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February 1, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Wall Street gets off to record start in terms of CMBS
    So far, 2013 has been a good year for issuance of commercial mortgage-backed securities. Wall Street dealers have already issued $8.8 billion of the securities. "The record-setting issuance for [January] demonstrates the robust demand for CMBS and the continued recovery of the broader commercial real estate market," said Harris Trifon, Deutsche Bank's head of CMBS and asset-backed research. The Wall Street Journal/Developments blog (1/31) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Fed paper highlights investor dynamics
    The Federal Reserve posted a research paper online that delves into how investor dynamics affect the U.S. corporate bond market. Researchers said institutional investors tend to exhibit "herd-like" behavior more in the corporate bond market than in stocks. "We find substantial institutional herding in U.S. corporate bonds, much higher than that previously documented in the equity markets," wrote authors Fang Cai, Song Han and Dan Li, who are staff economists at the Federal Reserve Board in Washington, D.C. Reuters (1/31) LinkedInFacebookTwitterEmail this Story
  • Analysis: Case highlights MBS regulatory conflict
    Floyd Norris writes that the government's prosecution of a broker for failing to disclose information about mortgage-backed securities to his clients stands in stark contrast to their decision to not require any disclosure of trade information about those securities. He writes that the Securities and Exchange Commission has the ability and data to make trades public but would be opposed by many in the industry. The New York Times (tiered subscription model) (1/31) LinkedInFacebookTwitterEmail this Story
  • Editorial: A Libor settlement would be better for everyone
    Banks accused of manipulating the London Interbank Offered Rate should settle civil lawsuits instead of fighting them in court, Bloomberg's editorial board argues. Settling will be cheaper in the long run and improve their public perception, the board writes. Bloomberg (1/31) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • EU official emphasizes importance of global Basel III adoption
    Michel Barnier, the EU's internal-market commissioner, has reiterated a need for the U.S. and other nations to adopt Basel III rules. The U.S. delayed Basel II and did not pass it into law until years after Europe had introduced it. As it stands, 11 of the Group of 20 countries have introduced Basel III. Reuters (1/31) LinkedInFacebookTwitterEmail this Story
  • SEC appoints temporary leadership in enforcement unit
    George Canellos, currently deputy of the Securities and Exchange Commission's enforcement division, has been named acting head of the unit effective Feb. 8. The agency named David Bergers, head of its Boston office, as acting deputy director of enforcement. Reuters (1/31) LinkedInFacebookTwitterEmail this Story
  • Basel Committee's RWA findings worry banks
    The Basel Committee on Banking Supervision has finished a risk-weighted-asset evaluation of trading-book positions, finding a huge variation among banks' valuation methods. Risk-weighted assets are a major factor in determining how much capital banks are required to keep on hand. Banks fear the large discrepancy in their methods will result in a call for significant reform, which would force them to keep even more cash on hand. Bloomberg (1/31), Risk.net (subscription required) (1/31) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  • Survey: 86% of young investors ready to fire parents' adviser
    Advisory firms need to start hiring young financial advisers to attract and keep the business of Generation X and Y investors, who will have accumulated $28 trillion of personal wealth by 2018, up from $2 trillion in 2011, said Tom Nally, president of TD Ameritrade Institutional. A recent survey showed that, if given the chance, 86% of young investors would fire their parents' financial adviser, he said. Financial-Planning.com (1/31), Financial Advisor online (1/31) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • SIFMA Newsletters: Regular updates on a wide array of financial industry topics
    SIFMA topic-focused newsletters will provide you with timely and informative summaries of key developments to keep you informed of the changing environment of the financial services industry landscape. Choose from a broad range of industry topics including: municipal securities, securitization, rates, retirement and savings, derivatives as well as major regulatory and legislative actions on Capitol Hill and across the globe that affect the financial services sector, and more. Also, check out SIFMA SmartBrief Operations and Technology Edition. It's your weekly guide to news related to your firm's operations. LinkedInFacebookTwitterEmail this Story
  • SIFMA's Private Client Conference -- April 25 -- Chicago
    SIFMA's Private Client Conference: A Conference for Wealth Management Professionals is North America's premier conference for Private Client Groups at all levels. On April 25 in Chicago, this exceptional program will address tactical ways to enhance client service, advice, and, perhaps most crucially, trust, to help investors achieve their financial goals. Join industry experts from global, regional and small firms as they discuss innovative and tactical ideas across market segments and more. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
Never confuse a single defeat with a final defeat."
--F. Scott Fitzgerald,
American writer


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