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November 19, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  • FX swaps and forwards get Dodd-Frank exemption
    Despite opposition from some Democratic lawmakers and regulators, the Treasury Department elected to exempt foreign exchange swaps and forwards from the Dodd-Frank Act. "Unlike other derivatives, FX swaps and forwards already trade in a highly transparent, liquid and efficient market," the department said. Market participants welcomed the move. Bloomberg (11/16), Reuters (11/16), The Wall Street Journal (11/16), Financial Times (tiered subscription model) (11/17) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • Revamp of rules for securities professionals hits snags
    An undertaking to simplify licensing for securities professionals is about 80% complete, but the remaining 20% is producing hard-to-resolve hangups, says Robert Colby, chief legal officer for the Financial Industry Regulatory Authority. The attempt to refine and combine the separate rules of FINRA's predecessor organizations, the National Association of Securities Dealers and the New York Stock Exchange's member and enforcement functions, has been dragging on for five years. Reuters (11/16) LinkedInFacebookTwitterEmail this Story
  • JPMorgan and Credit Suisse settle MBS case with SEC
    The Securities and Exchange Commission has settled with JPMorgan Chase and Credit Suisse, after the banks allegedly misled investors about more than $1 billion in securities backed primarily by subprime mortgages. JPMorgan will pay $296.9 million, while Credit Suisse will pay $120 million. The money will be turned over to affected investors. The Wall Street Journal (11/16) LinkedInFacebookTwitterEmail this Story
  • Barclays delves into ABS based on credit card debt
    Barclays, to diversify sources of funding, priced its first asset-backed security centered on U.S. credit card receivables. "We said that we would add securitization to the mix when the time was right," said Jerry Pavelich, chief financial officer of Barclaycard U.S. "Now, between the mix of broker deposits, our online presence and securitization, we like the look and feel of how we fund our business. ... Other lenders are shrinking, while we are growing." Reuters/International Financing Review (11/16) LinkedInFacebookTwitterEmail this Story
  • Regulatory uncertainty prompts banks to be cautious
    Columnist David Reilly notes comments by Federal Reserve Chairman Ben Bernanke, who said recently mortgage underwriting standards have become too tight and are hindering the housing revival and economic recovery. Reilly writes that credit standards have tightened for a variety of reasons, including a lack of regulatory certainty. The Wall Street Journal (11/18) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • Wall Street prepares employees for smaller bonuses
    Based on slumping sales and public statements by financial executives, this year Wall Street's workers aren't likely to be stunned like they were last year by their shrinking bonuses. Options Group, an executive search company, said almost 20% of Wall Street's workforce won't get a bonus at all. InvestmentNews (free registration) (11/18) LinkedInFacebookTwitterEmail this Story
  • Stringer reportedly to drop out of mayor's race
    Manhattan Borough President Scott Stringer is expected pull out of the New York mayor's race and instead run for the comptroller's job, people familiar with his plans said. Stringer's departure from the campaign is widely seen as giving Christine Quinn a big boost in her effort to become the city's next mayor. Stringer and Quinn are Manhattan Democrats. The Wall Street Journal/Metropolis blog (11/16) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • Customers, not cash, are the key to innovation success
    The innovation race isn't won by companies with big R&D budgets and fancy development tools, but rather by firms that understand their customers and their own capabilities, write Barry Jaruzelski, John Loehr and Richard Holman. "Successful innovation doesn't require flashy new techniques like social networking, just the knowledge of what works and what doesn't, and the determination to stick to these principles," they argue. CNNMoney/Fortune (11/13) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  • Pace of U.S. business investment drops
    Major U.S. companies are slashing investment plans at a rapid pace amid uncertainty over taxes and their economic prospects. Among the 40 largest publicly traded companies, half said they plan to scale back capital investment this year or in 2013. The Wall Street Journal (11/19) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • RBS launches ETNs tracking Rogers commodity indexes
    Royal Bank of Scotland introduced five exchange-traded notes linked to the Enhanced Rogers International Commodity Index series, by commodity-investment expert Jim Rogers. The ETNs -- agriculture, commodity, energy, industrial metals and precious metals -- each has an annual fee of 0.95%. (11/15), Zacks (11/15), (11/15) LinkedInFacebookTwitterEmail this Story
Nothing is too small to know, and nothing is too big to attempt."
--William Cornelius Van Horne,
Canadian railway executive

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