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September 26, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Rep. Frank calls for action on forex swaps exemption
    Rep. Barney Frank, D-Mass., co-author of the Dodd-Frank Act, is calling for a swift decision on whether foreign-exchange swaps and forwards should be exempt from rules governing derivatives. "If Treasury ultimately plans to provide an exemption, it would be a complete waste of time, effort and resources to force companies which will ultimately be exempt to go through the registration process, restructure their activities, or even withdraw from the FX market solely because of inconsistencies between your two agencies’ timetables," Frank wrote in letters to the Treasury and Commodity Futures Trading Commission. Bloomberg (9/25) LinkedInFacebookTwitterEmail this Story
7 practices of strong risk managers
More than a plan to be revisited at yearly board meetings, today's corporate risk appetite management is a fluid, responsive policy shared from top to bottom, and backed by practical and enforceable rules. This approach requires a collaborative decision-making process that addresses the entire "risk ecosystem." Download the GARP white paper.
  Industry News 
  • Experts debate fiduciary standard for brokers
    Regulators and market participants continue to grapple with the idea of subjecting brokers to a fiduciary standard. However, details of such a duty raise concerns among market participants. "How do you implement a fiduciary standard" for brokers? asked Kevin Carroll, managing director and general counsel for SIFMA. "We don't want the [Investment Advisers Act of 1940] standard imposed on us." The question is "how do you articulate a [fiduciary] rule for both industries?" Learn more at SIFMA's Fiduciary Standard Resource Center. AdvisorOne (9/25) LinkedInFacebookTwitterEmail this Story
  • Goldman chief says regulatory crackdown stifles risk-taking
    Financial reforms designed to cool down risk-taking and a "gotcha" regulatory culture are making it difficult to take on the risks necessary to restore health to the world economy, Goldman Sachs Chairman and CEO Lloyd Blankfein said at the Clinton Global Initiative. Blankfein singled out the Dodd-Frank Act, but said it was understandable given public disappointment over the global crisis. In the near term, however, he said the main worry is the U.S. "fiscal cliff." The Wall Street Journal/Deal Journal blog (9/24) LinkedInFacebookTwitterEmail this Story
  • Lehman Brothers lives, for now
    Lehman Brothers Holdings is, despite popular belief to the contrary, alive and would prefer to get past the jokes and astonishment so it can get down to business. The firm has 340 employees, all dedicated to the post-bankruptcy task of returning money to creditors before Lehman finally does vanish. Bloomberg Businessweek (9/21) LinkedInFacebookTwitterEmail this Story
Seton Hall M.B.A.: Make Your Mark
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  Washington Roundup 
  • Hensarling likely will be next chair of House Financial Services panel
    Rep. Jeb Hensarling, R-Texas, is the most likely candidate to succeed Rep. Spencer Bachus, R-Ala., as chairman of the House Financial Services Committee, sources said. However, Reps. Scott Garrett, R-N.J., and Shelley Moore Capito, R-W.V., are also contenders, the sources said. Noe Hinojosa, president of Estrada Hinojosa, said Hensarling is a "no-nonsense guy" who is determined to reduce the national debt. The Bond Buyer (free content) (9/25) LinkedInFacebookTwitterEmail this Story
  • SocGen economist sees legitimate reason to delay Basel III
    James Nixon, chief European economist at Societe Generale, said there is valid economic reason to put the brakes on Basel III. "There are question marks about the sequencing," he said. "You can't do all these things at once -- regulate the banks, reduce their leverage and increase their capital because that kills their ability to lend -- at the same time as undertaking structural reform and fiscal consolidation. ... In a declining economic environment, all these things are not possible." (subscription required) (9/25) LinkedInFacebookTwitterEmail this Story
  • Fed gets BNY Mellon to hasten upgrade of triparty repo market
    The Bank of New York Mellon has pledged to update its system for the $1.8 trillion triparty repo market, of which it handles 80%, by 2014. It said at first that improvements would not be in place until 2016, but the Federal Reserve, which sees the bond-lending market as a systemic risk, urged the bank to move up the date. The move promises to lessen the likelihood of panic. Bloomberg (9/25) LinkedInFacebookTwitterEmail this Story
  • Libor shouldn't be used in administering TARP, watchdog says
    The London Interbank Offered Rate is so compromised after recent disclosures of widespread and prolonged manipulation that the Treasury and Federal Reserve should cease using it in administering the Troubled Asset Relief Program, advises the watchdog for the financial rescue program. "We can't continue to use for TARP a measure in which there's no confidence or assurance that it's reliable, which could potentially be subject to manipulation," said Christy Romero, special inspector general for TARP. Bloomberg (9/25) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  SIFMA News 
  • SIFMA Market Structure Conference 2012 -- Oct. 4 -- New York City
    Just announced: Congressman Steve Stivers, R-Ohio, will join our dynamic line-up of speakers, who include SEC Commissioner Daniel Gallagher; Gregg Berman, SEC Senior Advisor to the Director of the Division of Trading and Markets; Joseph Mecane, NYSE Euronext EVP and CAO for U.S. Markets; Susan Wolburgh Jenah, President and CEO, Investment Industry Regulatory Organization of Canada; and many more. This A-list of speakers will give their insights on exciting program topics that include: Market Volatility; Algorithmic, High Frequency, and High Speed Trading; Single Stock Circuit Breakers/ Limit Up-Limit Down Mechanism; Market-Wide Circuit Breakers; Large Trader Reporting, and much more. LinkedInFacebookTwitterEmail this Story
  • SIFMA Cybersecurity Symposium -- Oct. 3 -- New York City
    SIFMA, Sidley Austin LLP and IBM are partnering to bring together leading industry professionals, law enforcement officials, federal regulators and other experts to address crucial cybersecurity issues. If you work in Technology, Information Security, Risk Management Operations, Legal, Compliance, Audit, Business Continuity or Policy, this symposium is for you! SIFMA Members -- enjoy free registration and hear about the newest, most potent threats facing your data and systems; discuss the latest technologies protecting this sector; and learn what law enforcement and government agencies are doing to address these threats while they are waiting for legislation to play out. CLE credit available! LinkedInFacebookTwitterEmail this Story
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Worry does not empty tomorrow of its sorrow; it empties today of its strength."
--Corrie ten Boom,
Dutch writer

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