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October 4, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Obama and Romney spar over Dodd-Frank
    In the first presidential debate, President Barack Obama and Republican challenger Mitt Romney battled over regulations affecting the financial sector. Romney said regulations are necessary, but criticized Obama's reforms as being excessive and damaging to the economy. Romney reiterated his stance that the Dodd-Frank Act should be repealed and replaced, but he didn't offer details for regulations he sees as necessary. Obama defended the rules and increased oversight of Wall Street. Reuters (10/4), The Boston Globe/The Associated Press (tiered subscription model) (10/3), The Hill/On The Money blog (10/3) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Non-agency mortgage bond market continues to contract
    In mid-2007, the non-agency mortgage bond market stood at $2.3 trillion, according to Federal Reserve data. Over the past several years, the market for home-loan securities that don't have government backing has contracted to less than $1 trillion. Meanwhile, demand for such bonds has increased as the housing market recovers. "The contraction is a huge part of the story of why non-agencies have outperformed almost every other asset class," said Bryan Whalen, co-head of mortgage bonds at TCW Group. Bloomberg (10/4) LinkedInFacebookTwitterEmail this Story
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  Washington Roundup 
  • CFTC faces deluge of requests to delay or ease rules
    Several derivatives rules are scheduled to go into effect next week, prompting trade groups to ask the Commodity Futures Trading Commission and other regulators to either delay or ease the measures. For example, market participants want regulators to determine whether currency derivatives are subject to the rules. Bloomberg Businessweek (10/4) LinkedInFacebookTwitterEmail this Story
  • Housing agency reportedly blocks Freddie's foreclosure-loan plan
    Freddie Mac's plan to loan to investors who buy foreclosed homes and turn them into rental properties was put on hold by the Federal Housing Finance Agency, sources said. The regulator reportedly is worried that inexpensive loans from Freddie would make it difficult for banks to compete for loan business from buyers who want to acquire foreclosed properties. The Wall Street Journal (10/3) LinkedInFacebookTwitterEmail this Story
  • Commentary: Courts strike down poorly written regulations
    Eugene Scalia, a Washington, D.C., lawyer, refutes claims that courts are rejecting rules written by regulatory agencies because the judges are "judicial activists." Rather, the courts are striking down the rules because they are poorly written, Scalia argues. The challenges to rules written by the Securities and Exchange Commission and the Commodity Futures Trading Commission will help to improve the regulators, he writes. The Wall Street Journal (10/3) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  • DTCC tests its systems by shutting down parts, exec says
    Albert Gambale, managing director and chief development officer at the Depository Trust & Clearing, explained to participants at a Securities and Exchange Commission's roundtable on market technology how the firm tests its systems. The DTCC halts operations at a branch office and then monitors how the nationwide system handles the situation. A series of technical glitches that roiled the markets in recent months has prompted market participants to focus on crisis preparation. Securities Technology Monitor (10/2) LinkedInFacebookTwitterEmail this Story
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  SIFMA News 
  • SIFMA Foundation will honor Donahue and Walcott -- Oct. 23
    SIFMA and the SIFMA Foundation invite you to join your industry partners Oct. 23 as we honor Donald F. Donahue, former president and CEO of DTCC and former CEO of DTCC's operating subsidiaries DTC, NSCC and FICC; and Dennis M. Walcott, chancellor of the New York City Board of Education. Mr. Donahue has earned recognition for innovative leadership in automating, centralizing, standardizing and streamlining processes that are critical to the safety and soundness of the capital markets. Chancellor Walcott oversees a system of more than 1,700 schools with 1.1 million students and is committed to preparing students to graduate from high school and succeed in college and careers. Dinner proceeds will benefit millions of students, teachers and schools across the country by engaging them in SIFMA Foundation's acclaimed financial education programs at a time when expanded financial literacy is critical to our nation's success. Join us and your peers in supporting the SIFMA Foundation and its work. LinkedInFacebookTwitterEmail this Story
  • Highlights from SIFMA's 2012 Municipal Bond Summit
    The SIFMA Municipal Bond Summit gave SEC Commissioner Elisse Walter, MSRB Executive Director Lynette Kelly and the rest of the expert roster a forum to share their insights into the most-talked-about challenges and opportunities in today's municipal securities market. Whether it was one of the featured speakers, or the panels led by leading media personalities, attendees of the SIFMA Municipal Bond Summit heard a broad range of municipal securities issues, including: headline risk influencing investor confidence; alternative financing solutions; federal legislative proposals affecting tax exemption; and increased regulatory scrutiny and enforcement. LinkedInFacebookTwitterEmail this Story
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I start with the premise that the function of leadership is to produce more leaders, not more followers."
--Ralph Nader,
American political activist, author, lecturer and attorney

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