"Too big to fail" concerns complicate Dodd-Frank reform, panelists say | Senate committee sets March 19 vote on SEC, CFPB nominees | Analysis: Regulatory changes could hit bond liquidity
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March 15, 2013
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Senate report criticizes JPMorgan risk management
A Senate Permanent Subcommittee on Investigations report on JPMorgan Chase's derivatives-trading losses is critical of the bank's risk oversight and regulators that permitted the trades. The case "provides a startling and instructive case history of how synthetic credit derivatives have become a multibillion-dollar source of risk within the U.S. banking system," according to the report. CNBC (3/14), Reuters (3/14), The Wall Street Journal (3/14)
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How banks manage reference data with MongoDB
Managing and distributing reference data globally has always been a challenge for financial institutions. MongoDB's native replication capabilities and partitioned architecture make it simple to distribute and synchronize data efficiently across the globe. MongoDB's dynamic schema dramatically reduces database maintenance for schema migrations - data structure changes can be applied with no down time, and with no impact to existing applications. Register Now!
Industry Update
"Too big to fail" concerns complicate Dodd-Frank reform, panelists say
Some market participants, policymakers and other officials have been working to revise parts of the Dodd-Frank Act since it was enacted. However, a movement to tackle the issue of banks being "too big to fail" is complicating such efforts, according to panelists at an industry conference. SmartBrief/SmartBlog on Finance (3/14)
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Senate committee sets March 19 vote on SEC, CFPB nominees
The Senate banking committee has scheduled votes for March 19 on the nominations of Mary Jo White as chairman of the Securities and Exchange Commission and Richard Cordray to lead the Consumer Financial Protection Bureau. The panel is expected to approve both nominees. Bloomberg (3/14), Reuters (3/14)
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Analysis: Regulatory changes could hit bond liquidity
Individual investors continue to put money in bonds despite a rally in equities. However, bond investors could face a liquidity issue should the situation change, Richard Barley writes. Basel III rules have caused dealers to significantly pare back bond inventory, so if retail investors start exiting en masse, it is unclear who will emerge to buy those bonds. The Wall Street Journal (3/14)
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New York Focus
NYC sees a net migration gain for first time in decades
For the first time since 1950, the number of people moving to New York City has outnumbered the people leaving it. The city's population rose to a record high of 8.3 million in July 2012, the U.S. Census Bureau said. The Wall Street Journal (3/14)
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Judge rules vote to close Long Island hospital was illegal
New York state Justice Johnny Baynes has vacated a vote by the trustees of the State University of New York. Baynes said several aspects of the way the trustees handled the matter "seems intentionally designed to shield the purpose of the meetings from the general public and obstruct the transparency required by the Open Meetings Law." The New York Times (tiered subscription model) (3/14)
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Career Development
10 ways to handle manipulators
Some of your co-workers will try to use fake sympathy or intimidation to manipulate you, executive coach Joyce E.A. Russell writes. Limit your interactions with these people as much as possible, and find a confidante to share your misgivings with. "When you first start defending yourself against a manipulator, they'll try harder to control you. Remember this and stay firm, don't get defensive and don't take the bait if they push you," Russell writes. The Washington Post (3/8)
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On The Economy
Drop in initial jobless claims surprises economists
Initial claims for unemployment benefits in the U.S. decreased by 10,000 last week, to an adjusted 332,000, the third consecutive week of decline, the Labor Department said. Economists surveyed by Reuters had expected an increase to 350,000. The four-week rolling average, a better indicator of labor-market conditions, reached its lowest level in five years. Reuters (3/14), MSNBC/The Maddow Blog (3/14), Medill Reports (Northwestern University) (3/14)
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Congress works on tax-code overhaul
Bipartisan work on a comprehensive overhaul of U.S. tax law got under way in the Senate Finance Committee with Democrats and Republicans agreeing on one issue: The economy would benefit from eliminating tax breaks worth tens of billions of dollars, they said. They disagree, however, on what to do with the money saved. The Washington Post (3/14)
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Financial Products
Salient introduces managed-futures mutual fund
Salient Partners has launched a mutual fund offering exposure to managed futures, as well as other financial derivatives. The Salient Pure Trend Fund diversifies investments across more than 45 futures contracts, following a rules-based methodology. PlanSponsor.com (3/12), CNNMoney (3/14), Bloomberg (3/14)
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Adventure is not outside man; it is within."
-- George Eliot,
British writer
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