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| Industry Update |  |  |
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- Fed warns of high-yield rally encouraged by monetary policy
Federal Reserve Governor Jeremy Stein warned that the speculative-grade debt market, which has expanded rapidly largely in response to the central bank's monetary policy, is overheating. "We are seeing a fairly significant pattern of reaching-for-yield behavior emerging in corporate credit," he said. Bloomberg
(2/11)      
- CFTC mishandled swaps rules, Sommers says
The timetable for the Commodity Futures Trading Commission's swaps rules created unneeded issues because the derivatives market wasn't given time to adapt, CFTC member Jill Sommers says. "We have spent the past six months basically writing no-action letters and listening to market participants tell us they're not ready," says Sommers, who will leave the CFTC in March. Risk.net (subscription required)
(2/11)
- Alphabet soup of transaction codes might be getting muddled
The proliferation of transaction codes might be causing confusion, experts say. "Does the originator of a transaction get identified with USIs? No, the originator gets a [derivatives-clearing organization's] internal counterparty number, a [National Futures Association] ID if they come with that or a [Commodity Futures Trading Commission Interim Compliant Identifier] if they present that," said Allan Grody, president of Financial Intergroup. "The rest of the USI is a transaction identifier, unique to the swap, not the swap business entity that was the transactor." Securities Technology Monitor
(2/11)
| New York Focus | | |
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| Career Development | | |
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- How to be a more virtuous leader
Good leaders need to be virtuous -- and that means embracing prudence, temperance and courage, writes Deborah Mills-Scofield. In decision-making, strive to be disciplined, balanced and reflective rather than simply jumping at every opportunity that comes along, Mills-Scofield writes. SmartBrief/SmartBlog on Leadership
(2/7)
| People & Personalities | | |
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- Lew to face Citi questions at confirmation hearing
Jack Lew's work at Citigroup, before he joined the State Department in 2009, reportedly will be Republicans' focus during Senate hearings on Lew's nomination as Treasury secretary. "If taxpayers are going to prop up failed banks, they have a right to know what a key executive like Mr. Lew did at that time," said Sen. Orrin Hatch, R-Utah. Observers say Lew appears likely to be confirmed. "Mr. Lew has been confirmed by the Senate three times already," said Sen. Max Baucus, D-Mont. "I don't expect there to be any reason why he should not be confirmed this time around as well." Bloomberg
(2/12), The Washington Post
(2/11)
| Financial Products | | |
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| SmartQuote | | |
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 | We spend our time searching for security and hate it when we get it."
--John Steinbeck,
American author
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| | Recent NYSSA SmartBrief Issues:
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