| News on the capital markets, securities and financial industry |  |
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- Non-U.S. regulators urge CFTC to reconsider swap rules
Financial authorities in Europe and Japan urged the Commodity Futures Trading Commission to ensure it doesn't hastily implement rules on swaps trading between U.S. and foreign companies. "At a time of highly fragile economic growth, we believe that it is critical to avoid taking steps that risk a withdrawal from global financial markets into inevitably less-efficient regional or national markets," the regulators said in a joint letter to CFTC Chairman Gary Gensler. Read the letter. Financial Times (tiered subscription model)
(10/18), The Wall Street Journal
(10/18)      
| Industry News | | |
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- Plans for automatic order shutoffs have brokerages leery
Plans to automatically shut down a firm's incoming orders to avert a surge of erroneous orders or a disruption in the market have brokerage executives quite anxious. While stock exchanges favor a "layered" method, which would warn brokerages before a complete shutoff, the Securities and Exchange Commission seems to be leaning toward a more abrupt cutoff, along the lines of two minutes. Traders Magazine Online
(10/18)
- Morgan Stanley CEO indicates commodity-unit deal may happen
Morgan Stanley CEO James Gorman hinted Thursday that its multibillion-dollar metals- and oil-trading arm may be put up for sale, which has been reported in the media for months. The company and OPEC member Qatar have been in talks for more than a year about an outright sale or at least a transfer of a majority stake. Reuters
(10/18)
| Washington Roundup | | |
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- "Fiscal cliff" could trigger recession, 15 CEOs warn
The chief executives of 15 of the biggest U.S. financial companies warned in a letter to President Barack Obama and Congress that failure to head off the "fiscal cliff" could lead to a sharp rise in interest rates, a downgrade of America's credit rating and recession. JPMorgan Chase CEO Jamie Dimon said he will "do whatever it takes" to persuade Congress to find a way to prevent massive spending cuts and tax increases from automatically taking effect at the beginning of next year. Join Sens. Saxby Chambliss, R-Ga., and Mark Warner, D-Va., at SIFMA's Annual Meeting next week as they discuss the fiscal cliff and the future of America's competitiveness. Register today. The Washington Post
(10/18), Market News International
(10/18), The Hill/On the Money blog
(10/18)
- Group calls on key House Republicans to enact position limits
The Commodity Markets Oversight Coalition, a financial reform group, sent a letter to four Republicans on the House Financial Services Committee encouraging them to enact position limits in commodity markets. The group said the Commodity Futures Trading Commission's attempt to implement position limits was in line with the intent of Congress and that the limits are "vital for the proper functioning of the commodities markets." Platts
(10/18)
- Analysis: Schapiro helped rescue SEC but hasn't fulfilled mission
President Barack Obama appointed Mary Schapiro as chairman of the Securities and Exchange Commission four years ago. Since then, she has brought the agency back from the brink of extinction, according to admirers and critics. However, she has not been able to punish those responsible for the global financial crisis. "It was harder than I thought it was going to be," Schapiro said. "You have this nice little box of things you want to do all tied up with a bow, and you walk in the door and it's very hard to keep at least one eye on that agenda while you're dealing with the flash crashes and the new legislation and the whole range of things that happened." Bloomberg
(10/19)
- Aguilar proposes program for monitoring repeat offenders
Luis Aguilar, a member of the Securities and Exchange Commission, suggested that the agency consider developing a program to monitor those who repeatedly violate financial laws. "Many offenders, particularly Ponzi scheme offenders, have long track records," Aguilar said. "That tells me that the first time many of these defendants were prosecuted, the remedies and penalties did not effectively deter them from engaging in egregious fraud again." Reuters
(10/18)
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- FX market embraces algos as competition increases
The foreign exchange market is increasingly embracing complex algorithms to ensure trades are executed at the best price. "We're moving away from the old opaque world of FX trading," said Pete Eggleston of Morgan Stanley. "Regulatory change and responsibility to investors are leading us into this world of best execution and transparency. Algos are part of the solution in helping clients adjust to these changes." Reuters
(10/19)
| Asset/Wealth Management Report | | |
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- Financial advisers face uncertainties as election nears
Regardless of the outcome of the Nov. 6 election, advisers should expect the Securities and Exchange Commission's fiduciary efforts to continue unabated. One issue that will be affected by who wins, though, is the Labor Department's fiduciary regulation. If Mitt Romney wins, it's likely dead. AdvisorOne
(10/18)
| SIFMA News | | |
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- SIFMA Annual Meeting exclusive: Bipartisan discussion by 2 of the "Gang of Eight" on Congressional attempt to avoid the "fiscal cliff"
Sens. Saxby Chambliss, R-Ga., and Mark Warner, D-Va., are members of the so-called "Gang of Eight," a group of four Democratic and four Republican senators tasked as Congress' last resort to broker a compromise tax-reform plan that would prevent a drop of the United States off the "fiscal cliff" at the start of 2013. They will provide their inside perspectives on the critical importance of avoiding the drop, what must occur for that to happen and the probability that they can be successful, as well as other insights into the future of U.S. competitiveness. Register today!
- SIFMA/Grant Thornton to host Broker-Dealer Hot Topics Symposium -- Nov. 1 -- Dallas
You are invited to join hosts Grant Thornton LLP and SIFMA on Nov. 1 at the Tower Club in Dallas, Texas as they discuss trends and hot topics in regulation and compliance currently affecting broker-dealers. The morning event will cover a wide array of topics including pricing of illiquid, hard-to-value securities, expense-sharing agreements, statement of supplement income, outsourcing, clearing agreements, complex products, due diligence and much more. Senior-level speakers from FINRA, Grant Thornton, and SIFMA will provide their unique insight on these topics and other key issues. Registration is complimentary and open to all on a first-come basis, so please register today.
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