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January 24, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Calif. county revisits eminent domain idea
    San Bernardino County in California is planning to hold a public meeting today on the idea of using eminent domain to seize certain troubled mortgages. Experts have been raising concerns about the idea since it was first proposed last year. "Any proposal involving eminent domain will do more harm than good to the markets," said Tim Cameron, a SIFMA managing director. "Put yourself in the position of an investor investing in a product: That is an additional risk, an unquantifiable risk ... and that's the type of thing that causes premiums to go up." Los Angeles Times (tiered subscription model) (1/23) LinkedInFacebookTwitterEmail this Story
  Video View 
  • JPMorgan's Dimon and Citi's Corbat offer insight from Davos
    Source: CNBC
    From the World Economic Forum in Davos, Switzerland, JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Michael Corbat offer their take on global finance, regulatory changes and the economic landscape. Dimon said he expects pressure on the financial services industry to continue. Meanwhile, Corbat said Citigroup sees opportunities in emerging markets but that Europe continues to be a challenge. CNBC (1/23), CNBC (1/24)

  Industry News 
  • Influx of HFT into currency market prompts concerns
    High-frequency traders have bombarded the foreign exchange market, prompting concerns that they are gaining an unfair advantage and raising questions about how platforms police such activity. For example, GSA Capital Partners has voiced concerns about the way Thomson Reuters sanctioned Lucid Markets, a high-frequency-trading firm, for violations of trading rules. The Wall Street Journal (1/22) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Dodd-Frank is less than half implemented, GAO says
    The Government Accountability Office says in a report that less than half of Dodd-Frank Act rules had been implemented by the end of 2012. The GAO blames the complexity of the task as well as difficult coordination by overlapping and interconnected regulators. "Although regulators have established mechanisms to facilitate coordination ... several regulators indicated that coordination increased the amount of time needed to finalize rulemakings," according to the report. Learn more at SIFMA's Dodd Frank Rulemaking Resource Center. Reuters (1/23) LinkedInFacebookTwitterEmail this Story
  • Lawmakers discuss muni-market issues with SEC
    Rep. Spencer Bachus, R-Ala., said he attended a meeting last week at the Securities and Exchange Commission in which recommendations in the agency's report on the municipal bond market were discussed. Bachus said lawmakers and SEC officials discussed concerns about regulatory oversight of the muni market. The Bond Buyer (free content) (1/23) LinkedInFacebookTwitterEmail this Story
  • Bill on financial-product tax changes is expected
    The chairman of the House Ways and Means Committee is expected to release proposed changes to the taxation of financial products, including derivatives, a source said. "Today's marketplace features a wide array of products that can result in different tax or financial accounting treatment of economically similar products, including debt, equity -- and mixtures of the two -- and financial derivatives, such as options, futures, and forward contracts and swaps," Chairman Dave Camp said. Bloomberg (1/23) LinkedInFacebookTwitterEmail this Story
  Private Client News 
  SIFMA News 
  • SIFMA AML Workshops & Conference to feature FinCEN Director Shasky Calvery
    The robust program is now available! SIFMA's 13th Annual Anti-Money Laundering and Financial Crimes Workshops and Conference is the securities industry's premier event for anti-money laundering compliance and practices. Join us on Feb. 26 and 27 and hear exclusive presentations from newly appointed FinCEN Director Jennifer Shasky Calvery, and OFAC Director Adam Szubin, on their agendas for the upcoming year. Half-day workshops complement the main conference by providing practical guidance to financial services industry AML compliance requirements. The conference convenes leading experts from the industry, regulatory agencies and law enforcement to discuss the most recent developments in AML laws, and provides expert insights for implementing robust and effective compliance programs. Register before the early-bird rates expire Jan. 31. LinkedInFacebookTwitterEmail this Story
  • SIFMA C&L Society Annual Seminar to feature U.S. Attorney Preet Bharara & FINRA's Ketchum
    Last year, 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. This year's 2013 program in Phoenix, Ariz., on March 17-20 will be no different. Registration is now open for this industry tradition. Be sure to attend this year and give yourself the opportunity to engage leading industry experts on the latest regulatory developments and industry trends. Act now and register before early-bird rates expire Feb. 1. LinkedInFacebookTwitterEmail this Story
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All news is an exaggeration of life."
--Daniel Schorr,
American journalist

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