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February 1, 2013
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  Industry Update 
  • Fed paper highlights investor dynamics
    The Federal Reserve posted a research paper online that delves into how investor dynamics affect the U.S. corporate bond market. Researchers said institutional investors tend to exhibit "herd-like" behavior more in the corporate bond market than in stocks. "We find substantial institutional herding in U.S. corporate bonds, much higher than that previously documented in the equity markets," wrote authors Fang Cai, Song Han and Dan Li, who are staff economists at the Federal Reserve Board in Washington, D.C. Reuters (1/31) LinkedInFacebookTwitterEmail this Story
  • Wall Street gets off to record start in terms of CMBS
    So far, 2013 has been a good year for issuance of commercial mortgage-backed securities. Wall Street dealers have already issued $8.8 billion of the securities. "The record-setting issuance for [January] demonstrates the robust demand for CMBS and the continued recovery of the broader commercial real estate market," said Harris Trifon, Deutsche Bank's head of CMBS and asset-backed research. The Wall Street Journal/Developments blog (1/31) LinkedInFacebookTwitterEmail this Story
  • Analysis: Case highlights MBS regulatory conflict
    Floyd Norris writes that the government's prosecution of a broker for failing to disclose information about mortgage-backed securities to his clients stands in stark contrast to their decision to not require any disclosure of trade information about those securities. He writes that the Securities and Exchange Commission has the ability and data to make trades public but would be opposed by many in the industry. The New York Times (tiered subscription model) (1/31) LinkedInFacebookTwitterEmail this Story
  • Editorial: A Libor settlement would be better for everyone
    Banks accused of manipulating the London Interbank Offered Rate should settle civil lawsuits instead of fighting them in court, Bloomberg's editorial board argues. Settling will be cheaper in the long run and improve their public perception, the board writes. Bloomberg (1/31) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • Former New York Mayor Koch dies
    Ed Koch, a three-term mayor of New York, died today of congestive heart failure, according to his spokesman George Arzt. In the late 1970s, Koch oversaw the financial recovery of the city. Koch was 88. CNN (2/1), The Wall Street Journal (2/1) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • Good innovators know that less is more
    The best innovators focus on getting rid of stuff, and developing products and processes that deliver memorable and meaningful results with the least effort possible, writes Matthew E. May. "They adopt a 'less is best' approach to innovation, removing just the right things in just the right way in order to achieve the maximum effect through minimum means," he explains. Strategy+Business online (free registration) (1/28) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  • Initial unemployment claims edge up in U.S.
    First-time jobless claims in the U.S. rose 38,000, to 368,000 in the week that ended Jan. 26, the Labor Department said. Economists anticipated 345,000 initial claims. The four-week rolling average viewed by many economists as giving a more accurate picture of labor market conditions rose only 250. Google/Agence France-Presse (1/31) LinkedInFacebookTwitterEmail this Story
  Financial Products 
Never confuse a single defeat with a final defeat."
--F. Scott Fitzgerald,
American writer

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