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December 18, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 

Regulatory initiatives around the world emphasize the importance of centrally cleared standardized OTC transactions. At Eurex Clearing - Europe's leading clearing house - we recognize both the challenges and opportunities this presents for the buy-side. And provide some groundbreaking solutions.
  Industry News 
  • Corporate-bond sales break 2009 record
    Thanks to some of the lowest borrowing costs ever, sales of corporate bonds in the U.S., Europe and Asia hit $3.9 trillion this year, breaking a 2009 record of $3.89 trillion. Global issuance reached $3.29 trillion in 2011 and $3.23 trillion in 2010, according to data compiled by Bloomberg. Bloomberg (12/17) LinkedInFacebookTwitterEmail this Story
  • Debate over commodity speculation continues
    The debate over what has caused food prices to increase continues, including consideration of factors such as weather, the biofuel industry's demand for grain, and higher meat consumption in India and China. Some blame speculators for driving up prices, while others say the picture is much more complicated. The Commodity Futures Trading Commission has been trying to tackle the concerns through position limits, but the agency continues to face challenges in implementing such restrictions. (12/17) LinkedInFacebookTwitterEmail this Story
  • Credit union group sues JPMorgan over Bear Stearns MBS
    The board of the National Credit Union Administration says Bear Stearns misled four credit unions when it sold them $3.6 billion in mortgage-backed securities. Consequently, the credit union association is suing JPMorgan Chase, which bought Bear Stearns in 2008, on behalf of the four credit unions, which have since failed. The association has sued other banks over the same matter. Bloomberg (12/17) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • Senate panel will focus on high-frequency trading
    The Senate banking committee has scheduled a hearing today about high-frequency trading. Executives from NYSE Euronext, Nasdaq OMX Group and other firms are set to testify. Eric Noll, executive vice president at Nasdaq, is expected to defend the trading practice and exchanges' role. According to his prepared testimony, "academic evidence" on HFT practices "supports the fact that they generally add value to the market." Meanwhile, market participants and observers continue to express concerns about how computerized trading affects markets. Bloomberg (12/18), The Wall Street Journal (12/17) LinkedInFacebookTwitterEmail this Story
  • Fed governor promotes stiffer rules for foreign banks
    Proposed rules to ensure foreign banks in the U.S. follow regulations used by domestic banks should help, Federal Reserve Governor Jeremy Stein says. "These rules should reduce the pressure on foreign banks that rely heavily on short-term dollar funding to either sell illiquid dollar assets or cut back on dollar lending in times of financial stress," according to Stein's prepared remarks for the European Central Bank's global research forum. The Wall Street Journal/Real Time Economics blog (12/17) LinkedInFacebookTwitterEmail this Story
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  Operations Update 
  • Moody's requests comments on sovereign-rating proposal
    Criticism over the methodology Moody's Investors Service uses to rate governments has prompted the rating agency to make changes. The proposed changes "are aimed at further increasing the transparency and forward-looking nature of Moody's current approach," the agency said. Moody's is taking feedback on its changes until Feb. 1. Bloomberg (12/18) LinkedInFacebookTwitterEmail this Story
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  Asset/Wealth Management Report 
  • Pros and cons of online financial advisers
    Investors who prefer to get financial advice online can choose from increasingly more firms, with several having $50 million or more in assets under management. Online advisers offer lower fees, but in-person meetings usually aren't an option, according to researcher PriceMetrix. Reuters (12/17) LinkedInFacebookTwitterEmail this Story
Register today and catch the Early-Bird Special for SIFMA's Insurance- & Risk- Linked Securities Conference - March 5-6 in New York City to learn the latest on the key issues and strategies for ILS and RLS professionals in 2013. Let this SIFMA event prepare you and your firm for the new year.
  SIFMA News 
  • 2013 Securities Industry Institute (SII) -- March 3-8 -- Philadelphia
    The Securities Industry Institute® (SII) is the premier executive development program for securities industry professionals. Now in its 62nd year, the Institute is held each March at The Wharton School of The University of Pennsylvania. The mission of the Institute is to equip each participant with practical information, ideas and answers directly applicable to their present and future responsibilities. Want to know more about the SII? Hear more from SII Trustees about SIFMA's premier executive education program and the overall value for those interested in attending or nominating employees at their firm. LinkedInFacebookTwitterEmail this Story
  • EARLY-BIRD PRICING -- SIFMA's AML and Financial Crimes Conference -- Feb. 26-27
    SIFMA's 13th Annual Anti-Money Laundering and Financial Crimes Conference is the securities industry's premier event for anti-money laundering compliance and practices. Join us and hear exclusive presentations from newly appointed Jennifer Shasky Calvery, director of FinCEN, and Adam Szubin, director of OFAC, on their agendas for the upcoming year. The conference convenes leading experts from the industry, regulatory agencies and law enforcement to discuss the most recent developments and requirements in anti-money laundering laws as well as provides practical guidance for implementing robust and effective compliance programs. LinkedInFacebookTwitterEmail this Story
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There are two things that one must get used to or one will find life unendurable: the damages of time and injustices of men."
--Nicolas Chamfort,
French writer

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