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November 14, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  Industry Update 
  • Stricter rules are sought for money funds
    The Financial Stability Oversight Council says money market funds should face stronger regulation because they are vulnerable to a run if a financial crisis arises. "Some basic vulnerabilities in the design of money market funds helped accelerate the financial crisis of 2008 and 2009," said Treasury Secretary Timothy Geithner, who chairs the council. "We are not yet at the point where we have achieved and put in place a set of reforms that provide us a sufficient degree of comfort against those basic vulnerabilities." Reuters (11/13), Bloomberg (11/14), The New York Times (tiered subscription model) (11/13), The Wall Street Journal (11/13) LinkedInFacebookTwitterEmail this Story
  • SEC broadens Knight inquiry to include risk controls
    The Securities and Exchange Commission is examining risk controls at Knight Capital Group to determine whether the firm adequately supervised trading before a large loss in August. The regulator wants to know whether Knight complies with the SEC's market-access rule, which requires companies to take precaution against serious technology problems, including computer failure. The Wall Street Journal (11/13) LinkedInFacebookTwitterEmail this Story
  • Plan emerges to keep Sen.-elect Warren off banking panel
    Now that Elizabeth Warren is on her way to the U.S. Senate, there has been much concern that she might get a seat on the banking committee. Warren's critics -- who successfully kept her from leading the agency she helped set up, the Consumer Financial Protection Bureau -- have a plan: Offer her something better than the banking committee. CNBC/NetNet blog (11/13) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • BNY Mellon unit settles Madoff claims for $210 million
    Ivy Asset Management, a unit of Bank of New York Mellon, agreed to pay $210 million to settle several lawsuits claiming it failed to disclose doubts it had about the business of Bernard Madoff. The settlement resolves litigation initiated by the U.S. Department of Labor, the New York Attorney General's office and several investors. The Wall Street Journal (11/13) LinkedInFacebookTwitterEmail this Story
  • Towns hit by Sandy likely to raise taxes, Christie says
    The towns that suffered major damage from Superstorm Sandy have little alternative to raising property taxes to pay for reconstruction, New Jersey Gov. Chris Christie said. "So as long as they know the money is being spent to bring their towns back to life, I think people will understand," he said. "It’s got to be done." New Jersey Online (11/13) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  • Rove and Carville largely agree on "fiscal cliff" compromises
    At the Global Financial Leadership Conference, Republican strategist Karl Rove and Democratic strategist James Carville discussed steps they say are necessary to address the "fiscal cliff." They generally agreed on compromises, but Rove questioned whether the deal would be done by the deadline. (11/13) LinkedInFacebookTwitterEmail this Story

  • Obama to aim for higher taxes for wealthy and corporations
    President Barack Obama will open negotiations with congressional Republicans on the "fiscal cliff" with a proposal that the rich and corporations pay $1.6 trillion in additional taxes during the next decade, White House officials said. That is twice as much as House Speaker John Boehner, R-Ohio, agreed to during talks with the Obama administration last year. The Washington Post (11/13), CNN (11/14), The Hill (11/13) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • ETF Issuer Solutions aims to launch long-short ETF
    ETF Issuer Solutions filed with the Securities and Exchange Commission to introduce an actively managed exchange-traded fund that would follow a long-short strategy aimed at delivering positive returns regardless of market conditions. The AltShares U.S. Long/Short Fund would invest mostly in ETFs and other exchange-traded products. (11/12) LinkedInFacebookTwitterEmail this Story
The best way to find out if you can trust somebody is to trust them."
--Ernest Hemingway,
American author and journalist

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