure to avert U.S. government shutdown
    The House of Representatives passed a bill in a 267-151 vote that would fund U.S. government programs through Sept. 30, to avoid a shutdown March 27. Some attendees of a dinner meeting between President Barack Obama and Senate Republican leaders are more optimistic that Democrats and Republicans can reach an agreement on the budget and debt. Reuters (3/7), USA Today (3/6), The Hill (3/6) LinkedInFacebookTwitterEmail this Story
  • MSRB will host post-retirement benefit changes meeting
    The Municipal Securities Rulemaking Board will host a meeting this month bringing together regulators, lawmakers, industry groups and market participants to discuss changes to the pension industry. "The meeting is intended to provide perspectives and to give participants an opportunity to discuss the state and local pension and post-employment benefit situation; to identify areas of mutual interest; and, potentially, to find areas where efforts can be coordinated," according to the board's invitation. The Bond Buyer (special access for readers of SIFMA SmartBrief) (3/6) LinkedInFacebookTwitterEmail this Story
  • Bill would let banks delve deeper into swaps transactions
    Lawmakers in the Senate and House introduced a bill to repeal a section in the Dodd-Frank Act that limits banks' swaps-trading activity. The legislation seeks to open up opportunities for banks with federal insurance. This measure is "going to allow [banks] to maintain inventory of the swaps that their customers need to buy from them; just the same way when you go to buy a car from a car dealer," said Rep. Jim Himes, D-Conn. Read SIFMA's statement about the legislation. Bloomberg (3/6) LinkedInFacebookTwitterEmail this Story
  • CFTC examines academic use of confidential data
    The Commodity Futures Trading Commission has halted a program involving visiting academic researchers, who were allowed access to the agency's confidential data. "The management review, which is ongoing, has preliminarily discovered issues regarding the manner in which academic consultants and contractors were brought into the agency, their status with respect to the agency, their access to CFTC systems and information, and the adequacy of related documentation," according to the CFTC. "To date, we have not confirmed any specific incidents of improper or unauthorized data disclosure." Bloomberg (3/7)
  Operations Update 
  • SEC considers making voluntary tech standard mandatory
    The Securities and Exchange Commission is set to vote on making the voluntary Automation Review Policy mandatory. The change would require covered entities to regularly audit and stress-test their systems. The SEC might also expand the rule to cover not only exchanges and clearinghouses but also large brokerages and dark pools. Bloomberg (3/7) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  • Group calls for fees to fund SEC adviser examination
    The North American Securities Administrators Association, which represents U.S. state securities regulators, plans to lobby Congress to approve user fees to fund examination of financial advisers by the Securities and Exchange Commission. NASAA President Heath Abshure says the association will "stay on guard" regarding an effort by the Financial Industry Regulatory Authority to become a self-regulatory organization for advisers. AdvisorOne (3/5) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • SIFMA Bookstore: The premier resource for financial industry publications
    The SIFMA Bookstore features indispensable resources on the financial industry. Experienced industry professionals rely on our factbooks and manuals. Consumers find value in our investor guides, primers on a variety of financial products, and the latest edition of "The Fundamentals of Municipal Bonds." Visit the SIFMA Bookstore to update your library today. Discounts available for SIFMA members. LinkedInFacebookTwitterEmail this Story
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Scientific progress makes moral progress a necessity; for if man's power is increased, the checks that restrain him from abusing it must be strengthened."
--Anne Louise Germaine de Staël,
Swiss author

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