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December 7, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • FHFA's DeMarco: No simple path to housing finance reform
    There are many important questions to be answered about what kind of housing finance system the U.S. needs and how to create it, Edward DeMarco, acting director of the Federal Housing Finance Agency, told members of SIFMA. The agency is already working on initiatives intended to transfer some credit risk to the private sector, he said. (12/6) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • JPMorgan's Masters: Financial reform leaves big gaps
    A lot of the Dodd-Frank Act addressed the true causes of the financial crisis, but a lot of gaps remain in financial regulatory reform, said Blythe Masters, head of regulatory affairs for the corporate and investment bank at JPMorgan Chase. "We still haven't reformed the regulation of housing or mortgage business properly in the United States," she said. CNBC (12/6) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • SEC lets actively managed ETFs use derivatives
    Norm Champ, director of the Securities and Exchange Commission's investment-management division, says the regulator will drop a blanket prohibition on use of a significant amount of derivatives by actively managed exchange-traded funds. Instead, the SEC will bar derivatives use to increase returns or deliver the inverse performance of an index, he said. Bloomberg (12/7) LinkedInFacebookTwitterEmail this Story
  • Regulators take closer look at risk-weighted assets
    As risk-weighted assets take on greater importance in determining banks' capital requirements, regulators are starting to doubt whether it is a good idea to let banks determine the riskiness of their assets. The Bank of England's Financial Policy Committee recently warned that banks might have understated capital needed by as much as £35 billion. The Economist (12/8) LinkedInFacebookTwitterEmail this Story
  • SEC study: Debt issuers would be fine under money-fund revamp
    Cities, states and businesses that issue short-term debt would not be harmed by proposed money-fund rules, according to a study by the Securities and Exchange Commission. The study contradicts claims by the mutual fund industry that the rules would disrupt markets for short-term debt and hurt the economy. Bloomberg (12/6) LinkedInFacebookTwitterEmail this Story
  • Sen. DeMint steps down to lead Heritage Foundation
    Sen. Jim DeMint, R-S.C., will leave Congress next month to become president of the Heritage Foundation, a think tank in Washington, D.C. DeMint, who replaces Ed Feulner, says he sees the job as a means to push conservative ideas in a way that connects with the public. "This really gets my blood going again, thinking about the possibilities. This is the time to elevate the conservative cause," he said. The Wall Street Journal (12/6) LinkedInFacebookTwitterEmail this Story
  • Opinion: Congress must act on cyberattacks
    The U.S. is unprepared to defend its critical computers and digital networks from cyberattacks, say Sens. Joseph Lieberman, I-Conn., and Susan Collins, R-Maine, the chairman and senior Republican on the Senate Committee on Homeland Security and Governmental Affairs respectively. "The new Congress must take up this issue, and pass comprehensive legislation to defend our nation against this gathering cyberthreat," they write in The New York Times. Learn more at SIFMA's Cybersecurity Resource Center. The New York Times (tiered subscription model) (12/6) LinkedInFacebookTwitterEmail this Story
  Operations Update 
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  SIFMA News 
  • EARLY-BIRD SPECIAL: SIFMA 40th Annual Operations Conference & Exhibit 2013 at 2012 prices!
    SIFMA's 40th Annual Operations Conference + Exhibit in Boca Raton, Fla., from April 28 to May 1, 2013 will bring together senior professionals from all corners of the marketplace at the premier event for financial services operations. Take advantage of early-bird pricing so you can engage expert thought leaders to examine the most critical operational, risk management and regulatory issues affecting your firm. In addition, you will gain unique insights and actionable solutions from senior industry professionals, regulators and service providers. LinkedInFacebookTwitterEmail this Story
  • IOSCO Secretary-General David Wright will speak at SIFMA/GFMA LEI Seminar -- Dec. 11 -- New York City
    SIFMA and GFMA are partnering to present the "Implementing a Global LEI Framework -- Ready. Set. Go." Join IOSCO Secretary-General David Wright, U.S. Treasury representatives, and financial services leaders as they address preparation for the December LEI deadline in the U.S. and the future of the global LEI standard. Don't miss your chance to learn more about the impact these regulations and processes will have on your firms starting this month! Register today. LinkedInFacebookTwitterEmail this Story
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You will never find time for anything. If you want time you must make it."
--Charles Buxton,
British brewer, philanthropist, writer and legislator

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