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November 26, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  • "Fiscal cliff" could bring volatility back to Wall Street
    Wall Street's measure of market anxiety, the CBOE Volatility Index .VIX, commonly referred to as the VIX, has been falling for quite a while. The VIX's 200-day moving average is at its lowest point in five years. That could change if talks in Washington, D.C., to head off the "fiscal cliff" run into serious trouble. Reuters (11/25) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • UBS seeks to block FHFA lawsuit over mortgage bonds
    UBS is striving to block a lawsuit by the Federal Housing Finance Agency over claims of losses on $6.4 billion in mortgage bonds sold to Fannie Mae and Freddie Mac. The case hinges on whether a 2008 law that established the FHFA also gave the government more time to file claims against lenders. Bloomberg (11/25) LinkedInFacebookTwitterEmail this Story
  • Rivals reportedly approach Knight about market-making business
    At least two of Knight Capital Group's rivals reportedly have approached the securities firm about the possibility of buying its market-making operation. Getco and Virtu Financial are among those likely to bid on the business, sources said. The market-making operation's relationships with online brokerages make it attractive to potential suitors, Jenny Strasburg writes. Bloomberg (11/25), The Wall Street Journal (11/23) LinkedInFacebookTwitterEmail this Story
  • Schwab CEO calls for money market fund reform compromise
    Walt Bettinger, CEO at Charles Schwab, argues that it's time for the industry and regulators to reach a compromise on reform of the money market fund industry. Bettinger said Schwab is in favor of requiring some funds to have a floating net-asset value. "As far as risk goes, not all money market funds are alike," he said. Reuters (11/23), The Wall Street Journal (11/22) LinkedInFacebookTwitterEmail this Story
  • Consider Barofsky for SEC leadership
    Simon Johnson, a professor at the Massachusetts Institute of Technology Sloan School of Management, writes the Obama administration's desire to put Mary Miller, undersecretary for domestic finance at the Treasury Department, in charge of the Securities and Exchange Commission is not a slam dunk. Neil Barofsky, the former special inspector general for the Troubled Assets Relief Program, could make a great candidate, according to Johnson. Miller has limited prosecutorial experience, while Barofsky has taken on drug lords, he writes. The New York Times (tiered subscription model)/Economix blog (11/22) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • N.J. budget likely to be revised because of Sandy
    New Jersey Gov. Chris Christie is widely expected to call for changes to the state's budget to reflect the devastation brought by Superstorm Sandy. The cost of social programs was rising faster than expected and revenues were falling short of projections even before the storm hit. New Jersey Online (11/25) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  • U.S. holiday-shopping season gets strong start
    U.S. retail sales during the long Thanksgiving weekend reached $59.1 billion, 12.1% higher than in 2011, according to the National Retail Federation. Online sales for Black Friday, the traditional opening of the holiday-shopping season, topped $1 billion for the first time. Retail sales in November and December are expected to increase 4.1%, the trade group said. Reuters (11/26), PCWorld (11/25), Bloomberg (11/25) LinkedInFacebookTwitterEmail this Story
  Financial Products 
The passion for setting people right is in itself an afflictive disease."
--Marianne Moore,
American poet and writer

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