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February 13, 2013
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Commentary: Senators should ask Lew about FSOC leadership
    In a blog post, SIFMA's Kenneth E. Bentsen, Jr. says senators should ask Jack Lew, during his confirmation hearing for Treasury secretary, what his plans will be for chairing the Financial Stability Oversight Council. "The FSOC has the obligation, as deemed by Congress, to take charge and sort out conflicts, set priorities and move forward," Bentsen writes. Read SIFMA's Pennsylvania + Wall blog. Pennsylvania+Wall (2/12) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Hedge fund managers are optimistic about CMBSs
    Many hedge fund managers say they foresee last year's rebound in subprime home loans carrying over to commercial mortgage-backed securities in 2013. "CMBS underperformed many of the other sectors last year from a price perspective, but actually performed quite well from a fundamental credit perspective," says Philip Weingord, CEO at Seer Capital Management. Bloomberg (2/12) LinkedInFacebookTwitterEmail this Story
  • DTCC: Data-sharing obstacles might hamper regulatory progress
    Although Depository Trust & Clearing is seeking to become a worldwide derivatives-data repository, differences between U.S. and EU law are proving difficult to overcome, the company says. "There are fairly major impediments to data sharing at the moment," said Stewart Macbeth, president of DTCC unit Deriv/SERV. Reuters (2/12) LinkedInFacebookTwitterEmail this Story
  • HFT industry is missing the good old days
    High-frequency traders said this week at an industry conference in London that while they're still making money, it's getting more difficult. Market participants say they don't expect the trend to reverse. "The low-hanging fruit has been plucked," said Donald MacKenzie, a University of Edinburgh professor who has studied the industry. (2/12) LinkedInFacebookTwitterEmail this Story
  • No plans to leave Goldman, Blankfein says
    Lloyd Blankfein, CEO of Goldman Sachs Group, says he isn't going anywhere. "The combination of this being who I am and what I do and having absolutely no other interests makes me think this is what I'll be doing for a while," Blankfein said on Bloomberg Television. Bloomberg (2/13) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • House panel plans to review Dodd-Frank implementation
    The House Financial Services Committee will review how the Dodd-Frank Act is being implemented, according to a draft agenda. "The Committee will seek to ensure that regulators carefully and transparently assess the costs and benefits of regulations called for by the Dodd-Frank Act," committee Chairman Jeb Hensarling says in the document. The agenda also includes discussion of changing or ending Fannie Mae and Freddie Mac's charters, and a review of government oversight of over-the-counter derivatives. Democrats on the committee are expected to resist what they perceive to be a watering down of Dodd-Frank. Reuters (2/12) LinkedInFacebookTwitterEmail this Story
  • Fed presidents say industry's money-fund ideas aren't enough
    The presidents of the 12 regional Federal Reserve banks wrote in a letter to the Financial Stability Oversight Council that industry-backed ideas such as "redemption gates" are not enough to stabilize money market mutual funds. "[W]e do not believe this reform proposal contains the fundamental elements needed to address the financial stability risks posed by MMFs," according to the letter. Reuters (2/12) LinkedInFacebookTwitterEmail this Story
  • U.S. reportedly examines 2 U.K. interdealer brokers over Libor
    The U.S. Justice Department and the Commodity Futures Trading Commission are investigating U.K. interdealer brokers ICAP and R.P. Martin Holdings regarding their possible role in manipulation of the London Interbank Offered Rate, sources say. Neither firm has been accused of wrongdoing. ICAP is also being questioned by the U.K. Financial Services Authority. Reuters (2/12), The Wall Street Journal (2/11) LinkedInFacebookTwitterEmail this Story
  Asset/Wealth Management Report 
Join Industry Leaders on Social Media Compliance at SIFMA’s Social Media Seminar — West Coast in San Francisco on February 28th. Engage experts across multiple fields and explore the increasingly important issues our industry faces in light of the rapidly changing and growing tools of social media.
  SIFMA News 
  • Get the latest on the effects of superstorm Sandy and last weekend's blizzard on the ILS Market
    The program is now available for SIFMA's Insurance- & Risk-Linked Securities Conference with Featured Session: Best Ways to Secure New Sources of Capital in the IRLS Sector. The effects superstorm Sandy are constant reminders of catastrophic events that truly affect the ILS market. 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 for Haag Engineering, and Professor S. Jay Olshansky of the School of Public Health at the University of Illinois at Chicago, for their insights of this specialized market sector. LinkedInFacebookTwitterEmail this Story
  • AML 2013: Dialogue with Regulators -- Feb. 26-27 -- New York City
    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 for AML 2013 and hear exclusive presentations from newly appointed FinCEN Director Jennifer Shasky Calvery and OFAC Director Adam Szubin on their agendas for the upcoming year. In addition, this event will have subject matter experts from the industry, the SEC, FINRA, the Department of Justice, and other areas of law enforcement. Half-day workshops complement the main conference by providing practical guidance to financial services industry AML compliance requirements. Complete program is now available! LinkedInFacebookTwitterEmail this Story
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Several excuses are always less convincing than one."
--Aldous Huxley,
British author

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