SEC experiments with more specific penalties | DTCC seeks to accelerate end of paper stock certificates | Nasdaq to convert PSX into an ETF exchange
Web Version
March 13, 2013
NYSSA SmartBrief
Daily newsletter from NYSSA for investment professionals

Top Story
Senators voice no opposition to Obama's pick to head SEC
No senators voiced any opposition to Mary Jo White, President Barack Obama's nominee to lead the Securities and Exchange Commission, at a confirmation hearing Tuesday. Previously, concerns had been raised about White's ties to Wall Street and her ability to effectively oversee the financial industry. The Washington Post (3/12), Reuters (3/12), The New York Times (tiered subscription model)/DealBook blog (3/12), The Wall Street Journal (3/12), The Seattle Times/Jon Talton blog (3/12)
Share: LinkedIn Twitter Facebook Google+ Email
Industry Update
SEC experiments with more specific penalties
The Securities and Exchange Commission may use more customized punishments when penalizing rule breakers, instead of its typical broad prohibitions. "We want to use all of the tools available to us to specifically discourage repeat misconduct and go beyond the injunctions we traditionally obtain," said George Canellos, the SEC's acting head of enforcement. Reuters (3/12)
Share: LinkedIn Twitter Facebook Google+ Email
DTCC seeks to accelerate end of paper stock certificates
Depository Trust and Clearing is striving to accelerate efforts to remove older paper stock certificates from circulation and end the issuance of new ones. "It's a much more costly and risk-prone way of holding assets," said Dan Thieke, managing director in asset services at DTCC. "Those assets can be destroyed. They can be lost. When they're lost, they need to be replaced, and there's costs associated with that." The Wall Street Journal (3/12)
Share: LinkedIn Twitter Facebook Google+ Email
Nasdaq to convert PSX into an ETF exchange
PSX, the smallest of Nasdaq OMX Group's trading platforms, will be converted into a venue focused on exchange-traded products, a rapidly growing sector. Pending Securities and Exchange Commission approval, Nasdaq reportedly plans to start the changes during the second quarter. The Wall Street Journal/Dow Jones Newswires (3/12)
Share: LinkedIn Twitter Facebook Google+ Email
Study finds improved economic analysis from SEC
The Securities and Exchange Commission's increased efforts to understand the economic effects of its regulations are paying dividends, according to a study commissioned by the U.S. Chamber of Commerce. The emphasis on relying on economists has made the SEC a model for other agencies, such as the Commodity Futures Trading Commission and Consumer Financial Protection Bureau, the report said. "The SEC's course of action is one that other financial regulators -- such as the CFTC, the CFPB, and the federal banking agencies -- can learn from and should follow," the study said. Reuters (3/12)
Share: LinkedIn Twitter Facebook Google+ Email
Trading could be an addictive behavior, expert says
At an industry conference, John Coates, a senior research fellow in neuroscience and finance at the University of Cambridge, discussed the role biology plays in trading and risk taking. "Something happens to traders when they are on a winning streak that transforms them from something tame to something a lot more dangerous," Coates said. SmartBrief/SmartBlog on Finance (3/12)
Share: LinkedIn Twitter Facebook Google+ Email
New York Focus
New York to get extra Sandy aid for coastal areas
Coastal communities in New York will receive an extra $436 million from the federal government to repair sea walls, sand dunes and beaches damaged by superstorm Sandy. Sen. Charles Schumer, D-N.Y., had pushed for the Army Corps of Engineers and the Office of Management and Budget to relax some funding restrictions to pay the full cost of four projects that were previously authorized but never fully financed. The New York Times (tiered subscription model) (3/12)
Share: LinkedIn Twitter Facebook Google+ Email
Report cites a surge in annual rate of NYC startups since 1991
New businesses are being created in New York City at almost twice the rate of two decades ago, according to research by the Center for an Urban Future. State corporation records show that 35,000 businesses were launched in the city during 1991. In 2011, the figure was 65,000. The Wall Street Journal/Metropolis blog (3/12)
Share: LinkedIn Twitter Facebook Google+ Email
On The Economy
Analysis: There's still no proof tax cuts boost growth
The argument that reducing taxes increases economic growth dates back to the 1980s, but economists haven't found evidence to prove that it is true, Eduardo Porter writes. Comparing the U.S. with countries with a higher tax burden doesn't clarify the picture. During the past 40 years, the U.S. grew a little faster than Australia and France but a little slower than Austria, Germany and the Netherlands, Porter writes. The New York Times (tiered subscription model) (3/12)
Share: LinkedIn Twitter Facebook Google+ Email
Financial Products
Barclays debuts ETN investing in MLPs
Trading is set to begin on NYSE Arca for an exchange-traded note from Barclays that buys equity stakes in master limited partnerships. The Barclays ETN+ Select MLP ETN tracks the Atlantic Trust Select MLP Index and is expected to generate a 12.5% annual return. (3/12)
Share: LinkedIn Twitter Facebook Google+ Email
Humor is an affirmation of dignity, a declaration of man's superiority to all that befalls him."
-- Romain Gary,
French diplomat, novelist, film director and aviator
Share: LinkedIn Twitter Facebook Google+ Email
Learn more about NYSSA ->Home page | NYSSA's Blog | Programs | Corporate Resources | Membership
Subscriber Tools
Please contact one of our specialists for advertising opportunities, editorial inquiries, job placements, or any other questions.
Lead Editor:  Bridget Lux
Advertising:  Alexandra Varipapa

Download the SmartBrief App  iTunes / Android
iTunes  Android
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004
© 1999-2013 SmartBrief, Inc.®
Privacy policy |  Legal Information