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October 2, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Walter says SEC is making progress on muni adviser definition
    Elisse Walter, a member of the Securities and Exchange Commission, told participants at a SIFMA conference that the agency will not likely need another year to update its definition of municipal adviser. On Sept. 21, the SEC pushed its deadline back by a year to Sept. 30, 2013. There is "no intention on the part of the staff to take anywhere near that long," Walter said. Reuters (10/1), The Bond Buyer (free content) (10/1) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Wider base for setting Libor might boost borrowing costs
    With smaller banks that have higher borrowing costs entering the club of institutions that set the London Interbank Offered Rate, borrowing rates are bound to go up, said James Edsberg of Gulland Padfield, a financial-services consultancy. One result might be increased stress on eurozone nations that are already struggling with debt. Bloomberg (10/1) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Position-limit court ruling leaves CFTC with unpalatable choices
    Investors and derivatives dealers won big when a U.S. judge tossed out a position-limit rule weeks before implementation. The decision set back the Commodity Futures Trading Commission, which must decide whether to appeal, adjust the rule or get Congress to tweak the Dodd-Frank Act. Commissioner Bart Chilton said the agency should appeal. "The struggle isn't over," Chilton said. "I think the court opinion is deeply flawed." Reuters (10/1), Bloomberg (10/1) LinkedInFacebookTwitterEmail this Story
  • Rep. Price says GOP hesitant to change municipal tax exemption
    Rep. Tom Price, R-Ga., told participants at a SIFMA conference in Manhattan that debt sold by municipalities helps fuel the economy and therefore Republicans are not keen to alter the tax-exempt status of municipal bonds. "From our standpoint, we are loath to try to harm things that actually generate productivity in the economy, and we believe that tax-exempt municipal bonds actually generate activity out in the real world," Price said. At a panel discussion, experts offered a variety of predictions for the future of the municipal tax exemption. Bloomberg (10/1), The Bond Buyer (special access for readers of SIFMA SmartBrief) (10/1) LinkedInFacebookTwitterEmail this Story
  • Global regulators blast U.S. and EU on Basel III steps
    The Basel Committee on Banking Supervision raised concerns about plans in the U.S. and EU for implementing the Basel III standards, saying they may fail to fully implement the new rules for banks. "There is now a window of opportunity for the gaps identified to be closed," said Stefan Ingves, chairman of the Basel group. Bloomberg Businessweek (10/1) LinkedInFacebookTwitterEmail this Story
  • Collateral rules are coming early next year, Gensler says
    Gary Gensler, chairman of the Commodity Futures Trading Commission, said margin rules for uncleared swaps could be in place by early 2013. The regulations are required by the Dodd-Frank Act, which seeks greater transparency and reduced risk in the $648 trillion over-the-counter swaps market. International regulators weighed in on the collateral rules, too. Reuters (10/1) LinkedInFacebookTwitterEmail this Story
  • SEC ramps up efforts to tackle HFT concerns
    The Securities and Exchange Commission is responding to criticism that it lacks the resources and ability to tackle concerns raised by computerized trading by launching a variety of initiatives. The agency is striving to collect more data from exchanges and record trading orders from origination to execution. "What we will focus on is trying to shed more light on some of the big outstanding questions about market structure," said Gregg Berman, who will head the SEC's office of analytics and research. Bloomberg (10/1) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  • Adviser and asset departure from Wall Street likely will accelerate
    Financial advisers and assets they manage continue to leave big Wall Street wire houses, and the trend is expected to pick up during the next three years, according to Cerulli Associates. The biggest beneficiaries will be high-end registered investment advisers, regional brokerages and dually registered advisers, the researcher said. InvestmentNews (free registration) (10/1) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • SIFMA's Annual Meeting presents: Alan Greenspan on the U.S. economy, the election, job creation, "fiscal cliff" and more
    Register today for the SIFMA Annual Meeting where Former Federal Reserve Chairman Alan Greenspan will offer his outlook on the U.S. economy on the eve of the presidential election. Dr. Greenspan attributes the tepid recovery of the U.S. economy to extra heavy discounting of long-lived assets, and he will discuss policies to address that problem. Join SIFMA on Oct. 23 in New York City to be provided with other insightful information on the issues facing U.S. economic competitiveness. LinkedInFacebookTwitterEmail this Story
  • Asset Managers Forum Workshop: Leadership, Coaching & Talent Management -- Oct. 9
    Leadership, Coaching and Talent Management are a critical skill set to develop throughout one's career. The Asset Management Forum has invited distinguished leaders from Goldman Sachs Asset Management, JPMorgan Asset Management, GE Asset Management, BlackRock, Morgan Stanley and UBS Asset Management to share insights and discuss leadership tools and best practices during periods of change. There is specific emphasis on retaining top talent and a one-hour session dedicated to the effects of Globalization and Outsourcing on Asset Managers business. The event, while hosted by a subset of the Asset Managers Group, is open to all financial services professionals. LinkedInFacebookTwitterEmail this Story
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Even if you're on the right track, you'll get run over if you just sit there."
--Will Rogers,
American performer, humorist and critic

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