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December 5, 2012

Daily newsletter from NYSSA for investment professionals

Top Story

Sen.-elect Warren poised for seat on banking committee
Pending final approval from Senate Majority Leader Harry Reid, D-Nev., Sen.-elect Elizabeth Warren, D-Mass., will get a seat on the Senate Banking Committee. Warren was instrumental in setting up the Consumer Financial Protection Bureau and has often been at odds with the financial services industry. The Hill/On the Money blog (12/4), Politico (Washington, D.C.) (12/4)

Industry Update

Global regulators vow to fix derivatives-rule problems
Regulators worldwide recently met in New York and identified potential problems with derivatives rules. "We have identified various potential conflicts, inconsistencies, and duplicative requirements within our respective contemplated rules and we will continue to discuss measures to ameliorate the challenges they raise," the regulators said in the joint statement. For example, the regulators will strive to minimize issues arising from extraterritoriality. Nasdaq.com/Dow Jones Newswires (12/4), Reuters (12/4)

Regulators review financial industry's disaster preparedness
The Financial Industry Regulatory Authority, in conjunction with the Securities and Exchange Commission and the Commodity Futures Trading Commission, is looking at the disaster-recovery performance of financial firms during Superstorm Sandy. Regulators are reviewing the ability of firms to trade despite significant obstacles caused by the storm. The Wall Street Journal (12/4)

SEC reportedly investigates stock sale by Big Lots CEO
A $10 million sale of Big Lots stock by CEO Steven Fishman before an announcement that drove down the share price is under investigation by the Securities and Exchange Commission, a person familiar with the matter said. The company says it hasn't been contacted by the SEC and that Fishman's trades were "properly made." American City Business Journals/Columbus, Ohio (12/4), The Wall Street Journal (12/4)

New York Focus

New York state Senate power-sharing deal approved
The New York state Senate's Republicans agreed to govern the senate under a power-sharing agreement with a coalition of Democrats. That means the state senate will be run by Jeffrey Klein, a Bronx Democrat, and Dean Skelos, a Long Island Republican. The Wall Street Journal (12/4)

MTA head Lhota might run for New York mayor's job
Joseph Lhota, chairman of the Metropolitan Transportation Authority, said he is thinking about running as a Republican Party candidate for the New York mayor's job. He has been praised for his strong management of the authority's work to put the city's subway system back in operation after the devastation of Superstorm Sandy. The New York Times (tiered subscription model) (12/4)

Career Development

Smart bosses take their enemies to lunch
Every business professional winds up making enemies, so the real test is how you respond to conflict, writes Mike Figliuolo. It's usually better to take the high road, responding to workplace slights by inviting your enemy for lunch or buying them a beer. "You kill them with kindness. ... [I]f you're being nothing but professional, it's hard for you to look bad," Figliuolo writes. ThoughtLeaders blog (12/3)

On The Economy

"Fiscal cliff" is becoming less of a worry for global investors
Optimism that U.S. officials will avoid the "fiscal cliff" prompted investors to increase equity overweight positions to a 20-month high in November in Europe and the U.S., according to a Reuters poll. "All eyes are now on the fiscal cliff, where a muddling-through until the end of [the first quarter] can be expected," said Boris Willems of UBS Global Asset Management. Reuters (12/4)

Fed appears close to a new round of bond buying
Economists widely expect the Federal Reserve to announce a round of bond buying to prop up the shaky U.S. economic recovery and counteract anxiety on whether the "fiscal cliff" can be avoided. Many economists anticipate that at the conclusion of the central bank's policy meetings next week, it will announce bond purchases of $45 billion a month. Reuters (12/5), Financial Post (Canada)/Trading Desk blog (12/4), Financial Times (tiered subscription model) (12/4)

Financial Products

DoubleLine readies bank-loan mutual fund
DoubleLine Capital aims to bring a mutual fund investing in bank loans to the retail market in 2013. The preliminary prospectus filed with the Securities and Exchange Commission says that in addition to loans, the DoubleLine Floating Rate Fund would also be allowed to invest in inflation-indexed securities, as well as mortgage-backed securities and other asset-backed securities. InvestmentNews (free registration) (12/3)

SmartQuote

The forceps of our minds are clumsy things and crush the truth a little in the course of taking hold of it."

--H.G. Wells,
British author

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