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October 3, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Experts voice concerns about market complexity at SEC round table
    Wall Street executives, regulators and other experts met to discuss recent technology glitches that roiled the market. A common concern is the complexity of the market, which includes stock exchanges and private trading venues. However, any additional change comes with risk. "The more change you introduce into the environment, the more opportunity there is for something to go wrong," said Lou Pastina, executive vice president of NYSE Euronext. "At some point, there has to be a deep breath in terms of how much change is introduced." Reuters (10/2), Financial Times (tiered subscription model) (10/2), The Wall Street Journal (10/2) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Stock-trading revenue is projected to be the lowest since 2006
    Though the market is rallying, equities-trading divisions of banks are not reaping huge profit from it because of smaller margins and reduced volume. Third-quarter revenue from stock trading likely dipped 14% from a year earlier, making it the fifth consecutive decline of more than 8% and the lowest since 2006, said JPMorgan Chase analyst Kian Abouhossein. Bloomberg (10/3) LinkedInFacebookTwitterEmail this Story
Quarterly Small Business Leadership Report
Three industry heavy weights dish up the facts on what you need to know about the future of collaboration, increasing productivity and readying the office for the millennial workforce. Read the guide.
  Washington Roundup 
  • CFTC unveils timeline for implementing Dodd-Frank
    The Commodity Futures Trading Commission released a timeline for implementing measures as mandated by the Dodd-Frank Act. Early next year, margin requirements for uncleared swaps will be announced, Chairman Gary Gensler said. He said the CFTC is coordinating its approach to uncleared swaps margin requirements with regulators around the world. The Trade News (U.K.) (10/2) LinkedInFacebookTwitterEmail this Story
  • Other News
  Asset/Wealth Management Report 
  • Advisers focus on individual brands amid big-bank skepticism
    As scandals involving major banks erode investor trust, financial advisers and brokers increasingly are developing individual brands to attract and hold clients. High-income investors rely more on individual advisers, rather than the reputation of companies that employ them. Reuters (10/2) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • Join us TOMORROW for SIFMA's Market Structure Conference -- New York City
    Seats are still available! Join Congressman Steve Stivers (R-Ohio) and Commissioner Daniel Gallagher, Securities and Exchange Commission, as they give their insights on the changing landscape of the U.S. securities markets and the many regulatory and legislative proposals recently issued by, or anticipated from, the SEC, exchanges, FINRA and Congress. Joining the Congressman and the Commissioner is a dynamic line-up of speakers that include: Gregg Berman, SEC Senior Advisor to the Director of the Division Trading and Markets; Joseph Mecane, NYSE Euronext EVP and CAO for U.S. Markets; Susan Wolburgh Jenah, President and CEO, Investment Industry Regulatory Organization of Canada, and many more. LinkedInFacebookTwitterEmail this Story
  • SIFMA-Davis Polk: Title VII Cross Border Workshop -- Oct. 16 -- New York City
    SIFMA and Davis Polk have teamed up to provide this half-day program designed to give participants practical insight and analysis on the CFTC's Proposed Guidance and Exemptive Order relating to the cross-border application of Title VII of the Dodd-Frank Act. Discussion topics will include the impact of the CFTC's expansive proposed definition of "U.S. person," the effect of booking model and aggregation requirements on registration determinations, understanding of the entity-level/transaction-level split, issues with substituted compliance and comparability determinations, and examination of new CFTC constructs found in the proposal (i.e., "non-U.S. affiliate conduits"). LinkedInFacebookTwitterEmail this Story
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There is nothing so agonizing to the fine skin of vanity as the application of a rough truth."
--Edward Bulwer-Lytton,
British politician, poet, playwright and novelist

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