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December 19, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
 

Regulatory initiatives around the world emphasize the importance of centrally cleared standardized OTC transactions. At Eurex Clearing - Europe's leading clearing house - we recognize both the challenges and opportunities this presents for the buy-side. And provide some groundbreaking solutions.
  Industry News 
 
  • Clearinghouse group seeks greater protection for banks
    A Clearing House Association report says the Dodd-Frank Act puts Wall Street's banks at risk because of their membership in clearinghouses and the guarantees that they must provide in case of a default on swaps. The association says clearinghouses should limit member banks' liability and front more of their own capital before losses from a soured deal are passed along to nondefaulting banks. "We want to make sure some of the appropriate safeguards are in place at clearinghouses so that a default doesn't spread contagion throughout the marketplace," the association's Alex Radetsky says. Bloomberg (12/18) LinkedInFacebookTwitterEmail this Story
  • Global covered-bond market expected to gather pace
    This year is the first in the euro's history that covered-bond issuance by non-eurozone countries topped that by eurozone nations, and the trend is likely to continue, bankers say. Covered bonds might also get a lift elsewhere from legal frameworks, including in South Korea, Panama, Mexico, Morocco, New Zealand, Singapore and possibly the U.S. Reuters/International Financing Review (12/18) LinkedInFacebookTwitterEmail this Story
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  Washington Roundup 
  • Central bankers aim to settle Basel differences
    Central bankers and regulators are set to gather in January to resolve differences over global liquidity rules as they attempt to hammer out a complete Basel III accord, sources say. Sticking points include types of assets that may be counted and an implementation date of 2015. Bloomberg (12/18) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  • Exchanges, SEC close to agreeing how to work "kill switch"
    U.S. exchanges, brokers and the Securities and Exchange Commission are closing in on a "kill switch," a mechanism by which software glitches can be neutralized by halting trading before chaos ensues. "I think we are hopeful to have something to report in the first quarter of next year," the New York Stock Exchange's Joe Mecane told the Senate banking committee Tuesday. Mecane also said retail investors were essentially being abused by more-skilled traders because of how the market infrastructure has evolved. Reuters (12/18), Securities Technology Monitor (12/18), Financial Times (tiered subscription model) (12/18) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  • Survey delves into adviser adoption of ETFs
    The consulting firm Kasina released survey results showing that adviser adoption levels of exchange-traded funds offer insight into their selection processes and fund evaluation. "Adviser Insights on ETFs" highlights how different groups of advisers make decisions about the funds. "The survey makes it clear that distinctly different layers exist within this market," said Hari Krishnaswami, Kasina's director and product manager. "To gain market share within these segments will require fund firms to align their strategies with how each of these groups prefers to handle the ETF business component." PlanAdviser.com (12/18) LinkedInFacebookTwitterEmail this Story
Save Today with the Early Bird Rate for SIFMA's Anti-Money Laundering and Financial Crimes Conference Feb. 26-27, the industry's premier event for AML compliance and practices. Hear from newly-appointed FinCEN Director Jennifer Shasky Calvery, and OFAC Director Adam Szubin on their 2013 agendas.
  SIFMA News 
  • REGISTRATION NOW OPEN: SIFMA C&L Society Annual Seminar -- March 17-20 -- Phoenix, Ariz.
    SIFMA's Compliance & Legal Society Annual Seminar 2012 was attended by 1,500 financial industry legal and compliance professionals and featured more than 60 panels and sessions, creating the premier forum to discuss the issues and share expertise and insights into critical topics for varied interests. The 2013 program in Phoenix, Ariz. on March 17-20 will be no different. Registration is now open for this industry tradition. Be sure to attend and give yourself the opportunity to engage leading industry experts on the latest regulatory developments and industry trends. LinkedInFacebookTwitterEmail this Story
  • Check out Highlights from SIFMA's Legal-Entity Identifier Seminar
    Be sure to take time to see highlights from the joint GFMA/SIFMA seminar, "Implementing a Global LEI Framework -- Ready. Set. Go." This unique event brought together 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. The highlights will also demonstrate how all SIFMA-sponsored events are the best venue to get educated or stay informed about issues critical to the financial services industry. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
To be without some of the things you want is an indispensable part of happiness."
--Bertrand Russell,
British philosopher, mathematician and historian


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