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February 7, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
  • SIFMA argues against NCUA's MBS lawsuits involving banks
    In a brief filed in a U.S. appeals court, SIFMA argued that the National Credit Union Administration should not be allowed to sue banks over mortgage-backed securities sales because their argument to extend the statute of limitations didn't apply in these cases. The NCUA is suing about a half dozen large banks over what they call, "systemic disregard of underwriting guidelines." Learn more about SIFMA's Amicus Briefs. Bank Credit News (2/6) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • JPMorgan emerges as the most valuable bank in America
    A 1.6% increase in JPMorgan Chase's share value brought the bank's total value to $184.9 billion, eclipsing Wells Fargo's value of $184.2 billion. Some analysts said banks that invest heavily, such as JPMorgan, have more room to grow as they recover from the crisis, since they were harder hit than national banks, such as Wells Fargo. Bloomberg (2/7) LinkedInFacebookTwitterEmail this Story
  • Efforts to revamp credit rating agencies are stalled
    The U.S. government's efforts to reform credit rating agencies have bogged down in the years since top-rated mortgage-backed securities started going bad, jeopardizing the financial system. The longer the government waits to overhaul the credit rating system, the closer the nation comes to repeating the 2008 crisis, experts say. The Washington Post (2/6) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Bankers view Lew as an unknown commodity
    Financial executives are raising questions about President Barack Obama's nominee for Treasury secretary, Jack Lew. Industry players say they're concerned about Lew's stance on regulatory changes, many of which are included in the Dodd-Frank Act. Lew is expected to face confirmation-hearing questions on how he would handle his position as chief of the Financial Stability Oversight Council. The Hill/On the Money blog (2/6) LinkedInFacebookTwitterEmail this Story
  • White reportedly unlikely to sidetrack muni issues
    Some industry groups have raised concerns that Mary Jo White, if confirmed as chairman of the Securities and Exchange Commission, might slow down work on municipal bond issues. However, sources say, White might retain officers who are experts in the issues and accelerate the process. One important outstanding issue is the definition of municipal adviser, which must be settled before the Municipal Securities Rulemaking Board can release rules called for by the Dodd-Frank Act. The Bond Buyer (free content) (2/6) LinkedInFacebookTwitterEmail this Story
  Operations Update 
  • FINRA chief says "kill switches" aren't ready yet
    Financial Industry Regulatory Authority CEO Richard Ketchum says better risk controls are still needed in automated trading. "I would hope that we are in a much better position on that issue in the next six months," he said. He expects companies to institute "kill switches" that can automatically stop trading if something goes wrong. Read more below in today’s SIFMA News about SIFMA’s Compliance and Legal Society Annual Seminar, where Ketchum will be a featured speaker. Reuters (2/6) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
  • Retirement plans seen making more use of target-date strategies
    Defined-contribution retirement plans likely will increase use of target-date investment strategies, encouraged by features including auto-enrollment, re-enrollment and default investment options, industry experts said. During the 12-month period that ended Sept. 30, investment in target-date strategies by defined-contribution plans rose nearly 29%, according to Pensions & Investments' annual survey of the biggest retirement plans. Pensions & Investments (free registration) (2/4) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • SIFMA's 2013 Insurance- & Risk-Linked Securities Conference -- March 5-6 -- New York City
    The program is now available for SIFMA's Insurance- & Risk-Linked Securities Conference. Join your peers and industry experts as they discuss issuance perspectives from public entities, the evolving role of reinsurers in the ILS market, and more. Also, hear from guest speakers: Tim Marshall, meteorologist and principal engineer of Haag Engineering, and Professor S. Jay Olshansky of the School of Public Health at the University of Illinois at Chicago, for their insights into this specialized market sector. LinkedInFacebookTwitterEmail this Story
  • SIFMA C&L Society Annual Seminar -- March 17-20 -- Phoenix
    Program now available. SIFMA's Compliance & Legal Society Annual Seminar 2012 was attended by 1,700+ financial industry legal and compliance professionals and featured more than 60 panels and sessions, creating the premier forum to discuss the issues and share expertise and insights into critical topics for varied interests. Hear from featured speakers: U.S. Attorney for the Southern District of New York Preet Bharara and FINRA Chairman and CEO Richard Ketchum. LinkedInFacebookTwitterEmail this Story
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--Jules Renard,
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