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February 20, 2013

Daily newsletter from NYSSA for investment professionals

Top Story

Senate panel might call hearings on "London whale" losses
A U.S. Senate committee examining JPMorgan Chase's trading losses attributed to the "London whale" has finished its investigation and is considering holding public hearings, sources say. Senators could concentrate on what top executives knew about the losses. The Wall Street Journal (2/19)

Industry Update

SEC considers tougher tech rules for trading platforms
Securities and Exchange Commission Chairman Elisse Walter is looking into rules that would force exchanges and other trading platforms to undergo a technological review to test how they respond to disruption. The proposal would convert voluntary "automation review policies" into mandatory testing. Reuters (2/19), Bloomberg (2/19), The Wall Street Journal/Dow Jones Newswires (2/19)

Experts discuss ideas for reform of the ratings industry
Experts including Matthew Mitchell of George Mason University, James Gellert of Rapid Ratings International and Claire Hill of the University of Minnesota Law School offer ideas for overhauling the credit rating industry in this online discussion. The New York Times (tiered subscription model)/Room For Debate blog (2/19)

Nasdaq retail platform gets SEC approval
The Securities and Exchange Commission has approved Nasdaq OMX's new retail platform, which is similar to offerings by NYSE Euronext and BATS Exchange. The effort aims to bring order flow, which is generally executed outside the exchanges, into the market and offer an alternative to the internalization of order flow that goes on at big retail brokerage houses, Anish Puaar writes. The Trade News (U.K.) (2/19)

Survey: Money managers expect strong stock returns
Prospects are bright for higher returns from stocks this year, but the tide is turning against medium-term government bonds, according to a Towers Watson survey of money managers. Equity returns are expected to average 7% in the eurozone and the U.S., 6% in Japan and the U.K., and 10% in China, the managers say. Pensions & Investments (free registration) (2/19)

New York Focus

Bloomberg is criticized for saying "nobody's sleeping on the streets"
Politicians and advocates for the homeless challenged a statement by New York Mayor Michael Bloomberg that "nobody's sleeping on the streets." The city's figures indicate that in 2012, more than 3,200 people were living on the streets. The Wall Street Journal (2/19)

Goldman Sachs' ferries start carrying passengers
Two passenger ferries bought by Goldman Sachs to offer a more comfortable ride for commuters between Lower Manhattan and Jersey City, N.J., have gone into service after an unexplained two-year delay. Although intended mainly for bank employees, anybody can ride for $6 each way. The New York Times (tiered subscription model) (2/19)

Career Development

How to sell your ideas like a "Shark Tank" contestant
The reality show "Shark Tank," in which would-be entrepreneurs pitch ideas to judges, should be required viewing for business leaders, Stephanie Scotti writes. Contestants use attention-grabbing techniques, make their presentations personal, get judges directly involved and end with strong calls to action. "Consider applying these lessons to boost your confidence, inspire your listeners and exponentially increase your chances for a high-impact presentation," Scotti writes. SmartBrief/SmartBlog on Leadership (2/19)

On The Economy

Index shows a slip in home builders' confidence
U.S. home builders have become less optimistic this month, according to the National Association of Home Builders/Wells Fargo Housing Market Index. "This is partly due to ongoing uncertainties about job growth and consumer access to mortgage credit," NAHB Chairman Rick Judson said. "But it's also a reflection of the fact that builders are now confronting rising costs for building materials and, in some markets, limited availability of labor and lots as demand for new homes strengthens." Los Angeles Times (tiered subscription model)/Money & Co. blog (2/19), eCreditDaily.com (2/19)

Financial Products

Franklin Templeton readies its first ETF
Mutual fund firm Franklin Templeton has filed a registration statement with the Securities and Exchange Commission for its first exchange-traded fund, a short-maturity bond fund. The Franklin Short Duration Government ETF would invest primarily in U.S. Treasurys and mortgage-backed bonds maturing in three years or less. IndexUniverse.com (2/19)

SmartQuote

We must travel in the direction of our fear."

--John Berryman,
American poet and scholar

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