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January 28, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
  Industry News 
  • Questions remain about CoCo bonds, experts say
    Experts are warning that the mechanism behind contingent-capital instruments continues to prompt questions, but investor appetite is growing. "What would be easiest, globally, is if we had one type of security and if everybody knew how it was structured, how it was going to trade and who was going to buy it," said Thomas Humphreys, a partner at Morrison & Foerster. (subscription required) (1/25) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • SEC targets weak trading controls, Khuzami says
    The Securities and Exchange Commission is "very focused" on ensuring that exchanges and traders that experience system or programming failure suffer consequences, Enforcement Director Robert Khuzami says. "You are going to see a variety of cases in this area," said Khuzami, who is poised to leave the agency soon. "It may not be an intent-based violation, but the consequences are real and harmful in terms of investor losses and market impact." Bloomberg Businessweek (1/25) LinkedInFacebookTwitterEmail this Story
  • Derivatives margin standards remain up in the air
    With large issues unresolved on collateral requirements for derivatives, a joint group of the International Organization of Securities Commissions and the Basel Committee on Banking Supervision might be going back to the drawing board. A fresh proposal reportedly would include a phase-in period to ease a possible collateral crunch as a response to concerns that an immediate collateral increase would strangle the fragile economic recovery. (subscription required) (1/25) LinkedInFacebookTwitterEmail this Story
  • Money fund managers look for exemptions
    Fidelity Investments, Charles Schwab and Vanguard Group are no longer fighting regulators' efforts to rework rules. Instead they have regrouped around gaining exemptions for retail-oriented funds. According to industry studies, prime institutional funds faced the investor run in 2008 that sparked the need for regulation, and the managers are campaigning for regulators to focus new rules on those funds only. Bloomberg (1/28) LinkedInFacebookTwitterEmail this Story
  • Editorial: Regulators must quantify rules changes
    As the Dodd-Frank Act stands, regulators must consider but not calculate the effect their new rules will have, and that sets the bar too low, write Bloomberg's editors. Regulators should be forced to project with as much specificity as possible the costs and benefits of new rules they write. Bloomberg (1/27) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  • Electronic trading once again depends on people
    Slower trading volume means floor traders have been seeing their importance rise as their ability to execute trades in thinner markets adds value to computer programs. With less automatic matching, electronic traders are sending orders they once handled themselves to their counterparts on the trading floor to trade otherwise unmovable shares. The Wall Street Journal (1/29) LinkedInFacebookTwitterEmail this Story
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  SIFMA News 
  • Spring events are here!
    SIFMA has a spring lineup of conferences for every financial services professional. There is still time to register for this week's new FINRA Communications Rule Seminar, which brings together leading industry experts to explore changes to FINRA's communication rules, which become effective Feb. 4. Stay compliant by registering for SIFMA's Anti-Money Laundering and Financial Crimes Conference, which will feature exclusive presentations from newly appointed Jennifer Shasky Calvery, director of FinCEN, and Adam Szubin, director of OFAC. The West Coast SIFMA Social Media Seminar will use illuminating discussions from the 2011 and 2012 seminars in New York as a launching pad and bring together experts across multiple fields to further explore the increasingly important issues our industry faces in light of the rapidly changing and growing tools of social media. LinkedInFacebookTwitterEmail this Story
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