| News on the capital markets, securities and financial industry |  |
- Decision to close markets renews preparedness questions
Regulators and exchange operators will keep U.S. markets closed for a second consecutive day after superstorm Sandy came ashore, prompting questions about how prepared the industry is for such disasters. SIFMA hosted a conference call late Sunday to discuss the potential closure, which received broad support from major banks and brokers, sources said. The situation also highlights the significant role humans continue to play in the markets despite a shift toward more automation. The Wall Street Journal
(10/29)      
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| Industry News |  |  |
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- Sandy reportedly forces CMBS pricing delay
Superstorm Sandy has prompted Wall Street dealers to delay pricings on almost $3 billion of commercial mortgage bonds, sources said. “This will be a minor interruption” for CMBS deals, said Christopher Sullivan of the United Nations Federal Credit Union in New York. “There’s nothing that should affect investor sentiment.” The Wall Street Journal/Developments blog
(10/29)
- 3 New York markets will test combined trading on NYSE Arca
Hoping to reopen for trading this week, three major financial markets planned to begin testing combined trading on the NYSE Arca computer system today. Critical opening and closing auctions for securities listed on the New York Stock Exchange, BATS Global Markets and Direct Edge Holdings would be conducted on the NYSE Arca platform if the testing goes well. The testing was scheduled to begin at 8 a.m. and conclude at noon. Click here for more information from SIFMA about the status of exchanges. The Wall Street Journal
(10/30)
- Catastrophe bonds slip because of Sandy
One of the first casualties of superstorm Sandy was the catastrophe-bond market. Prices for cat bonds, which fall if they're triggered, declined 0.4% to 94.77 as of Friday, according to the Swiss Re Cat Bond Price Return Index. It was the largest drop since February. The storm may trigger about $1 billion of catastrophe bonds. Cat bonds and other risk-linked securities will be the focus of SIFMA's Insurance and Risk Linked Securities Conference, March 5-6 in New York, register today. Bloomberg
(10/29)
- Buy-side firms lag in ability to meet reconciliation rules
Six in 10 buy-side firms, interdealer brokers and investment banks have not launched real-time reconciliation and are unlikely to be prepared to do so by the end of next year, as required by impending regulations, according to a report by Gresham Computing. "The vast majority are struggling to on-board new financial transactions in a timely and cost-effective way, and many are still using workaround in Excel," Development Director Neil Vernon said. The Trade News (U.K.)
(10/29)
| Washington Roundup | | |
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- SEC needs more time to review Nasdaq's Facebook proposal
The Securities and Exchange Commission said on its website that it will take more time to decide whether to approve Nasdaq OMX Group's proposal regarding compensation for losses that companies sustained during Facebook's initial public offering. The SEC is reviewing "legal and policy issues" stemming from the proposal, which some major banks have said is inadequate. The Wall Street Journal
(10/29)
- G-20 is asked to hold U.S. and EU accountable on Basel III
With the U.S. and the EU home to 23 of 29 banks regarded as systemically important, global regulators called on Group of 20 nations to demand the reason Washington, D.C., and Brussels have seen fit to dilute key parts of Basel III rules. The Basel Committee on Banking Supervision emphasized a need for consistent implementation worldwide in substance and according to an agreed timetable. The committee also said it will look into different ways banks calculate risk. Bloomberg
(10/29), Reuters
(10/29), The Wall Street Journal
(10/29)
| Asset/Wealth Management Report | | |
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| SIFMA News | | |
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- SIFMA's 2012 Annual Meeting highlights
The 2012 SIFMA Annual Meeting: Markets, Politics, Impact, convened financial industry leaders to
discuss the impact of the political and economic climate looking ahead to 2013 and beyond. Notably,
Dr. Alan Greenspan, Chairman, Federal Reserve System (1987-2006), offered insights into the state of the economy, particularly the virtually unprecedented degree of uncertainty that is weighing on markets. The industry's top regulators, including SEC Chairman Mary Schapiro and CFTC Chairman Gary Gensler, provided the latest developments with regulatory reform implementation and how they affect our business. In another unique presentation, Sens. Saxby Chambliss, R-Ga., and Mark Warner, D-Va., members of the "Gang of Eight," discussed the importance of averting a drop off the "fiscal cliff," what must occur for that to happen and the probability that they can be successful.
- SIFMA/Grant Thornton will host broker-dealer hot topics symposium -- Nov. 1 -- Dallas
You are invited to join hosts Grant Thornton LLP and SIFMA on Nov. 1 at the Tower Club in Dallas, Texas as they discuss trends and hot topics in regulation and compliance affecting broker-dealers. The morning event will cover a wide array of topics including pricing of illiquid, hard-to-value securities, expense-sharing agreements, statement of supplement income, outsourcing, clearing agreements, complex products, due diligence and much more. Senior-level speakers from FINRA, Grant Thornton, and SIFMA will provide unique insight on these topics and other key issues. Registration is complimentary and open to all on a first-come basis, so please register today.
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