Reading this on a mobile device? Try our optimized mobile version here:

October 10, 2012
Sign upForwardArchiveAdvertise
News on the capital markets, securities and financial industry

  Morning Bell 
7 practices of strong risk managers
More than a plan to be revisited at yearly board meetings, today's corporate risk appetite management is a fluid, responsive policy shared from top to bottom, and backed by practical and enforceable rules. This approach requires a collaborative decision-making process that addresses the entire "risk ecosystem." Download the GARP white paper.
  Industry News 
  • Muni losses expected to rise because of Libor manipulation
    States and municipalities are projected to lose at least $6 billion because of manipulation of the London Interbank Offered Rate, said Peter Shapiro, managing director of Swap Financial Group. Those entities bought about $500 billion in interest-rate swaps before the financial meltdown. Bloomberg (10/9) LinkedInFacebookTwitterEmail this Story
  • New Goldman Sachs CFO Schwartz faces challenges head on
    Harvey M. Schwartz is poised to succeed David A. Viniar as chief financial officer of Goldman Sachs Group. Viniar is the longest-serving CFO of any major Wall Street firm, having held the position since 2000. Schwartz, co-head of global securities, has faced a variety of challenges throughout his career, but colleagues praise the way he handles them. "Whenever we were in a situation where things were either tough or difficult, and you were looking to see who was around to work on it, Harvey was always there," said Jon Winkelried, former co-president of Goldman Sachs. "He doesn't run from difficulty, it kind of attracts him." Bloomberg (10/9) LinkedInFacebookTwitterEmail this Story
  • European Parliament panel supports prison for rate manipulators
    A minimum of five years in prison would be in order for traders who attempt to manipulate the London Interbank Offered Rate, stock indices or oil prices, according to a proposal that gained nearly unanimous support from the European Parliament's Economic and Monetary Affairs Committee. "It was a massive failing that we weren't able to prosecute some of these traders personally in the Libor case, because we don't have the law to cover it. That will change after today's vote," said Arlene McCarthy, who is steering the proposal through Parliament. Reuters (10/9) LinkedInFacebookTwitterEmail this Story
  • Other News
  Washington Roundup 
  • Experts suggest way to limit order types
    A focus on the locked- and crossed-markets rule in Regulation NMS would address many of the concerns stemming from rapid growth in the number of order types, said Jerry O'Connell, Susquehanna International Group's chief compliance officer. "We have a locked-markets rule that was made for a different era," O'Connell said at a recent SIFMA conference. Chris Concannon, a partner at market makers Virtu Financial, added: "It was because of the complexity of Reg NMS -- that interconnected all of our markets and gave us 50 dark pools -- that we ended up with all these order types." Traders Magazine Online (10/9) LinkedInFacebookTwitterEmail this Story
  • IOSCO recommends global rules for money market funds
    Money market funds would face global regulation under rules proposed by the International Organization of Securities Commissions, as part of the Group of 20's focus on shadow banking. IOSCO said the standards would ensure industry integrity, although "implementation of some recommendations may need to be phased in, in order to avoid disruptive impacts on the [money market fund] industry and the functioning of the financial system at large." Business Standard (India) (10/9), Reuters (10/9), Bloomberg Businessweek (10/9) LinkedInFacebookTwitterEmail this Story
  • FDIC rolls out its final stress test plans for banks
    The Federal Deposit Insurance Corp. announced Tuesday that U.S. banks with assets between $10 billion and $50 billion will have to undergo annual stress tests. The FDIC will give the banks one year to prepare. The Federal Reserve and the Office of the Comptroller of the Currency announced similar efforts. "Stress testing is a key tool to ensure that financial companies have enough capital to weather a severe economic downturn without posing a risk to their communities, other financial institutions, or to the general economy," said Fed Governor Daniel Tarullo. The Hill/On The Money blog (10/9) LinkedInFacebookTwitterEmail this Story
One Complete Solution
Take advantage of the award-winning NetX360® difference. Pershing's industry-leading technology solution brings the best of brokerage and advisory worlds together on one platform. NetX360 provides investment professionals and RIAs the tools they need to manage their business, increase efficiency and automate compliance. Learn more.
  SIFMA News 
  • SIFMA's Annual Meeting presents: Alan Greenspan on the U.S. economy, election, job creation, fiscal cliff and more
    Register today for the SIFMA Annual Meeting where former Federal Reserve Chairman Alan Greenspan will offer his outlook on the U.S. economy on the eve of the presidential election. Dr. Greenspan attributes the tepid recovery of the U.S. economy to extra heavy discounting of long-lived assets, and he will discuss policies to address that problem. Join SIFMA on Oct. 23 in New York City to be provided with other insightful information on the issues facing U.S. economic competitiveness. LinkedInFacebookTwitterEmail this Story
  • Members-only conference call: Court challenge to CFTC position limits
    Join us for a SIFMA members-only conference call at 2 p.m. Eastern on FRIDAY to discuss a Sept. 28 ruling by U.S. District Judge Robert Wilkins in SIFMA's favor in a lawsuit against the Commodity Futures Trading Commission regarding a position-limit rule finalized by the CFTC in November. SIFMA is represented in this matter by law firm Gibson, Dunn & Crutcher and Gene Scalia, a partner at that firm who argued the case on SIFMA's behalf. Scalia and SIFMA General Counsel Ira Hammerman will explain the ruling and its implications on this issue, broader Dodd-Frank rule making and more. Discussion is open only to employees of SIFMA corporate members, and space is limited. Registration is required for this call; use confirmation number 10019570. For questions or comments regarding access, contact or (212) 313-1152. LinkedInFacebookTwitterEmail this Story
SIFMA Resources  |  Advocacy  |  Educational Programs/Conferences  |  Newsroom

Legislative and Regulatory Activity  |  Member Committees  |  Newsletters

No need to hurry. No need to sparkle. No need to be anyone but oneself."
--Virginia Woolf,
British writer

LinkedInFacebookTwitterEmail this Story

Subscriber Tools
Print friendly format | Web version | Search past news | Archive | Privacy policy

Sales Account Director:  Abiy Bekele 212-450-7919
A powerful website for SmartBrief readers including:
 Recent SIFMA SmartBrief Issues:   Lead Editor:  Bridget Lux
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004
© 1999-2012 SmartBrief, Inc.® Legal Information