CMBS delinquency rates continue to drop, Fitch says | BIS study suggests size does matter in foreign exchange | SEC faces challenges in HFT investigation
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March 11, 2013
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Top Story
Advisers tell clients not to rush back into stocks
The Dow Jones industrial average's recent surge to a record high has investors interested in coming off the sidelines and getting back into stocks, but financial advisers are telling them to move cautiously. Stocks are still cheap, based on price-to-earnings ratios, but advisers warn there will probably be pullback in the next few months. Thomson Reuters data show that earnings growth in the U.S. is slowing. Reuters (3/10)
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Industry Update
CMBS delinquency rates continue to drop, Fitch says
For the ninth consecutive month, delinquency rates on commercial mortgage-backed securities declined, falling from 7.91% in January to 7.61% in February, according to Fitch Ratings. The rating agency expects the trend to continue. "With many loans over $100 million still in the index, steep month-over-month declines in CMBS delinquencies are likely to continue as larger loans get resolved," said Mary MacNeill, managing director at Fitch. The Wall Street Journal/Dow Jones Newswires (3/8)
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BIS study suggests size does matter in foreign exchange
The Bank for International Settlements has released a study that suggests bigger banks with more market share in foreign exchange have an advantage over smaller dealers. "The trend towards more market concentration observed in FX markets over recent years clearly benefits large financial institutions acting as dealers and potentially trading on this information in the inter-dealer market," according to the study. The Wall Street Journal/Dow Jones Newswires (3/8)
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SEC faces challenges in HFT investigation
The Securities and Exchange Commission is facing significant challenges in its probe into high-frequency trading, partially because of the rapid nature of the strategy. Financial Times (tiered subscription model) (3/10)
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Commentary: Opportunities emerge for regulatory experts
Implementation of the Dodd-Frank Act will lead to increased demand for experts in the field of financial regulation, University of Maryland associate professor Michael Faulkender writes. The federal government needs talented people to staff agencies and the private sector will strengthen back-office operations in order to comply with laws, Faulkender writes. The Washington Post (3/10)
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New York Focus
Quinn kicks off campaign to be New York's next mayor
New York City Council Speaker Christine Quinn has formally announced her bid for mayor. "I'm about keeping New York City a place for the middle class to live and grow," Quinn said in a video message. The Wall Street Journal (3/10)
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Career Development
A search for answers relies on the right questions
Give Albert Einstein 60 minutes to solve a life-or-death problem and he'd use all but five minutes mulling over the best question, Liz Alexander writes. Innovators should take a similar approach, she argues, focusing on identifying meaningful questions rather than obsessing over solutions. ThoughtLeaders blog (3/6)
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People & Personalities
CFTC's top lawyer plans to leave agency at end of month
The Commodity Futures Trading Commission's top lawyer, Dan Berkovitz, has announced that he will leave the agency at the end of March. Berkovitz, who has been general counsel at the CFTC since June 2009, is most noted for helping to shape the agency's derivatives rules prompted by the Dodd-Frank Act. Bloomberg (3/8), The New York Times (tiered subscription model)/DealBook blog (3/8)
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On The Economy
Analysis: Don't get too excited about latest jobs data
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U.S. employment statistics show a misleading scene of the labor market, experts say. While 446,000 part-time jobs were created last month, full-time jobs decreased by 276,000. Fewer Americans are working full time compared with a year ago. The New American (3/10), MarketWatch (3/8), (3/8), The Christian Science Monitor (3/8)
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Financial Products
Global bond mutual fund debuts from Goldman Sachs
Goldman Sachs has introduced a global bond mutual fund that seeks to deliver higher yields than are available in developed countries, where central banks are using monetary policy to hold down interest rates. Most of the Goldman Sachs World Bond Fund's investments are sovereign bonds and fixed-income instruments related to sovereign debt. (3/7)
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The greatest way to live with honor in this world is to be what we pretend to be."
-- Socrates,
Greek philosopher
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