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November 20, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  • SEC ramps up oversight of exchanges
    The Securities and Exchange Commission is responding to technological advancements and other changes in trading by expanding its examinations of how new products are developed by exchanges. The move comes amid concerns that some order types give high-frequency traders an unfair advantage. The Wall Street Journal (11/19) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • Obama confers with Dimon and Buffett about "fiscal cliff"
    President Barack Obama consulted over the weekend with corporate leaders, including investor Warren Buffett and JPMorgan Chase CEO Jamie Dimon, about avoiding the U.S. "fiscal cliff." Both business leaders support the president's call to increase tax rates for the wealthy, but Dimon was critical about waiting so long to start talks about the fiscal cliff. Reuters (11/19) LinkedInFacebookTwitterEmail this Story
  • Judge dismisses Greenberg's AIG lawsuit against New York Fed
    A U.S. district judge in New York dismissed a case Monday against the Federal Reserve Bank of New York. Former American International Group CEO Maurice "Hank" Greenberg was suing for $25 billion, claiming the bank broke the law when it rescued the insurer during the 2008 financial meltdown. As a large shareholder in the insurer, Greenberg lost a lot of money because of the federal bank's actions. Reuters (11/19) LinkedInFacebookTwitterEmail this Story
  • Credit Suisse to combine private bank, asset management unit
    Credit Suisse said it will create a new private banking and wealth management division by combining its existing asset management unit with its private bank. When the reorganization is completed, Credit Suisse will have only two units, one in charge of investment banking and the other handling wealth management. The Wall Street Journal (11/20) LinkedInFacebookTwitterEmail this Story
  • Repeal Reg NMS, former Fidelity vice president urges
    A former Fidelity Investments vice president, Leslie Seff, said that because of the way markets are structured today, initial public offerings are thwarted. He also said the markets have come to rely too much on high-frequency trading. As a remedy, Seff said, the Securities and Exchange Commission should repeal Reg NMS, which requires dealers to complete every equity order at a given price anywhere in the marketplace, even if that price is marginally higher than a big order awaiting fulfillment. Reuters (11/19) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • New York City hospitals struggle to return to normal
    In the wake of Superstorm Sandy, New York City hospitals are having a tough time getting back to full operation. The emergency room at Bellevue Hospital Center isn't expected to reopen until December and the hospital isn't likely to be fully operational until February. Coney Island Hospital isn't expected to be completely back in operation until January. The Wall Street Journal (11/19) LinkedInFacebookTwitterEmail this Story
  Career Development 
  • How leaders can channel their inner Abraham Lincoln
    President Abraham Lincoln's leadership provides valuable lessons on how to bring together divisive teams, work toward compromise and get along with former critics to get things done, says leadership coach John Baldoni. Lincoln showed that it's important to "reach across the aisle to rivals and tell them that you still want them around, you still value them." USA Today/Gannett News Service (11/18) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  • Sales of existing U.S. homes increase
    Sales of previously owned homes in the U.S. increased 11% last month compared with October 2011, the National Association of Realtors said. The inventory of unsold homes shrank to its smallest in a decade. The National Association of Home Builders/Wells Fargo index of builder sentiment this month shows that confidence is at its highest level in six years. Google/The Associated Press (11/19), Bloomberg (11/19), (11/19) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Van Eck prepares hedged high-yield-bond ETF
    Van Eck Global filed with the Securities and Exchange Commission to launch an exchange-traded fund focused on high-yield corporate bonds. The ETF would short U.S. Treasurys to hedge against a sharp increase in interest rates. The Market Vectors High Yield/Treasury Bond ETF would be linked to a proprietary index tracking below-investment-grade corporate debt, which must have a fixed coupon and one year left to maturity and be denominated in the U.S. dollar. (11/19) LinkedInFacebookTwitterEmail this Story
A good man with a good conscience doesn't walk so fast."
--Georg Büchner,
German writer

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